406/408 Spring Ave · Murfreesboro, NC 27855

$79,900

4 bd · 2.0 ba · 840 sqft · SingleFamily · 3 Days on market

Built 1955 Fair condition 52 ac lot

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Why this score? — see what drove the B- 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0

Listing remarks

THIS WILL BE GREAT RENTAL PROPERTY. TWO RENTALS ON ONE PROPERTY. UNIQUE PROPERTY FEATURING TWO SEPARATE SINGLE-FAMILY RESIDENCES ON A LARGE CORNER LOT. ONE HOME IS CURRENTLY RENTED PROVIDING IMMEDIATE INCOME, WHILE THE OTHER IS VACANT AND OFFERS FLEXIBILITY FOR AN OWNER OCCUPANT OR ADDITIONAL RENTAL OPPORTUNITY.

Key facts

• 52 acre lot
• Built 1955
• Listed 2 days

Property features AI

Exterior

• Parking: Gravel parking; No garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; DSL/Cable available
• Home design: Residential property; Residential/Vacation subtype; One level
• Construction: Block and masonite construction; Slab foundation; Composition and metal roof
• Exterior features: Storm doors; No patio or porch; No fencing; Has a view

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating (electric); Window unit cooling
• Interior features: Electric oven, Electric range, Refrigerator; Carpet and vinyl flooring; No fireplace; 8 total rooms; No basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).

Location & tenants

• Location reads 67/100 on livability (#236 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: employment D+, crime F, amenities F.
• Hertford County Schools (town): math 14% / reading 26% proficiency, ranked #171 of 178 in NC (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Riverview Elementary (math 8% / reading 22%, grade F, #1,325 of 1,410 statewide, top 94%, 344 students, 99% FRL); Hertford County Middle (math 6% / reading 26%, grade F, #455 of 475 statewide, top 96%, 536 students, 99% FRL); Hertford County High (math 12% / reading 12%, grade F, #518 of 535 statewide, top 97%, 573 students, 100% FRL) — zoned schools average 99% FRL vs 74% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 5 units permitted in Hertford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($552 loan paydown + $4k appreciation (4.9% local appreciation)).
• Hertford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.26% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.05%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.50×
• Total profit: $33,608
• Equity at exit: $44,933

10-year hold

• IRR: 23.3%
• Equity multiple: 4.95×
• Total profit: $88,394
• Equity at exit: $77,264

Cash invested: $22,372 (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 27855

• Home prices YoY: 3.1%
• Active inventory: 35
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,007 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $243

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 71%

Sensitivity live

Price	-10% $299	-5% $271	+0% $243	+5% $216	+10% $188
Rent	-10% $164	-5% $204	+0% $243	+5% $283	+10% $323
Rate	-1.0pp $284	-0.5pp $264	base $243	+0.5pp $223	+1.0pp $202

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-18
   days on market $79,900 Active 3 DOM
2. 2026-06-17
   days on market $79,900 Active 2 DOM
3. 2026-06-16
   statusdays on marketlisting id $79,900 Active 1 DOM
4. 2026-05-13
   status Pending
5. 2026-03-31
   listed $79,900 Active

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $12,084
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$967
• − Management: −$967
• − Depreciation: −$2,324
• Taxable income: $1,753
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $2,500/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 · 3 photos

Fair 45/100 Moderate rehab

This property requires significant exterior repairs and maintenance, including painting, siding repair, and roof inspection. Immediate updates will improve its curb appeal and structural integrity, making it a great rental opportunity.

Repairs flagged

• Major Painting — Peeling paint on the main building
• Major Siding repair — Visible wear on the siding
• Major Roof inspection — Aged appearance

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics
• Both Siding repair — Improves structural integrity and appearance
• Both Roof inspection and repair — Ensures safety and extends the life of the roof

Renovation cost estimate screening

Repair item	Severity	Est. cost
Painting · Peeling paint on the main building	Major	$15,000–50,000
Siding repair · Visible wear on the siding	Major	$15,000–50,000
Roof inspection · Aged appearance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both Siding repair — Improves structural integrity and appearance ↑
• Both Roof inspection and repair — Ensures safety and extends the life of the roof ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hertford County Schools
• NCES district ID: 3702160
• Math proficiency: 14% ▼ -3.00%
• Reading proficiency: 26% ▼ -1.00%
• Median HH income: $33,467
• Composite: 16.29/100
• National rank: #9213
• State rank: #171 of 178 in NC

Livability — Murfreesboro

• Score: 67/100
• State rank: #236
• US rank: #10779

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Murfreesboro, NC
• Population (ZIP): 5,635

Population outlook (Hertford County) Hauer SSP2

• Today (2025): 23,401 people
• By 2030: 22,708 · -3.0%
• By 2040: 21,227 · -9.3%
• By 2050: 19,942 · -14.8%
• By 2075: 17,844 · -23.7%
• By 2100: 15,148 · -35.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 29% Hispanic / Latino 10% Native American 3% Two or more races 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Hispanic 1% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · Hertford

• 2024 margin: Strong D (+26.8) · D 63.0% · R 36.3%
• 2008→2024 swing: -14.8pp toward R · 2008: 41.5pp · 2024: 26.8pp
• All cycles: 2024: D+26.8 2020: D+34.0 2016: D+37.7 2012: D+44.3 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.93%
• Current HPI: 162.9458
• 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

2 events — show timeline

• 2026-05-13 Pending — RVLG
• 2026-03-31 Listed $79,900 RVLG