4467 Patti Clymer Dr #1 · Morganton, NC 28655

$699,900

18 bd · 9.0 ba · 3,785 sqft · MultiFamily · 88 Days on market

Built 1998 Good condition 4.52 ac lot ↓ 24% 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Calling all investors. Looking for a income producing property? There are 6 income-producing homes that are all on their own deeded lot, 8 total lots ac 4.5. Tax record is for all lots and the 6 units. Seller will not sell individual homes. Homes have been updated and well-kept. Good-paying tenants. Do not drive on the property or approach any of the tenants. The owner is an NC real estate broker. Some appliances belong to the tenants. Each unit is individually deeded, but the Seller will not sell them individually

Key facts

• 4.52 acre lot
• Built 1998
• Listed 87 days

Property features AI

Finance

• Other: Multi-family property with 6 existing units (6 total); Projected total units noted as 8; Restrictions: see remarks
• Financial info: Owner pays water for the property; Tenants pay all other utilities except water
• HOA & community: No HOA; Community features: None; Pets allowed with conditions

Exterior

• Parking: Each unit parks at its own unit; Other parking (see remarks)
• Utilities: City water and shared well; Septic system installed
• Home design: Residential income property; R-3 zoning; Has additional parcels
• Construction: Manufactured construction; Vinyl exterior
• Exterior features: Private maintained road access; Road surfaces include dirt and gravel

Interior

• Kitchen: Electric range
• Bedrooms: Total of 18 bedrooms across the property; Primary bedroom(s) present
• Flooring: Vinyl
• Bathrooms: 9 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Electric range; Other kitchen appliances included; Vinyl flooring; Central heating; Central air
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.5-bath units multifamily listed at $700k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $658k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.7% in Morganton — 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 69/100 on livability (#149 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, schools F, crime D-.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 431 active listings in the ZIP; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• At $8,084/mo this rent would consume 168% of the median local household income ($58k/yr) (locally 1145% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Burke 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 88 days — a 6% lower offer ($658k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $75k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $657,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.49%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-14,603
• Equity at exit: $104,357

10-year hold

• IRR: 7.7%
• Equity multiple: 1.59×
• Total profit: $114,858
• Equity at exit: $60,515

Cash invested: $195,972 (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 28655

• Home prices YoY: -13.2%
• Active inventory: 431
• Price-to-rent: 43.3×

Monthly cashflow live

• Estimated rent: $8,084 medium
• Mortgage (P&I): −$3,670
• Tax est. 1.5%: −$875 /mo · $10,498/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,698
• Net cashflow: $1,550

Break-even live

Break-even rent $6,123

Max offer price $699,900

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1.5	$8,082
Total (6 units)			$8,084

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $699,900 Active 88 DOM
2. 2026-06-18
   days on market $699,900 Active 87 DOM
3. 2026-06-17
   days on market $699,900 Active 86 DOM
4. 2026-06-16
   days on market $699,900 Active 85 DOM
5. 2026-06-15
   days on market $699,900 Active 84 DOM
6. 2026-06-14
   days on market $699,900 Active 82 DOM
7. 2026-06-13
   days on market $699,900 Active 81 DOM
8. 2026-06-10
   days on market $699,900 Active 79 DOM
9. 2026-06-09
   days on market $699,900 Active 78 DOM
10. 2026-06-08
    days on market $699,900 Active 77 DOM
11. 2026-06-07
    days on market $699,900 Active 76 DOM
12. 2026-06-05
    days on market $699,900 Active 73 DOM
13. 2026-06-02
    days on market $699,900 Active 71 DOM
14. 2026-06-01
    days on market $699,900 Active 70 DOM
15. 2026-05-31
    days on market $699,900 Active 69 DOM
16. 2026-05-30
    days on market $699,900 Active 68 DOM
17. 2026-04-11
    price $699,900
18. 2026-03-23
    listed $775,000 Active
19. 2025-07-09
    price $875,000
20. 2025-03-15
    listed $925,000 Active

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $97,008
• − Mortgage interest: −$39,205
• − Property taxes: −$10,498
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,761
• − Management: −$7,761
• − Depreciation: −$20,361
• Taxable income: $7,923
• Est. tax owed @ 24.0%: −$1,901
• After-tax cash flow: $16,693/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

This multi-family property is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for value increase through minor updates.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances the curb appeal and interior aesthetics, improving both resale and rental value.
• Both Landscaping improvements — Aesthetic enhancements to the landscaping can increase the property's curb appeal and attract more tenants or buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances the curb appeal and interior aesthetics, improving both resale and rental value. ↑
• Both Landscaping improvements — Aesthetic enhancements to the landscaping can increase the property's curb appeal and attract more tenants or buyers. ↑

ⓘ 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: Burke County Schools
• NCES district ID: 3700480
• Math proficiency: 43% ▼ -2.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $38,342
• Composite: 37.51/100
• National rank: #4400
• State rank: #89 of 178 in NC

Livability — Morganton

• Score: 69/100
• State rank: #149
• US rank: #8307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Burke County · 55,100 people
• City population: 55,100
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 55,100
• Household income: $57,713
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 1145.0

Population outlook (Burke County) Hauer SSP2

• Today (2025): 86,552 people
• By 2030: 84,123 · -2.8%
• By 2040: 78,165 · -9.7%
• By 2050: 71,099 · -17.9%
• By 2075: 56,264 · -35.0%
• By 2100: 44,742 · -48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Burke

• 2024 margin: Solid R (+41.2) · D 29.0% · R 70.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -19.2pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+40.1 2016: R+39.4 2012: R+23.6 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.07%
• Current HPI: 362.0732
• Rent YoY: —
• Metro: Hickory-Lenoir-Morganton, NC
• 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

-24.3% since first listed

4 events — show timeline

• 2026-04-11 Price Changed $699,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-23 Listed $775,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-09 Price Changed $875,000 CANOPYMLS as Distributed by MLS Grid
• 2025-03-15 Listed $925,000 CANOPYMLS as Distributed by MLS Grid