1006 3rd St SE · Hickory, NC 28602

$1,000,000

81 bd · 9.0 ba · 7,020 sqft · MultiFamily public records · 114 Days on market

Built 1978 0.79 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• 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: 9 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

Nine-unit apartment complex, fully rented in convenient location off Hwy 127S in Hickory. All units have 1 bedroom, 1 bathroom, and tenants pay all their own utilities. Total monthly income is $3,610. Roof on entire complex replaced in 2021. All units are heated with electric baseboard and cooled with wall units. Three of the units were updated in 2021 and are rented for higher rents than the other 6. Do not approach tenants, they are not aware of the sale. Seller will not owner-finance.

Key facts

• 0.79 acre lot
• Built 1978
• Listed 113 days

Property features AI

Finance

• Financial info: Tenant responsible for all utilities; Owner pays trash collection; Nine total rental units (multifamily/apartment)
• HOA & community: No HOA; Pets allowed with conditions

Exterior

• Parking: Driveway (no main level garage)
• Utilities: City water; Public sewer
• Home design: Residential income property (apartment); Site-built construction; Zoning: R-4
• Construction: Brick partial and wood construction
• Exterior features: Asphalt paved driveway; Publicly maintained road access; 0.79-acre lot

Interior

• Kitchen: Kitchen appliances: Dishwasher, Electric oven, Electric range, Refrigerator
• Bedrooms: Nine bedrooms total; Multiple 1-bedroom unit layouts (units described below)
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Wall unit air conditioning
• Interior features: Dishwasher; Electric oven; Electric range; Refrigerator; Partial finished basement with storage space
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $237/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $1.00M).
• Recommended offer: $910k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.9% in Hickory — 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 71/100 on livability (#92 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Hickory City Schools (urban): math 43% / reading 44% proficiency, ranked #95 of 178 in NC (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 212 active listings in the ZIP; 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• At $10,287/mo this rent would consume 199% of the median local household income ($62k/yr) (locally 642% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $280k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($910k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $500k; list at $1.00M implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $910,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.15%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-14,274
• Equity at exit: $149,103

10-year hold

• IRR: 9.4%
• Equity multiple: 1.76×
• Total profit: $212,097
• Equity at exit: $86,462

Cash invested: $280,000 (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 28602

• Home prices YoY: -13.6%
• Rents YoY: 4.2%
• Active inventory: 212
• Price-to-rent: 72.9×

Monthly cashflow live

• Estimated rent: $10,287 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$330 /mo · $3,961/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,160
• Net cashflow: $2,136

Break-even live

Break-even rent $7,583

Max offer price $1,000,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$10,287
Total (9 units)			$10,287

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $1,000,000 Active 114 DOM
2. 2026-06-18
   days on market $1,000,000 Active 113 DOM
3. 2026-06-17
   days on market $1,000,000 Active 112 DOM
4. 2026-06-16
   days on market $1,000,000 Active 111 DOM
5. 2026-06-15
   days on market $1,000,000 Active 110 DOM
6. 2026-06-14
   days on market $1,000,000 Active 108 DOM
7. 2026-06-13
   days on market $1,000,000 Active 107 DOM
8. 2026-06-10
   days on market $1,000,000 Active 105 DOM
9. 2026-06-09
   days on market $1,000,000 Active 104 DOM
10. 2026-06-08
    days on market $1,000,000 Active 103 DOM
11. 2026-06-07
    days on market $1,000,000 Active 102 DOM
12. 2026-06-05
    days on market $1,000,000 Active 99 DOM
13. 2026-06-02
    days on market $1,000,000 Active 97 DOM
14. 2026-05-31
    days on market $1,000,000 Active 95 DOM
15. 2026-05-30
    days on market $1,000,000 Active 94 DOM
16. 2026-02-26
    listed $1,000,000 Active
17. 2026-02-20
    historical $1,000,000
18. 2022-07-01
    soldstatus $500,000
19. 2022-06-30
    soldstatus $500,000 Closed 492-char remark

    Show marketing remark (492 chars)

    Nine-unit apartment complex, fully rented in convenient location off Hwy 127S in Hickory. All units have 1 bedroom, 1 bathroom, and tenants pay all their own utilities. Total monthly income is $3,610. Roof on entire complex replaced in 2021. All units are heated with electric baseboard and cooled with wall units. Three of the units were updated in 2021 and are rented for higher rents than the other 6. Do not approach tenants, they are not aware of the sale. Seller will not owner-finance.

20. 2022-06-01
    status Pending 492-char remark

    Show marketing remark (492 chars)

    Nine-unit apartment complex, fully rented in convenient location off Hwy 127S in Hickory. All units have 1 bedroom, 1 bathroom, and tenants pay all their own utilities. Total monthly income is $3,610. Roof on entire complex replaced in 2021. All units are heated with electric baseboard and cooled with wall units. Three of the units were updated in 2021 and are rented for higher rents than the other 6. Do not approach tenants, they are not aware of the sale. Seller will not owner-finance.

21. 2022-05-31
    listed $499,900 Active 492-char remark

    Show marketing remark (492 chars)

    Nine-unit apartment complex, fully rented in convenient location off Hwy 127S in Hickory. All units have 1 bedroom, 1 bathroom, and tenants pay all their own utilities. Total monthly income is $3,610. Roof on entire complex replaced in 2021. All units are heated with electric baseboard and cooled with wall units. Three of the units were updated in 2021 and are rented for higher rents than the other 6. Do not approach tenants, they are not aware of the sale. Seller will not owner-finance.

22. 2010-04-07
    soldstatus $139,600

ⓘ 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: $3,961 · $330/mo
• Projected year-2 tax: $8,200 · $683/mo
• Expected delta: +$4,239/yr (+$353/mo · 107.0%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $123,444
• − Mortgage interest: −$56,016
• − Property taxes: −$3,961
• − Insurance: −$5,000
• − Repairs & maintenance: −$9,876
• − Management: −$9,876
• − Depreciation: −$29,091
• Taxable income: $9,625
• Est. tax owed @ 24.0%: −$2,310
• After-tax cash flow: $23,320/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: Hickory City Schools
• NCES district ID: 3702190
• Math proficiency: 43% ▲ 2.00%
• Reading proficiency: 44% ▼ -1.00%
• Median HH income: $38,399
• Composite: 36.29/100
• National rank: #4700
• State rank: #95 of 178 in NC

Livability — Hickory

• Score: 71/100
• State rank: #92
• US rank: #6361

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hickory, NC
• County: Catawba County · 105,763 people
• City population: 84,442
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 31,113
• Household income: $62,048
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 642.0

Population outlook (Catawba County) Hauer SSP2

• Today (2025): 156,513 people
• By 2030: 155,267 · -0.8%
• By 2040: 151,110 · -3.5%
• By 2050: 145,524 · -7.0%
• By 2075: 134,047 · -14.4%
• By 2100: 119,424 · -23.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 12% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 3% Italian 3% Iranian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 4%

Political lean MEDSL · Catawba

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+37.0 2016: R+38.0 2012: R+29.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.01%
• Current HPI: 259.947
• Rent YoY: ▲ 4.16%
• Metro: Hickory-Lenoir-Morganton, 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

+616.3% since first listed

7 events — show timeline

• 2026-02-26 Listed $1,000,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-20 Coming Soon $1,000,000 CANOPYMLS as Distributed by MLS Grid
• 2022-07-01 Sold (Public Records) $500,000 Public Records
• 2022-06-30 Sold (MLS) $500,000 CANOPYMLS as Distributed by MLS Grid
• 2022-06-01 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-05-31 Listed $499,900 CANOPYMLS as Distributed by MLS Grid
• 2010-04-07 Sold (Public Records) $139,600 Public Records

Property tax history

+6.5%/yr

Latest (2024): $3,961 · +0.0% YoY. Source: county tax records.