911 Hickory Grove Rd · Belmont, NC 28056

$415,000

3 bd · 2.0 ba · 2,312 sqft · MultiFamily public records · 52 Days on market

Built 1958 0.70 ac lot

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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).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• Rent growth +3.0/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Wow! 2 units and single family home priced at $53,333 each... The rent roll is $1,635.00 per month. Yearly $19,620.00 does not include taxes and insurance. The units are rented presently. Please allow 24 hours notice to the tenants before a showing. These 2 units and single family home are on the same lot. What a great investment!

Key facts

• Fully remodeled
• Renovated bathroom
• Updated kitchen

Tags

• FULLY REMODELED
• UPDATED KITCHEN
• RENOVATED BATHROOM
• UPDATED HVAC SYSTEMS
• CARPORTS FOR EACH UNIT
• ROCKING CHAIR FRONT PORCHES

Property features AI

Finance

• Financial info: Three total units; Owner pays: none; Tenants pay utilities including electricity and gas
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Attached carport; Driveway
• Utilities: Shared well water; Septic system; Electricity connected
• Home design: Residential income property (triplex); R1 zoning
• Construction: Site-built construction; Full brick exterior; Crawl space foundation
• Exterior features: Covered front porch

Interior

• Kitchen: Dishwasher; Electric cooktop; Exhaust fan
• Bedrooms: 6 bedrooms total; Unit mix includes a 2-bedroom unit
• Flooring: Laminate; Tile; Wood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump heating; Attic fan; Ceiling fans
• Interior features: Pull-down attic stairs; Fireplace
• Laundry & utility: Shared/common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $415k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative. Per door: $-54/mo.
• To cash-flow at today's rent, offer at most $396k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $314k (24.4% below list).
• Recommended offer: $314k (24.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.3% in Belmont — 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 (#105 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: crime D-, amenities F, commute F.
• Gaston County Schools (suburban): math 44% / reading 42% proficiency, ranked #93 of 178 in NC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Belmont Elementary (math 52% / reading 52%, grade C-, #354 of 1,410 statewide, top 28%, 327 students, 99% FRL); Stuart W Cramer High (math 77% / reading 53%, grade B, #161 of 535 statewide, top 30%, 964 students, 45% FRL) — zoned schools average 72% FRL vs 37% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 43% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Gaston County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.9%/yr); 356 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,069 units permitted in Gaston County in 2024 (142 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Gaston County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($403k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $152k; list at $415k implies a 173% gain — meaningful room to come down on a strong offer.

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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $313,800 (24.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 0.76% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.33×
• Total profit: $-77,510
• Equity at exit: $61,878

10-year hold

• IRR: -14.1%
• Equity multiple: 0.22×
• Total profit: $-90,096
• Equity at exit: $35,882

Cash invested: $116,200 (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 28056

• Rents YoY: 1.9%
• Active inventory: 356
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $3,138 medium
• Mortgage (P&I): −$2,176
• Tax from tax record: −$237 /mo · $2,843/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $-107

Break-even live

Break-even rent $3,274

Max offer price $396,072

Occupancy floor 98%

Sensitivity live

Price	-10% $128	-5% $10	+0% $-107	+5% $-225	+10% $-342
Rent	-10% $-355	-5% $-231	+0% $-107	+5% $17	+10% $141
Rate	-1.0pp $102	-0.5pp $-2	base $-107	+0.5pp $-215	+1.0pp $-324

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$3,138
Total (2 units)			$3,138

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Georgia Belle Ave Belmont, NC	3.0	2.0	1675	$1,800	$1.07	24d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $415,000 Active 52 DOM
2. 2026-06-17
   days on market $415,000 Active 51 DOM
3. 2026-06-16
   days on market $415,000 Active 50 DOM
4. 2026-06-15
   days on market $415,000 Active 49 DOM
5. 2026-06-13
   days on market $415,000 Active 47 DOM
6. 2026-06-09
   days on market $415,000 Active 43 DOM
7. 2026-06-08
   days on market $415,000 Active 42 DOM
8. 2026-06-07
   days on market $415,000 Active 41 DOM
9. 2026-06-04
   days on market $415,000 Active 38 DOM
10. 2026-06-03
    days on market $415,000 Active 37 DOM
11. 2026-06-02
    days on market $415,000 Active 36 DOM
12. 2026-06-01
    days on market $415,000 Active 35 DOM
13. 2026-05-31
    days on market $415,000 Active 34 DOM
14. 2026-04-27
    listed $415,000 Active
15. 2016-04-08
    soldstatus $152,000 Closed 336-char remark

    Show marketing remark (336 chars)

    Wow! 2 units and single family home priced at $53,333 each... The rent roll is $1,635.00 per month. Yearly $19,620.00 does not include taxes and insurance. The units are rented presently. Please allow 24 hours notice to the tenants before a showing. These 2 units and single family home are on the same lot. What a great investment!

16. 2016-03-11
    historical Under Contract - Show 336-char remark

    Show marketing remark (336 chars)

    Wow! 2 units and single family home priced at $53,333 each... The rent roll is $1,635.00 per month. Yearly $19,620.00 does not include taxes and insurance. The units are rented presently. Please allow 24 hours notice to the tenants before a showing. These 2 units and single family home are on the same lot. What a great investment!

17. 2016-02-26
    listed $160,000 Active 336-char remark

    Show marketing remark (336 chars)

    Wow! 2 units and single family home priced at $53,333 each... The rent roll is $1,635.00 per month. Yearly $19,620.00 does not include taxes and insurance. The units are rented presently. Please allow 24 hours notice to the tenants before a showing. These 2 units and single family home are on the same lot. What a great investment!

18. 1993-09-01
    soldstatus $18,000

ⓘ 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: $2,843 · $237/mo
• Projected year-2 tax: $3,403 · $284/mo
• Expected delta: +$560/yr (+$47/mo · 19.7%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,656
• − Mortgage interest: −$23,246
• − Property taxes: −$2,843
• − Insurance: −$2,075
• − Repairs & maintenance: −$3,012
• − Management: −$3,012
• − Depreciation: −$12,073
• Taxable loss: −$8,606
• Est. tax savings @ 24.0%: +$2,066
• After-tax cash flow: $780/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: Gaston County Schools
• NCES district ID: 3701620
• Math proficiency: 44% ▲ 4.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,644
• Composite: 36.39/100
• National rank: #4680
• State rank: #93 of 178 in NC

Livability — Belmont

• Score: 71/100
• State rank: #105
• US rank: #6753

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Gaston County · 201,497 people
• City population: 26,556
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 36,200
• Household income: $90,427
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 623.0

Population outlook (Gaston County) Hauer SSP2

• Today (2025): 230,027 people
• By 2030: 237,300 · +3.2%
• By 2040: 249,659 · +8.5%
• By 2050: 257,806 · +12.1%
• By 2075: 272,163 · +18.3%
• By 2100: 268,652 · +16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 14% Hispanic / Latino 10% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 4% Slovak 2% Italian 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 9% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Gaston

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.1%
• 2008→2024 swing: 0.0pp no change · 2008: -25.0pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+27.8 2016: R+32.1 2012: R+25.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -244.54%
• Current HPI: 231.6479
• Rent YoY: ▲ 1.94%
• 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

+2205.6% since first listed

5 events — show timeline

• 2026-04-27 Listed $415,000 CANOPYMLS as Distributed by MLS Grid
• 2016-04-08 Sold (MLS) $152,000 CANOPYMLS as Distributed by MLS Grid
• 2016-03-11 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2016-02-26 Listed $160,000 CANOPYMLS as Distributed by MLS Grid
• 1993-09-01 Sold (Public Records) $18,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,843 · +0.0% YoY. Source: county tax records.