427 W Whitley St · Norwood, NC 28128

$189,900

2 bd · 1.0 ba · 961 sqft · SingleFamily public records · 37 Days on market

Built 1940

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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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Two bedroom. Two full bath. Completely remodeled. New plumbing new electrical. Updated inside. Concrete double parking covered space. I cannot get photos to load. Please call for photos. We will consider owner financing with a substantial down payment.

Key facts

• New plumbing
• Completely remodeled
• Updated inside

Tags

• COMPLETELY REMODELED
• NEW PLUMBING
• NEW ELECTRICAL
• UPDATED INSIDE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $81 ($966/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 $153k (19.3% below list).
• Recommended offer: $153k (19.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $53k; list at $190k implies a 258% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $153,198 (19.3% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 19% 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. 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: 0.81% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $68,231
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 N Kendall St	0.18mi	3/1.0 (+1)	1,027 (+7%)	8mo	$72,500	$71	68

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: -13.5%
• Equity multiple: 0.52×
• Total profit: $-25,733
• Equity at exit: $28,315

10-year hold

• IRR: -4.6%
• Equity multiple: 0.70×
• Total profit: $-16,166
• Equity at exit: $16,419

Cash invested: $53,172 (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 28128

• Home prices YoY: -24.2%
• Active inventory: 100
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,532 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$55 /mo · $657/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $81

Break-even live

Break-even rent $1,430

Max offer price $189,900

Occupancy floor 90%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
426 Atkins Ave Norwood, NC	3.0	1.0	960	$1,500	$1.56	12d	1	0.92mi
409 Eastover Ave Norwood, NC	3.0	1.0	1064	$1,550	$1.46	3d	1	0.93mi
409 Eastover Ave Norwood, NC	3.0	1.0	1064	$1,550	$1.46	12d	1	0.93mi

Listing history 19 events

1. 2026-06-18
   days on market $189,900 Active 37 DOM
2. 2026-06-17
   days on market $189,900 Active 36 DOM
3. 2026-06-16
   days on market $189,900 Active 35 DOM
4. 2026-06-15
   days on market $189,900 Active 34 DOM
5. 2026-06-13
   days on market $189,900 Active 32 DOM
6. 2026-06-09
   days on market $189,900 Active 28 DOM
7. 2026-06-08
   days on market $189,900 Active 27 DOM
8. 2026-06-07
   days on market $189,900 Active 26 DOM
9. 2026-06-04
   days on market $189,900 Active 23 DOM
10. 2026-06-03
    days on market $189,900 Active 22 DOM
11. 2026-06-02
    days on market $189,900 Active 21 DOM
12. 2026-06-01
    days on market $189,900 Active 20 DOM
13. 2026-05-31
    days on market $189,900 Active 19 DOM
14. 2026-05-12
    listed $189,900 Active
15. 2025-08-18
    price $199,900
16. 2025-07-28
    price $215,000
17. 2025-04-09
    listed $229,900 Active
18. 2022-09-09
    listed $115,000 Active
19. 2004-01-16
    soldstatus $53,000

ⓘ 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: $657 · $55/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$900/yr (+$75/mo · 137.0%)

ⓘ 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 6/10 Major 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $18,384
• − Mortgage interest: −$10,637
• − Property taxes: −$657
• − Insurance: −$950
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$5,524
• Taxable loss: −$2,326
• Est. tax savings @ 24.0%: +$558
• After-tax cash flow: $1,524/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, NC
• Population (ZIP): 7,610

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 15% Two or more races 3%
• Common ancestry: Serbian 6% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.46%
• Current HPI: 201.373
• 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

+258.3% since first listed

6 events — show timeline

• 2026-05-12 Listed $189,900 FSBO.com
• 2025-08-18 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2025-07-28 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-09 Listed $229,900 CANOPYMLS as Distributed by MLS Grid
• 2022-09-09 Listed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2004-01-16 Sold (Public Records) $53,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $657 · +18.3% YoY. Source: county tax records.