1015 9th St · Statesville, NC 28677

$150,000

2 bd · 1.0 ba · 1,225 sqft · SingleFamily public records · 74 Days on market

Built 1930 10,454 sqft lot Est $222k · 32% 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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.6/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional investment opportunity just minutes from downtown Statesville! This unique portfolio offers 16 total units across 12 separate parcels (Parcel ID(s): 4733876245; 4733885394; 4733886666; 4733992545; 4733994319; 4734800899; 4734807354; 4734807436; 4743093456; 4744140404; 4744049339), all situated on approximately 2.4 acres. Currently, eight (8) units are rented with a strong rental history and reliable tenants. The portfolio consists of two (2) triplexes and ten (10) single-family homes, providing a balanced mix of stable income and future potential. This combination of income-producing properties and redevelopment possibilities makes the portfolio well-suited for investors seeking

Key facts

• Triplexes
• Immediate cash flow
• 0.24 acre lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• TRIPLEXES
• INCOME-PRODUCING PROPERTIES
• REDEVELOPMENT POSSIBILITIES
• IMMEDIATE CASH FLOW

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single family residence; Residential property; Site-built construction; One level; Crawl space foundation; R5MFM zoning
• Construction: Vinyl exterior; Site-built construction
• Exterior features: Lot is approximately 0.24 acres; Road surfaces: dirt, concrete, and paved; Publicly maintained road access

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Single-level living (one story); Has a fireplace; Refrigerator included; Room count listed as 1
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $233 ($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 $144k (4.0% below list).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.7% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cloverleaf Elementary (math 29% / reading 28%, grade F, #1,018 of 1,410 statewide, top 72%, 464 students, 73% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); Statesville High (math 17% / reading 27%, grade F, #484 of 535 statewide, top 91%, 879 students, 77% FRL) — zoned schools average 53% FRL vs 38% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 475 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 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 $4k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $221,725
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
933 Wallace St	0.14mi	2/1.0	1,216 (-1%)	2mo	$85,000	$70	90
914 Wilmington Ave	0.33mi	3/2.0 (+1)	1,240 (+1%)	1mo	$220,000	$177	73
405 Winston Ave	0.32mi	3/2.5 (+1)	1,234 (+1%)	4mo	$240,000	$194	69
1230 Wilmington Ave	0.45mi	3/2.0 (+1)	1,244 (+2%)	0mo	$228,000	$183	67
1021 4th St	0.34mi	3/2.5 (+1)	1,266 (+3%)	3mo	$240,000	$190	65
1316 4th St	0.41mi	3/2.5 (+1)	1,244 (+2%)	3mo	$225,000	$181	65
116 S Patterson St #8	0.72mi	2/1.0	1,206 (-2%)	1mo	$178,500	$148	63
812 W Raleigh Ave W #7	0.13mi	3/2.5 (+1)	1,392 (+14%)	3mo	$220,000	$158	58
1012 4th St	0.32mi	3/2.0 (+1)	1,377 (+12%)	1mo	$160,000	$116	55
1000 Caldwell St	0.42mi	3/2.0 (+1)	1,340 (+9%)	3mo	$230,000	$172	53
310 New Bern Ave	0.46mi	3/2.5 (+1)	1,394 (+14%)	4mo	$255,000	$183	42
504 Fayetteville Ave	0.59mi	3/2.0 (+1)	1,050 (-14%)	3mo	$225,000	$214	37

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.68×
• Total profit: $-13,493
• Equity at exit: $22,365

10-year hold

• IRR: -3.3%
• Equity multiple: 0.80×
• Total profit: $-8,217
• Equity at exit: $12,969

Cash invested: $42,000 (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 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,440 high
• Mortgage (P&I): −$787
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $233

Break-even live

Break-even rent $1,145

Max offer price $150,000

Occupancy floor 79%

Sensitivity live

Price	-10% $318	-5% $275	+0% $233	+5% $190	+10% $148
Rent	-10% $119	-5% $176	+0% $233	+5% $290	+10% $346
Rate	-1.0pp $308	-0.5pp $271	base $233	+0.5pp $194	+1.0pp $154

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
718 Wilmington Ave Statesville, NC	2.0	1.0	762	$1,195	$1.57	0d	1	0.33mi
620 W Bell St Statesville, NC	3.0	2.0	1209	$1,850	$1.53	23d	1	0.45mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	4d	1	0.64mi
321 Vernon Ln Statesville, NC	3.0	2.0	1300	$1,675	$1.29	4d	1	0.69mi
333 Vernon Ln Statesville, NC	3.0	3.0	1300	$1,675	$1.29	4d	1	0.70mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	25d	1	0.71mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	25d	1	0.75mi
797 Cherry St Statesville, NC	2.0	1.0	950	$985	$1.04	0d	1	0.75mi
212 E Bell St Statesville, NC	3.0	1.0	1460	$1,500	$1.03	0d	1	0.93mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	25d	1	1.16mi
804 Jost St Unit 70 Statesville, NC	3.0	2.5	1446	$1,923	$1.33	25d	1	1.19mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	14d	1	1.33mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	12d	1	1.33mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	25d	1	1.36mi
1813 Younger Ave Unit B Statesville, NC	2.0	1.0	700	$1,275	$1.82	25d	1	1.43mi
1823 Bristol Rd Statesville, NC	3.0	2.5	1234	$1,803	$1.46	23d	1	1.48mi
334 Brevard St Unit F Statesville, NC	2.0	1.0	800	$800	$1.00	25d	1	1.49mi

Listing history 15 events

1. 2026-06-09
   days on market $150,000 Active 74 DOM
2. 2026-06-08
   days on market $150,000 Active 73 DOM
3. 2026-06-07
   days on market $150,000 Active 72 DOM
4. 2026-06-04
   days on market $150,000 Active 69 DOM
5. 2026-06-03
   days on market $150,000 Active 68 DOM
6. 2026-06-02
   days on market $150,000 Active 67 DOM
7. 2026-06-01
   days on market $150,000 Active 66 DOM
8. 2026-05-31
   days on market $150,000 Active 65 DOM
9. 2026-03-27
   listed $150,000 Active
10. 2021-09-29
    soldstatus $375,000
11. 2021-08-18
    historical Active Under Contract
12. 2021-07-13
    listed $69,000 Active
13. 2021-07-10
    historical
14. 2014-03-24
    soldstatus $31,500
15. 1998-07-01
    soldstatus $21,500

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $1,230 · $102/mo
• Expected delta: +$565/yr (+$47/mo · 84.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $17,274
• − Mortgage interest: −$8,402
• − Property taxes: −$665
• − Insurance: −$750
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$4,364
• Taxable income: $329
• Est. tax owed @ 24.0%: −$79
• After-tax cash flow: $2,713/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

+597.7% since first listed

7 events — show timeline

• 2026-03-27 Listed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-29 Sold (Public Records) $375,000 Public Records
• 2021-08-18 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-07-13 Listed $69,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-10 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2014-03-24 Sold (Public Records) $31,500 Public Records
• 1998-07-01 Sold (Public Records) $21,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $665 · +0.0% YoY. Source: county tax records.