322 Salisbury Rd · Statesville, NC 28677

$275,000

4 bd · 3.0 ba · 2,907 sqft · MultiFamily · 19 Days on market

Built 1928 Good condition 0.31 ac lot Est $398k · 31% under ↓ 21% 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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Schools +4.5/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Vacant duplex in downtown Statesville! Unit 322 had a long term month to month tenant paying $1500/month. Unit 324 had a long term tenant on a month to month lease paying $1169/month. Great property just over 2900 sqft with 5 bedrooms and 3 bathrooms total. It would work well for owners and investors. Left side of duplex Main unit is 3 bedroom 2 baths, remodeled kitchen with granite countertops and stainless appliances. Beautiful hardwoods and large bedrooms and rooms. Second unit is smaller but open with high ceilings as you enter. 2 bedroom 1 bath with downstairs kitchen, family room, built- ins, and laundry area. Fenced in back yard with patio and mature trees. Full of character, excelle

Key facts

• Remodeled kitchen
• Stainless appliances
• Fenced in back yard

Tags

• REMODELED KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS APPLIANCES
• FENCED IN BACK YARD
• PATIO
• MATURE TREES

Property features AI

Finance

• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Residential income property (duplex)
• Construction: Site-built construction; Partial brick, hard stucco, and vinyl exterior; Crawl space foundation
• Exterior features: Back yard fencing; Packing shed and additional shed(s); Concrete and paved road access (publicly maintained)

Interior

• Kitchen: Dishwasher; Oven
• Bedrooms: Total of 5 bedrooms; One 2-bedroom unit and one 3-bedroom unit (duplex layout)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace included; Dishwasher; Oven
• Laundry & utility: In-unit laundry

🏷️ Possibly a rental listed for sale. The $275,000 price doesn't fit this home's estimated sale value (~$398,259) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $275k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: schools D, crime D, amenities 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.
• Market conditions: Rents flat; 475 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• At $3,089/mo this rent would consume 59% of the median local household income ($62k/yr) (locally 1174% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 19 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1928 — 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 $270,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.12% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.41%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $398,259
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Harrill St	0.39mi	4/4.0	2,848 (-2%)	22mo	$471,000	$165	56
328 Davie Ave	0.34mi	5/3.5 (+1)	3,158 (+9%)	21mo	$431,480	$137	45
125/127 Lincoln St	0.38mi	5/2.0 (+1)	2,562 (-12%)	23mo	$235,000	$92	34

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: -6.7%
• Equity multiple: 0.76×
• Total profit: $-18,598
• Equity at exit: $41,003

10-year hold

• IRR: -1.0%
• Equity multiple: 0.94×
• Total profit: $-4,578
• Equity at exit: $23,777

Cash invested: $77,000 (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 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,089 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $540

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 78%

Sensitivity live

Price	-10% $730	-5% $635	+0% $540	+5% $445	+10% $350
Rent	-10% $296	-5% $418	+0% $540	+5% $662	+10% $784
Rate	-1.0pp $678	-0.5pp $610	base $540	+0.5pp $469	+1.0pp $396

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,088
Total (2 units)			$3,089

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 Jefferson St Statesville, NC	4.0	3.0	1996	$1,850	$0.93	14d	1	0.53mi
619 W Bell St Statesville, NC	4.0	2.0	2068	$1,950	$0.94	25d	1	0.93mi
1225 Davie Ave Statesville, NC	3.0	2.5	1952	$1,500	$0.77	6d	1	1.06mi

Listing history 13 events

1. 2026-06-21
   days on market $275,000 Active 19 DOM
2. 2026-06-18
   days on market $275,000 Active 16 DOM
3. 2026-06-17
   days on market $275,000 Active 15 DOM
4. 2026-06-16
   days on market $275,000 Active 14 DOM
5. 2026-06-15
   days on market $275,000 Active 13 DOM
6. 2026-06-13
   days on market $275,000 Active 11 DOM
7. 2026-06-13
   days on market $275,000 Active 10 DOM
8. 2026-06-09
   days on market $275,000 Active 7 DOM
9. 2026-06-08
   days on market $275,000 Active 6 DOM
10. 2026-06-07
    days on market $275,000 Active 5 DOM
11. 2026-06-04
    days on market $275,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $275,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $37,068
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,965
• − Management: −$2,965
• − Depreciation: −$8,000
• Taxable income: $2,233
• Est. tax owed @ 24.0%: −$536
• After-tax cash flow: $5,942/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

A well-maintained and updated duplex with good curb appeal and interior condition, ready for a fresh coat of paint and minor maintenance to further enhance its value.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Re-grouting the tile in the kitchen — Improves the kitchen's appearance and can attract more buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Re-grouting the tile in the kitchen — Improves the kitchen's appearance and can attract more buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-21.4% since first listed

8 events — show timeline

• 2026-06-02 Listed $275,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $300,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-02 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-08-06 Price Changed $325,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-27 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-06-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-05-15 Price Changed $335,000 CANOPYMLS as Distributed by MLS Grid
• 2025-03-15 Listed $350,000 CANOPYMLS as Distributed by MLS Grid