266 Brower Rd · Spout Springs, NC 28326

$168,900

2 bd · 2.0 ba · 864 sqft · Land public records · 213 Days on market

Built 2000 0.47 ac lot

---

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 +20.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.1/10.0
• Rent growth +3.2/5.0
• Schools +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a rare investment opportunity with this great property featuring a stick-built home securely placed on permanent foundations and fully engineer approved. Two adjacent properties also available for purchase separately or as a bundle for maximum investment potential. Nestled in the heart of Harnett County, this unique offering is perfect for visionary investors looking to expand their portfolios! Home was a former classroom. With no kitchens or bathrooms, you have the freedom to design living areas that suit your style. This home is primed and ready for renovations, making it ideal for short-term rentals or long-term housing solutions. Build out (interior) plans are on file and approved by Harnett County. Interior build out Plans will be provided to buyer. Seller is a licensed NC Broker. * As Is. Cash Offers or Seller Financing Only. Seller financing: Minimum 20% down and 10-12% interest for qualified buyers. * Se habla espanol. Financiamiento del dueno disponible.

Key facts

• Fully renovated
• Generous lot
• New plumbing

Tags

• GENEROUS LOT
• FULLY RENOVATED
• NEW ROOF
• NEW WATER HEATER
• NEW SEPTIC
• NEW PLUMBING

Property features AI

Finance

• Other: Zoned RA-20 (Residential Agricultural); Lot approximately 0.47 acres

Exterior

• Utilities: Public water; Holding tank or septic tank sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding
• Exterior features: Deck

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Water heater
• Bedrooms: Total of 5 rooms (includes living areas and bedrooms)
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $169k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/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 $153k (9.5% below list).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: Highland Middle (math 34% / reading 41%, grade F, #256 of 475 statewide, top 55%, 875 students, 64% FRL); Overhills High (math 52% / reading 63%, grade C, #245 of 535 statewide, top 46%, 1,971 students, 47% FRL) — zoned schools at 55% FRL track the district average.
• Zoned-school proficiency averages 48% at this address vs 35% district-wide (+12 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 (+3.0%/yr); 244 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 213 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $148,632 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-14,064
• Equity at exit: $25,184

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $4,443
• Equity at exit: $14,603

Cash invested: $47,292 (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 28326

• Home prices YoY: -9.9%
• Rents YoY: 3.0%
• Active inventory: 244
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,529 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$40 /mo · $484/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $211

Break-even live

Break-even rent $1,261

Max offer price $168,900

Occupancy floor 81%

Sensitivity live

Price	-10% $307	-5% $259	+0% $211	+5% $164	+10% $116
Rent	-10% $91	-5% $151	+0% $211	+5% $272	+10% $332
Rate	-1.0pp $296	-0.5pp $254	base $211	+0.5pp $168	+1.0pp $123

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: $42,225
• Closing costs: $5,067
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38 Paul Revere Ln Cameron, NC	3.0	2.0	1120	$1,399	$1.25	24d	1	0.92mi

Listing history 12 events

1. 2026-05-18
   status Pending
2. 2026-05-16
   price $168,900
3. 2026-01-05
   price $174,900
4. 2026-01-01
   status Active
5. 2025-12-13
   status Pending
6. 2025-09-29
   listed $179,900 Active
7. 2024-09-23
   soldstatus $130,000 Closed 987-char remark

   Show marketing remark (987 chars)

   Discover a rare investment opportunity with this great property featuring a stick-built home securely placed on permanent foundations and fully engineer approved. Two adjacent properties also available for purchase separately or as a bundle for maximum investment potential. Nestled in the heart of Harnett County, this unique offering is perfect for visionary investors looking to expand their portfolios! Home was a former classroom. With no kitchens or bathrooms, you have the freedom to design living areas that suit your style. This home is primed and ready for renovations, making it ideal for short-term rentals or long-term housing solutions. Build out (interior) plans are on file and approved by Harnett County. Interior build out Plans will be provided to buyer. Seller is a licensed NC Broker. * As Is. Cash Offers or Seller Financing Only. Seller financing: Minimum 20% down and 10-12% interest for qualified buyers. * Se habla espanol. Financiamiento del dueno disponible.

8. 2024-09-23
   soldstatus $130,000

   Show marketing remark (987 chars)

   Discover a rare investment opportunity with this great property featuring a stick-built home securely placed on permanent foundations and fully engineer approved. Two adjacent properties also available for purchase separately or as a bundle for maximum investment potential. Nestled in the heart of Harnett County, this unique offering is perfect for visionary investors looking to expand their portfolios! Home was a former classroom. With no kitchens or bathrooms, you have the freedom to design living areas that suit your style. This home is primed and ready for renovations, making it ideal for short-term rentals or long-term housing solutions. Build out (interior) plans are on file and approved by Harnett County. Interior build out Plans will be provided to buyer. Seller is a licensed NC Broker. * As Is. Cash Offers or Seller Financing Only. Seller financing: Minimum 20% down and 10-12% interest for qualified buyers. * Se habla espanol. Financiamiento del dueno disponible.

9. 2024-08-31
   status Pending 987-char remark

   Show marketing remark (987 chars)

   Discover a rare investment opportunity with this great property featuring a stick-built home securely placed on permanent foundations and fully engineer approved. Two adjacent properties also available for purchase separately or as a bundle for maximum investment potential. Nestled in the heart of Harnett County, this unique offering is perfect for visionary investors looking to expand their portfolios! Home was a former classroom. With no kitchens or bathrooms, you have the freedom to design living areas that suit your style. This home is primed and ready for renovations, making it ideal for short-term rentals or long-term housing solutions. Build out (interior) plans are on file and approved by Harnett County. Interior build out Plans will be provided to buyer. Seller is a licensed NC Broker. * As Is. Cash Offers or Seller Financing Only. Seller financing: Minimum 20% down and 10-12% interest for qualified buyers. * Se habla espanol. Financiamiento del dueno disponible.

10. 2024-08-22
    listed $69,900 Active 987-char remark

    Show marketing remark (987 chars)

    Discover a rare investment opportunity with this great property featuring a stick-built home securely placed on permanent foundations and fully engineer approved. Two adjacent properties also available for purchase separately or as a bundle for maximum investment potential. Nestled in the heart of Harnett County, this unique offering is perfect for visionary investors looking to expand their portfolios! Home was a former classroom. With no kitchens or bathrooms, you have the freedom to design living areas that suit your style. This home is primed and ready for renovations, making it ideal for short-term rentals or long-term housing solutions. Build out (interior) plans are on file and approved by Harnett County. Interior build out Plans will be provided to buyer. Seller is a licensed NC Broker. * As Is. Cash Offers or Seller Financing Only. Seller financing: Minimum 20% down and 10-12% interest for qualified buyers. * Se habla espanol. Financiamiento del dueno disponible.

11. 2024-07-22
    price $62,500
12. 2024-07-12
    listed $69,000 Active

ⓘ 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: $484 · $40/mo
• Projected year-2 tax: $1,385 · $115/mo
• Expected delta: +$901/yr (+$75/mo · 186.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,346
• − Mortgage interest: −$9,461
• − Property taxes: −$484
• − Insurance: −$844
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − Depreciation: −$4,913
• Taxable loss: −$292
• Est. tax savings @ 24.0%: +$70
• After-tax cash flow: $2,607/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

• County: Harnett County · 125,715 people
• Metro: Fayetteville, NC
• Population (ZIP): 26,068
• Household income: $75,431
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 456.0

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 0.64)
• Race & ethnicity: White 52% Black 27% Hispanic / Latino 12% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6%
• Common ancestry: Slovak 3% Lithuanian 3% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -24.96%
• Current HPI: 226.8295
• Rent YoY: ▲ 2.95%
• Metro: Fayetteville, 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

+144.8% since first listed

12 events — show timeline

• 2026-05-18 Pending — LPRMLS
• 2026-05-16 Price Changed $168,900 LPRMLS
• 2026-01-05 Price Changed $174,900 LPRMLS
• 2026-01-01 Relisted — LPRMLS
• 2025-12-13 Pending — LPRMLS
• 2025-09-29 Listed $179,900 LPRMLS
• 2024-09-23 Sold (Public Records) $130,000 Public Records
• 2024-09-23 Sold (MLS) $130,000 LPRMLS
• 2024-08-31 Pending — LPRMLS
• 2024-08-22 Listed $69,900 LPRMLS
• 2024-07-22 Price Changed $62,500 LPRMLS
• 2024-07-12 Listed $69,000 LPRMLS