358 N Cleghorn St · Rutherfordton, NC 28139

$147,900

2 bd · 1.0 ba · 871 sqft · SingleFamily public records · 113 Days on market

Built 1948 6,969 sqft lot ↓ 8% 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 +29.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sitting just a few city blocks from Main Street Rutherforton and Kiwanis Park I give you 358 N Cleghorn Street, this nearly 900 SqFt home has been taken very well care of and is ready for an new chapter in its story, this brick home offers one-story living with two generously sized bedrooms and spacious bathroom. The home features freshly painted walls, newly stained hardwoods in the living room and bedrooms, with linoleum in the dining room and kitchen. The kitchen has a brand new refrigerator. The laundry room is located in the rear of the home and is equipped with washer/dryer hookups. The outbuilding located at the rear of the property and is surrounded by a fence for added privacy. The oversized covered front porch is wonderful for family gatherings, cookouts or enjoying the views of town while you enjoy a morning coffee or smoke.

Key facts

• One story living
• Outbuilding
• Laundry room

Tags

• ONE STORY LIVING
• FRESHLY PAINTED WALLS
• NEWLY STAINED HARDWOODS
• BRAND NEW REFRIGERATOR
• LAUNDRY ROOM
• OUTBUILDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $135k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.0% in Rutherfordton — 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 (#67 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, amenities F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 312 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 2 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 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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 $134,589 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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. 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?
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. 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: 1.23% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.22%
• DSCR: 1.68
• GRM: 6.8

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: 5.9%
• Equity multiple: 1.23×
• Total profit: $9,455
• Equity at exit: $22,052

10-year hold

• IRR: 15.3%
• Equity multiple: 2.24×
• Total profit: $51,156
• Equity at exit: $12,788

Cash invested: $41,412 (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 28139

• Home prices YoY: -21.6%
• Active inventory: 312
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,820 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$75 /mo · $903/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $525

Break-even live

Break-even rent $1,155

Max offer price $147,900

Occupancy floor 66%

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: $36,975
• Closing costs: $4,437
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Central St Rutherfordton, NC	1.0	1.0	740	$1,820	$2.46	13d	1	0.39mi

Listing history 21 events

1. 2026-06-19
   days on market $147,900 Active 113 DOM
2. 2026-06-18
   days on market $147,900 Active 112 DOM
3. 2026-06-17
   days on market $147,900 Active 111 DOM
4. 2026-06-16
   days on market $147,900 Active 110 DOM
5. 2026-06-15
   days on market $147,900 Active 109 DOM
6. 2026-06-14
   days on market $147,900 Active 107 DOM
7. 2026-06-13
   days on market $147,900 Active 106 DOM
8. 2026-06-10
   days on market $147,900 Active 104 DOM
9. 2026-06-09
   days on market $147,900 Active 103 DOM
10. 2026-06-08
    days on market $147,900 Active 102 DOM
11. 2026-06-07
    days on market $147,900 Active 101 DOM
12. 2026-06-02
    days on market $147,900 Active 96 DOM
13. 2026-06-01
    days on market $147,900 Active 95 DOM
14. 2026-05-31
    days on market $147,900 Active 94 DOM
15. 2026-05-30
    days on market $147,900 Active 93 DOM
16. 2026-05-07
    price $147,900 847-char remark

    Show marketing remark (847 chars)

    Sitting just a few city blocks from Main Street Rutherforton and Kiwanis Park I give you 358 N Cleghorn Street, this nearly 900 SqFt home has been taken very well care of and is ready for an new chapter in its story, this brick home offers one-story living with two generously sized bedrooms and spacious bathroom. The home features freshly painted walls, newly stained hardwoods in the living room and bedrooms, with linoleum in the dining room and kitchen. The kitchen has a brand new refrigerator. The laundry room is located in the rear of the home and is equipped with washer/dryer hookups. The outbuilding located at the rear of the property and is surrounded by a fence for added privacy. The oversized covered front porch is wonderful for family gatherings, cookouts or enjoying the views of town while you enjoy a morning coffee or smoke.

17. 2026-02-26
    listed $149,900 Active 847-char remark

    Show marketing remark (847 chars)

    Sitting just a few city blocks from Main Street Rutherforton and Kiwanis Park I give you 358 N Cleghorn Street, this nearly 900 SqFt home has been taken very well care of and is ready for an new chapter in its story, this brick home offers one-story living with two generously sized bedrooms and spacious bathroom. The home features freshly painted walls, newly stained hardwoods in the living room and bedrooms, with linoleum in the dining room and kitchen. The kitchen has a brand new refrigerator. The laundry room is located in the rear of the home and is equipped with washer/dryer hookups. The outbuilding located at the rear of the property and is surrounded by a fence for added privacy. The oversized covered front porch is wonderful for family gatherings, cookouts or enjoying the views of town while you enjoy a morning coffee or smoke.

18. 2026-01-14
    price $147,900
19. 2025-09-28
    price $149,900
20. 2025-09-08
    price $154,900
21. 2025-08-25
    listed $159,900 Active

ⓘ 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: $903 · $75/mo
• Projected year-2 tax: $1,213 · $101/mo
• Expected delta: +$310/yr (+$26/mo · 34.4%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,840
• − Mortgage interest: −$8,285
• − Property taxes: −$903
• − Insurance: −$740
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$4,303
• Taxable income: $4,116
• Est. tax owed @ 24.0%: −$988
• After-tax cash flow: $5,316/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Rutherfordton

• Score: 73/100
• State rank: #67
• US rank: #5114

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: Rutherfordton, NC
• Population (ZIP): 18,887

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.65%
• Current HPI: 249.7007
• 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

-7.5% since first listed

6 events — show timeline

• 2026-05-07 Price Changed $147,900 CANOPYMLS as Distributed by MLS Grid
• 2026-02-26 Listed $149,900 CANOPYMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $147,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-28 Price Changed $149,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $154,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-25 Listed $159,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2025): $903 · +8.1% YoY. Source: county tax records.