1508 Kings Rd · Shelby, NC 28150

$134,900

2 bd · 1.0 ba · 1,296 sqft · SingleFamily public records · 7 Days on market

Built 1940 0.36 ac lot Est $197k · 32% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +4.3/10.0
• Rent growth +4.2/5.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.5/10.0

Listing remarks MLS

Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

Key facts

• Large backyard
• Modern appliances
• Local amenities

Tags

• LARGE BACKYARD
• MODERN APPLIANCES
• LOCAL AMENITIES
• SCHOOLS
• PARKS

Property features AI

Finance

• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Parking spaces available
• Utilities: City water; Public sewer
• Home design: Single-family residence (residential); One and one-half story
• Construction: Site-built construction; Vinyl exterior; Basement foundation with exterior and interior entries
• Exterior features: Lot includes paved and gravel road access; Road responsibility: dedicated to public use pending acceptance; No waterfront

Interior

• Kitchen: Electric oven; Electric range; Exhaust hood
• Bedrooms: Two bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Living room and family room have fireplaces; Two rooms listed (both on the upper level)
• Laundry & utility: Laundry located inside; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (6.9% below list).
• Recommended offer: $126k (6.9% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.9% in Shelby — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#52 in NC, #4,349 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, crime F, employment F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.7%/yr); 241 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,655 (6.9% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $196,992
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1313 Gidney St	0.09mi	3/2.0 (+1)	1,310 (+1%)	10mo	$235,000	$179	76
842 Cabaniss Dr	0.27mi	3/2.0 (+1)	1,327 (+2%)	14mo	$245,000	$185	63
1320 Kings Cir	0.21mi	3/1.5 (+1)	1,444 (+11%)	2mo	$215,000	$149	63
844 Cabaniss Dr	0.26mi	3/2.0 (+1)	1,327 (+2%)	14mo	$240,000	$181	63
1545 Spangler Dr	0.31mi	2/2.0	1,262 (-3%)	22mo	$212,000	$168	59
1547 Kings Rd	0.22mi	3/1.0 (+1)	1,453 (+12%)	9mo	$155,000	$107	57
202 Kenwood Dr	0.36mi	3/1.5 (+1)	1,148 (-11%)	6mo	$175,000	$152	52
908 Mcgowan Rd	0.34mi	3/1.0 (+1)	1,118 (-14%)	6mo	$135,000	$121	51
109 Ashley St	0.35mi	3/2.0 (+1)	1,478 (+14%)	12mo	$238,000	$161	42
412 Miles Rd	0.69mi	2/2.0	1,428 (+10%)	14mo	$210,000	$147	36
107 Kenwood Dr	0.49mi	3/2.0 (+1)	1,453 (+12%)	17mo	$115,000	$79	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.79×
• Total profit: $-7,913
• Equity at exit: $20,114

10-year hold

• IRR: 7.9%
• Equity multiple: 1.69×
• Total profit: $26,028
• Equity at exit: $11,664

Cash invested: $37,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28150

• Home prices YoY: -2.0%
• Rents YoY: 6.7%
• Active inventory: 241
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,257 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$85 /mo · $1,018/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $144

Break-even live

Break-even rent $1,074

Max offer price $134,900

Occupancy floor 84%

Sensitivity live

Price	-10% $221	-5% $182	+0% $144	+5% $106	+10% $68
Rent	-10% $45	-5% $95	+0% $144	+5% $194	+10% $243
Rate	-1.0pp $212	-0.5pp $178	base $144	+0.5pp $109	+1.0pp $74

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-19
   listed $134,900 Active
2. 2021-10-01
   soldstatus $100,000 Closed 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

3. 2021-10-01
   soldstatus $100,000

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

4. 2021-09-09
   historical Active Under Contract 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

5. 2021-08-19
   status Active 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

6. 2021-07-26
   historical Active Under Contract 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

7. 2021-07-22
   price $105,000 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

8. 2021-06-23
   listed $129,000 Active 106-char remark

   Show marketing remark (106 chars)

   Nice 2 bedroom 1.5 bath home in city limits with rocking chair front porch, sunroom and fenced back yard!!

9. 2009-11-30
   soldstatus $47,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,018 · $85/mo
• Projected year-2 tax: $1,106 · $92/mo
• Expected delta: +$88/yr (+$7/mo · 8.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,079
• − Mortgage interest: −$7,556
• − Property taxes: −$1,018
• − Insurance: −$674
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$3,924
• Taxable loss: −$508
• Est. tax savings @ 24.0%: +$122
• After-tax cash flow: $1,852/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Shelby

• Score: 75/100
• State rank: #52
• US rank: #4349

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, NC
• County: Cleveland County · 83,736 people
• City population: 26,134
• Metro: Shelby, NC
• Population (ZIP): 28,142
• Household income: $55,832
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 790.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 27% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.92%
• Current HPI: 447.16
• Rent YoY: ▲ 6.66%
• Metro: Shelby, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+187.0% since first listed

9 events — show timeline

• 2026-05-19 Listed $134,900 CANOPYMLS as Distributed by MLS Grid
• 2021-10-01 Sold (Public Records) $100,000 Public Records
• 2021-10-01 Sold (MLS) $100,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-09 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-08-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-07-26 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-07-22 Price Changed $105,000 CANOPYMLS as Distributed by MLS Grid
• 2021-06-23 Listed $129,000 CANOPYMLS as Distributed by MLS Grid
• 2009-11-30 Sold (Public Records) $47,000 Public Records

Property tax history

+11.9%/yr

Latest (2025): $1,018 · +62.8% YoY. Source: county tax records.