98 Shade Wood · Spout Springs, NC 27332

$224,800

3 bd · 2.0 ba · 1,728 sqft · Manufactured public records · 19 Days on market

Built 1995 0.39 ac lot Est $232k · at est.

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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).

• Cash flow +13.8/30.0
• ARV discount +8.8/15.0
• DSCR +4.2/10.0
• Rent growth +3.7/5.0
• Schools +3.0/10.0
• 1% rule +2.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful Ranch Cul-De-Sac home on just under a half acre lot complete with custom kitchen, vaulted ceilings and fantastic Primary. Features include shaker cabinets, quartz counters, tile backsplash and stainless steel appliances. Wide plank laminate flooring, PLUSH carpet and new interior paint. Primary with en suite and huge WIC and double vanity. Convenient to shopping and restaurants. Staged photos for illustration only, to show homes potential.

Key facts

• Custom kitchen
• Quartz counters
• Shaker cabinets

Tags

• CUSTOM KITCHEN
• SHAKER CABINETS
• QUARTZ COUNTERS
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• WIDE PLANK LAMINATE FLOORING

Property features AI

Finance

• Other: Zoning: RA-20R
• HOA & community: No homeowners association

Exterior

• Parking: Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Manufactured double-wide home; One level
• Construction: Vinyl siding; Shingle roof; Pillar/post/pier foundation; Built as a double wide manufactured house
• Exterior features: Lot approximately 0.39 acres; Public maintained road; Shaded cul-de-sac location

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Stainless steel appliances
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Open floorplan; Eat-in kitchen; Vaulted ceilings; Double vanity; Soaking tub; Bathtub/shower combination; Quartz counters; Walk-in closet(s); Primary bedroom on main level; Has crawl space basement
• Laundry & utility: Laundry on main level; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $21 ($249/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (24.3% below list).
• Recommended offer: $170k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.1% in Spout Springs — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Overhills High (math 52% / reading 63%, grade C, #245 of 535 statewide, top 46%, 1,971 students, 47% FRL) — zoned schools at 47% FRL track the district average.
• Zoned-school proficiency averages 58% at this address vs 35% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Harnett County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.9%/yr); 458 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $225k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,097 (24.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.76% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.40%
• DSCR: 1.02
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $231,552
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
578 Coachman Way	0.21mi	3/2.0	1,698 (-2%)	15mo	$302,000	$178	75
343 Deer Vw	0.48mi	4/2.0 (+1)	1,730 (+0%)	1mo	$232,000	$134	72
110 Winding Rdg #39	0.55mi	3/2.0	1,620 (-6%)	2mo	$175,000	$108	62
143 Brent Wood	0.20mi	3/2.0	1,516 (-12%)	14mo	$174,000	$115	58
47 Hunter Field Fld	0.56mi	3/2.0	1,512 (-12%)	7mo	$212,500	$141	47
101 Hunter Fld	0.61mi	4/2.0 (+1)	1,534 (-11%)	11mo	$219,900	$143	38
57 Winding Ridge Rdg	0.60mi	4/2.0 (+1)	1,512 (-12%)	11mo	$190,000	$126	38
16 Pine Haven Dr	0.60mi	3/2.0	1,516 (-12%)	21mo	$204,500	$135	34
163 Fox Wood	0.58mi	4/2.0 (+1)	1,529 (-12%)	22mo	$203,000	$133	31

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 · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.49×
• Total profit: $-31,963
• Equity at exit: $33,518

10-year hold

• IRR: -2.8%
• Equity multiple: 0.80×
• Total profit: $-12,705
• Equity at exit: $19,437

Cash invested: $62,944 (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 27332

• Home prices YoY: -17.8%
• Rents YoY: 4.9%
• Active inventory: 458
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,701 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$50 /mo · $606/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $21

Break-even live

Break-even rent $1,675

Max offer price $224,800

Occupancy floor 94%

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: $56,200
• Closing costs: $6,744
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Castle Wood Sanford, NC	3.0	2.0	1250	$1,399	$1.12	23d	1	0.16mi
159 Pine Haven Dr Sanford, NC	2.0	2.0	1200	$1,350	$1.12	23d	1	0.45mi
478 Washington Ln Cameron, NC	3.0	2.0	1120	$1,250	$1.12	23d	1	1.00mi
424 Washington Ln Cameron, NC	4.0	2.0	1568	$1,500	$0.96	13d	1	1.06mi
96 Heritage Way Cameron, NC	3.0	1.0	1232	$1,195	$0.97	23d	1	1.47mi

Listing history 15 events

1. 2026-06-18
   days on market $224,800 Active 19 DOM
2. 2026-06-17
   days on market $224,800 Active 18 DOM
3. 2026-06-16
   days on market $224,800 Active 17 DOM
4. 2026-06-15
   days on market $224,800 Active 16 DOM
5. 2026-06-14
   pricedays on market $224,800 Active 14 DOM
6. 2026-06-10
   days on market $224,900 Active 11 DOM
7. 2026-06-09
   days on market $224,900 Active 10 DOM
8. 2026-06-08
   days on market $224,900 Active 9 DOM
9. 2026-06-07
   days on market $224,900 Active 8 DOM
10. 2026-06-05
    days on market $224,900 Active 5 DOM
11. 2026-06-03
    days on market $224,900 Active 4 DOM
12. 2026-06-02
    days on market $224,900 Active 3 DOM
13. 2026-06-01
    days on market $224,900 Active 2 DOM
14. 2026-05-30
    remarks 453-char remark
15. 2026-05-30
    listed $224,900 Active 1 DOM

ⓘ 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: $606 · $50/mo
• Projected year-2 tax: $1,843 · $154/mo
• Expected delta: +$1,237/yr (+$103/mo · 204.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,412
• − Mortgage interest: −$12,592
• − Property taxes: −$606
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,633
• − Management: −$1,633
• − Depreciation: −$6,540
• Taxable loss: −$3,716
• Est. tax savings @ 24.0%: +$892
• After-tax cash flow: $1,141/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: Harnett County Schools
• NCES district ID: 3702010
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $45,400
• Composite: 29.88/100
• National rank: #6397
• State rank: #130 of 178 in NC

Livability — Spout Springs

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Spout Springs, NC
• County: Lee County · 76,725 people
• Metro: Sanford, NC
• Population (ZIP): 36,947
• Household income: $78,447
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 632.0

Population outlook (Harnett County) Hauer SSP2

• Today (2025): 153,758 people
• By 2030: 166,581 · +8.3%
• By 2040: 192,741 · +25.4%
• By 2050: 218,332 · +42.0%
• By 2075: 275,422 · +79.1%
• By 2100: 313,511 · +103.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 19% Black 16% Two or more races 11% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 4% Cuban 2%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 15%

Political lean MEDSL · Harnett

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -16.7pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+22.4 2016: R+24.1 2012: R+19.4 2008: R+16.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.61%
• Current HPI: 252.2719
• Rent YoY: ▲ 4.87%
• Metro: Sanford, NC
• 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

+491.8% since first listed

3 events — show timeline

• 2026-05-30 Listed $224,900 TMLS
• 2026-04-13 Sold (Public Records) $100,000 Public Records
• 2006-06-23 Sold (Public Records) $38,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $606 · +0.0% YoY. Source: county tax records.