232 Burwell Ave Unit 1,2,3 · Henderson, NC 27536

$189,999

6 bd · 3.0 ba · 2,409 sqft · MultiFamily · 203 Days on market

Built 1900 0.60 ac lot Est $178k · 7% over ↓ 5% 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +4.5/15.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Looking for an Amazing Investment Opportunity? Look no further, you have found it at 232 Burwell Ave. This triplex currently has 2 units rented on a month-to-month lease with a waiting list for the third unit. Each unit features two generously sized bedrooms, a full bath, and w/ d hookups. Appliances convey, making this a turnkey investment. This grand colonial is sitting on a large lot with mature trees in the backyard and ample street parking. Property is currently managed by a local Property Management firm, making this investment virtually hands-off.

Key facts

• Large lot
• Turnkey investment
• Triplex

Tags

• TRIPLEX
• MATURE TREES
• LARGE LOT
• TURNKEY INVESTMENT

Property features AI

Finance

• Other: Zoned HR8; Lot approximately 0.6 acre; City street frontage on a paved, public maintained road; Directions: From Chestnut St., turn on Burwell Ave. Property is on the right.
• Financial info: 3 total units (2 currently month-to-month); Owner pays insurance and taxes; Tenants pay all utilities and telephone
• HOA & community: No association

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable available; Sewer available
• Home design: Multi-family triplex; Two levels
• Construction: Brick and wood siding exterior; Brick/mortar foundation; Shingle roof; Built as one building
• Exterior features: Covered front and side porches; Crawl space basement; Fixer condition

Interior

• Kitchen: Free-standing range; Refrigerator; Accessible kitchen appliances
• Bedrooms: 6 bedrooms (across units 1, 2 and 3)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Natural gas heating (varies by unit); Window unit cooling
• Interior features: Apartment/Suite layout; Eat-in kitchen; One fireplace
• Laundry & utility: Common area laundry; Washer hookup; Electric dryer hookup; Laundry closet

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive. Per door: $206/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.1% in Henderson — 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 58/100 on livability (#583 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B; Watch: crime F, amenities F, commute F.
• Vance County Schools (rural): math 20% / reading 27% proficiency, ranked #166 of 178 in NC (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Vance County Middle School (math 13% / reading 17%, grade F, #459 of 475 statewide, top 97%, 797 students, 100% FRL); Vance County High School (math 12% / reading 27%, grade F, #499 of 535 statewide, top 94%, 958 students, 100% FRL) — zoned schools average 100% FRL vs 81% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 113 active listings in the ZIP; lower-income renter base — watch delinquency; 73 units permitted in Vance County in 2024 (0 in 5+ unit buildings).
• At $2,446/mo this rent would consume 73% of the median local household income ($40k/yr) (locally 1110% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Vance County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 203 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 203 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.29% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $178,266
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Zollicoffer Ave	0.36mi	5/2.5 (-1)	2,340 (-3%)	1mo	$69,000	$29	70
301 W Young Ave	0.10mi	5/2.0 (-1)	2,142 (-11%)	21mo	$205,000	$96	50
1512 Oxford Rd	0.60mi	6/2.0	2,660 (+10%)	11mo	$197,000	$74	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $8,692
• Equity at exit: $28,329

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $58,509
• Equity at exit: $16,428

Cash invested: $53,200 (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 27536

• Active inventory: 113
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $2,446 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $619

Break-even live

Break-even rent $1,662

Max offer price $189,999

Occupancy floor 70%

Sensitivity live

Price	-10% $751	-5% $685	+0% $619	+5% $554	+10% $488
Rent	-10% $426	-5% $523	+0% $619	+5% $716	+10% $813
Rate	-1.0pp $715	-0.5pp $668	base $619	+0.5pp $570	+1.0pp $520

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,445
Total (3 units)			$2,446

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   statusdays on market $189,999 Pending 203 DOM
2. 2026-06-03
   days on market $189,999 Active 202 DOM
3. 2026-06-02
   days on market $189,999 Active 201 DOM
4. 2026-06-01
   days on market $189,999 Active 200 DOM
5. 2026-05-31
   days on market $189,999 Active 199 DOM
6. 2026-03-28
   price $189,999
7. 2025-11-11
   listed $200,000 Active

ⓘ 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 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $29,352
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,348
• − Management: −$2,348
• − Depreciation: −$5,527
• Taxable income: $4,686
• Est. tax owed @ 24.0%: −$1,125
• After-tax cash flow: $6,307/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: Vance County Schools
• NCES district ID: 3704650
• Math proficiency: 20% ▼ -7.00%
• Reading proficiency: 27% ▼ -5.00%
• Median HH income: $34,323
• Composite: 19.29/100
• National rank: #8801
• State rank: #166 of 178 in NC

Livability — Henderson

• Score: 58/100
• State rank: #583
• US rank: #21468

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, NC
• County: Vance County · 15,298 people
• City population: 15,298
• Metro: Henderson, NC
• Population (ZIP): 15,298
• Household income: $39,985
• Rent vs Own: 62.3% rent · 37.7% own
• Severe rent burden: 1110.0

Population outlook (Vance County) Hauer SSP2

• Today (2025): 41,985 people
• By 2030: 40,286 · -4.0%
• By 2040: 36,372 · -13.4%
• By 2050: 32,466 · -22.7%
• By 2075: 24,229 · -42.3%
• By 2100: 17,784 · -57.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 60% White 26% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Serbian 1% Italian 1% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 6% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Vance

• 2024 margin: D (+13.3) · D 56.3% · R 42.9%
• 2008→2024 swing: -13.3pp toward R · 2008: 26.6pp · 2024: 13.3pp
• All cycles: 2024: D+13.3 2020: D+19.2 2016: D+24.6 2012: D+28.3 2008: D+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.23%
• Current HPI: 198.8762
• Rent YoY: —
• Metro: Henderson, 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

-5.0% since first listed

2 events — show timeline

• 2026-03-28 Price Changed $189,999 TMLS
• 2025-11-11 Listed $200,000 TMLS