1007 S Main St · Mount Airy, NC 27030

$1,475,000

None bd · None ba · 8,540 sqft · MultiFamily public records · 23 Days on market

Built 1936 0.32 ac lot

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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 +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 13 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Strong investment opportunity with significant recent capital improvements already completed! This well-maintained 13-unit apartment building features an attractive unit mix of seven 2-bedroom units, two 1-bedroom units, and four studio apartments, offering broad rental appeal and strong rental potential. Current ownership has invested approximately $325,000 in upgrades and improvements, including updated kitchen cabinets, bathroom renovations, and windows. Newer metal roof, and a newly created parking lot. With major improvements already in place, and conveniently located, this turnkey property is ideal for investors seeking strong rental potential and minimal deferred maintenance. Whether you’re a seasoned investor looking to expand your portfolio or a first-time buyer entering the multifamily market, this move-in-ready building checks every box.

Key facts

• New metal roof
• Turnkey property
• Bathroom renovations

Tags

• UPDATED KITCHEN CABINETS
• BATHROOM RENOVATIONS
• NEW METAL ROOF
• NEWLY CREATED PARKING LOT
• TURNKEY PROPERTY

Property features AI

Finance

• Other: Lot size approximately 0.32 acres; Living/building area reported as 8,540 total square feet
• Financial info: 13 total units; Owner pays water and trash collection; Tenants pay electricity
• HOA & community: No HOA; Pets allowed with conditions

Exterior

• Parking: Parking lot
• Utilities: City water; Public sewer
• Home design: Residential income property (apartment); B2 zoning; Site-built construction
• Construction: Brick exterior; Slab foundation
• Exterior features: Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Electric range; Refrigerator
• Heating & cooling: Baseboard heating; Cooling listed as 'Other - See Remarks'
• Interior features: Electric range; Refrigerator; Baseboard heating; Cooling noted as 'Other - See Remarks'; Has basement
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 7×2bd/1ba + 2×1bd/1ba + 4×?bd/1ba units multifamily listed at $1.48M.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $128/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.48M).
• Recommended offer: $1.45M (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.1% in Mount Airy — 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 62/100 on livability (#473 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, schools D, amenities F.
• Mount Airy City Schools (town): math 51% / reading 49% proficiency, ranked #69 of 178 in NC (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 213 active listings in the ZIP; 243 units permitted in Surry County in 2024 (0 in 5+ unit buildings).
• At $15,011/mo this rent would consume 388% of the median local household income ($46k/yr) (locally 939% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $44k of value loss. Plan a longer hold.
• Surry County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $750k; list at $1.48M implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,452,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-132,723
• Equity at exit: $219,927

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $21,921
• Equity at exit: $127,531

Cash invested: $413,000 (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 27030

• Active inventory: 213
• Price-to-rent: 102.0×

Monthly cashflow live

• Estimated rent: $15,011 medium
• Mortgage (P&I): −$7,735
• Tax est. 1.5%: −$1,844 /mo · $22,125/yr
• Insurance: −$615
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,152
• Net cashflow: $1,665

Break-even live

Break-even rent $12,903

Max offer price $1,475,000

Occupancy floor 84%

13-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$8,428
▸ 2× units	1	1	$2,156
▸ 4× units	0	1	$4,424
Total (13 units)			$15,011

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: $368,750
• Closing costs: $44,250
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $1,475,000 Active 23 DOM
2. 2026-06-18
   days on market $1,475,000 Active 22 DOM
3. 2026-06-17
   days on market $1,475,000 Active 21 DOM
4. 2026-06-16
   days on market $1,475,000 Active 20 DOM
5. 2026-06-15
   days on market $1,475,000 Active 19 DOM
6. 2026-06-14
   days on market $1,475,000 Active 17 DOM
7. 2026-06-12
   days on market $1,475,000 Active 16 DOM
8. 2026-06-09
   days on market $1,475,000 Active 13 DOM
9. 2026-06-08
   days on market $1,475,000 Active 12 DOM
10. 2026-06-07
    days on market $1,475,000 Active 11 DOM
11. 2026-06-05
    days on market $1,475,000 Active 8 DOM
12. 2026-06-03
    days on market $1,475,000 Active 7 DOM
13. 2026-06-02
    days on market $1,475,000 Active 6 DOM
14. 2026-06-01
    days on market $1,475,000 Active 5 DOM
15. 2026-05-31
    days on market $1,475,000 Active 4 DOM
16. 2026-05-30
    days on market $1,475,000 Active 3 DOM
17. 2026-05-27
    listed $1,475,000 Active 866-char remark

    Show marketing remark (866 chars)

    Strong investment opportunity with significant recent capital improvements already completed! This well-maintained 13-unit apartment building features an attractive unit mix of seven 2-bedroom units, two 1-bedroom units, and four studio apartments, offering broad rental appeal and strong rental potential. Current ownership has invested approximately $325,000 in upgrades and improvements, including updated kitchen cabinets, bathroom renovations, and windows. Newer metal roof, and a newly created parking lot. With major improvements already in place, and conveniently located, this turnkey property is ideal for investors seeking strong rental potential and minimal deferred maintenance. Whether you’re a seasoned investor looking to expand your portfolio or a first-time buyer entering the multifamily market, this move-in-ready building checks every box.

18. 2026-05-27
    listed $1,475,000 Active

    Show marketing remark (866 chars)

    Strong investment opportunity with significant recent capital improvements already completed! This well-maintained 13-unit apartment building features an attractive unit mix of seven 2-bedroom units, two 1-bedroom units, and four studio apartments, offering broad rental appeal and strong rental potential. Current ownership has invested approximately $325,000 in upgrades and improvements, including updated kitchen cabinets, bathroom renovations, and windows. Newer metal roof, and a newly created parking lot. With major improvements already in place, and conveniently located, this turnkey property is ideal for investors seeking strong rental potential and minimal deferred maintenance. Whether you’re a seasoned investor looking to expand your portfolio or a first-time buyer entering the multifamily market, this move-in-ready building checks every box.

19. 2023-08-17
    soldstatus $750,000
20. 2023-08-17
    soldstatus $890,000
21. 2016-07-15
    soldstatus $100,000
22. 2012-08-24
    soldstatus $277,500 285-char remark

    Show marketing remark (285 chars)

    INCLUDED IS 2 BR HOUSE, NEXT DOOR! TOTALLY RENOVATED UNITS, NEW ROOF, PLUMBING, $3425 MO INCOME FOR APTS AND $450 FOR HOUSE. BSMT APT IS CURRENTLY USED AS STORAGE, WOULD BE GREAT FOR LAUNDRY. SEP METERS/HEAT FOR EACH UNIT, TENANTS PAY WATER, GREAT LOCATION, EASY TO RENT. BROKER OWNED.

23. 2012-08-24
    soldstatus $277,500

    Show marketing remark (285 chars)

    INCLUDED IS 2 BR HOUSE, NEXT DOOR! TOTALLY RENOVATED UNITS, NEW ROOF, PLUMBING, $3425 MO INCOME FOR APTS AND $450 FOR HOUSE. BSMT APT IS CURRENTLY USED AS STORAGE, WOULD BE GREAT FOR LAUNDRY. SEP METERS/HEAT FOR EACH UNIT, TENANTS PAY WATER, GREAT LOCATION, EASY TO RENT. BROKER OWNED.

24. 2012-02-03
    listed $325,000 285-char remark

    Show marketing remark (285 chars)

    INCLUDED IS 2 BR HOUSE, NEXT DOOR! TOTALLY RENOVATED UNITS, NEW ROOF, PLUMBING, $3425 MO INCOME FOR APTS AND $450 FOR HOUSE. BSMT APT IS CURRENTLY USED AS STORAGE, WOULD BE GREAT FOR LAUNDRY. SEP METERS/HEAT FOR EACH UNIT, TENANTS PAY WATER, GREAT LOCATION, EASY TO RENT. BROKER OWNED.

25. 2008-02-01
    soldstatus $174,000
26. 2001-01-01
    soldstatus $210,000
27. 1980-06-01
    soldstatus $58,500

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

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 ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $180,132
• − Mortgage interest: −$82,623
• − Property taxes: −$22,125
• − Insurance: −$7,375
• − Repairs & maintenance: −$14,411
• − Management: −$14,411
• − Depreciation: −$42,909
• Taxable loss: −$3,721
• Est. tax savings @ 24.0%: +$893
• After-tax cash flow: $20,877/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: Mount Airy City Schools
• NCES district ID: 3703210
• Math proficiency: 51% ▲ 8.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $33,113
• Composite: 41.19/100
• National rank: #3546
• State rank: #69 of 178 in NC

Livability — Mount Airy

• Score: 62/100
• State rank: #473
• US rank: #17188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Airy, NC
• County: Surry County · 36,241 people
• City population: 36,241
• Metro: Mount Airy, NC
• Population (ZIP): 36,241
• Household income: $46,377
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 939.0

Population outlook (Surry County) Hauer SSP2

• Today (2025): 69,473 people
• By 2030: 66,964 · -3.6%
• By 2040: 60,967 · -12.2%
• By 2050: 54,102 · -22.1%
• By 2075: 38,806 · -44.1%
• By 2100: 24,711 · -64.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Surry

• 2024 margin: Solid R (+53.3) · D 23.0% · R 76.3%
• 2008→2024 swing: -25.4pp toward R · 2008: -28.0pp · 2024: -53.3pp
• All cycles: 2024: R+53.3 2020: R+51.4 2016: R+50.7 2012: R+36.9 2008: R+28.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.64%
• Current HPI: 177.1549
• Rent YoY: —
• Metro: Mount Airy, 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

+2421.4% since first listed

11 events — show timeline

• 2026-05-27 Listed $1,475,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-27 Listed $1,475,000 Triad MLS
• 2023-08-17 Sold (Public Records) $890,000 Public Records
• 2023-08-17 Sold (Public Records) $750,000 Public Records
• 2016-07-15 Sold (Public Records) $100,000 Public Records
• 2012-08-24 Sold (Public Records) $277,500 Public Records
• 2012-08-24 Sold (MLS) $277,500 Triad MLS
• 2012-02-03 Listed $325,000 Triad MLS
• 2008-02-01 Sold (Public Records) $174,000 Public Records
• 2001-01-01 Sold (Public Records) $210,000 Public Records
• 1980-06-01 Sold (Public Records) $58,500 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,630 · -0.9% YoY. Source: county tax records.