Real Estate Investing in Matthews, North Carolina (28104)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28104 (Matthews, NC)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Matthews, NC (28104)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 28104 Matthews
This part of Union County is not an easy win. The 28104 ZIP registers softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Looking more closely, the numbers look inviting — $600K purchase price, 0.0% nominal cap — the work to hit that pro forma in 28104 is substantial and deserves full respect.
Regionally, 28104 sits on the difficult end of the NC spectrum. The a viable market for read — for disciplined operators — is that pricing reflects the difficulty.
On balance, 36,232 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategy in 28104 is an operator game, not a passive one. Put differently, entry prices of $600K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Matthews:
Property Strategy for 28104
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $349,233 | $2,040 | 4.2% | +7.5% | $174,616 |
| 3BR | $402,285 | $2,510 | 4.5% | +8.0% | $134,095 |
| 4BR | $713,770 | $3,190 | 3.2% | +10.2% | $178,443 |
| 5BR | $1,038,788 | — | — | +10.6% | $207,758 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 28104 Compare?
| Metric | 28104 | Matthews | North Carolina |
|---|---|---|---|
| Home Value | $600,394 | $546,383 | $330,565 |
| 5-Year CAGR | 6.2% | 6.2% | 7.8% |
| Avg Rent | $2,427 | $2,061 | - |
| Cap Rate | 3.2% | 2.9% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 28104 (Matthews, NC). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 28104 (Matthews, NC)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $600,394 |
| Monthly Rent | $2,427 |
| Price-to-Rent | 20.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | +2.4% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +6.8% ▲ |
🏠 Rent Trends
| 1-Year | +0.7% ▲ |
| 3-Year CAGR | +3.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.2%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 28104
Population: 36,232
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 28104
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,346 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Should investors consider Matthews, NC?
Our data puts Matthews, NC at 3.0/5 for investability. Home prices of $600K and rents around $2,427/mo create a solid backdrop for investor activity.
What is the average monthly rent in Matthews, NC?
Rental rates in Matthews, NC average $2,427/mo. Tenant demand and $600K home values make the yield look reasonable by investor standards.
How should investors approach Matthews, NC?
The best-fit strategy in Matthews, NC is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Can owner-occupants cash flow in Matthews, NC?
For house hackers, Matthews, NC is a challenging. The $2,427/mo rent on a unit helps defray the mortgage on a $600K property.
Do landlords face vacancy issues in Matthews, NC?
Matthews, NC sees elevated vacancy, which is reasonable relative to the broader NC rental market.
You know 28104 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 28104 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 28104 ranks in Charlotte-Concord-Gastonia, NC-SC
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 28104 (Matthews)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 28104 (Matthews, NC).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.