1028 Queen Ann St · Burlington, NC 27217

$125,000

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 13 Days on market

Built 1950 6,098 sqft lot Est $170k · 27% under

---

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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +4.6/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

Key facts

• Unfinished basement
• 6,098 sq ft lot
• Parking

Tags

• UNFINISHED BASEMENT
• SPACIOUS KITCHEN FOOTPRINT
• DECENT SIZED BACKYARD
• CONVENIENT BURLINGTON LOCATION

Property features AI

Finance

• Other: Lot approximately 0.14 acres; Zoning: R6; City street frontage on a publicly maintained road
• HOA & community: No association; No community amenities

Exterior

• Parking: Open parking (1 space); Concrete parking surface
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Sewer connected
• Home design: Single-story house; Site-built construction; No common walls
• Construction: Vinyl siding; Asphalt construction material; Asphalt roof; Built as a site-built house
• Exterior features: Front porch; No fencing listed; No additional exterior features listed; Not waterfront

Interior

• Kitchen: Dishwasher; Electric oven and range; Free-standing refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Dishwasher; Electric oven; Electric range; Free-standing refrigerator; Washer and dryer included; In-kitchen laundry
• Laundry & utility: Washer and dryer; Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/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 $120k (3.7% below list).
• Recommended offer: $120k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 8.3% 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+, schools F, crime 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.
• Market conditions: Rents rising (+1.1%/yr); 273 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $864 of loan paydown is wiped out by about $4k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,395 (3.7% below list)

Questions for the listing agent

1. Built in 1950 — 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: 0.96% ✗
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $170,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1028 Queen Ann St	0.00mi	2/1.0	952 (0%)	1mo	$105,000	$110	99
1605 Hanover Rd	0.49mi	2/1.0	990 (+4%)	6mo	$138,000	$139	65
1324 Whitsett St	0.46mi	3/2.0 (+1)	1,000 (+5%)	1mo	$182,000	$182	60
803 Buckner St	0.54mi	3/1.5 (+1)	966 (+2%)	7mo	$178,000	$184	59
525 Texas Ave	0.45mi	2/1.0	840 (-12%)	3mo	$156,000	$186	57
1710 Wood Ave	0.57mi	2/1.0	858 (-10%)	5mo	$173,000	$202	53
506 Piedmont Way	0.59mi	3/1.0 (+1)	1,033 (+8%)	1mo	$159,999	$155	52
1215 Cleveland Ave	0.33mi	3/1.5 (+1)	1,090 (+14%)	3mo	$195,000	$179	51
520 Delaware Ave	0.53mi	2/2.0	860 (-10%)	6mo	$200,000	$233	50
625 Columbia Ave Ave	0.55mi	2/1.0	1,092 (+15%)	2mo	$177,000	$162	48
505 Brookline Dr	0.74mi	2/1.0	864 (-9%)	5mo	$135,000	$156	46
206 Border St	0.75mi	3/1.0 (+1)	882 (-7%)	7mo	$137,000	$155	42

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 · 1.06% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-9,280
• Equity at exit: $18,638

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-237
• Equity at exit: $10,808

Cash invested: $35,000 (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 27217

• Home prices YoY: -22.3%
• Rents YoY: 1.1%
• Active inventory: 273
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,204 high
• Mortgage (P&I): −$656
• Tax from tax record: −$34 /mo · $409/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $209

Break-even live

Break-even rent $939

Max offer price $125,000

Occupancy floor 78%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
709 Maryland Ave Burlington, NC	2.0	1.0	786	$1,225	$1.56	20d	1	0.31mi
916 Harris St Burlington, NC	1.0	1.0	601	$895	$1.49	20d	1	0.68mi
411 S Saint John St Burlington, NC	1.0	1.0	700	$1,100	$1.57	20d	1	0.69mi
1016 Grace Ave Burlington, NC	3.0	1.0	994	$1,245	$1.25	20d	1	0.71mi
1016 Washington St Unit A Burlington, NC	1.0	1.0	650	$775	$1.19	20d	1	0.86mi
511 Poplar St Unit C Graham, NC	2.0	1.0	900	$1,195	$1.33	20d	1	0.91mi
516 Maple Ave Unit B Burlington, NC	1.0	1.0	869	$850	$0.98	20d	1	0.91mi
632 New St Graham, NC	2.0	1.0	900	$1,200	$1.33	20d	1	0.97mi
910 N Main St Unit A Burlington, NC	2.0	2.0	1100	$1,395	$1.27	13d	1	0.97mi
212 College St Apt G Graham, NC	2.0	1.5	1050	$1,125	$1.07	20d	1	0.99mi
607 N Main St Unit 609 Burlington, NC	1.0	1.0	568	$850	$1.50	20d	1	1.04mi
805 S Broad St Burlington, NC	2.0	1.0	779	$1,100	$1.41	20d	1	1.25mi
321 E 5th St Burlington, NC	1.0	1.0	700	$850	$1.21	20d	1	1.26mi
317a Atwood Dr Burlington, NC	2.0	1.5	980	$1,282	$1.31	20d	8	1.28mi
1055 Baldwin Ridge Rd Burlington, NC	1.0–3.0	1.0–2.0	1025	$1,512	$1.48	13d	19	1.29mi
306 N Ireland St Unit 306 Burlington, NC	2.0	1.0	807	$1,250	$1.55	20d	1	1.34mi
2076 Legacy Park Trl Burlington, NC	1.0–3.0	1.0–2.0	1025	$1,575	$1.54	20d	22	1.35mi

Listing history 8 events

1. 2026-05-11
   status Pending

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

2. 2026-05-11
   status Pending 886-char remark

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

3. 2026-05-04
   status Active

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

4. 2026-05-04
   status Active 886-char remark

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

5. 2026-04-03
   status Pending 886-char remark

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

6. 2026-04-03
   status Pending

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

7. 2026-03-28
   listed $125,000 Active

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

8. 2026-03-28
   listed $125,000 Active 886-char remark

   Show marketing remark (886 chars)

   Back on the market with opportunity in mind, this 2-bedroom, 1-bath home offers strong potential for investors or buyers looking to take on a value-add project. This property features 952 total square feet with a functional layout, plus an unfinished basement area that can be utilized for storage, workshop space. Situated within city limits on a manageable .14-acre lot, the home includes a spacious kitchen footprint and a backyard with room to enhance outdoor living or rental appeal. This is a project property and is best suited for investors or buyers prepared to make improvements. With the right updates, this property presents an opportunity to build equity, create rental income, or renovate for resale. Convenient Burlington location with easy access to major roads, shopping, and local amenities. Being sold as-is. Bring your vision and unlock the potential.

ⓘ 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: $409 · $34/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$616/yr (+$51/mo · 150.4%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% 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: $14,447
• − Mortgage interest: −$7,002
• − Property taxes: −$409
• − Insurance: −$625
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$3,636
• Taxable income: $463
• Est. tax owed @ 24.0%: −$111
• After-tax cash flow: $2,402/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): 41,406
• Household income: $51,950
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1040.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 38% Black 29% Hispanic / Latino 29% Two or more races 7% Native American 1%
• Hispanic origin (detail): Mexican 19% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 1% Slovak 1%
• Foreign-born: 13% · Canada
• Languages at home: 75% English-only · Spanish 24%

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: ▼ -74.45%
• Current HPI: 259.8107
• Rent YoY: ▲ 1.06%
• 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

+0.0% since first listed

8 events — show timeline

• 2026-05-11 Pending — TMLS
• 2026-05-11 Pending — Triad MLS
• 2026-05-04 Relisted — TMLS
• 2026-05-04 Relisted — Triad MLS
• 2026-04-03 Pending — Triad MLS
• 2026-04-03 Pending — TMLS
• 2026-03-28 Listed $125,000 Triad MLS
• 2026-03-28 Listed $125,000 TMLS

Property tax history

+4.4%/yr

Latest (2025): $409 · +2.6% YoY. Source: county tax records.