505 S Wooten St · La Grange, NC 28551

$245,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily public records · 150 Days on market

Built 2024 8,973 sqft lot Est $262k · 7% under

---

Why this score? — see what drove the D 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 +14.1/30.0
• ARV discount +10.4/15.0
• DSCR +4.3/10.0
• Livability +3.3/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RESIDENTIAL LOT FOR SALE IN LAGRANGE/LENOIR COUNTY -

Key facts

• Open floor plan
• Quartz countertops
• Ranch style home

Tags

• RANCH STYLE HOME
• OPEN FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• LVP FLOORING
• QUARTZ COUNTERTOPS
• MODERN LIGHTING

Property features AI

Finance

• Other: Living area approximately 1,456; Built as a house (structure type listed as House)
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story house; R5 zoning
• Construction: Shingle siding construction
• Exterior features: Shingle roof; Shingle siding; Lot approximately 0.21 acres; Publicly maintained road access

Interior

• Bedrooms: 3 bedrooms
• Flooring: Luxury vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Luxury vinyl flooring; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $36 ($432/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (21.5% below list).
• Recommended offer: $192k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.0% in La Grange — 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 66/100 on livability (#278 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: La Grange Elementary (math 32% / reading 32%, grade F, #908 of 1,410 statewide, top 67%, 498 students, 99% FRL); E B Frink Middle (math 35% / reading 35%, grade F, #286 of 475 statewide, top 61%, 540 students, 99% FRL); North Lenoir High (math 52% / reading 36%, grade F, #367 of 535 statewide, top 69%, 975 students, 100% FRL) — zoned schools average 100% FRL vs 65% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 85 active listings in the ZIP; 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $9k; list at $245k implies a 2622% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $192,376 (21.5% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $262,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Spence St	0.27mi	3/2.0	1,429 (-2%)	2mo	$265,000	$185	82
213 Wood St	0.23mi	3/2.0	1,497 (+3%)	11mo	$271,990	$182	76
218 Wood St	0.22mi	3/2.0	1,497 (+3%)	12mo	$269,550	$180	75
213 Wood St	0.25mi	3/2.0	1,497 (+3%)	11mo	$271,990	$182	75
112 Woodard Ln	0.34mi	3/2.0	1,436 (-1%)	9mo	$267,000	$186	74
218 Wood St	0.25mi	3/2.0	1,497 (+3%)	12mo	$269,550	$180	74
308 Wood St	0.29mi	3/2.0	1,497 (+3%)	12mo	$269,050	$180	72
302 Spence St	0.30mi	3/2.0	1,560 (+7%)	9mo	$230,000	$147	66
302 S Caswell St	0.27mi	3/2.0	1,602 (+10%)	8mo	$70,000	$44	64
307 Forest Dr	0.59mi	3/2.0	1,602 (+10%)	1mo	$225,000	$140	55
103 E James St	0.57mi	3/2.0	1,557 (+7%)	9mo	$100,000	$64	54
304 Summit St	0.68mi	3/1.5	1,247 (-14%)	4mo	$70,000	$56	39

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-37,509
• Equity at exit: $36,530

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-30,116
• Equity at exit: $21,183

Cash invested: $68,600 (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 28551

• Home prices YoY: -16.2%
• Active inventory: 85
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$97 /mo · $1,163/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $36

Break-even live

Break-even rent $1,878

Max offer price $245,000

Occupancy floor 93%

Sensitivity live

Price	-10% $175	-5% $105	+0% $36	+5% $-33	+10% $-103
Rent	-10% $-116	-5% $-40	+0% $36	+5% $112	+10% $188
Rate	-1.0pp $159	-0.5pp $98	base $36	+0.5pp $-28	+1.0pp $-92

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $245,000 Active 150 DOM
2. 2026-06-19
   days on market $245,000 Active 148 DOM
3. 2026-06-18
   days on market $245,000 Active 147 DOM
4. 2026-06-17
   days on market $245,000 Active 146 DOM
5. 2026-06-16
   days on market $245,000 Active 145 DOM
6. 2026-06-15
   days on market $245,000 Active 144 DOM
7. 2026-06-14
   days on market $245,000 Active 142 DOM
8. 2026-06-12
   days on market $245,000 Active 141 DOM
9. 2026-06-09
   days on market $245,000 Active 138 DOM
10. 2026-06-08
    days on market $245,000 Active 137 DOM
11. 2026-06-07
    days on market $245,000 Active 136 DOM
12. 2026-06-07
    days on market $245,000 Active 135 DOM
13. 2026-06-04
    days on market $245,000 Active 132 DOM
14. 2026-06-02
    days on market $245,000 Active 131 DOM
15. 2026-06-01
    days on market $245,000 Active 130 DOM
16. 2026-05-31
    days on market $245,000 Active 129 DOM
17. 2026-05-31
    days on market $245,000 Active 128 DOM
18. 2026-01-21
    listed $245,000 Active
19. 2023-07-18
    soldstatus $9,000 Closed 53-char remark

    Show marketing remark (53 chars)

    RESIDENTIAL LOT FOR SALE IN LAGRANGE/LENOIR COUNTY -

20. 2023-06-19
    status Pending 53-char remark

    Show marketing remark (53 chars)

    RESIDENTIAL LOT FOR SALE IN LAGRANGE/LENOIR COUNTY -

21. 2023-02-24
    listed $9,900 Active 53-char remark

    Show marketing remark (53 chars)

    RESIDENTIAL LOT FOR SALE IN LAGRANGE/LENOIR COUNTY -

ⓘ 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: $1,163 · $97/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$846/yr (+$71/mo · 72.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $23,085
• − Mortgage interest: −$13,724
• − Property taxes: −$1,163
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$7,127
• Taxable loss: −$3,847
• Est. tax savings @ 24.0%: +$923
• After-tax cash flow: $1,355/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: Lenoir County Public Schools
• NCES district ID: 3702610
• Math proficiency: 29% ▲ 1.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $34,958
• Composite: 25.17/100
• National rank: #7515
• State rank: #147 of 178 in NC

Livability — La Grange

• Score: 66/100
• State rank: #278
• US rank: #12047

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Grange, NC
• Population (ZIP): 13,264

Population outlook (Lenoir County) Hauer SSP2

• Today (2025): 55,002 people
• By 2030: 53,048 · -3.6%
• By 2040: 49,041 · -10.8%
• By 2050: 45,136 · -17.9%
• By 2075: 36,547 · -33.6%
• By 2100: 27,731 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Black 21% Hispanic / Latino 16% Two or more races 8%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Slovak 1% Portuguese 1% Slovene 1%
• Foreign-born: 5% · Canada
• Languages at home: 87% English-only · Spanish 12%

Political lean MEDSL · Lenoir

• 2024 margin: Lean R (+6.8) · D 46.2% · R 53.0%
• 2008→2024 swing: -6.7pp toward R · 2008: -0.1pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+3.5 2016: R+6.3 2012: R+1.5 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.90%
• Current HPI: 216.483
• 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

+2374.7% since first listed

4 events — show timeline

• 2026-01-21 Listed $245,000 TMLS
• 2023-07-18 Sold (MLS) $9,000 Hive MLS
• 2023-06-19 Pending — Hive MLS
• 2023-02-24 Listed $9,900 Hive MLS

Property tax history

+15.7%/yr

Latest (2025): $1,163 · +2714.9% YoY. Source: county tax records.