603 S 4th St · Albemarle, NC 28001

$175,000

4 bd · 2.0 ba · 1,144 sqft · SingleFamily public records · 33 Days on market

Built 1941 0.39 ac lot Est $202k · 14% under

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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 +14.4/30.0
• ARV discount +13.6/15.0
• DSCR +4.4/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in the heart of Albemarle. Situated on a large corner lot with 0.39 acres, this property offers potential for renovation, rental income, or possible future redevelopment opportunities (buyer to verify subdivision/zoning possibilities with the City of Albemarle). The home features over 1,100 square feet with 2 bedrooms, 1 bath, high ceilings, hardwood floors in some areas, a covered front porch, detached carport, and spacious backyard. Ideal opportunity for investors, flippers, or buyers looking for a project with upside potential. Conveniently located just 1/2 mile to downtown Albemarle including local shopping, restaurants, and local parks. Property is currently tenant occ

Key facts

• Covered front porch
• Spacious backyard
• Detached carport

Tags

• LARGE CORNER LOT
• SPACIOUS BACKYARD
• COVERED FRONT PORCH
• DETACHED CARPORT
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Zoning: R-8A
• HOA & community: No HOA dues

Exterior

• Parking: Detached carport (2 spaces); Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built; One story; Facing/entry level: Main
• Construction: Crawl space foundation
• Exterior features: Covered front porch; Shed(s); Corner lot; Level lot; Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Electric range
• Bedrooms: 3 bedrooms (all on main level)
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom (on main level)
• Heating & cooling: No central heat listed; Ceiling fans
• Interior features: Living room fireplace; 7 total rooms
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $35 ($423/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 $139k (20.4% below list).
• Recommended offer: $139k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.3% in Albemarle — 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 68/100 on livability (#167 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, 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.
• Zoned schools: East Albemarle Elementary (math 27% / reading 27%, grade F, #1,033 of 1,410 statewide, top 76%, 319 students, 99% FRL); Albemarle Middle (math 22% / reading 35%, grade F, #355 of 475 statewide, top 76%, 409 students, 99% FRL); Albemarle High (math 42% / reading 27%, grade F, #427 of 535 statewide, top 81%, 390 students, 97% FRL) — zoned schools average 98% FRL vs 46% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 278 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 $5k 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 33 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 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 1941 — 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 $139,244 (20.4% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — 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 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?
5. 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?
6. 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?
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 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: 0.80% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.86%
• DSCR: 1.04
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $202,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 S 4th St	0.04mi	3/2.0 (-1)	1,200 (+5%)	2mo	$239,000	$199	84
625 Lee St	0.13mi	3/2.0 (-1)	1,073 (-6%)	3mo	$223,000	$208	76
308 E Park Ave	0.09mi	3/1.0 (-1)	1,233 (+8%)	3mo	$170,000	$138	71
112 Heath St	0.36mi	3/2.0 (-1)	1,176 (+3%)	16mo	$229,900	$195	60
112 S Hill Ave	0.48mi	3/1.0 (-1)	1,174 (+3%)	14mo	$180,000	$153	53
1077 Gibson St	0.69mi	3/2.0 (-1)	1,176 (+3%)	8mo	$217,900	$185	52
1317 Ross Dr #2	0.59mi	3/1.0 (-1)	1,065 (-7%)	1mo	$109,000	$102	51
1028 Gibson St	0.58mi	3/2.0 (-1)	1,232 (+8%)	8mo	$218,000	$177	48
295 Colston St	0.67mi	3/2.0 (-1)	1,228 (+7%)	9mo	$208,000	$169	44
905 Elizabeth Ave	0.56mi	3/2.5 (-1)	1,290 (+13%)	4mo	$224,900	$174	42
200 Boyette St	0.43mi	3/1.0 (-1)	1,064 (-7%)	21mo	$127,000	$119	42
500 Reeves Ave	0.73mi	3/2.0 (-1)	1,278 (+12%)	8mo	$260,000	$203	35

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: -15.0%
• Equity multiple: 0.47×
• Total profit: $-26,180
• Equity at exit: $26,093

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-20,182
• Equity at exit: $15,131

Cash invested: $49,000 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 278
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,392 high
• Mortgage (P&I): −$918
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $35

Break-even live

Break-even rent $1,348

Max offer price $175,000

Occupancy floor 92%

Sensitivity live

Price	-10% $134	-5% $85	+0% $35	+5% $-14	+10% $-64
Rent	-10% $-75	-5% $-20	+0% $35	+5% $90	+10% $145
Rate	-1.0pp $123	-0.5pp $80	base $35	+0.5pp $-10	+1.0pp $-56

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
451 Montgomery Ave Unit 5 Albemarle, NC	3.0	2.0	1450	$1,275	$0.88	12d	1	0.77mi
451 Montgomery Ave Unit 5 Albemarle, NC	3.0	2.0	1450	$1,275	$0.88	0d	1	0.77mi
116 Church St Albemarle, NC	3.0	1.0	1172	$1,130	$0.96	4d	1	1.02mi
1419 Amhurst St Albemarle, NC	3.0	2.5	1449	$1,645	$1.14	6d	1	1.13mi
100 Henson St Albemarle, NC	3.0	2.0	1176	$1,800	$1.53	14d	1	1.25mi

Listing history 18 events

1. 2026-06-21
   days on market $175,000 Active 33 DOM
2. 2026-06-18
   days on market $175,000 Active 30 DOM
3. 2026-06-17
   days on market $175,000 Active 29 DOM
4. 2026-06-16
   days on market $175,000 Active 28 DOM
5. 2026-06-15
   days on market $175,000 Active 27 DOM
6. 2026-06-13
   days on market $175,000 Active 25 DOM
7. 2026-06-09
   days on market $175,000 Active 21 DOM
8. 2026-06-08
   days on market $175,000 Active 20 DOM
9. 2026-06-07
   days on market $175,000 Active 19 DOM
10. 2026-06-04
    days on market $175,000 Active 16 DOM
11. 2026-06-03
    days on market $175,000 Active 15 DOM
12. 2026-06-02
    days on market $175,000 Active 14 DOM
13. 2026-06-01
    days on market $175,000 Active 13 DOM
14. 2026-05-31
    days on market $175,000 Active 12 DOM
15. 2026-05-19
    listed $175,000 Active
16. 2025-04-28
    listed $185,000 Active
17. 2019-09-04
    soldstatus $250,000
18. 2008-05-19
    soldstatus $140,000

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$545/yr (+$45/mo · 61.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $16,709
• − Mortgage interest: −$9,803
• − Property taxes: −$890
• − Insurance: −$875
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$5,091
• Taxable loss: −$2,623
• Est. tax savings @ 24.0%: +$629
• After-tax cash flow: $1,052/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 — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

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 (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 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: ▼ -109.68%
• Current HPI: 221.8601
• 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

+25.0% since first listed

4 events — show timeline

• 2026-05-19 Listed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-28 Listed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2019-09-04 Sold (Public Records) $250,000 Public Records
• 2008-05-19 Sold (Public Records) $140,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $890 · +39.9% YoY. Source: county tax records.