1933 Choyce Cir · Charlotte, NC 28217

$180,000

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 14 Days on market

Built 1958 0.30 ac lot Est $217k · 17% under ↓ 22% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• DSCR +4.5/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

Key facts

• 0.3 acre lot
• Built 1958
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $43 ($516/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 $147k (18.3% below list).
• Recommended offer: $147k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nations Ford Elementary (math 12% / reading 13%, grade F, #1,360 of 1,410 statewide, top 97%, 624 students, 98% FRL); Southwest Middle School (math 23% / reading 36%, grade F, #343 of 475 statewide, top 73%, 1,392 students, 40% FRL); Olympic High School (math 50% / reading 55%, grade C-, #287 of 535 statewide, top 54%, 1,729 students, 41% FRL).
• Zoned-school proficiency averages 32% at this address vs 44% district-wide (-12 pts) — the specific schools serving this property underperform the Charlotte-Mecklenburg Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 171 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 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.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,988 (18.3% below list)

Questions for the listing agent

1. Built in 1958 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $217,056
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1700 Choyce Ave	0.21mi	3/1.0 (+1)	888 (-3%)	9mo	$170,000	$191	73
1836 Choyce Cir	0.10mi	3/1.0 (+1)	888 (-3%)	22mo	$211,500	$238	67
1713 Ranchwood Dr	0.45mi	3/1.0 (+1)	981 (+8%)	1mo	$220,000	$224	60
1356 Choyce Ave	0.56mi	2/1.0	808 (-11%)	6mo	$200,000	$248	50

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 · 0.04% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.39×
• Total profit: $-30,738
• Equity at exit: $26,839

10-year hold

• IRR: -16.1%
• Equity multiple: 0.21×
• Total profit: $-39,911
• Equity at exit: $15,563

Cash invested: $50,400 (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 28217

• Home prices YoY: -14.8%
• Rents YoY: 0.0%
• Active inventory: 171
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,470 high
• Mortgage (P&I): −$944
• Tax from tax record: −$99 /mo · $1,192/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $43

Break-even live

Break-even rent $1,415

Max offer price $180,000

Occupancy floor 92%

Sensitivity live

Price	-10% $145	-5% $94	+0% $43	+5% $-8	+10% $-59
Rent	-10% $-73	-5% $-15	+0% $43	+5% $101	+10% $159
Rate	-1.0pp $134	-0.5pp $89	base $43	+0.5pp $-4	+1.0pp $-51

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1525 W Arrowood Rd Charlotte, NC	1.0–3.0	1.0–2.0	737	$1,699	$2.30	0d	8	0.29mi
7224 Forest Point Blvd Charlotte, NC	1.0–4.0	1.0–2.0	956	$1,340	$1.40	9d	1	0.55mi
2109 Arrowcreek Dr Charlotte, NC	1.0–3.0	1.0–2.0	962	$1,298	$1.35	0d	11	0.81mi
2201 Yorkhills Dr Charlotte, NC	1.0	1.0	816	$1,105	$1.35	6d	1	0.85mi
7601 Holliswood Ct Charlotte, NC	1.0–3.0	1.0–2.0	1121	$1,551	$1.38	0d	7	0.85mi
7508 Nations Ford Rd Charlotte, NC	2.0	1.5	864	$1,800	$2.08	25d	1	0.90mi
2400 Whitehall Estates Dr Charlotte, NC	1.0–3.0	1.0–2.0	1025	$1,430	$1.40	0d	27	0.97mi
2208 Yager Creek Dr Charlotte, NC	1.0–3.0	1.0–2.0	876	$1,372	$1.57	3d	39	0.99mi
825 Farmhurst Dr Unit 843-C Charlotte, NC	2.0	2.0	911	$1,250	$1.37	25d	1	1.09mi
825 Farmhurst Dr Unit 829-B Charlotte, NC	1.0	1.0	721	$1,050	$1.46	25d	1	1.09mi
825 Farmhurst Dr Unit 839-C Charlotte, NC	1.0	1.0	679	$975	$1.44	25d	1	1.09mi
825 Farmhurst Dr Unit 700-P Charlotte, NC	1.0	1.0	679	$960	$1.41	25d	1	1.09mi
825 Farmhurst Dr Unit 700-G Farmhurst Charlotte, NC	2.0	1.5	903	$1,195	$1.32	0d	1	1.09mi
825 Farmhurst Dr Unit 720-X Charlotte, NC	1.0	1.0	679	$975	$1.44	12d	1	1.09mi
825 Farmhurst Dr Unit 855-E Charlotte, NC	2.0	2.0	953	$1,295	$1.36	25d	1	1.09mi
825 Farmhurst Dr Unit 803-V Charlotte, NC	2.0	1.5	903	$1,195	$1.32	25d	1	1.09mi
825 Farmhurst Dr Unit 839-F Charlotte, NC	2.0	2.0	911	$1,250	$1.37	9d	1	1.09mi
825 Farmhurst Dr Unit 700-J Charlotte, NC	1.0	1.0	721	$1,050	$1.46	9d	1	1.09mi
524 Echodale Dr Charlotte, NC	3.0	1.0	986	$1,495	$1.52	25d	1	1.09mi
103 Dinadan Dr Charlotte, NC	1.0–3.0	1.0–2.0	928	$1,362	$1.47	25d	1	1.11mi
6817 Deanwood Pl Charlotte, NC	3.0	2.0	986	$2,200	$2.23	9d	1	1.13mi
711 Farmhurst Dr Charlotte, NC	1.0–2.0	1.0	780	$1,199	$1.54	25d	1	1.16mi
423 Edgegreen Dr Charlotte, NC	3.0	1.0	1000	$1,495	$1.50	22d	1	1.17mi
701 Echo Cove Ln Charlotte, NC	3.0	1.5	1020	$1,500	$1.47	4d	1	1.20mi
220 Branchview Dr Charlotte, NC	1.0–2.0	1.0–1.5	855	$1,725	$2.02	25d	1	1.21mi
712 Edgegreen Dr Charlotte, NC	3.0	1.0	970	$1,400	$1.44	12d	1	1.21mi
702 Farmhurst Dr Unit G Charlotte, NC	2.0	1.0	903	$899	$1.00	14d	1	1.25mi
1015 Deep Rock Cir Charlotte, NC	1.0	1.0	775	$1,163	$1.50	25d	1	1.27mi
9336 Kings Parade Blvd Charlotte, NC	1.0–2.0	1.0–2.0	971	$2,171	$2.23	0d	12	1.29mi
8825 Mont Carmel Ln Charlotte, NC	1.0–2.0	1.0–2.0	916	$1,450	$1.58	25d	2	1.31mi
2200 Silver Crescent Dr Charlotte, NC	1.0–3.0	1.0–2.0	1069	$1,748	$1.63	0d	19	1.32mi
2325 Courtney Oaks Rd Charlotte, NC	1.0–2.0	1.0–2.0	978	$1,667	$1.70	0d	26	1.38mi
639 Archdale Dr Charlotte, NC	1.0–3.0	1.0–2.0	1030	$1,346	$1.31	5d	16	1.40mi
625 Cameron Walk Ct Charlotte, NC	1.0–3.0	1.0–2.0	1050	$1,642	$1.56	0d	31	1.40mi
3201 Windshire Ln Charlotte, NC	1.0–3.0	1.0–2.0	1037	$1,648	$1.59	0d	22	1.43mi
6530 Free Throw Ln Charlotte, NC	1.0–2.0	1.0–2.0	908	$1,705	$1.88	0d	27	1.45mi
8508 Lodge South Cir Charlotte, NC	3.0	1.0–2.0	897	$1,494	$1.66	0d	17	1.45mi
707 Sycamore Centre Dr Charlotte, NC	1.0–2.0	1.0–2.0	1002	$1,715	$1.71	0d	13	1.49mi
1825 Carrington Oaks Dr Charlotte, NC	1.0–3.0	1.0–2.0	1088	$1,687	$1.55	0d	30	1.49mi

Listing history 12 events

1. 2026-04-14
   status Pending 575-char remark

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

2. 2026-04-14
   status Pending

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

3. 2026-04-08
   price $180,000

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

4. 2026-04-08
   price $180,000 575-char remark

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

5. 2026-04-01
   status Active
6. 2026-03-31
   status Active
7. 2026-03-30
   listed $199,990 Active
8. 2026-03-28
   historical $199,990

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

9. 2026-03-28
   price $199,990 575-char remark

   Show marketing remark (575 chars)

   Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

10. 2026-03-23
    price $215,000 575-char remark

    Show marketing remark (575 chars)

    Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

11. 2026-03-18
    listed $230,000 Active 575-char remark

    Show marketing remark (575 chars)

    Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

12. 2026-03-17
    historical $230,000 575-char remark

    Show marketing remark (575 chars)

    Attn one-off builders/investors. Level 1/3 acre lot on back side of quiet street on the south side, convenient to everything: bus lines, interstates, airport, SC line etc. Existing home is lived in and in decent shape but being the largest lot on the street the land is worth far more than the home. Sold as-is, subject to estate approval. One of the cheapest lots on the south side of any size. Build for rental property or to be sold. Short term rental allowed! Do not disturb tenant, schedule through Showing-time to walk property. Interior is not available to show.

ⓘ 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: $1,192 · $99/mo
• Projected year-2 tax: $1,476 · $123/mo
• Expected delta: +$284/yr (+$24/mo · 23.9%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,639
• − Mortgage interest: −$10,083
• − Property taxes: −$1,192
• − Insurance: −$900
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − Depreciation: −$5,236
• Taxable loss: −$2,594
• Est. tax savings @ 24.0%: +$623
• After-tax cash flow: $1,138/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 32,064
• Household income: $64,028
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2144.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 37% Black 35% Two or more races 19% White 17% Asian 8%
• Hispanic origin (detail): Mexican 7% Dominican 2%
• Common ancestry: Swiss 2% Italian 1% Slovak 1%
• Foreign-born: 34% · Canada, Jamaica, Vietnam
• Languages at home: 58% English-only · Spanish 35% Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.23%
• Current HPI: 330.7033
• Rent YoY: ▬ 0.04%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

-21.7% since first listed

12 events — show timeline

• 2026-04-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $180,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $180,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-01 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-31 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-30 Listed $199,990 CANOPYMLS as Distributed by MLS Grid
• 2026-03-28 Coming Soon $199,990 CANOPYMLS as Distributed by MLS Grid
• 2026-03-28 Price Changed $199,990 CANOPYMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-18 Listed $230,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-17 Coming Soon $230,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2025): $1,192 · +2.9% YoY. Source: county tax records.