414 S Rowan Ave · Spencer, NC 28159

$149,900

5 bd · 1.0 ba · 2,737 sqft · SingleFamily public records · 282 Days on market

Built 1900 7,405 sqft lot Est $257k · 42% under ↓ 33% since listing

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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 +25.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.7/10.0
• 1% rule +7.6/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Calling all investors and DIY enthusiasts! This charming 5-bedroom, 1-bath home in Spencer is a fantastic blank canvas. The property boasts generously sized rooms and a classic rocking chair front porch, perfect for enjoying quiet evenings. Its prime location offers a short stroll to downtown Spencer's shops, restaurants, and local attractions, making it an ideal project for a quick flip or a long-term rental. "HOUSE IS BEING SOLD AS IS. THE OWNER HAS NEVER LIVED IN THE HOME AND THE OWNER WILL MAKE NOT NEGOTIATE REPAIRS. Please note tax value. There are 2 bedrooms in the back upstairs that are not included in the primary HLA because you have to pass through a section of (a low ceilin

Key facts

• Prime location
• 7,405 sq ft lot
• Built 1900

Tags

• ROCKING CHAIR FRONT PORCH
• PRIME LOCATION
• SHORT STROLL TO DOWNTOWN

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: On-street parking
• Utilities: City water; Public sewer
• Home design: Single-family residential home; Site-built construction; Two levels; Facing direction not specified
• Construction: Vinyl siding; Composition roof; Crawl space foundation; Built on-site (site built)
• Exterior features: Covered front porch; Level lot; Yard shed(s); Paved, publicly maintained road access

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Five bedrooms on the main level
• Flooring: Laminate flooring; Linoleum flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Insulated windows; Storm doors; 11 total rooms
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.9% in Spencer — 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 61/100 on livability (#482 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, 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: North Rowan Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 426 students, 92% FRL); North Rowan Middle (math 15% / reading 24%, grade F, #433 of 475 statewide, top 91%, 440 students, 89% FRL); North Rowan High (math 2% / reading 37%, grade F, #492 of 535 statewide, top 93%, 589 students, 66% FRL) — zoned schools average 83% FRL vs 54% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 282 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.26% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $257,278
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 S Carolina Ave	0.13mi	4/3.5 (-1)	2,760 (+1%)	11mo	$110,000	$40	68
509 S Iredell Ave	0.13mi	5/2.5	2,758 (+1%)	24mo	$258,500	$94	67
113 2nd St	0.24mi	5/2.0	2,996 (+10%)	7mo	$180,000	$60	63
604 4th St	0.26mi	5/3.0	2,826 (+3%)	16mo	$82,500	$29	61
606 Carolina Ave	0.15mi	5/4.0	2,522 (-8%)	20mo	$285,000	$113	51
1017 4th St	0.66mi	4/3.0 (-1)	2,392 (-13%)	8mo	$399,999	$167	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.1%
• Equity multiple: 3.51×
• Total profit: $105,329
• Equity at exit: $135,042

10-year hold

• IRR: 27.7%
• Equity multiple: 7.95×
• Total profit: $291,782
• Equity at exit: $291,223

Cash invested: $41,972 (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 28159

• Home prices YoY: 3.1%
• Active inventory: 24
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,895 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$278 /mo · $3,339/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $371

Break-even live

Break-even rent $1,426

Max offer price $149,900

Occupancy floor 75%

Sensitivity live

Price	-10% $455	-5% $413	+0% $371	+5% $328	+10% $286
Rent	-10% $221	-5% $296	+0% $371	+5% $445	+10% $520
Rate	-1.0pp $446	-0.5pp $409	base $371	+0.5pp $332	+1.0pp $292

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $149,900 Active 282 DOM
2. 2026-06-18
   days on market $149,900 Active 279 DOM
3. 2026-06-17
   days on market $149,900 Active 278 DOM
4. 2026-06-16
   days on market $149,900 Active 277 DOM
5. 2026-06-15
   days on market $149,900 Active 276 DOM
6. 2026-06-13
   days on market $149,900 Active 274 DOM
7. 2026-06-10
   days on market $149,900 Active 270 DOM
8. 2026-06-08
   days on market $149,900 Active 269 DOM
9. 2026-06-07
   days on market $149,900 Active 268 DOM
10. 2026-06-04
    days on market $149,900 Active 265 DOM
11. 2026-06-03
    days on market $149,900 Active 264 DOM
12. 2026-06-02
    days on market $149,900 Active 263 DOM
13. 2026-06-01
    days on market $149,900 Active 262 DOM
14. 2026-05-31
    days on market $149,900 Active 261 DOM
15. 2026-04-29
    price $149,900
16. 2026-04-08
    price $169,900
17. 2025-10-29
    price $189,900
18. 2025-10-08
    price $199,900
19. 2025-09-12
    listed $225,000 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: $3,339 · $278/mo
• Projected year-2 tax: $3,339 · $278/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,745
• − Mortgage interest: −$8,397
• − Property taxes: −$3,339
• − Insurance: −$750
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − Depreciation: −$4,361
• Taxable income: $2,260
• Est. tax owed @ 24.0%: −$542
• After-tax cash flow: $3,905/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 — Spencer

• Score: 61/100
• State rank: #482
• US rank: #17657

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, NC
• City population: 3,181
• Population (ZIP): 3,181

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: Majority White (62%)
• Race & ethnicity: White 62% Black 33% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 9% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

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: ▲ 12.93%
• Current HPI: 428.3307
• 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

-33.4% since first listed

5 events — show timeline

• 2026-04-29 Price Changed $149,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $169,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-08 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-12 Listed $225,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $3,339 · +2.2% YoY. Source: county tax records.