Is 151 Spotted Way in Troutman, NC a good investment?

CashFlowRE grades it D with a 5.2% cap rate and $-298/mo modeled cash flow at a $325,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 151 Spotted Way?

The modeled cap rate is 5.2% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $2,543/month, from CashFlowRE's rent model.

D Composite 41.29

Why this score? — see what drove the D 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).

ARV discount +11.9/15.0
Cash flow +8.3/30.0
Schools +5.0/10.0
Condition / age +4.8/5.0
Livability +3.2/5.0
Rent growth +3.0/5.0
1% rule +2.8/10.0
DSCR +2.3/10.0
Appreciation +0.0/10.0

$325,000

151 Spotted Way · Troutman, NC 28166

4 bd · 2.5 ba · 1,956 sqft · SingleFamily · 96 Days on market

Built 2026 Excellent condition 5,227 sqft lot 2-car garage $166/sqft · 10% below area Est $360k · 10% under $61/mo HOA · 2% of rent ↓ 3% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

This new two-story Crane floorplan was designed for optimum comfort and convenience. The first floor features an open family room that flows seamlessly to the kitchen and breakfast room, plus a two-car garage. The second floor hosts a versatile loft that adds shared living space and four restful bedrooms including a large owner’s suite. Plus, our signature Everything's Included program means you will get quartz or granite kitchen countertops, stainless steel appliances, luxury vinyl plank flooring on floor one, and so much more at no extra cost! Sutton Village is conveniently located in Troutman, offering excellent outdoor recreation at nearby Lake Norman State Park.

Key facts

Outdoor recreation
Open family room
Versatile loft

What this means for you Summary

Snapshot

This is a 4-bed/2.5-bath single-family listed at $325k. Condition is rated excellent.

Deal economics

At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
To cash-flow at today's rent, offer at most $282k (13.3% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (21.7% below list).
Recommended offer: $254k (21.7% below list) — sets the bar for 1% rule.
Cap rate 5.2% vs local median 3.4% in Troutman — 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 64/100 on livability (#342 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, commute F, health & safety 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.
Zoned schools: Troutman Elementary (math 63% / reading 44%, grade C, #335 of 1,410 statewide, top 24%, 698 students, 54% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); South Iredell High (math 47% / reading 72%, grade C+, #216 of 535 statewide, top 43%, 1,711 students, 34% FRL).
Zoned-school proficiency averages 68% at this address vs 52% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Iredell-Statesville Schools average implies; a family-tenant draw the district grade alone would hide.
Market conditions: Rents rising (+2.1%/yr); 381 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
This rent runs 33% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

It's been on market 96 days — a 9% lower offer ($296k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $254,334 (21.7% below list)

Questions for the listing agent

What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
It's been on market 96 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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.
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.
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: 0.78% ✗
Cap rate: 5.19%
Cash-on-cash: -3.93%
DSCR: 0.83
GRM: 10.6

CMA / ARV

ARV (median comp): $360,267
List price: $325,000
Delta: -9.79%
Verdict: FAIR
Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
154 Spotted Way	0.04mi	4/2.5	1,956 (0%)	1mo	$334,000	$171	97
158 Spotted Way	0.05mi	4/2.5	1,956 (0%)	1mo	$330,000	$169	97
146 Spotted Way	0.04mi	4/2.5	1,956 (0%)	3mo	$362,499	$185	95
133 Spotted Way	0.06mi	4/2.5	1,956 (0%)	4mo	$359,319	$184	94
117 Dorian Pl	0.16mi	4/2.5	1,956 (0%)	16mo	$350,999	$179	79
141 Spotted Way	0.04mi	5/2.5 (+1)	2,203 (+13%)	0mo	$345,000	$157	72
157 Grouse Run Way	0.24mi	4/3.0	2,162 (+10%)	1mo	$439,900	$203	69
177 Jacobs Woods Cir	0.55mi	3/2.5 (-1)	1,945 (-1%)	13mo	$334,000	$172	57
123 Dorian Pl	0.16mi	3/2.5 (-1)	1,675 (-14%)	12mo	$275,000	$164	53
157 Byers Rd	0.38mi	3/2.0 (-1)	1,733 (-11%)	6mo	$375,000	$216	52
133 Jacobs Woods Cir	0.56mi	3/2.5 (-1)	2,066 (+6%)	16mo	$355,000	$172	46
141 Byers Rd	0.40mi	3/2.5 (-1)	1,724 (-12%)	17mo	$340,000	$197	43

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 · 2.13% rent growth · sell at horizon

5-year hold

IRR: -23.9%
Equity multiple: 0.19×
Total profit: $-73,760
Equity at exit: $48,459

10-year hold

IRR: -21.5%
Equity multiple: -0.07×
Total profit: $-97,241
Equity at exit: $28,100

Cash invested: $91,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 29 active · 16 under contract
Months of supply: 10.9 mo (9%/mo absorbed)
Median asking: $409,900 ($211/sqft)
Median days on market: 54 d
This list price: 7% of active listings are priced below it
ARV vs active asking: -12.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28166

Home prices YoY: -23.7%
Rents YoY: 2.1%
Active inventory: 381
Price-to-rent: 10.6×

Monthly cashflow live

Estimated rent: $2,543 high interval (Pro) →
Mortgage (P&I): −$1,704
Tax est. 1.5%: −$406 /mo · $4,875/yr
Insurance: −$135
HOA: −$61
Lot rent: −$0
Vacancy / Maint / Mgmt: −$534
Net cashflow: $-298

Break-even live

Break-even rent $2,920

Max offer price $281,913

Occupancy floor —

Sensitivity live

Price	-10% $-73	-5% $-185	+0% $-298	+5% $-410	+10% $-522
Rent	-10% $-499	-5% $-398	+0% $-298	+5% $-197	+10% $-97
Rate	-1.0pp $-134	-0.5pp $-215	base $-298	+0.5pp $-382	+1.0pp $-468

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: $81,250
Closing costs: $9,750
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
152 Spotted Way Troutman, NC	5.0	2.5	2306	$2,550	$1.11	10d	1	0.03mi
181 Jacobs Woods Cir Troutman, NC	3.0	2.0	1959	$2,300	$1.17	4d	1	0.53mi
824 Perry Rd Troutman, NC	3.0	2.0	1456	$1,350	$0.93	80d	1	0.66mi
150 Scotsway Ct Troutman, NC	3.0	2.5	2246	$2,040	$0.91	24d	1	1.09mi
199 Calvin Creek Dr Troutman, NC	5.0	3.0	2600	$1,100	$0.42	84d	1	1.16mi
173 Calvin Creek Dr Troutman, NC	5.0	3.0	2556	$2,705	$1.06	73d	1	1.27mi
173 Calvin Creek Dr Troutman, NC	5.0	3.0	2556	$2,805	$1.10	108d	1	1.27mi
229 Wagner St Troutman, NC	3.0	2.0	1500	$1,500	$1.00	29d	1	1.46mi

Property features AI

Finance

Other: Property is subject to architectural review and deed restrictions
HOA & community: Mandatory HOA (CAMS)Quarterly association fee of $183

Exterior

Parking: Attached garageDriveway2-car garageMain level garage
Utilities: City waterPublic sewerCable connectedElectricity connectedUnderground utilities
Home design: Single family residenceResidential propertyTwo levelsMain level garageUnder construction; new construction
Construction: Site-builtFiber cement and hardboard sidingComposition roofSlab foundationBuilder: LennarModel: Crane CProposed completion in 2026
Exterior features: Concrete and paved roadsRoad dedication to public use pending acceptance

Interior

Kitchen: DishwasherDisposalGas rangeMicrowaveOvenPlumbed for ice maker
Bedrooms: 4 bedrooms (all on the upper level)
Flooring: CarpetVinyl
Bathrooms: 2 full bathrooms1 half bathroom
Heating & cooling: Central heatHeat pumpElectric heatingZoned heatingCentral air conditioningElectric coolingZoned cooling
Interior features: 11 total roomsInsulated windows
Laundry & utility: Laundry room on upper levelWasher hookupElectric dryer hookupWasher/Dryer includedTankless water heater

Listing history 50 events

2026-08-13

days on market $325,000 Active 96 DOM
2026-08-12

days on market $325,000 Active 95 DOM
2026-08-11

days on market $325,000 Active 94 DOM
2026-08-10

days on market $325,000 Active 93 DOM
2026-08-09

days on market $325,000 Active 92 DOM
2026-08-08

days on market $325,000 Active 91 DOM
2026-08-07

price $325,000 Active 89 DOM
2026-08-06

days on market $334,000 Active 89 DOM
2026-08-05

days on market $334,000 Active 88 DOM
2026-08-04

days on market $334,000 Active 87 DOM
2026-08-03

days on market $334,000 Active 86 DOM
2026-07-31

days on market $334,000 Active 83 DOM
2026-07-30

pricedays on market $334,000 Active 82 DOM
2026-07-30

days on market $340,000 Active 81 DOM
2026-07-28

pricedays on market $340,000 Active 80 DOM
2026-07-26

pricedays on market $345,000 Active 78 DOM
2026-07-24

days on market $350,949 Active 76 DOM
2026-07-23

days on market $350,949 Active 75 DOM
2026-07-22

days on market $350,949 Active 74 DOM
2026-07-21

days on market $350,949 Active 73 DOM
2026-07-20

days on market $350,949 Active 72 DOM
2026-07-18

days on market $350,949 Active 70 DOM
2026-07-16

days on market $350,949 Active 68 DOM
2026-07-15

days on market $350,949 Active 67 DOM
2026-07-14

days on market $350,949 Active 66 DOM
2026-07-13

days on market $350,949 Active 65 DOM
2026-07-13

days on market $350,949 Active 64 DOM
2026-07-11

days on market $350,949 Active 63 DOM
2026-07-10

days on market $350,949 Active 62 DOM
2026-07-10

price $350,949 Active 61 DOM
2026-07-09

days on market $353,999 Active 61 DOM
2026-07-07

days on market $353,999 Active 59 DOM
2026-07-06

days on market $353,999 Active 58 DOM
2026-07-05

days on market $353,999 Active 57 DOM
2026-07-03

days on market $353,999 Active 55 DOM
2026-07-02

days on market $353,999 Active 54 DOM
2026-07-01

days on market $353,999 Active 53 DOM
2026-06-30

days on market $353,999 Active 52 DOM
2026-06-29

days on market $353,999 Active 51 DOM
2026-06-28

days on market $353,999 Active 50 DOM
2026-06-27

days on market $353,999 Active 49 DOM
2026-06-26

days on market $353,999 Active 48 DOM
2026-06-24

days on market $353,999 Active 46 DOM
2026-06-22

days on market $353,999 Active 44 DOM
2026-06-21

days on market $353,999 Active 43 DOM
2026-06-18

days on market $353,999 Active 40 DOM
2026-06-17

days on market $353,999 Active 39 DOM
2026-06-16

days on market $353,999 Active 38 DOM
2026-06-15

days on market $353,999 Active 37 DOM
2026-06-13

pricedays on market $353,999 Active 35 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 d/yr by 30 yrs out
💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $30,520
− Mortgage interest: −$18,205
− Property taxes: −$4,875
− Insurance: −$1,625
− Repairs & maintenance: −$2,442
− Management: −$2,442
− HOA: −$732
− Depreciation: −$9,455
Taxable loss: −$9,255

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$2,221
After-tax cash flow: $-1,352/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.

Condition & rehab AI · 24 photos

Excellent 95/100 None rehab

This home is in excellent condition with modern finishes and a move-in-ready appearance. It offers a great value for both resale and rental markets.

Value-add opportunities

Resale Painting the interior walls — Fresh paint can enhance the home's curb appeal and make it more appealing to potential buyers. ↑
Rental Updating the flooring in the bedrooms — Replacing worn-out flooring can improve the home's rental value and attract tenants. ↑
Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more convenient and energy-efficient. ↑

D Composite school gradezoned avg 50/100

Zoned Schools

Elementary Troutman Elementary C NC #335/1,410 Nat'l #10,846/41,679 Middle Troutman Middle F NC #251/475 Nat'l #6,571/14,009 High South Iredell High C+ NC #216/535 Nat'l #3,588/17,239

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

C Composite livability gradescore 64/100

Livability — Troutman

Score: 64/100
State rank: #342
US rank: #13725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

County: Iredell County · 194,510 people
City population: 11,875
Metro: Charlotte-Concord-Gastonia, NC-SC
Population (ZIP): 11,875
Household income: $93,511
Rent vs Own: 16.2% rent · 83.8% own

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: Predominantly White (76%)
Race & ethnicity: White 76% Black 15% Hispanic / Latino 6% Two or more races 4% Asian 1%
Hispanic origin (detail): Mexican 3% Puerto Rican 1%
Common ancestry: Serbian 2% Italian 2% Slovak 2%
Foreign-born: 3% · Canada
Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 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: ▼ -71.32%
Current HPI: 229.5993
Rent YoY: ▲ 2.13%
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
#17 Bank of America Charlotte $192.4B #166 Truist Financial Charlotte $20.5B
Retail	2	$95B
#52 Lowe's Mooresville $83.7B #337 Advance Auto Parts Raleigh $11.2B
Industrial Conglomerate	1	$38B
#114 Honeywell International Charlotte $37.9B
Metals / Steel	1	$35B
#121 Nucor Charlotte $35.4B
Utilities	1	$30B
#133 Duke Energy Charlotte $29.9B
Industrial Machinery	1	$19B
#182 Trane Technologies Davidson $18.9B

Price history

-2.7% since first listed

3 events — show timeline

2026-06-13 Price Changed $353,999 CANOPYMLS as Distributed by MLS Grid
2026-05-09 Listed $363,999 CANOPYMLS as Distributed by MLS Grid
2026-05-09 Coming Soon $363,999 CANOPYMLS as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…