244 S Caldwell Ave · Newton, NC 28613

$369,000

4 bd · 4.0 ba · 1,836 sqft · MultiFamily · 36 Days on market

Built 2026 Excellent condition 0.34 ac lot Est $283k · 31% over

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Why this score? — see what drove the F 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
• Condition / age +4.8/5.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• 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

New construction duplex opportunity in the heart of Newton! Each side features 2 bedrooms, 1 full bathroom, and 1 half bathroom with thoughtfully designed floorplans that blend style, comfort, and functionality. Interiors offer open living spaces, modern matte black finishes, beautiful white soft-close cabinetry, quality craftsmanship, and kitchen appliances included — creating a clean, contemporary feel built for today’s lifestyle. With approximately 1,836 heated square feet total, this property is ideal for investors seeking strong rental potential with low-maintenance ownership, owner-occupants looking to offset a mortgage, or multi-generational living arrangements. Convenien

Key facts

• Open living spaces
• 0.34 acre lot
• Built 2026

Tags

• NEW CONSTRUCTION DUPLEX
• OPEN LIVING SPACES
• MODERN MATTE BLACK FINISHES
• WHITE SOFT-CLOSE CABINETRY
• KITCHEN APPLIANCES INCLUDED
• STRONG RENTAL POTENTIAL

Property features AI

Finance

• Other: Zoning: R-7A; Number of units: 2 (duplex); Building area total approximately 1,836; Lot dimensions approximately 60 x 255 (0.34 acres)
• Financial info: Owner pays all utilities (multi-family); Tenant pays all utilities (lease/rent details)
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Driveway; 4 open parking spaces; 2 parking spots per side
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: City water; Public sewer; Underground utilities
• Home design: Residential income property (duplex); Completed development; Site-built construction; New construction
• Construction: Vinyl exterior; Slab foundation
• Exterior features: Cleared lot; Concrete and paved road frontage; Road frontage approximately 91 feet

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Bedrooms: 4 bedrooms total; Unit types include multiple 2-bedroom units (duplex configuration)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Electric range; Microwave; Electric water heater; Vinyl flooring; Carbon monoxide detector(s); Smoke detector(s); Basement: Other
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry closet on main level

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $369k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative. Per door: $-48/mo.
• To cash-flow at today's rent, offer at most $355k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (15.8% below list).
• Recommended offer: $311k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.9% in Newton — 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 73/100 on livability (#77 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+, amenities F.
• Newton Conover City Schools (suburban): math 49% / reading 47% proficiency, ranked #74 of 178 in NC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Newton Elementary (math 37% / reading 32%, grade F, #835 of 1,410 statewide, top 62%, 350 students, 75% FRL); Newton-Conover High (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 758 students, 59% FRL).
• Market conditions: 170 active listings in the ZIP; 2,016 units permitted in Catawba County in 2024 (255 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 $11k 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 36 days — a 3% lower offer ($358k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $310,700 (15.8% 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 36 days. Have you received any prior offers? Is the seller open to a 16% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.84% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $282,744
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 E I St	0.46mi	4/2.0	1,878 (+2%)	14mo	$290,000	$154	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.36×
• Total profit: $-65,832
• Equity at exit: $55,019

10-year hold

• IRR: -10.3%
• Equity multiple: 0.37×
• Total profit: $-64,971
• Equity at exit: $31,904

Cash invested: $103,320 (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 28613

• Home prices YoY: -22.7%
• Active inventory: 170
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $3,107 medium
• Mortgage (P&I): −$1,935
• Tax est. 1.5%: −$461 /mo · $5,535/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $-96

Break-even live

Break-even rent $3,228

Max offer price $355,174

Occupancy floor 98%

Sensitivity live

Price	-10% $159	-5% $32	+0% $-96	+5% $-223	+10% $-351
Rent	-10% $-341	-5% $-218	+0% $-96	+5% $27	+10% $150
Rate	-1.0pp $90	-0.5pp $-2	base $-96	+0.5pp $-191	+1.0pp $-288

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,108
Total (2 units)			$3,107

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $369,000 Active 36 DOM
2. 2026-06-18
   days on market $369,000 Active 35 DOM
3. 2026-06-17
   days on market $369,000 Active 34 DOM
4. 2026-06-16
   days on market $369,000 Active 33 DOM
5. 2026-06-15
   days on market $369,000 Active 32 DOM
6. 2026-06-14
   days on market $369,000 Active 30 DOM
7. 2026-06-13
   days on market $369,000 Active 29 DOM
8. 2026-06-10
   days on market $369,000 Active 27 DOM
9. 2026-06-09
   days on market $369,000 Active 26 DOM
10. 2026-06-08
    days on market $369,000 Active 25 DOM
11. 2026-06-07
    days on market $369,000 Active 24 DOM
12. 2026-06-05
    days on market $369,000 Active 21 DOM
13. 2026-06-02
    days on market $369,000 Active 19 DOM
14. 2026-06-01
    days on market $369,000 Active 18 DOM
15. 2026-05-31
    days on market $369,000 Active 17 DOM
16. 2026-05-30
    days on market $369,000 Active 16 DOM
17. 2026-05-14
    listed $369,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $37,284
• − Mortgage interest: −$20,670
• − Property taxes: −$5,535
• − Insurance: −$1,845
• − Repairs & maintenance: −$2,983
• − Management: −$2,983
• − Depreciation: −$10,735
• Taxable loss: −$7,466
• Est. tax savings @ 24.0%: +$1,792
• After-tax cash flow: $645/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This newly constructed duplex is in excellent condition with modern finishes and a well-maintained exterior. It is move-in ready and ideal for investors seeking strong rental potential with low-maintenance ownership.

Value-add opportunities

• Resale Painting the exterior siding and adding a fresh coat of paint to the interior walls — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers.
• Rental Landscaping improvements — Well-maintained landscaping can attract tenants and add to the home's rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior siding and adding a fresh coat of paint to the interior walls — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Landscaping improvements — Well-maintained landscaping can attract tenants and add to the home's rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Newton Conover City Schools
• NCES district ID: 3703360
• Math proficiency: 49% ▲ 11.00%
• Reading proficiency: 47% ▲ 3.00%
• Median HH income: $39,491
• Composite: 40.13/100
• National rank: #3797
• State rank: #74 of 178 in NC

Livability — Newton

• Score: 73/100
• State rank: #77
• US rank: #5536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newton, NC
• Population (ZIP): 23,486

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% Hispanic / Latino 17% Two or more races 9% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 2% Romanian 2% Serbian 2%
• Foreign-born: 9% · Canada, China, Guatemala
• Languages at home: 81% English-only · Spanish 14% 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: ▼ -75.84%
• Current HPI: 257.5894
• 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

1 event — show timeline

• 2026-05-14 Listed $369,000 CANOPYMLS as Distributed by MLS Grid