104 N 17th St · Erwin, NC 28339

$75,000

3 bd · 3.0 ba · 2,560 sqft · MultiFamily public records · 16 Days on market

Built 1925

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

Home is in need of work. This property has potential to be turned into a triplex. Great for possible rental opportunities. Please be careful when entering the property. Best to go during the daylight hours. For questions please contact Kim Cabanas 910-584-3220 email - [email protected]

Key facts

• Listed 16 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex
• Construction: Fiber cement construction
• Exterior features: Lot dimensions approximately 72 x 151; Fiber cement exterior

Interior

• Interior features: Duplex layout (residential income property)

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $788/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 44.1% vs local median 3.4% in Erwin — 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 65/100 on livability (#328 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities F.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coats-Erwin Middle (math 27% / reading 38%, grade F, #312 of 475 statewide, top 66%, 606 students, 68% FRL); Triton High (math 41% / reading 49%, grade D-, #350 of 535 statewide, top 66%, 1,287 students, 63% FRL).
• Market conditions: 85 active listings in the ZIP; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $28k; list at $75k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 73% 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 $73,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 4.77% ✓
• Cap rate: 44.11%
• Cash-on-cash: 135.06%
• DSCR: 7.01
• GRM: 1.7

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: —
• Equity multiple: 7.59×
• Total profit: $138,407
• Equity at exit: $11,183

10-year hold

• IRR: —
• Equity multiple: 15.97×
• Total profit: $314,453
• Equity at exit: $6,485

Cash invested: $21,000 (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 28339

• Home prices YoY: -29.4%
• Active inventory: 85
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,581 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$41 /mo · $490/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$752
• Net cashflow: $2,364

Break-even live

Break-even rent $589

Max offer price $75,000

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,582
Total (3 units)			$3,581

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $75,000 Active 16 DOM
2. 2026-06-17
   days on market $75,000 Active 15 DOM
3. 2026-06-16
   days on market $75,000 Active 14 DOM
4. 2026-06-15
   days on market $75,000 Active 13 DOM
5. 2026-06-14
   days on market $75,000 Active 11 DOM
6. 2026-06-10
   days on market $75,000 Active 8 DOM
7. 2026-06-09
   days on market $75,000 Active 7 DOM
8. 2026-06-08
   days on market $75,000 Active 6 DOM
9. 2026-06-07
   days on market $75,000 Active 5 DOM
10. 2026-06-05
    days on market $75,000 Active 2 DOM
11. 2026-06-03
    remarks 290-char remark
12. 2026-06-03
    remarks 277-char remark
13. 2026-06-03
    listed $75,000 Active 1 DOM

ⓘ 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: $490 · $41/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$125/yr (+$10/mo · 25.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,972
• − Mortgage interest: −$4,201
• − Property taxes: −$490
• − Insurance: −$375
• − Repairs & maintenance: −$3,438
• − Management: −$3,438
• − Depreciation: −$2,182
• Taxable income: $28,848
• Est. tax owed @ 24.0%: −$6,924
• After-tax cash flow: $21,440/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: Harnett County Schools
• NCES district ID: 3702010
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $45,400
• Composite: 29.88/100
• National rank: #6397
• State rank: #130 of 178 in NC

Livability — Erwin

• Score: 65/100
• State rank: #328
• US rank: #13389

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Erwin, NC
• Population (ZIP): 6,842

Population outlook (Harnett County) Hauer SSP2

• Today (2025): 153,758 people
• By 2030: 166,581 · +8.3%
• By 2040: 192,741 · +25.4%
• By 2050: 218,332 · +42.0%
• By 2075: 275,422 · +79.1%
• By 2100: 313,511 · +103.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 26% Hispanic / Latino 10% Two or more races 3% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Italian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 9% French/Haitian/Cajun 2%

Political lean MEDSL · Harnett

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -16.7pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+22.4 2016: R+24.1 2012: R+19.4 2008: R+16.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.95%
• Current HPI: 220.5601
• Rent YoY: —
• Metro: —
• 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

+275.0% since first listed

7 events — show timeline

• 2026-06-02 Listed $75,000 LPRMLS
• 2021-04-29 Sold (Public Records) $27,500 Public Records
• 2021-01-21 Listed $34,900 LPRMLS
• 2015-02-24 Listing Removed — TMLS
• 2015-01-30 Listed $18,000 TMLS
• 2014-09-13 Listing Removed — TMLS
• 2014-02-04 Listed $20,000 TMLS

Property tax history

-5.6%/yr

Latest (2025): $490 · -16.1% YoY. Source: county tax records.