103 Carrigan Dr · Belmont, NC 28056

$50,000

2 bd · 1.0 ba · 678 sqft · SingleFamily public records · 28 Days on market

Built 1940 0.39 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special! Opportunity awaits on this . 36-acre corner lot in Gaston County. The existing 1940 home requires significant improvements and is ideal for investors, renovators, or buyers looking to take on their next project. With no active electricity or water service currently in place, this property is ready for a complete transformation. Whether you're looking to renovate, add to your investment portfolio, or create long-term value, this property offers plenty of potential for the right buyer. Conveniently located near shopping, dining, schools, and major roadways, the value lies in the land, location, and possibilities this property presents. Property is being sold As-Is. Cash or r

Key facts

• Investment hold
• Full renovation
• Sold as-is

Tags

• CORNER LOT
• FULL RENOVATION
• INVESTMENT HOLD
• SOLD AS-IS

Property features AI

Finance

• Other: Directions provided: I-85 South, Take Exit 26, left on Belmont Mount Holly, Left on Woodlawn, Right on Hickory Grove Rd, Right on Carrigan. House is on the corner on left.
• HOA & community: No HOA

Exterior

• Parking: No main-level garage; Parking described as 'Other - see remarks'
• Utilities: No water source listed; No sewer listed; No utilities listed
• Home design: Single-family residential property; Site-built construction; One story; Slab foundation; R1 zoning
• Construction: Hardboard siding
• Exterior features: Lot is approximately 0.39 acres; Road surface: dirt and gravel; Publicly maintained road access

Interior

• Kitchen: No listed kitchen appliances
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: No heating system listed; No cooling system listed
• Interior features: 2 total rooms; No listed built-in appliances
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $828 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.2% vs local median 2.3% in Belmont — 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 71/100 on livability (#105 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: crime D-, amenities F, commute 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.
• Market conditions: Rents rising (+1.9%/yr); 356 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $346 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $49,250 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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. 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?
4. 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.
5. 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.
6. 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: 2.86% ✓
• Cap rate: 26.16%
• Cash-on-cash: 70.97%
• DSCR: 4.16
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: 69.4%
• Equity multiple: 4.08×
• Total profit: $43,117
• Equity at exit: $7,455

10-year hold

• IRR: 73.1%
• Equity multiple: 8.10×
• Total profit: $99,365
• Equity at exit: $4,323

Cash invested: $14,000 (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 28056

• Rents YoY: 1.9%
• Active inventory: 356
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$18 /mo · $218/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $828

Break-even live

Break-even rent $381

Max offer price $50,000

Occupancy floor 37%

Sensitivity live

Price	-10% $856	-5% $842	+0% $828	+5% $814	+10% $800
Rent	-10% $715	-5% $771	+0% $828	+5% $884	+10% $941
Rate	-1.0pp $853	-0.5pp $841	base $828	+0.5pp $815	+1.0pp $802

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Springs St Gastonia, NC	2.0	1.0	700	$1,200	$1.71	24d	1	1.18mi

Listing history 8 events

1. 2026-06-13
   remarks 699-char remark
2. 2026-06-13
   statusdays on market $50,000 Pending 28 DOM
3. 2026-06-09
   days on market $50,000 Active 26 DOM
4. 2026-06-08
   days on market $50,000 Active 25 DOM
5. 2026-06-07
   days on market $50,000 Active 24 DOM
6. 2026-06-01
   days on market $50,000 Active 21 DOM
7. 2026-05-31
   days on market $50,000 Active 20 DOM
8. 2026-05-11
   listed $50,000 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: $218 · $18/mo
• Projected year-2 tax: $410 · $34/mo
• Expected delta: +$192/yr (+$16/mo · 87.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,152
• − Mortgage interest: −$2,801
• − Property taxes: −$218
• − Insurance: −$250
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$1,455
• Taxable income: $9,684
• Est. tax owed @ 24.0%: −$2,324
• After-tax cash flow: $7,611/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 — Belmont

• Score: 71/100
• State rank: #105
• US rank: #6753

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Gaston County · 201,497 people
• City population: 26,556
• 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

1 event — show timeline

• 2026-05-11 Listed $50,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2025): $218 · +0.0% YoY. Source: county tax records.