224 Bush St · Gastonia, NC 28056

$135,000

2 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 41 Days on market

Built 1920 0.77 ac lot Est $202k · 33% under ↓ 25% since listing

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Why this score? — see what drove the B- 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +5.7/10.0
• Schools +3.6/10.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

No HOA! This Bungalow style home has been partially renovated, including a new roof and updated interior! Fresh paint, new LVP wood flooring, and new tile in bath & laundry/mudroom. New kitchen counters and cabinets, and all appliances convey. Home has all new plumbing & new electrical wiring and is wired for HVAC (but no unit is installed). Charming 2-way fireplace between Primary bedroom & Living Room. This . 77 acre property also has a very large workshop that was originally used as a mechanics auto workshop, as well as a garage structure; seller cleared a lot of trees. Being sold AS IS. Any personal property inside or outside of the home at the time of showing will rem

Key facts

• New tile in bath
• New cabinets
• Updated interior

Tags

• NEW ROOF
• UPDATED INTERIOR
• NEW LVP WOOD FLOORING
• NEW TILE IN BATH
• NEW KITCHEN COUNTERS
• NEW CABINETS

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway accommodating multiple cars (concrete partially worn); No main-level garage
• Utilities: City water; Public sewer; Electricity connected
• Home design: Single-family residence; Site-built construction; One story; Crawl space foundation; R1 zoning
• Construction: Vinyl exterior
• Exterior features: Covered front porch; Cleared, level lot; Road surfaces include concrete, dirt, and gravel; Publicly maintained road; Auto shop and outbuilding on the property

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile; Laminate
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Heating: Other (see remarks); Cooling: Other (see remarks)
• Interior features: 7 total rooms; Living room fireplace (see remarks); Basement: Other
• Laundry & utility: Electric dryer hookup; Mud room on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.7% in Gastonia — 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 (#528 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities 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: Lingerfeldt Elementary (math 22% / reading 22%, grade F, #1,190 of 1,410 statewide, top 86%, 408 students, 99% FRL); Forestview High (math 72% / reading 59%, grade B, #159 of 535 statewide, top 30%, 1,081 students, 47% FRL) — zoned schools average 73% FRL vs 37% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 356 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $933 of loan paydown is wiped out by about $4k 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 41 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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 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?
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: 1.07% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.21%
• DSCR: 1.45
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $201,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2452 Myers St	0.14mi	2/1.0	976 (-7%)	5mo	$152,000	$156	78
333 James St	0.35mi	3/1.0 (+1)	1,050 (0%)	3mo	$199,000	$190	76
233 Proctor St	0.32mi	3/1.0 (+1)	1,120 (+7%)	1mo	$185,000	$165	68
2639 Goble St	0.23mi	3/2.0 (+1)	1,126 (+7%)	1mo	$250,000	$222	67
2804 Westview St	0.34mi	2/2.0	1,176 (+12%)	2mo	$280,000	$238	59
619 Efird St	0.44mi	3/1.5 (+1)	1,063 (+1%)	14mo	$195,000	$183	58
374 Efird St	0.64mi	3/1.5 (+1)	1,018 (-3%)	1mo	$210,000	$206	58
2040 S Marietta St	0.35mi	2/1.0	925 (-12%)	14mo	$75,000	$81	52
318 Huffman Rd	0.74mi	2/2.0	1,128 (+7%)	2mo	$216,500	$192	47
1750 Oak Valley Dr	0.44mi	3/2.0 (+1)	931 (-11%)	10mo	$195,000	$209	43
1905 Wood St	0.50mi	3/1.0 (+1)	912 (-13%)	11mo	$209,000	$229	40
212 Huffman Rd	0.75mi	2/1.0	894 (-15%)	11mo	$78,000	$87	31

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 · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-2,961
• Equity at exit: $20,129

10-year hold

• IRR: 6.5%
• Equity multiple: 1.46×
• Total profit: $17,483
• Equity at exit: $11,672

Cash invested: $37,800 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$708
• Tax from tax record: −$56 /mo · $669/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $322

Break-even live

Break-even rent $1,038

Max offer price $135,000

Occupancy floor 73%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2443 Myers St Gastonia, NC	3.0	1.0	1100	$1,187	$1.08	13d	1	0.13mi
721 Day Lily Cir Gastonia, NC	1.0–3.0	1.0–2.0	941	$960	$1.02	24d	1	0.32mi
225 Tanner St Gastonia, NC	3.0	2.0	1154	$1,693	$1.47	2d	1	0.34mi
182 Dixon Cir Gastonia, NC	1.0	1.0	1350	$750	$0.56	16d	1	0.54mi
182 Dixon Cir Gastonia, NC	1.0	1.0	1350	$685	$0.51	24d	1	0.54mi
1613 Greenview Dr Gastonia, NC	2.0	2.0	960	$1,255	$1.31	4d	1	0.58mi
1613 Greenview Dr Gastonia, NC	2.0	2.0	960	$1,255	$1.31	11d	1	0.58mi
732 Inwood Hill Dr Gastonia, NC	3.0	2.5	1330	$2,195	$1.65	20d	1	0.69mi
2248 Hudson Landings Dr Gastonia, NC	2.0–3.0	1.0	930	$1,255	$1.35	24d	1	0.73mi
807 Memory Ln Gastonia, NC	3.0	1.0	864	$1,200	$1.39	24d	1	0.81mi
3342 York Hwy Gastonia, NC	2.0	1.0	1000	$1,349	$1.35	22d	1	0.97mi
1216 Jackson Rd Gastonia, NC	3.0	2.0	1254	$1,825	$1.46	24d	1	1.21mi
319 Osceola St Gastonia, NC	2.0	1.0	785	$1,275	$1.62	4d	1	1.26mi
319 Osceola St Apt B Gastonia, NC	2.0	2.0	785	$1,275	$1.62	4d	1	1.26mi
319 Osceola St Unit D Gastonia, NC	2.0	1.0	785	$1,300	$1.66	18d	1	1.27mi
636 Stevens St Apt C Gastonia, NC	2.0	1.5	925	$1,250	$1.35	24d	1	1.32mi
1204 Iva Ave Gastonia, NC	2.0	1.0	816	$1,275	$1.56	24d	1	1.33mi
636 Stevens St Apt P Gastonia, NC	2.0	1.5	925	$1,300	$1.41	24d	1	1.33mi
538 Queens Rd Gastonia, NC	3.0	2.0	1038	$1,600	$1.54	24d	1	1.34mi
3377 Hunting Wood Ct Gastonia, NC	3.0	2.0	1211	$1,780	$1.47	15d	1	1.42mi
1926 Hartford Dr Gastonia, NC	1.0–3.0	1.0	772	$1,238	$1.60	2d	1	1.43mi
1502 Cloverdale Ln Gastonia, NC	3.0	1.5	1368	$1,599	$1.17	16d	1	1.43mi
112 Miller St Gastonia, NC	3.0	1.0	950	$1,395	$1.47	24d	1	1.47mi
2711 Springbrook Cir Unit 2711 Gastonia, NC	3.0	1.0	1040	$1,350	$1.30	24d	1	1.47mi
1219 Anderson St Gastonia, NC	2.0	1.5	805	$1,099	$1.37	22d	1	1.48mi
112 Dean St Gastonia, NC	2.0	2.0	882	$1,400	$1.59	24d	1	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $135,000 Active 41 DOM
2. 2026-06-17
   days on market $135,000 Active 40 DOM
3. 2026-06-16
   days on market $135,000 Active 39 DOM
4. 2026-06-15
   days on market $135,000 Active 38 DOM
5. 2026-06-13
   days on market $135,000 Active 36 DOM
6. 2026-06-09
   days on market $135,000 Active 32 DOM
7. 2026-06-08
   days on market $135,000 Active 31 DOM
8. 2026-06-07
   days on market $135,000 Active 30 DOM
9. 2026-06-04
   days on market $135,000 Active 27 DOM
10. 2026-06-03
    days on market $135,000 Active 26 DOM
11. 2026-06-02
    days on market $135,000 Active 25 DOM
12. 2026-06-01
    days on market $135,000 Active 24 DOM
13. 2026-05-31
    days on market $135,000 Active 23 DOM
14. 2026-05-20
    status Active
15. 2026-05-15
    historical Active Under Contract
16. 2026-05-08
    listed $135,000 Active
17. 2026-02-17
    status Active
18. 2026-02-04
    status Active
19. 2026-01-26
    historical Active Under Contract
20. 2026-01-09
    price $310,000
21. 2025-11-05
    listed $370,000 Active
22. 2024-12-04
    soldstatus $180,000

ⓘ 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: $669 · $56/mo
• Projected year-2 tax: $1,107 · $92/mo
• Expected delta: +$438/yr (+$37/mo · 65.5%)

ⓘ 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 6 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,341
• − Mortgage interest: −$7,562
• − Property taxes: −$669
• − Insurance: −$675
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$3,927
• Taxable income: $1,733
• Est. tax owed @ 24.0%: −$416
• After-tax cash flow: $3,444/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 — Gastonia

• Score: 59/100
• State rank: #528
• US rank: #19444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Gaston County · 201,497 people
• City population: 114,179
• 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

-25.0% since first listed

9 events — show timeline

• 2026-05-20 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-05-15 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-05-08 Listed $135,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-17 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-02-04 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-01-26 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $310,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-05 Listed $370,000 CANOPYMLS as Distributed by MLS Grid
• 2024-12-04 Sold (Public Records) $180,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $669 · +0.0% YoY. Source: county tax records.