146 Patterson Ave · Liberty, NC 27298

$159,000

3 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 68 Days on market

Built 1930 0.53 ac lot Est $236k · 33% under ↓ 6% 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +5.9/10.0
• 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

Super cute bungalow in the heart of liberty, with a lot of potential. A nice level lot with an inviting front porch. This home has spacious rooms and character. Great investment opportunity, and approximately 7 miles to the Toyota Battery Plant. Excellent location! Home is being sold as is!

Key facts

• Inviting front porch
• Level lot
• Excellent location

Tags

• INVITING FRONT PORCH
• LEVEL LOT
• EXCELLENT LOCATION

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Driveway; Gravel parking area
• Utilities: Public water; Public sewer; Electric-powered systems
• Home design: Residential stick/site-built house; One story; Built in 1930; Living room fireplace
• Construction: Vinyl siding; Wood siding; Crawl space foundation; Existing structure
• Exterior features: Public-maintained road access; Lot approximately 0.53 acres; Lot dimensions: 129 x 184 x 122 x 185

Interior

• Kitchen: Electric water heater
• Bedrooms: Primary bedroom located on the main level
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (electric); Window air conditioning units
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Dryer connection

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $149k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.3% in Liberty — 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 74/100 on livability (#56 in NC, #4,472 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Randolph County School System (rural): math 43% / reading 43% proficiency, ranked #94 of 178 in NC (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 789 units permitted in Randolph County in 2024 (168 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 $5k of value loss. Plan a longer hold.
• Randolph County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($149k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% 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 $149,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 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. 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.
7. 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.
8. 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: 1.09% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $235,612
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 S Fayetteville St	0.16mi	4/2.0 (+1)	1,244 (+4%)	4mo	$225,000	$181	74
490 W Dameron Ave	0.39mi	3/2.0	1,260 (+5%)	3mo	$259,900	$206	66
535 Asheboro St	0.22mi	3/1.5	1,076 (-10%)	12mo	$199,000	$185	62
420 E Grandview Ave	0.52mi	3/2.0	1,263 (+6%)	10mo	$273,000	$216	54
5860 Nc Highway 49 N	0.73mi	2/1.0 (-1)	1,122 (-6%)	1mo	$200,000	$178	50
432 E Raleigh Ave	0.63mi	3/2.0	1,225 (+2%)	16mo	$265,000	$216	50
345 E Starmount Ave	0.63mi	3/1.5	1,355 (+13%)	1mo	$205,000	$151	45
520 S Valley St	0.52mi	3/1.5	1,025 (-14%)	8mo	$223,000	$218	43
378 E Raleigh Ave	0.49mi	3/2.0	1,369 (+14%)	13mo	$250,000	$183	38
530 E Raleigh Ave	0.70mi	3/2.0	1,317 (+10%)	11mo	$287,500	$218	37
212 S Carter St	0.74mi	3/2.5	1,353 (+13%)	4mo	$247,500	$183	34
567 E Ridge Ave	0.75mi	3/2.5	1,369 (+14%)	11mo	$270,000	$197	26

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-2,350
• Equity at exit: $23,707

10-year hold

• IRR: 8.3%
• Equity multiple: 1.63×
• Total profit: $28,015
• Equity at exit: $13,747

Cash invested: $44,520 (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 27298

• Home prices YoY: -12.8%
• Active inventory: 79
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,737 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$104 /mo · $1,244/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $368

Break-even live

Break-even rent $1,271

Max offer price $159,000

Occupancy floor 74%

Sensitivity live

Price	-10% $458	-5% $413	+0% $368	+5% $323	+10% $278
Rent	-10% $231	-5% $300	+0% $368	+5% $437	+10% $505
Rate	-1.0pp $448	-0.5pp $409	base $368	+0.5pp $327	+1.0pp $285

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 E Dameron Ave Liberty, NC	3.0	1.0	1050	$1,650	$1.57	13d	1	0.38mi
400 N Smith St Liberty, NC	3.0	2.0	1220	$1,825	$1.50	14d	1	0.78mi
408 N Smith St Liberty, NC	3.0	2.0	1220	$1,795	$1.47	20d	1	0.79mi
3773 Hinshaw Country Rd Liberty, NC	3.0	2.0	1220	$1,750	$1.43	13d	1	0.79mi

Listing history 18 events

1. 2026-06-18
   days on market $159,000 Active 68 DOM
2. 2026-06-17
   days on market $159,000 Active 67 DOM
3. 2026-06-16
   days on market $159,000 Active 66 DOM
4. 2026-06-15
   price $159,000 Active 65 DOM
5. 2026-06-15
   days on market $165,000 Active 65 DOM
6. 2026-06-14
   days on market $165,000 Active 63 DOM
7. 2026-06-10
   days on market $165,000 Active 60 DOM
8. 2026-06-09
   days on market $165,000 Active 59 DOM
9. 2026-06-08
   days on market $165,000 Active 58 DOM
10. 2026-06-07
    days on market $165,000 Active 57 DOM
11. 2026-06-05
    days on market $165,000 Active 54 DOM
12. 2026-06-03
    days on market $165,000 Active 53 DOM
13. 2026-06-02
    days on market $165,000 Active 52 DOM
14. 2026-06-01
    days on market $165,000 Active 51 DOM
15. 2026-05-31
    days on market $165,000 Active 50 DOM
16. 2026-05-31
    days on market $165,000 Active 49 DOM
17. 2026-05-12
    price $165,000
18. 2026-04-11
    listed $175,000 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: $1,244 · $104/mo
• Projected year-2 tax: $1,304 · $109/mo
• Expected delta: +$60/yr (+$5/mo · 4.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% 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: $20,839
• − Mortgage interest: −$8,906
• − Property taxes: −$1,244
• − Insurance: −$795
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − Depreciation: −$4,625
• Taxable income: $1,934
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $3,954/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: Randolph County School System
• NCES district ID: 3703780
• Math proficiency: 43% ▲ 1.00%
• Reading proficiency: 43% ▲ 2.00%
• Median HH income: $43,490
• Composite: 36.37/100
• National rank: #4686
• State rank: #94 of 178 in NC

Livability — Liberty

• Score: 74/100
• State rank: #56
• US rank: #4472

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Liberty, NC
• Population (ZIP): 10,507

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 142,640 people
• By 2030: 140,911 · -1.2%
• By 2040: 135,692 · -4.9%
• By 2050: 128,575 · -9.9%
• By 2075: 111,507 · -21.8%
• By 2100: 93,376 · -34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 10% Black 7%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 4% Lithuanian 2% Serbian 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 9% French/Haitian/Cajun 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+57.2) · D 21.0% · R 78.3%
• 2008→2024 swing: -15.0pp toward R · 2008: -42.3pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+56.3 2016: R+56.7 2012: R+50.2 2008: R+42.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.90%
• Current HPI: 257.7834
• 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

-5.7% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $165,000 Triad MLS
• 2026-04-11 Listed $175,000 Triad MLS

Property tax history

+6.1%/yr

Latest (2025): $1,244 · +7.0% YoY. Source: county tax records.