Real Estate Investing in Evergreen, North Carolina (28438)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28438 (Evergreen, NC)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 25.0% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Evergreen, NC (28438)?
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Market Analysis: 28438 Evergreen
ZIP 28438 in Evergreen, NC carries a sturdy set of headwinds. Home values near $159K and rents of $837/mo sit inside a market where underwriting has to be tight.
Rent of $837/mo on a $159K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 28438 sits below the stated 0.0% once reality is priced in.
In the broader NC picture, 28438 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
On the rental side, 1,706 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.
Distressed ZIPs reward experience. durable returns are possible in 28438, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Evergreen:
Market Trends
Home Value History (with trend line)
📊 How Does 28438 Compare?
| Metric | 28438 | Evergreen | North Carolina |
|---|---|---|---|
| Home Value | $159,353 | $159,353 | $330,565 |
| 5-Year CAGR | N/A | N/A | 7.8% |
| Avg Rent | $837 | $837 | - |
| Cap Rate | 4.1% | 4.1% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 28438 (Evergreen, NC). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $159,353 |
| Monthly Rent | $837 |
| Price-to-Rent | 15.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.3% |
| Cap Rate | 4.1% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +1.6% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). 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 28438
Population: 1,706
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
🎓 Nearby Colleges & Universities
Investor Insight: With 741 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is housing expensive in Evergreen, NC?
Evergreen, NC home values average about $159K. That price point suits investors targeting rentals with $837/mo in monthly income.
Does Evergreen, NC make sense for an investment property?
The 2.0/5 investability rating in Evergreen, NC reflects its $159K prices and $837/mo rents. Investors generally consider it a solid option within NC.
What approach is best for Evergreen, NC real estate?
The best-fit strategy in Evergreen, NC is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Do landlords face vacancy issues in Evergreen, NC?
Rental vacancy in Evergreen, NC is elevated. Investors should budget normal turnover but not chronic empty units.
How do landlord-tenant laws work in Evergreen, NC?
NC law landlord-friendly for landlords, and Evergreen inherits those rules. Investors should still review local ordinances for rental licensing.
You know 28438 now. You don’t know where it ranks.
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