115 Eastcliff Dr SE #4 · Concord, NC 28025

$144,900

2 bd · 1.0 ba · 1,024 sqft · Condo public records · 66 Days on market

Built 1974 $200/mo HOA · 12% of rent ↓ 12% since listing

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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 +19.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +6.3/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This is a special opportunity to own a unit in this complex! This neighborhood is nestled in a beautiful area just minutes from the Concord Swim Club. The location is both beautiful and convenient. The unit has been maintained well with a few new adjustments. Hardwood floors downstairs makes it easy to clean. The kitchen appliances and washer and dryer will remain. The outdoor patio is fenced in for a little privacy. It also has an outdoor storage unit. Upstairs are 2 bedrooms with ample closets in each. There is a brand new HVAC and Furnace in the unit.

Key facts

• Brand new furnace
• Outdoor patio
• Brand new hvac

Tags

• OUTDOOR PATIO
• OUTDOOR STORAGE UNIT
• BRAND NEW HVAC
• BRAND NEW FURNACE

Property features AI

Finance

• Other: Property type: Residential condominium; Zoning: RC
• HOA & community: HOA mandatory; Monthly HOA fee of $200

Exterior

• Parking: 2 assigned parking spaces; Parking spaces
• Utilities: City water; Public sewer
• Home design: Residential condominium; Site-built construction; Wood construction; Two-story; Slab foundation
• Construction: Built on slab foundation; Wood construction
• Exterior features: Asphalt and other road surfaces; Publicly maintained road

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms (both on upper level)
• Bathrooms: 1 full bathroom (upper level); 1 half bathroom (main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Two levels; Entry level: 1; 2 rooms (room count)
• Laundry & utility: Washer and dryer included; Laundry located on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.3% in Concord — 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 81/100 on livability (#18 in NC, #1,595 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.2%/yr); 303 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,485 units permitted in Cabarrus County in 2024 (677 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.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($136k) 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.
• Current owner paid $80k; list at $145k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% 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 $136,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.13% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-11,925
• Equity at exit: $21,605

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $5,839
• Equity at exit: $12,528

Cash invested: $40,572 (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 28025

• Rents YoY: 3.2%
• Active inventory: 303
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$760
• Tax from tax record: −$98 /mo · $1,176/yr
• Insurance: −$60
• HOA: −$200
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $174

Break-even live

Break-even rent $1,416

Max offer price $144,900

Occupancy floor 84%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Wilshire Ave SW Unit 1 Concord, NC	1.0	1.0	750	$1,100	$1.47	5d	1	0.62mi
29 Plott Dr SW Concord, NC	3.0	2.0	1364	$2,950	$2.16	23d	1	0.86mi
357 Freedom St SW Unit 4A Concord, NC	2.0	1.0	832	$1,150	$1.38	23d	1	0.90mi
500 Summerlake Dr SW Concord, NC	1.0–3.0	1.0–2.0	877	$1,380	$1.57	1d	12	1.14mi
228 Tournament Dr SW Concord, NC	3.0	2.0	1161	$1,650	$1.42	20d	1	1.15mi
179 Booker Dr SW Concord, NC	3.0	1.0	776	$1,050	$1.35	21d	1	1.16mi
299 Brunting Ln SW Concord, NC	3.0	1.0	1059	$1,500	$1.42	23d	4	1.42mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $144,900 Active 66 DOM
2. 2026-06-17
   days on market $144,900 Active 65 DOM
3. 2026-06-16
   days on market $144,900 Active 64 DOM
4. 2026-06-15
   days on market $144,900 Active 63 DOM
5. 2026-06-13
   days on market $144,900 Active 61 DOM
6. 2026-06-09
   days on market $144,900 Active 57 DOM
7. 2026-06-08
   days on market $144,900 Active 56 DOM
8. 2026-06-08
   price $144,900 Active 55 DOM
9. 2026-06-07
   days on market $149,900 Active 55 DOM
10. 2026-06-04
    days on market $149,900 Active 52 DOM
11. 2026-06-03
    days on market $149,900 Active 51 DOM
12. 2026-06-02
    days on market $149,900 Active 50 DOM
13. 2026-06-01
    days on market $149,900 Active 49 DOM
14. 2026-05-31
    days on market $149,900 Active 48 DOM
15. 2026-04-13
    listed $149,900 Active
16. 2026-02-20
    soldstatus $80,000
17. 2025-05-17
    price $159,900
18. 2025-05-05
    price $164,900
19. 2025-02-07
    listed $170,900 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: $1,176 · $98/mo
• Projected year-2 tax: $1,188 · $99/mo
• Expected delta: +$12/yr (+$1/mo · 1.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,629
• − Mortgage interest: −$8,117
• − Property taxes: −$1,176
• − Insurance: −$724
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − HOA: −$2,400
• − Depreciation: −$4,215
• Taxable loss: −$145
• Est. tax savings @ 24.0%: +$35
• After-tax cash flow: $2,122/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: Cabarrus County Schools
• NCES district ID: 3700530
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 55% ▲ 3.00%
• Median HH income: $59,442
• Composite: 47.42/100
• National rank: #2282
• State rank: #44 of 178 in NC

Livability — Concord

• Score: 81/100
• State rank: #18
• US rank: #1595

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NC
• County: Cabarrus County · 218,793 people
• City population: 140,106
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 58,334
• Household income: $79,545
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 1852.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Black 21% Hispanic / Latino 13% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 9%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -282.07%
• Current HPI: 258.1615
• Rent YoY: ▲ 3.23%
• 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

-12.3% since first listed

5 events — show timeline

• 2026-04-13 Listed $149,900 CANOPYMLS as Distributed by MLS Grid
• 2026-02-20 Sold (Public Records) $80,000 Public Records
• 2025-05-17 Price Changed $159,900 CANOPYMLS as Distributed by MLS Grid
• 2025-05-05 Price Changed $164,900 CANOPYMLS as Distributed by MLS Grid
• 2025-02-07 Listed $170,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2025): $1,176 · +0.0% YoY. Source: county tax records.