2137 23rd Street Dr SE · Hickory, NC 28602

$234,000

3 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 88 Days on market

Built 1963 0.31 ac lot

---

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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.1/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SE Hickory Location, has county taxes & Mountain View Schools. Freshly painted interior, new laminates in living room, updated wall oven in kitchen, new deck & front walkway, fenced front yard. Heat pump, A/C, (electric BB heat still works), wood stove in basement. Extensive foundation work/waterproofing done.

Key facts

• Sealed basement
• Washer dryer remains
• Dining area

Tags

• LARGE LIVING ROOM
• DINING AREA
• WASHER DRYER REMAINS
• ADDITIONAL SPACE
• WOODSTOVE REMAINS
• SEALED BASEMENT

Property features AI

Finance

• Other: Deed restrictions
• HOA & community: No HOA

Exterior

• Parking: Driveway; Open parking for 2 vehicles; Carport with 2 spaces
• Utilities: City water; Septic installed; Electricity connected; Cable available; Publicly maintained paved/asphalt road access
• Home design: Single-family residential property; Site-built construction; One story; R-1 zoning
• Construction: Brick full and vinyl exterior; Metal and wood roof; Basement foundation; Site built
• Exterior features: Front porch; Deck; Storage; Chain link partial fencing; Gazebo and additional outbuilding/other structure

Interior

• Kitchen: Dishwasher; Electric cooktop; Wall oven; Electric oven; Exhaust hood; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Laminate; Linoleum; Tile; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central heating; Electric heat; Heat pump; Central air; Ceiling fans
• Interior features: 7 total rooms; Daylight, unfinished basement with exterior entry, walk-out/walk-up access, French drain and sump pump; Wood burning stove
• Laundry & utility: Washer and dryer included; Electric dryer hookup; Main-level mud room/laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $234k.

Deal economics

• At list price, monthly cash flow is $10 ($119/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 $178k (23.8% below list).
• Recommended offer: $178k (23.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blackburn Elementary (math 53% / reading 49%, grade C-, #397 of 1,410 statewide, top 28%, 527 students, 56% FRL); Fred T Foard High (math 77% / reading 61%, grade B, #131 of 535 statewide, top 25%, 956 students, 41% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 212 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• This rent runs 34% of the median local income ($62k/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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $234k implies a 140% 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 $178,242 (23.8% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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. 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. 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?
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: 0.76% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• GRM: 10.9

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: -15.0%
• Equity multiple: 0.46×
• Total profit: $-35,291
• Equity at exit: $34,890

10-year hold

• IRR: -4.8%
• Equity multiple: 0.67×
• Total profit: $-21,515
• Equity at exit: $20,232

Cash invested: $65,520 (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: 10.9×

Monthly cashflow live

• Estimated rent: $1,782 medium
• Mortgage (P&I): −$1,227
• Tax from tax record: −$74 /mo · $883/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $10

Break-even live

Break-even rent $1,770

Max offer price $234,000

Occupancy floor 94%

Sensitivity live

Price	-10% $142	-5% $76	+0% $10	+5% $-56	+10% $-123
Rent	-10% $-131	-5% $-61	+0% $10	+5% $80	+10% $151
Rate	-1.0pp $128	-0.5pp $69	base $10	+0.5pp $-51	+1.0pp $-112

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: $58,500
• Closing costs: $7,020
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2101 21st St SE Hickory, NC	1.0–3.0	1.0–2.0	1050	$1,758	$1.67	0d	12	0.24mi
2001 Startown Rd Hickory, NC	1.0–3.0	1.0–2.0	985	$1,902	$1.93	0d	18	0.41mi
2354 Mosteller Estate Ave SE Hickory, NC	1.0–3.0	1.0–2.0	1020	$1,715	$1.68	0d	8	0.47mi

Listing history 24 events

1. 2026-06-21
   days on market $234,000 Active 88 DOM
2. 2026-06-18
   days on market $234,000 Active 85 DOM
3. 2026-06-17
   price $234,000 Active 84 DOM
4. 2026-06-17
   days on market $239,500 Active 84 DOM
5. 2026-06-16
   days on market $239,500 Active 83 DOM
6. 2026-06-15
   days on market $239,500 Active 82 DOM
7. 2026-06-13
   days on market $239,500 Active 80 DOM
8. 2026-06-13
   days on market $239,500 Active 79 DOM
9. 2026-06-09
   days on market $239,500 Active 76 DOM
10. 2026-06-08
    days on market $239,500 Active 75 DOM
11. 2026-06-07
    days on market $239,500 Active 74 DOM
12. 2026-06-04
    days on market $239,500 Active 71 DOM
13. 2026-06-03
    days on market $239,500 Active 70 DOM
14. 2026-06-02
    days on market $239,500 Active 69 DOM
15. 2026-06-01
    days on market $239,500 Active 68 DOM
16. 2026-05-31
    days on market $239,500 Active 67 DOM
17. 2026-05-04
    price $243,000
18. 2026-03-25
    listed $248,000 Active
19. 2016-07-18
    soldstatus $97,500 319-char remark

    Show marketing remark (319 chars)

    SE Hickory Location, has county taxes & Mountain View Schools. Freshly painted interior, new laminates in living room, updated wall oven in kitchen, new deck & front walkway, fenced front yard. Heat pump, A/C, (electric BB heat still works), wood stove in basement. Extensive foundation work/waterproofing done.

20. 2016-07-18
    soldstatus $97,500

    Show marketing remark (319 chars)

    SE Hickory Location, has county taxes & Mountain View Schools. Freshly painted interior, new laminates in living room, updated wall oven in kitchen, new deck & front walkway, fenced front yard. Heat pump, A/C, (electric BB heat still works), wood stove in basement. Extensive foundation work/waterproofing done.

21. 2016-05-09
    listed $96,500 319-char remark

    Show marketing remark (319 chars)

    SE Hickory Location, has county taxes & Mountain View Schools. Freshly painted interior, new laminates in living room, updated wall oven in kitchen, new deck & front walkway, fenced front yard. Heat pump, A/C, (electric BB heat still works), wood stove in basement. Extensive foundation work/waterproofing done.

22. 2016-04-15
    soldstatus $48,000 279-char remark

    Show marketing remark (279 chars)

    Great brick ranch with full basement. Hardwoods under carpet per seller. Updated wall oven in kitchen & updated windows on main level. Eat-in kitchen, full walk-out basement & huge deck for entertaining. Fenced front yard & detached, double carport. Cash only offers.

23. 2016-04-15
    soldstatus $48,000

    Show marketing remark (279 chars)

    Great brick ranch with full basement. Hardwoods under carpet per seller. Updated wall oven in kitchen & updated windows on main level. Eat-in kitchen, full walk-out basement & huge deck for entertaining. Fenced front yard & detached, double carport. Cash only offers.

24. 2015-10-06
    listed $85,500 279-char remark

    Show marketing remark (279 chars)

    Great brick ranch with full basement. Hardwoods under carpet per seller. Updated wall oven in kitchen & updated windows on main level. Eat-in kitchen, full walk-out basement & huge deck for entertaining. Fenced front yard & detached, double carport. Cash only offers.

ⓘ 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: $883 · $74/mo
• Projected year-2 tax: $1,919 · $160/mo
• Expected delta: +$1,036/yr (+$86/mo · 117.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $21,389
• − Mortgage interest: −$13,108
• − Property taxes: −$883
• − Insurance: −$1,170
• − Repairs & maintenance: −$1,711
• − Management: −$1,711
• − Depreciation: −$6,807
• Taxable loss: −$4,001
• Est. tax savings @ 24.0%: +$960
• After-tax cash flow: $1,079/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: Catawba County Schools
• NCES district ID: 3700690
• Math proficiency: 54% ▲ 9.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $48,180
• Composite: 44.71/100
• National rank: #2754
• State rank: #54 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

• 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

+184.2% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $243,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-25 Listed $248,000 CANOPYMLS as Distributed by MLS Grid
• 2016-07-18 Sold (Public Records) $97,500 Public Records
• 2016-07-18 Sold (MLS) $97,500 CANOPYMLS as Distributed by MLS Grid
• 2016-05-09 Listed $96,500 CANOPYMLS as Distributed by MLS Grid
• 2016-04-15 Sold (Public Records) $48,000 Public Records
• 2016-04-15 Sold (MLS) $48,000 CANOPYMLS as Distributed by MLS Grid
• 2015-10-06 Listed $85,500 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2024): $883 · +0.0% YoY. Source: county tax records.