3240 W Innes St · Salisbury, NC 28144

$185,500

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 47 Days on market

Built 1950 1.10 ac lot ↓ 6% since listing

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +4.3/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HANDYMAN/INVESTOR SPECIAL! Enjoy country living on 1.10 acres just outside the city limits! This 1950 farmhouse features a newer HVAC system and durable metal roof, offering a great starting point for your personal touches and updates. Conveniently located near restaurants, grocery stores, and everyday amenities while benefiting from no city taxes. An additional adjoining .57-acre lot is also available for purchase (Parcel 320032), providing even more possibilities. Property includes two storage buildings, and all personal property will convey. Well is currently not operable. Bring your vision and make this property your own! Property sold AS-IS; seller will not make any repairs.

Key facts

• Durable metal roof
• No city taxes
• Conveniently located

Tags

• NEWER HVAC SYSTEM
• DURABLE METAL ROOF
• CONVENIENTLY LOCATED
• NO CITY TAXES
• TWO STORAGE BUILDINGS

Property features AI

Finance

• Other: Lot approximately 1.1 acres (dimensions: 224 x 200 x 246 x 212); Zoned GR6 (RES)
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Water: Other (see remarks); Septic system installed
• Home design: Single-family residence (residential property); One-level home; Site-built construction
• Construction: Vinyl exterior; Metal roof; Crawl space foundation
• Exterior features: Front porch; Outbuilding on the property; Road access includes paved and dirt surfaces; Publicly maintained road

Interior

• Kitchen: Electric oven; Electric range
• Bedrooms: 3 bedrooms on the main level
• Flooring: Laminate flooring; Wood flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric heating; Heat pump; Central air conditioning
• Interior features: 8 total rooms; Electric oven and electric range
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $259 ($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 $172k (7.5% below list).
• Recommended offer: $172k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 3.2% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities D-.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 291 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $171,656 (7.5% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.93% ✗
• Cap rate: 7.97%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• GRM: 9.0

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-13,676
• Equity at exit: $27,659

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $8,943
• Equity at exit: $16,039

Cash invested: $51,940 (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 28144

• Active inventory: 291
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$973
• Tax from tax record: −$47 /mo · $569/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $259

Break-even live

Break-even rent $1,389

Max offer price $185,500

Occupancy floor 80%

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: $46,375
• Closing costs: $5,565
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
324 N Milford Dr Salisbury, NC	3.0	2.0	1400	$2,000	$1.43	18d	1	1.32mi
324 N Milford Dr Salisbury, NC	3.0	2.0	1401	$2,000	$1.43	11d	1	1.32mi
641 Statesville Blvd Unit 702 Salisbury, NC	2.0	1.0	912	$1,000	$1.10	24d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $185,500 Active 47 DOM
2. 2026-06-17
   days on market $185,500 Active 46 DOM
3. 2026-06-16
   days on market $185,500 Active 45 DOM
4. 2026-06-15
   days on market $185,500 Active 44 DOM
5. 2026-06-13
   days on market $185,500 Active 42 DOM
6. 2026-06-09
   days on market $185,500 Active 38 DOM
7. 2026-06-08
   days on market $185,500 Active 37 DOM
8. 2026-06-07
   days on market $185,500 Active 36 DOM
9. 2026-06-04
   days on market $185,500 Active 33 DOM
10. 2026-06-03
    days on market $185,500 Active 32 DOM
11. 2026-06-02
    days on market $185,500 Active 31 DOM
12. 2026-06-01
    days on market $185,500 Active 30 DOM
13. 2026-05-31
    days on market $185,500 Active 29 DOM
14. 2026-05-05
    price $185,500 688-char remark

    Show marketing remark (688 chars)

    HANDYMAN/INVESTOR SPECIAL! Enjoy country living on 1.10 acres just outside the city limits! This 1950 farmhouse features a newer HVAC system and durable metal roof, offering a great starting point for your personal touches and updates. Conveniently located near restaurants, grocery stores, and everyday amenities while benefiting from no city taxes. An additional adjoining .57-acre lot is also available for purchase (Parcel 320032), providing even more possibilities. Property includes two storage buildings, and all personal property will convey. Well is currently not operable. Bring your vision and make this property your own! Property sold AS-IS; seller will not make any repairs.

15. 2026-05-05
    price $185,500

    Show marketing remark (688 chars)

    HANDYMAN/INVESTOR SPECIAL! Enjoy country living on 1.10 acres just outside the city limits! This 1950 farmhouse features a newer HVAC system and durable metal roof, offering a great starting point for your personal touches and updates. Conveniently located near restaurants, grocery stores, and everyday amenities while benefiting from no city taxes. An additional adjoining .57-acre lot is also available for purchase (Parcel 320032), providing even more possibilities. Property includes two storage buildings, and all personal property will convey. Well is currently not operable. Bring your vision and make this property your own! Property sold AS-IS; seller will not make any repairs.

16. 2026-05-02
    listed $198,000 Active 688-char remark

    Show marketing remark (688 chars)

    HANDYMAN/INVESTOR SPECIAL! Enjoy country living on 1.10 acres just outside the city limits! This 1950 farmhouse features a newer HVAC system and durable metal roof, offering a great starting point for your personal touches and updates. Conveniently located near restaurants, grocery stores, and everyday amenities while benefiting from no city taxes. An additional adjoining .57-acre lot is also available for purchase (Parcel 320032), providing even more possibilities. Property includes two storage buildings, and all personal property will convey. Well is currently not operable. Bring your vision and make this property your own! Property sold AS-IS; seller will not make any repairs.

17. 2026-05-02
    listed $198,000 Active

    Show marketing remark (688 chars)

    HANDYMAN/INVESTOR SPECIAL! Enjoy country living on 1.10 acres just outside the city limits! This 1950 farmhouse features a newer HVAC system and durable metal roof, offering a great starting point for your personal touches and updates. Conveniently located near restaurants, grocery stores, and everyday amenities while benefiting from no city taxes. An additional adjoining .57-acre lot is also available for purchase (Parcel 320032), providing even more possibilities. Property includes two storage buildings, and all personal property will convey. Well is currently not operable. Bring your vision and make this property your own! Property sold AS-IS; seller will not make any repairs.

ⓘ 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: $569 · $47/mo
• Projected year-2 tax: $1,521 · $127/mo
• Expected delta: +$952/yr (+$79/mo · 167.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% 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: $20,599
• − Mortgage interest: −$10,391
• − Property taxes: −$569
• − Insurance: −$928
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$5,396
• Taxable income: $19
• Est. tax owed @ 24.0%: −$5
• After-tax cash flow: $3,099/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 27,977
• Household income: $52,568
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1438.0

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 35% Hispanic / Latino 12% Two or more races 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.00%
• Current HPI: 276.1097
• Rent YoY: —
• 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

-6.3% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $185,500 Triad MLS
• 2026-05-05 Price Changed $185,500 CANOPYMLS as Distributed by MLS Grid
• 2026-05-02 Listed $198,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-02 Listed $198,000 Triad MLS

Property tax history

+2.6%/yr

Latest (2025): $569 · +0.0% YoY. Source: county tax records.