1202 Fallston Rd · Shelby, NC 28150

$145,000

3 bd · 1.5 ba · 1,419 sqft · SingleFamily public records · 2 Days on market

Built 1964 0.38 ac lot Est $243k · 40% under

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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 +17.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.3/10.0
• Rent growth +4.2/5.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.5/10.0

Listing remarks

This house has not been lived in since 2022. A solid brick home on a level lot in need of some renovation, being sold together with the adjoining lot (#2 BLK A BLANTON S/D . 31 acres: 22388 ) The listing is being sold as is, no repairs will be undertaken. Both lots have mature trees.

Key facts

• 0.38 acre lot
• Parking
• Built 1964

Property features AI

Finance

• Other: No representation restrictions listed
• HOA & community: Not subject to an HOA

Exterior

• Parking: Attached carport; 1 carport space; 3 open parking spaces
• Utilities: City water; Public sewer
• Home design: Single-family residence (residential); One level
• Construction: Site-built construction; Brick exterior; Composition roof; Crawl space foundation; R10 zoning
• Exterior features: Concrete and paved roads with public maintenance; Shed(s) on the property; Additional parcel(s) included

Interior

• Kitchen: No appliances included
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Forced air heating; Central air conditioning
• Interior features: 8 total rooms; Fireplaces in the family room and living room
• Laundry & utility: No laundry hookups or room specified

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/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 (6.8% below list).
• Recommended offer: $135k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.

Location & tenants

• 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: Washington Elementary (math 42% / reading 37%, grade F, #694 of 1,410 statewide, top 53%, 415 students, 99% FRL); Burns High (math 42% / reading 59%, grade D+, #306 of 535 statewide, top 57%, 934 students, 60% FRL) — zoned schools average 80% FRL vs 59% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 241 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 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 $4k of value loss. Plan a longer hold.
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 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 $135,085 (6.8% below list)

Questions for the listing agent

1. Built in 1964 — 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 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?
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: 0.93% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.18%
• DSCR: 1.14
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $242,649
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
746 Vale St	0.55mi	3/1.5	1,428 (+1%)	1mo	$200,000	$140	72
1200-1 Stanton Dr	0.26mi	4/2.0 (+1)	1,501 (+6%)	8mo	$257,000	$171	64
915 Airport Rd	0.25mi	3/1.5	1,626 (+15%)	4mo	$340,000	$209	61
226 T R Harris Dr #56	0.40mi	2/2.0 (-1)	1,505 (+6%)	9mo	$415,000	$276	57
412 E Ross Grove Rd	0.40mi	3/1.0	1,272 (-10%)	13mo	$174,400	$137	52
1013 Hardin Dr	0.41mi	4/2.0 (+1)	1,350 (-5%)	23mo	$200,000	$148	47
951 Hardin Dr	0.49mi	3/2.0	1,225 (-14%)	8mo	$265,000	$216	46
513 Piedmont Ave	0.49mi	3/1.5	1,553 (+9%)	22mo	$210,000	$135	44
206 Merit Dr	0.72mi	3/2.0	1,349 (-5%)	18mo	$259,000	$192	41

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 · 6.66% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-11,487
• Equity at exit: $21,620

10-year hold

• IRR: 6.2%
• Equity multiple: 1.53×
• Total profit: $21,625
• Equity at exit: $12,537

Cash invested: $40,600 (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 28150

• Home prices YoY: -2.0%
• Rents YoY: 6.7%
• Active inventory: 241
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,351 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$139 /mo · $1,664/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $108

Break-even live

Break-even rent $1,215

Max offer price $145,000

Occupancy floor 87%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-16
   status Pending
2. 2026-05-15
   listed $145,000 Active
3. 2026-05-13
   historical $145,000

ⓘ 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: $1,664 · $139/mo
• Projected year-2 tax: $1,664 · $139/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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,210
• − Mortgage interest: −$8,122
• − Property taxes: −$1,664
• − Insurance: −$725
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$4,218
• Taxable loss: −$1,113
• Est. tax savings @ 24.0%: +$267
• After-tax cash flow: $1,559/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: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Shelby

• Score: 75/100
• State rank: #52
• US rank: #4349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, NC
• County: Cleveland County · 83,736 people
• City population: 26,134
• Metro: Shelby, NC
• Population (ZIP): 28,142
• Household income: $55,832
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 790.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 27% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.92%
• Current HPI: 447.16
• Rent YoY: ▲ 6.66%
• Metro: Shelby, 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

+0.0% since first listed

3 events — show timeline

• 2026-05-16 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-15 Listed $145,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-13 Coming Soon $145,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2025): $1,664 · +24.1% YoY. Source: county tax records.