403 Wilson St · Statesville, NC 28677

$115,000

3 bd · 2.0 ba · 1,300 sqft · SingleFamily public records · 1 Days on market

Built 1974 0.33 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Coming Soon in Statesville! This home offers a great opportunity for buyers looking for a property with potential. The home is livable but is in need of many repairs and updates, making it a strong option for investors, renovation buyers, or owner-occupants willing to put in some work. Conveniently located near Downtown Statesville, shopping, dining, schools, and major highways. Property is being sold in its current condition. More details and showings coming soon!

Key facts

• Shopping
• Dining
• Schools

Tags

• NEAR DOWNTOWN STATESVILLE
• SHOPPING
• DINING
• SCHOOLS
• MAJOR HIGHWAYS

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached carport with 2 spaces; On-street parking
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: City water; Public sewer; Electricity connected; Cable available; Wired internet available; Satellite internet available
• Home design: Single family residence; One level; Site-built
• Construction: Partial brick and vinyl exterior; Aluminum roof; Crawl space foundation
• Exterior features: Chain link fencing in the backyard; Corner lot; Concrete road access, publicly maintained

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: 7 total rooms; Wood-burning fireplace with wood stove; Exhaust fan and exhaust hood
• Laundry & utility: Washer and dryer included; Laundry located inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 10.9% vs local median 3.5% 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; 471 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $115,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.31% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.39%
• DSCR: 1.73
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $236,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
264 N Lackey St	0.25mi	3/2.5	1,234 (-5%)	2mo	$235,000	$190	77
270 N Lackey St	0.23mi	3/2.5	1,234 (-5%)	6mo	$242,000	$196	74
266 N Lackey St	0.24mi	3/2.5	1,234 (-5%)	6mo	$240,000	$194	74
1245 Mitchell Ave	0.41mi	3/1.0	1,323 (+2%)	3mo	$200,000	$151	72
1243 Mitchell Ave #37	0.41mi	3/1.0	1,261 (-3%)	2mo	$180,000	$143	70
127 Bristol Rd	0.47mi	3/2.0	1,231 (-5%)	2mo	$120,000	$97	68
133 Buffalo Shoals Rd	0.55mi	3/2.0	1,320 (+2%)	6mo	$232,000	$176	66
252 N Patterson St	0.25mi	3/2.0	1,156 (-11%)	4mo	$212,000	$183	66
1713 Forest Dr	0.74mi	3/2.5	1,320 (+2%)	6mo	$240,000	$182	56
116 S Patterson St #8	0.53mi	2/1.0 (-1)	1,206 (-7%)	0mo	$178,500	$148	54
105 Sweet Oaks Ln	0.71mi	3/2.0	1,454 (+12%)	4mo	$310,000	$213	44
129 Woodlawn Dr	0.69mi	3/2.5	1,494 (+15%)	1mo	$258,000	$173	40

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: 4.3%
• Equity multiple: 1.16×
• Total profit: $5,248
• Equity at exit: $17,147

10-year hold

• IRR: 11.1%
• Equity multiple: 1.76×
• Total profit: $24,629
• Equity at exit: $9,943

Cash invested: $32,200 (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: 471
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$603
• Tax from tax record: −$96 /mo · $1,156/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $440

Break-even live

Break-even rent $946

Max offer price $115,000

Occupancy floor 66%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	24d	1	0.19mi
1378 Melviney St Statesville, NC	4.0	3.0	1723	$2,150	$1.25	24d	1	0.46mi
936 W Front St Statesville, NC	4.0	1.0	1826	$1,600	$0.88	24d	1	0.50mi
612 N Mulberry St Statesville, NC	3.0	2.5	1654	$1,350	$0.82	24d	1	0.54mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	24d	1	0.57mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	24d	1	0.61mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	2d	1	0.64mi
544 N Center St Unit A Statesville, NC	2.0	2.0	1040	$1,195	$1.15	24d	1	0.73mi
620 W Bell St Statesville, NC	3.0	2.0	1209	$1,850	$1.53	22d	1	0.89mi
1823 Bristol Rd Statesville, NC	3.0	2.5	1234	$1,803	$1.46	22d	1	0.95mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	24d	1	1.02mi
637 Hartness Rd Statesville, NC	3.0	1.5	1240	$1,500	$1.21	11d	1	1.46mi
1203 Wilson W Lee Blvd Statesville, NC	3.0	1.0	1585	$1,500	$0.95	24d	1	1.49mi

Listing history 2 events

1. 2026-06-19
   remarks 469-char remark
2. 2026-06-19
   listed $115,000 Coming Soon 1 DOM

ⓘ 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: $1,156 · $96/mo
• Projected year-2 tax: $1,156 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $18,032
• − Mortgage interest: −$6,442
• − Property taxes: −$1,156
• − Insurance: −$575
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$3,345
• Taxable income: $3,628
• Est. tax owed @ 24.0%: −$871
• After-tax cash flow: $4,406/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: 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

1 event — show timeline

• 2026-06-18 Coming Soon $115,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $1,156 · +0.0% YoY. Source: county tax records.