1120 Rita Ave · Statesville, NC 28677

$186,999

3 bd · 2.0 ba · 1,200 sqft · SingleFamily public records · 20 Days on market

Built 1966 10,454 sqft lot Est $220k · 15% under

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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 +16.8/30.0
• ARV discount +14.2/15.0
• DSCR +5.2/10.0
• Schools +4.5/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained investment property in Statesville. Three bed two bath with a bonus room and spacious living room. Roof was replaced in 2016. Great section 8 tenant already in place (PLEASE DO NOT DISTURB). Storage building is included in the purchase. Whether you are looking to purchase your first rental property or simply add to your portfolio, this is the property for you!

Key facts

• Main living area
• 1 story home
• Outdoor space

Tags

• 1 STORY HOME
• MAIN LIVING AREA
• KITCHEN FUNCTIONALITY
• OUTDOOR SPACE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Water: other (see remarks); Sewer: other (see remarks)
• Home design: Single family residence; Residential property; Two levels; Entry level: main; Zoning: R5M
• Construction: Site-built construction; Vinyl exterior; Slab foundation
• Exterior features: Paved public road access; Road surface: paved/other

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms (main level)
• Bathrooms: 2 full bathrooms (main level)
• Interior features: Central heating; Central air conditioning; Dishwasher; Electric range; Microwave; Refrigerator; One total room count
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $187k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/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 $158k (15.4% below list).
• Recommended offer: $158k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.7% in Statesville — 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 (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: N B Mills Elementary (math 17% / reading 22%, grade F, #1,242 of 1,410 statewide, top 90%, 411 students, 98% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); West Iredell High (math 32% / reading 42%, grade F, #414 of 535 statewide, top 79%, 844 students, 61% FRL) — zoned schools average 56% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 475 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• This rent runs 30% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 5 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 $125k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,152 (15.4% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $219,600
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1148 Rita Ave	0.10mi	3/2.0	1,104 (-8%)	14mo	$195,000	$177	70
1731 Lakeview Dr	0.63mi	3/2.0	1,194 (-0%)	0mo	$172,000	$144	70
911 Ivey Ln	0.39mi	3/2.0	1,176 (-2%)	16mo	$239,999	$204	65
735 Central Dr	0.45mi	3/1.0	1,295 (+8%)	8mo	$197,470	$152	55
1709 Younger Ave	0.69mi	3/2.0	1,365 (+14%)	6mo	$258,000	$189	40
2720 Newton Dr	0.51mi	2/1.0 (-1)	1,129 (-6%)	23mo	$117,500	$104	39
621 Bristol Dr	0.71mi	2/1.0 (-1)	1,080 (-10%)	11mo	$240,000	$222	32
704 Bristol Dr	0.71mi	3/1.5	1,339 (+12%)	21mo	$245,000	$183	28

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.48×
• Total profit: $-27,058
• Equity at exit: $27,882

10-year hold

• IRR: -11.0%
• Equity multiple: 0.41×
• Total profit: $-30,833
• Equity at exit: $16,168

Cash invested: $52,360 (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 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,582 medium
• Mortgage (P&I): −$981
• Tax from tax record: −$71 /mo · $848/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $120

Break-even live

Break-even rent $1,429

Max offer price $186,999

Occupancy floor 87%

Sensitivity live

Price	-10% $226	-5% $173	+0% $120	+5% $67	+10% $14
Rent	-10% $-5	-5% $58	+0% $120	+5% $183	+10% $245
Rate	-1.0pp $214	-0.5pp $168	base $120	+0.5pp $72	+1.0pp $22

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1813 Younger Ave Unit B Statesville, NC	2.0	1.0	700	$1,275	$1.82	25d	1	0.61mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	25d	1	0.66mi
1823 Bristol Rd Statesville, NC	3.0	2.5	1234	$1,803	$1.46	23d	1	0.71mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	25d	1	1.50mi

Listing history 15 events

1. 2026-06-21
   days on market $186,999 Active 20 DOM
2. 2026-06-18
   price $186,999 Active 17 DOM
3. 2026-06-18
   days on market $189,900 Active 17 DOM
4. 2026-06-17
   days on market $189,900 Active 16 DOM
5. 2026-06-16
   days on market $189,900 Active 15 DOM
6. 2026-06-15
   days on market $189,900 Active 14 DOM
7. 2026-06-13
   days on market $189,900 Active 12 DOM
8. 2026-06-13
   days on market $189,900 Active 11 DOM
9. 2026-06-09
   days on market $189,900 Active 8 DOM
10. 2026-06-08
    days on market $189,900 Active 7 DOM
11. 2026-06-07
    days on market $189,900 Active 6 DOM
12. 2026-06-04
    days on market $189,900 Active 3 DOM
13. 2026-06-03
    days on market $189,900 Active 2 DOM
14. 2026-06-02
    remarks 463-char remark
15. 2026-06-02
    listed $189,900 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: $848 · $71/mo
• Projected year-2 tax: $1,533 · $128/mo
• Expected delta: +$685/yr (+$57/mo · 80.8%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,978
• − Mortgage interest: −$10,475
• − Property taxes: −$848
• − Insurance: −$935
• − Repairs & maintenance: −$1,518
• − Management: −$1,518
• − Depreciation: −$5,440
• Taxable loss: −$1,756
• Est. tax savings @ 24.0%: +$421
• After-tax cash flow: $1,864/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

+899.5% since first listed

22 events — show timeline

• 2026-06-01 Listed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-11 Price Changed $204,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-05 Price Changed $209,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-15 Listed $214,200 CANOPYMLS as Distributed by MLS Grid
• 2024-07-12 Rental Removed $1,545 RENT.
• 2024-06-24 Price Changed $1,545 RENT.
• 2024-05-16 Listed for Rent $1,590 RENT.
• 2022-04-18 Price Changed $1,145 RENT.
• 2022-04-14 Price Changed $1,145 RENT.
• 2021-07-12 Sold (Public Records) $125,500 Public Records
• 2021-07-12 Sold (MLS) $125,100 Triad MLS
• 2021-06-19 Pending — Triad MLS
• 2021-06-17 Listed $120,000 Triad MLS
• 2019-09-17 Sold (Public Records) $50,000 Public Records
• 2018-11-10 Price Changed $62,000 CANOPYMLS as Distributed by MLS Grid
• 2018-10-06 Price Changed $67,000 CANOPYMLS as Distributed by MLS Grid
• 2016-11-22 Sold (Public Records) $27,500 Public Records
• 2016-11-22 Sold (MLS) $27,469 CANOPYMLS as Distributed by MLS Grid
• 2016-11-14 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2016-10-26 Listed $29,900 CANOPYMLS as Distributed by MLS Grid
• 2016-06-21 Sold (Public Records) $37,000 Public Records
• 2005-09-14 Sold (Public Records) $19,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $848 · +0.0% YoY. Source: county tax records.