Real Estate Investing in Lenoir, North Carolina (28645)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28645 (Lenoir, 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.
- High vacancy: 12.8% of homes vacant — above national norms.
What’s happening in Lenoir, NC (28645)?
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Market Analysis: 28645 Lenoir
Investors eyeing 28645 need to respect the fundamentals at play. Home values of $221K come alongside slower price movement and elevated management overhead.
From a cash-flow lens, the numbers look inviting — $221K purchase price, 0.0% nominal cap — the work to hit that pro forma in 28645 is substantial and deserves full respect.
In the broader NC picture, 28645 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Employment concentration in 28645 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 28645 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Lenoir:
Property Strategy for 28645
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $171,153 | $910 | 3.8% | +9.5% | $171,153 |
| 2BR | $149,906 | $1,150 | 5.5% | +8.9% | $74,953 |
| 3BR | $241,361 | $1,400 | 4.2% | +8.3% | $80,454 |
| 4BR | $365,409 | $1,930 | 3.8% | +8.5% | $91,352 |
| 5BR | $436,868 | — | — | +8.4% | $87,374 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 28645 Compare?
| Metric | 28645 | Lenoir | Hickory-Lenoir-Morganton, NC | North Carolina |
|---|---|---|---|---|
| Home Value | $220,514 | $220,514 | N/A | $330,565 |
| 5-Year CAGR | 5.8% | 5.8% | N/A | 7.8% |
| Avg Rent | $1,180 | $1,180 | N/A | - |
| Cap Rate | 4.2% | 4.2% | - | - |
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 28645 (Lenoir, NC). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $220,514 |
| Monthly Rent | $1,180 |
| Price-to-Rent | 15.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.4% |
| Cap Rate | 4.2% |
| 5-Year IRR | 9.9% |
📈 Home Appreciation
| 1-Year | +5.0% ▲ |
| 3-Year CAGR | +3.4% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 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 (4.2%). 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 28645
Population: 46,237
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 28645
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 1,486 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the average monthly rent in Lenoir, NC?
Rent in Lenoir, NC is around $1,180/mo. The resulting rent-to-value relationship with $221K pricing is reasonable for most investor models.
How do landlord-tenant laws work in Lenoir, NC?
NC law landlord-friendly for landlords, and Lenoir inherits those rules. Investors should still review local ordinances for rental licensing.
Does Lenoir, NC make sense for an investment property?
With a 3.0/5 investability score, Lenoir, NC ranks as a solid market for rental property investors. Median prices of $221K and rents of $1,180/mo drive the underlying numbers.
Can I house hack in Lenoir, NC?
Lenoir, NC offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,180/mo rent level.
What strategy should investors use in Lenoir, NC?
Investors usually favor careful cash-flow rentals with hands-on management in Lenoir, NC. With home values at $221K and rents near $1,180/mo, other strategies can work but produce consistent rather than outsized returns.
You know 28645 now. You don’t know where it ranks.
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How 28645 ranks in Hickory-Lenoir-Morganton, NC
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