1517 7th St · Statesville, NC 28677

$120,000

2 bd · 1.0 ba · 830 sqft · SingleFamily public records · 74 Days on market

Built 1940 6,969 sqft lot Est $171k · 30% under

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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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.3/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

**Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

Key facts

• Triplexes
• Immediate cash flow
• 6,969 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• TRIPLEXES
• INCOME-PRODUCING PROPERTIES
• REDEVELOPMENT POSSIBILITIES
• IMMEDIATE CASH FLOW

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached carport; Driveway; 2-car carport
• Utilities: City water; Public sewer
• Home design: Single family residence; Residential property; One story
• Construction: Site-built construction; Shingle/Shake and vinyl exterior; Crawl space foundation
• Exterior features: Concrete road frontage; Publicly maintained road

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: One-level living; 1 total room
• Laundry & utility: Washer hookup; Electric dryer hookup

🏷️ Possibly a rental listed for sale. The $120,000 price doesn't fit this home's estimated sale value (~$170,980) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.7% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Troutman Elementary (math 63% / reading 44%, grade C, #335 of 1,410 statewide, top 24%, 698 students, 54% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); Statesville High (math 17% / reading 27%, grade F, #484 of 535 statewide, top 91%, 879 students, 77% FRL).
• Market conditions: Rents flat; 475 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago 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 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 $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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 1940 — 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: 1.03% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $170,980
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1605 5th St	0.18mi	2/1.0	822 (-1%)	12mo	$169,000	$206	80
1822 Wilson W Lee Blvd	0.25mi	2/1.0	798 (-4%)	4mo	$180,000	$226	79
1826 Wilson Lee Blvd	0.34mi	2/1.0	795 (-4%)	4mo	$185,000	$233	74
1428 W Wilson Lee Blvd #9	0.07mi	2/1.0	744 (-10%)	14mo	$128,000	$172	68
1902 5th St	0.32mi	2/1.0	800 (-4%)	14mo	$34,000	$43	68
1521 10th St	0.20mi	2/1.0	872 (+5%)	20mo	$99,000	$114	66
1324 7th St Unit 17, 18	0.19mi	2/1.0	894 (+8%)	22mo	$95,000	$106	60
1320 Old Charlotte Rd	0.30mi	2/1.0	728 (-12%)	7mo	$173,000	$238	59
1125 Wilmington Ave	0.36mi	2/1.0	706 (-15%)	1mo	$149,000	$211	58
1116 4th St	0.42mi	2/1.0	726 (-12%)	12mo	$185,000	$255	50
1904 5th St	0.32mi	3/1.5 (+1)	918 (+11%)	15mo	$152,000	$166	48
812 Charlotte Ave	0.65mi	2/1.0	867 (+4%)	20mo	$175,000	$202	46

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.81×
• Total profit: $-6,451
• Equity at exit: $17,892

10-year hold

• IRR: 1.0%
• Equity multiple: 1.06×
• Total profit: $2,167
• Equity at exit: $10,375

Cash invested: $33,600 (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 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,241 high
• Mortgage (P&I): −$629
• Tax from tax record: −$43 /mo · $517/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $258

Break-even live

Break-even rent $914

Max offer price $120,000

Occupancy floor 74%

Sensitivity live

Price	-10% $326	-5% $292	+0% $258	+5% $224	+10% $190
Rent	-10% $160	-5% $209	+0% $258	+5% $307	+10% $356
Rate	-1.0pp $319	-0.5pp $289	base $258	+0.5pp $227	+1.0pp $195

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
718 Wilmington Ave Statesville, NC	2.0	1.0	762	$1,195	$1.57	0d	1	0.15mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	4d	1	1.11mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	25d	1	1.20mi
797 Cherry St Statesville, NC	2.0	1.0	950	$985	$1.04	0d	1	1.23mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	25d	1	1.23mi

Listing history 16 events

1. 2026-06-09
   days on market $120,000 Active 74 DOM
2. 2026-06-08
   days on market $120,000 Active 73 DOM
3. 2026-06-07
   days on market $120,000 Active 72 DOM
4. 2026-06-04
   days on market $120,000 Active 69 DOM
5. 2026-06-03
   days on market $120,000 Active 68 DOM
6. 2026-06-02
   days on market $120,000 Active 67 DOM
7. 2026-06-01
   days on market $120,000 Active 66 DOM
8. 2026-05-31
   days on market $120,000 Active 65 DOM
9. 2026-03-27
   listed $120,000 Active
10. 2021-09-29
    soldstatus $375,000 Closed 756-char remark

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

11. 2021-09-29
    price $445,000 756-char remark

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

12. 2021-09-29
    soldstatus $375,000

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

13. 2021-08-18
    historical Active Under Contract 756-char remark

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

14. 2021-07-13
    listed $55,000 Active 756-char remark

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

15. 2021-07-10
    historical $55,000 756-char remark

    Show marketing remark (756 chars)

    **Sold together****Parcel IDs: See attached 4734-80-0899.000, 4734-80-7354.000, 4733-99-4319.000, 4724-91-1272.000, 4733-88-6666.000, 4734-80-7436.000 ****What a great portfolio of properties to have! The properties are a part of a 7 house investment package in Statesville, NC for a total of $445,000 MLS: 3760775, 3760758, 3760784, 3760788, 3760748, 3760724, 3760734 For More details, contact listing agent. Please do not disturb tenant. Contact listing agent for showings. Address: 614 Goldsboro Ave, 619 Durham Ave, 2028 Kennedy Ave, 1109 7th St, 1015 9th St, 1301 5th St, 1517 7th St For package of 7 properties – there is a total of $20k of advance rent that will convey to the new owner. Contact listing agent for more details

16. 1993-08-01
    soldstatus $21,000

ⓘ 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: $517 · $43/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$467/yr (+$39/mo · 90.3%)

ⓘ 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 ≥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: $14,894
• − Mortgage interest: −$6,722
• − Property taxes: −$517
• − Insurance: −$600
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$3,491
• Taxable income: $1,182
• Est. tax owed @ 24.0%: −$284
• After-tax cash flow: $2,814/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

+471.4% since first listed

8 events — show timeline

• 2026-03-27 Listed $120,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-29 Sold (Public Records) $375,000 Public Records
• 2021-09-29 Price Changed $445,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-29 Sold (MLS) $375,000 CANOPYMLS as Distributed by MLS Grid
• 2021-08-18 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-07-13 Listed $55,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-10 Coming Soon $55,000 CANOPYMLS as Distributed by MLS Grid
• 1993-08-01 Sold (Public Records) $21,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $517 · +0.0% YoY. Source: county tax records.