113 Crois Ct · Troutman, NC 28115

$260,000

4 bd · 2.0 ba · 2,052 sqft · Manufactured public records · 120 Days on market

Built 2002 0.61 ac lot $13/mo HOA

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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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

Key facts

• Two refrigerators
• Open floor plan
• Primary suite

Tags

• OVERSIZED LOT
• OPEN FLOOR PLAN
• PRIMARY SUITE
• TWO REFRIGERATORS
• NATURAL LIGHT
• LARGE LOT

Property features AI

Finance

• HOA & community: Mandatory HOA with annual fee of $150; Community street lights

Exterior

• Parking: Driveway; 3 open parking spaces; Additional parking spaces available
• Utilities: Well water; Septic system
• Home design: Manufactured doublewide single-family residence; One story; Crawl space foundation
• Construction: Manufactured construction; Vinyl exterior
• Exterior features: Cul-de-sac lot; Wooded lot; Publicly maintained roads; Concrete and paved road access

Interior

• Kitchen: Dishwasher; Electric range; Exhaust fan
• Bedrooms: 3 bedrooms located on the main level
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: Open floorplan; Breakfast bar; Split bedroom layout; Walk-in closet(s); 11 total rooms
• Laundry & utility: Main level laundry; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $260k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $237k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.1% 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: Shepherd Elementary (math 59% / reading 55%, grade C+, #249 of 1,410 statewide, top 20%, 711 students, 45% 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 69% at this address vs 52% district-wide (+16 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 (+1.6%/yr); 499 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• This rent runs 36% of the median local income ($88k/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 $8k 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 120 days — a 9% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $236,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.19%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-14,298
• Equity at exit: $38,767

10-year hold

• IRR: 2.7%
• Equity multiple: 1.18×
• Total profit: $13,112
• Equity at exit: $22,480

Cash invested: $72,800 (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 28115

• Rents YoY: 1.6%
• Active inventory: 499
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,636 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$101 /mo · $1,209/yr
• Insurance: −$108
• HOA: −$13
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $497

Break-even live

Break-even rent $2,007

Max offer price $260,000

Occupancy floor 76%

Sensitivity live

Price	-10% $644	-5% $570	+0% $497	+5% $423	+10% $350
Rent	-10% $289	-5% $393	+0% $497	+5% $601	+10% $705
Rate	-1.0pp $628	-0.5pp $563	base $497	+0.5pp $429	+1.0pp $361

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Stella Ln Troutman, NC	3.0	2.5	1572	$2,000	$1.27	18d	1	0.99mi
181 Atwater Landing Dr Mooresville, NC	4.0	2.5	2738	$2,800	$1.02	25d	1	1.40mi
160 Browband St Troutman, NC	3.0	2.5	1440	$2,355	$1.64	6d	1	1.43mi
154 Almaden St Troutman, NC	3.0–4.0	2.5	1803	$2,949	$1.64	0d	1	1.47mi

HOA detail

• Monthly dues: $13 · $156/yr

Listing history 22 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   pricedays on market $260,000 Active 120 DOM
3. 2026-06-18
   days on market $280,000 Active 117 DOM
4. 2026-06-17
   days on market $280,000 Active 116 DOM
5. 2026-06-16
   days on market $280,000 Active 115 DOM
6. 2026-06-15
   days on market $280,000 Active 114 DOM
7. 2026-06-13
   days on market $280,000 Active 112 DOM
8. 2026-06-13
   days on market $280,000 Active 111 DOM
9. 2026-06-09
   days on market $280,000 Active 108 DOM
10. 2026-06-08
    days on market $280,000 Active 107 DOM
11. 2026-06-07
    days on market $280,000 Active 106 DOM
12. 2026-06-04
    days on market $280,000 Active 103 DOM
13. 2026-06-03
    days on market $280,000 Active 102 DOM
14. 2026-06-02
    days on market $280,000 Active 101 DOM
15. 2026-06-01
    days on market $280,000 Active 100 DOM
16. 2026-05-31
    days on market $280,000 Active 99 DOM
17. 2026-02-21
    listed $280,000 Active
18. 2022-04-21
    soldstatus $195,000 Closed 621-char remark

    Show marketing remark (621 chars)

    Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

19. 2022-04-21
    soldstatus $195,000

    Show marketing remark (621 chars)

    Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

20. 2022-03-19
    status Pending 621-char remark

    Show marketing remark (621 chars)

    Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

21. 2022-03-19
    listed $189,900 Active 621-char remark

    Show marketing remark (621 chars)

    Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

22. 2022-03-17
    historical $189,900 621-char remark

    Show marketing remark (621 chars)

    Spacious, open floor plan home located on a quiet cul-de-sac in desirable Mooresville. Newer luxury vinyl plank flooring in the main living areas. Kitchen with breakfast bar, adjacent dining area, family room and living room. Primary bedroom features a sitting area, oversized walk-in closet and attached bathroom with vanity, tub and shower. Split floor plan with two additional bedrooms, a full bathroom and a bonus room with a window and closet. Large, fenced backyard with a deck and mature trees. Refrigerators in kitchen and laundry room to convey. Convenient location with easy access to shopping, dining and I-77.

ⓘ 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: $1,209 · $101/mo
• Projected year-2 tax: $2,132 · $178/mo
• Expected delta: +$923/yr (+$77/mo · 76.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,629
• − Mortgage interest: −$14,564
• − Property taxes: −$1,209
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,530
• − Management: −$2,530
• − HOA: −$156
• − Depreciation: −$7,564
• Taxable income: $1,776
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $5,534/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: 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

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 · 182,638 people
• City population: 11,875
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 43,544
• Household income: $87,787
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 803.0

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 (77%)
• Race & ethnicity: White 77% Black 10% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Iranian 3% Lithuanian 3% Romanian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 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: ▼ -135.96%
• Current HPI: 246.6181
• Rent YoY: ▲ 1.58%
• 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
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+47.4% since first listed

6 events — show timeline

• 2026-02-21 Listed $280,000 CANOPYMLS as Distributed by MLS Grid
• 2022-04-21 Sold (Public Records) $195,000 Public Records
• 2022-04-21 Sold (MLS) $195,000 CANOPYMLS as Distributed by MLS Grid
• 2022-03-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-03-19 Listed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2022-03-17 Coming Soon $189,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+19.3%/yr

Latest (2025): $1,209 · +0.0% YoY. Source: county tax records.