304 Atwater St · Burlington, NC 27215

$179,000

3 bd · 2.0 ba · 1,710 sqft · SingleFamily public records · 1 Days on market

Built 1928 7,840 sqft lot Est $275k · 35% 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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.4/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

Key facts

• 7,840 sq ft lot
• Garage
• Built 1928

Property features AI

Finance

• HOA & community: No association

Exterior

• Parking: 2-car garage; 2-space carport
• Utilities: Public water; Public sewer
• Home design: House; One and one half stories; Living area approximately 1,857
• Construction: Brick veneer construction
• Exterior features: Shingle roof; Publicly maintained road access

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms total; 2 bedrooms on the main level
• Flooring: Hardwood flooring; Laminate flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Refrigerator; Water heater
• Laundry & utility: Washer and dryer included

🏷️ Possibly a rental listed for sale. The $179,000 price doesn't fit this home's estimated sale value (~$275,310) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $142 ($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 $168k (6.2% below list).
• Recommended offer: $168k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.6% in Burlington — 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 70/100 on livability (#123 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute D+, crime F, amenities F.
• Alamance-Burlington Schools (rural): math 30% / reading 40% proficiency, ranked #133 of 178 in NC (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Turrentine Middle (math 21% / reading 37%, grade F, #350 of 475 statewide, top 74%, 929 students, 68% FRL); Walter M Williams High (math 52% / reading 59%, grade C, #265 of 535 statewide, top 50%, 1,343 students, 58% FRL).
• Market conditions: Rents rising (+2.6%/yr); 312 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,466 units permitted in Alamance County in 2024 (403 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Alamance County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 21% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,842 (6.2% below list)

Questions for the listing agent

1. Built in 1928 — 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 F-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: 0.94% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.40%
• DSCR: 1.15
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $275,310
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 Atwater St	0.00mi	3/2.0	1,857 (+9%)	0mo	$175,000	$94	86
616 W Willowbrook Dr	0.53mi	3/2.0	1,725 (+1%)	6mo	$283,000	$164	69
258 Lakeside Ave	0.46mi	4/2.5 (+1)	1,750 (+2%)	3mo	$180,000	$103	65
1104 Tarleton Ave	0.64mi	3/2.0	1,682 (-2%)	6mo	$275,000	$163	63
1402 Tarleton Ave	0.45mi	3/2.0	1,602 (-6%)	8mo	$175,000	$109	62
511 Central Ave	0.58mi	3/2.0	1,728 (+1%)	11mo	$360,000	$208	62
1348 Granville St	0.54mi	3/2.0	1,575 (-8%)	1mo	$325,000	$206	60
529 Hillcrest Ave	0.43mi	3/3.0	1,812 (+6%)	9mo	$180,000	$99	58
704 W Front St	0.29mi	4/2.0 (+1)	1,852 (+8%)	11mo	$322,500	$174	58
306 Union Ave	0.65mi	3/2.0	1,592 (-7%)	11mo	$170,000	$107	49
1021 Tarleton Ave	0.62mi	2/2.0 (-1)	1,860 (+9%)	5mo	$268,000	$144	47
1542 W Davis St	0.72mi	3/2.0	1,518 (-11%)	11mo	$245,000	$161	39

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 · 2.61% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.59×
• Total profit: $-20,620
• Equity at exit: $26,689

10-year hold

• IRR: -2.7%
• Equity multiple: 0.82×
• Total profit: $-9,004
• Equity at exit: $15,477

Cash invested: $50,120 (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 27215

• Rents YoY: 2.6%
• Active inventory: 312
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,678 high
• Mortgage (P&I): −$939
• Tax from tax record: −$171 /mo · $2,047/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $142

Break-even live

Break-even rent $1,499

Max offer price $179,000

Occupancy floor 87%

Sensitivity live

Price	-10% $243	-5% $193	+0% $142	+5% $91	+10% $41
Rent	-10% $9	-5% $76	+0% $142	+5% $208	+10% $275
Rate	-1.0pp $232	-0.5pp $188	base $142	+0.5pp $96	+1.0pp $49

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 Attica St Burlington, NC	3.0	2.0	1500	$1,750	$1.17	14d	1	0.35mi
116 Stagg St Burlington, NC	3.0	2.0	1550	$2,050	$1.32	22d	1	0.67mi
1515 Woodland Ave Burlington, NC	3.0	2.0	1101	$1,500	$1.36	14d	1	0.70mi
1615 Cadiz St Burlington, NC	2.0	1.0	1100	$1,200	$1.09	22d	1	0.84mi
830 Oxford Ln Burlington, NC	3.0	1.5	1137	$1,495	$1.31	14d	1	0.95mi
910 N Main St Unit A Burlington, NC	2.0	2.0	1100	$1,395	$1.27	14d	1	1.31mi
721 E Morehead St Burlington, NC	4.0	2.0	1470	$1,550	$1.05	14d	1	1.42mi

Listing history 21 events

1. 2026-06-16
   days on marketlisting id $179,000 Pending 1 DOM
2. 2026-04-30
   status Pending
3. 2026-04-17
   status Active
4. 2026-03-21
   status Pending
5. 2026-03-14
   listed $179,000 Active
6. 2022-06-14
   soldstatus $160,000 Closed 179-char remark

   Show marketing remark (179 chars)

   4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

7. 2022-06-14
   soldstatus $160,000

   Show marketing remark (179 chars)

   4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

8. 2022-04-28
   status Pending 179-char remark

   Show marketing remark (179 chars)

   4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

9. 2022-03-25
   historical Due Diligence Period 179-char remark

   Show marketing remark (179 chars)

   4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

10. 2022-03-15
    listed $159,000 Active 179-char remark

    Show marketing remark (179 chars)

    4/2 1.25 story brick home with detached carport. Conveniently located in proximity to Webb Ave. Central Heat and AC. Property is currently renter occupied. 4th bed is upstairs.

11. 2009-05-08
    historical
12. 2008-11-10
    listed $118,000
13. 2008-04-30
    historical
14. 2007-10-29
    listed $119,900
15. 2005-12-16
    soldstatus $88,000
16. 2005-12-16
    soldstatus $88,000
17. 2005-12-16
    soldstatus $88,000
18. 2005-10-26
    listed $95,000
19. 2005-10-26
    listed $95,000
20. 2005-10-26
    historical
21. 2005-05-09
    listed $99,500

ⓘ 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: $2,047 · $171/mo
• Projected year-2 tax: $2,047 · $171/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,141
• − Mortgage interest: −$10,027
• − Property taxes: −$2,047
• − Insurance: −$895
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$5,207
• Taxable loss: −$1,258
• Est. tax savings @ 24.0%: +$302
• After-tax cash flow: $2,007/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: Alamance-Burlington Schools
• NCES district ID: 3700030
• Math proficiency: 30% ▼ -6.00%
• Reading proficiency: 40% ▲ 2.00%
• Median HH income: $43,359
• Composite: 29.68/100
• National rank: #6460
• State rank: #133 of 178 in NC

Livability — Burlington

• Score: 70/100
• State rank: #123
• US rank: #7396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, NC
• County: Alamance County · 173,369 people
• City population: 88,508
• Metro: Burlington, NC
• Population (ZIP): 47,102
• Household income: $68,825
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1497.0

Population outlook (Alamance County) Hauer SSP2

• Today (2025): 173,381 people
• By 2030: 180,609 · +4.2%
• By 2040: 194,327 · +12.1%
• By 2050: 206,158 · +18.9%
• By 2075: 235,665 · +35.9%
• By 2100: 258,626 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 20% Hispanic / Latino 10% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 3% Italian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Alamance

• 2024 margin: Lean R (+8.2) · D 45.4% · R 53.5% · Other 1.1%
• 2008→2024 swing: +1.1pp toward D · 2008: -9.2pp · 2024: -8.2pp
• All cycles: 2024: R+8.2 2020: R+8.4 2016: R+12.9 2012: R+14.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -263.87%
• Current HPI: 224.3392
• Rent YoY: ▲ 2.61%
• Metro: Burlington, 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

+79.9% since first listed

20 events — show timeline

• 2026-04-30 Pending — TMLS
• 2026-04-17 Relisted — TMLS
• 2026-03-21 Pending — TMLS
• 2026-03-14 Listed $179,000 TMLS
• 2022-06-14 Sold (Public Records) $160,000 Public Records
• 2022-06-14 Sold (MLS) $160,000 Triad MLS
• 2022-04-28 Pending — Triad MLS
• 2022-03-25 Contingent — Triad MLS
• 2022-03-15 Listed $159,000 Triad MLS
• 2009-05-08 Listing Removed — TMLS
• 2008-11-10 Listed $118,000 TMLS
• 2008-04-30 Listing Removed — TMLS
• 2007-10-29 Listed $119,900 TMLS
• 2005-12-16 Sold (Public Records) $88,000 Public Records
• 2005-12-16 Sold (MLS) $88,000 TMLS
• 2005-12-16 Sold (MLS) $88,000 AMLSNC
• 2005-10-26 Listing Removed — TMLS
• 2005-10-26 Listed $95,000 TMLS
• 2005-10-26 Listed $95,000 AMLSNC
• 2005-05-09 Listed $99,500 TMLS

Property tax history

+12.5%/yr

Latest (2025): $2,047 · +2.6% YoY. Source: county tax records.