1226 Percy Ln · Granite Quarry, NC 28138

$163,900

3 bd · 3.0 ba · 1,440 sqft · Other public records · 38 Days on market

Built 1982 0.90 ac lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SELLER IS VERY MOTIVATED!!! Welcome to 1226 Percy Ln, a spacious 1,440 sq ft single-story home on a generous 0.92-acre lot in peaceful Rockwell, Rowan County. This property offers privacy, room to grow, and excellent value just minutes from Salisbury and a quick commute to Charlotte. Why You'll Love It: Expansive Private Lot — Perfect for gardening, outdoor entertaining, workshops, or pets. Plenty of space to create your ideal country retreat. Comfortable Living Space — Functional layout with recent 2023 plumbing and electrical updates, ready for your personal touches. Outstanding Affordability — Very low annual taxes and priced for quick action in a desirable area. C

Key facts

• Convenient location
• 0.9 acre lot
• Built 1982

Tags

• EXPANSIVE PRIVATE LOT
• RECENT PLUMBING UPDATES
• RECENT ELECTRICAL UPDATES
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Well water; Septic system installed
• Home design: Manufactured singlewide residential home; One level
• Construction: Manufactured construction; Hardboard siding and metal materials; Permanent foundation
• Exterior features: Rear porch; Gravel road access; Private maintained road

Interior

• Kitchen: Bar fridge
• Bedrooms: 3 bedrooms on the main level
• Flooring: Laminate flooring
• Bathrooms: 3 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: 8 total rooms; Gas log fireplace
• Laundry & utility: Washer and dryer; Laundry in utility room and outside

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $164k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $159k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.9% in Granite Quarry — 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 71/100 on livability (#113 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockwell Elementary (math 46% / reading 44%, grade D-, #568 of 1,410 statewide, top 41%, 519 students, 49% FRL); East Rowan High (math 27% / reading 50%, grade F, #403 of 535 statewide, top 76%, 1,032 students, 51% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 38 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 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.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $164k implies a 556% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,983 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,438
• Equity at exit: $24,438

10-year hold

• IRR: 7.1%
• Equity multiple: 1.54×
• Total profit: $24,697
• Equity at exit: $14,171

Cash invested: $45,892 (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 28138

• Home prices YoY: -14.7%
• Active inventory: 38
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,873 medium
• Mortgage (P&I): −$860
• Tax est. 1.5%: −$205 /mo · $2,458/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $347

Break-even live

Break-even rent $1,434

Max offer price $163,900

Occupancy floor 76%

Sensitivity live

Price	-10% $460	-5% $404	+0% $347	+5% $290	+10% $234
Rent	-10% $199	-5% $273	+0% $347	+5% $421	+10% $495
Rate	-1.0pp $429	-0.5pp $389	base $347	+0.5pp $304	+1.0pp $261

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: $40,975
• Closing costs: $4,917
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $163,900 Active 38 DOM
2. 2026-06-18
   days on market $163,900 Active 35 DOM
3. 2026-06-17
   days on market $163,900 Active 34 DOM
4. 2026-06-16
   days on market $163,900 Active 33 DOM
5. 2026-06-15
   days on market $163,900 Active 32 DOM
6. 2026-06-13
   remarks 681-char remark
7. 2026-06-13
   pricedays on market $163,900 Active 30 DOM
8. 2026-06-09
   days on market $175,000 Active 26 DOM
9. 2026-06-08
   days on market $175,000 Active 25 DOM
10. 2026-06-07
    days on market $175,000 Active 24 DOM
11. 2026-06-04
    days on market $175,000 Active 21 DOM
12. 2026-06-03
    days on market $175,000 Active 20 DOM
13. 2026-06-02
    days on market $175,000 Active 19 DOM
14. 2026-06-01
    days on market $175,000 Active 18 DOM
15. 2026-05-31
    days on market $175,000 Active 17 DOM
16. 2026-05-14
    listed $175,000 Active
17. 2008-06-16
    soldstatus $25,000

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 6 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,474
• − Mortgage interest: −$9,181
• − Property taxes: −$2,458
• − Insurance: −$820
• − Repairs & maintenance: −$1,798
• − Management: −$1,798
• − Depreciation: −$4,768
• Taxable income: $1,651
• Est. tax owed @ 24.0%: −$396
• After-tax cash flow: $3,766/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Granite Quarry

• Score: 71/100
• State rank: #113
• US rank: #7036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 591
• Population (ZIP): 9,795

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Italian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.83%
• Current HPI: 293.9512
• Rent YoY: —
• Metro: —
• 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

+600.0% since first listed

2 events — show timeline

• 2026-05-14 Listed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2008-06-16 Sold (Public Records) $25,000 Public Records

Property tax history

-6.7%/yr

Latest (2018): $124 · +0.0% YoY. Source: county tax records.