210 Cameron St

Shelby, NC 28150

$175,000C-

3 bd · 1.5 ba · 1,232 sqft · Built 1948 · SingleFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,352/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $29/mo
• Annual: $350/yr
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• 1% rule: 0.77%
• Cash to close: $49,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $29 ($350/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 $135k (22.7% below list).
• It's been on market 75 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (22.7% below list) — sets the bar for 1% rule.
• 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.
• Location reads 75/100 on livability (#52 in NC, #4,349 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James Love Elementary (math 42% / reading 32%, grade F, #771 of 1,410 statewide, top 57%, 350 students, 99% FRL); Shelby Middle (math 25% / reading 42%, grade F, #299 of 475 statewide, top 64%, 630 students, 81% FRL); Shelby High (math 17% / reading 52%, grade F, #427 of 535 statewide, top 81%, 825 students, 65% FRL) — zoned schools average 82% FRL vs 59% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 48% district-wide (-13 pts) — the specific schools serving this property underperform the Cleveland County Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 247 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.9% in Shelby — 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.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?
• 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.
• 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.