415 Pinecroft Ln · Spencer, NC 28159

$269,900

3 bd · 2.5 ba · 1,601 sqft · SingleFamily · 67 Days on market

Built 2022 0.37 ac lot Est $243k · 11% over

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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).

• Appreciation +10.0/10.0
• Cash flow +8.7/30.0
• Livability +3.1/5.0
• ARV discount +2.6/15.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.9/10.0

Listing remarks MLS

$1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

Key facts

• Open floor plan
• Generous kitchen
• Newer construction

Tags

• WATER FILTRATION SYSTEM
• NEWER CONSTRUCTION
• OPEN FLOOR PLAN
• GREAT ROOM
• LUXURY VINYL PLANK FLOORING
• GENEROUS KITCHEN

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway (no main-level garage)
• Security: Security system
• Utilities: City water; Public sewer; Electric service (implied by electric range and water heater)
• Home design: Single family residence; Residential property; Two levels; Entry level includes main and upper floors; Zoning: SFR-2
• Construction: Site-built construction; Vinyl exterior; Crawl space foundation; Built with conventional roof (details not specified)
• Exterior features: Deck; Front porch; Cleared lot; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Electric water heater
• Bedrooms: 3 bedrooms on upper level
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full baths; 1 half bath (main level)
• Heating & cooling: Heat pump heating; Heat pump cooling; Ceiling fan(s)
• Interior features: 4 total rooms; Security system
• Laundry & utility: Laundry room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (31.3% below list).
• Recommended offer: $185k (31.3% below list) — sets the bar for 1% rule.

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; 1 comparable units currently listed for rent nearby; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k 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.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• 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 $185,300 (31.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.59%
• DSCR: 0.84
• GRM: 12.1

CMA / ARV

• ARV (on-the-fly): $243,352
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 N Yadkin Ave	0.34mi	3/1.0	1,635 (+2%)	2mo	$219,000	$134	73
600 3rd St	0.47mi	3/2.0	1,624 (+1%)	8mo	$290,000	$179	67
504 1st St	0.29mi	3/2.0	1,723 (+8%)	8mo	$279,000	$162	66
209B N Yadkin Ave N	0.40mi	3/2.0	1,456 (-9%)	0mo	$238,000	$163	64
509 5th St #5	0.72mi	3/1.5	1,608 (+0%)	4mo	$85,000	$53	58
704 4th St	0.60mi	3/1.0	1,669 (+4%)	1mo	$105,000	$63	58
903 N Long Es St	0.62mi	3/2.0	1,440 (-10%)	4mo	$230,000	$160	49
324 S Whitehead Ave	0.57mi	3/2.0	1,776 (+11%)	6mo	$218,000	$123	49
900 N Salisbury Ave	0.53mi	3/2.0	1,410 (-12%)	6mo	$214,900	$152	48
406 4th St	0.59mi	3/2.0	1,400 (-13%)	7mo	$225,900	$161	44
408 S Carolina Ave	0.66mi	2/1.0 (-1)	1,754 (+10%)	7mo	$205,000	$117	37
510 5th St	0.69mi	2/1.0 (-1)	1,419 (-11%)	6mo	$145,000	$102	32

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: 21.7%
• Equity multiple: 2.75×
• Total profit: $132,509
• Equity at exit: $243,147

10-year hold

• IRR: 19.6%
• Equity multiple: 6.31×
• Total profit: $401,388
• Equity at exit: $524,356

Cash invested: $75,572 (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: 12.1×

Monthly cashflow live

• Estimated rent: $1,853 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$162 /mo · $1,947/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-226

Break-even live

Break-even rent $2,139

Max offer price $229,944

Occupancy floor —

Sensitivity live

Price	-10% $-73	-5% $-150	+0% $-226	+5% $-303	+10% $-379
Rent	-10% $-373	-5% $-299	+0% $-226	+5% $-153	+10% $-80
Rate	-1.0pp $-90	-0.5pp $-158	base $-226	+0.5pp $-296	+1.0pp $-367

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 E Torbush Dr Salisbury, NC	3.0	2.0	1204	$1,853	$1.54	24d	1	1.15mi

Listing history 28 events

1. 2026-05-23
   price $269,900 998-char remark

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

2. 2026-05-23
   price $269,900

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

3. 2026-05-09
   price $274,900 998-char remark

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

4. 2026-05-09
   price $274,900

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

5. 2026-03-20
   listed $279,900 Active 998-char remark

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

6. 2026-03-20
   listed $279,900 Active

   Show marketing remark (998 chars)

   $1500 Credit with a preferred lender! Also enjoy a complete Water Filtration System included with your purchase! This stunning, Newer Construction radiates quality and care, featuring 3 bedrooms and 2.5 bathrooms that welcome you home. Step inside and feel the warmth of the open floor plan, highlighted by a spacious great room with beautiful luxury vinyl plank flooring—perfect for relaxing or entertaining guests. The kitchen truly inspires—boasting elegant shaker cabinets, gleaming granite countertops, and sleek stainless-steel appliances, making every meal feel special. The main level has just been refreshed with fresh paint, adding to its inviting charm. With a full laundry room and plentiful storage space, convenience and practicality are in this home. The Primary Suite offers a perfect ensuite and large walk-in closet designed for your comfort. Most security cameras will remain, along with TV mounts and smart lighting in the bedrooms to enhance your living experience.

7. 2026-01-05
   price $284,900
8. 2026-01-05
   price $284,900
9. 2025-10-16
   price $289,900
10. 2025-10-16
    price $289,900
11. 2025-09-27
    price $294,900
12. 2025-09-27
    price $294,900
13. 2025-09-08
    price $297,900
14. 2025-09-08
    price $297,900
15. 2025-08-08
    listed $299,900 Active
16. 2023-08-28
    soldstatus $265,300 Closed
17. 2023-08-28
    soldstatus $265,500
18. 2023-07-17
    historical Active Under Contract
19. 2023-05-26
    price $265,300
20. 2023-04-21
    price $265,400
21. 2023-04-13
    price $264,900
22. 2023-03-09
    price $265,000
23. 2023-02-16
    price $264,900
24. 2022-12-29
    price $259,900
25. 2022-11-16
    price $279,900
26. 2022-11-04
    listed $298,900 Active
27. 2022-05-31
    soldstatus $140,000
28. 2022-04-12
    soldstatus $32,000

ⓘ 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: $1,947 · $162/mo
• Projected year-2 tax: $2,213 · $184/mo
• Expected delta: +$267/yr (+$22/mo · 13.7%)

ⓘ 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 5/10 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: $22,236
• − Mortgage interest: −$15,119
• − Property taxes: −$1,947
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − Depreciation: −$7,852
• Taxable loss: −$7,588
• Est. tax savings @ 24.0%: +$1,821
• After-tax cash flow: $-893/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

+743.4% since first listed

28 events — show timeline

• 2026-05-23 Price Changed $269,900 Triad MLS
• 2026-05-23 Price Changed $269,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-09 Price Changed $274,900 Triad MLS
• 2026-05-09 Price Changed $274,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-20 Listed $279,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-20 Listed $279,900 Triad MLS
• 2026-01-05 Price Changed $284,900 Triad MLS
• 2026-01-05 Price Changed $284,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $289,900 Triad MLS
• 2025-10-16 Price Changed $289,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-27 Price Changed $294,900 Triad MLS
• 2025-09-27 Price Changed $294,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $297,900 Triad MLS
• 2025-09-08 Price Changed $297,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-08 Listed $299,900 CANOPYMLS as Distributed by MLS Grid
• 2023-08-28 Sold (Public Records) $265,500 Public Records
• 2023-08-28 Sold (MLS) $265,300 CANOPYMLS as Distributed by MLS Grid
• 2023-07-17 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2023-05-26 Price Changed $265,300 CANOPYMLS as Distributed by MLS Grid
• 2023-04-21 Price Changed $265,400 CANOPYMLS as Distributed by MLS Grid
• 2023-04-13 Price Changed $264,900 CANOPYMLS as Distributed by MLS Grid
• 2023-03-09 Price Changed $265,000 CANOPYMLS as Distributed by MLS Grid
• 2023-02-16 Price Changed $264,900 CANOPYMLS as Distributed by MLS Grid
• 2022-12-29 Price Changed $259,900 CANOPYMLS as Distributed by MLS Grid
• 2022-11-16 Price Changed $279,900 CANOPYMLS as Distributed by MLS Grid
• 2022-11-04 Listed $298,900 CANOPYMLS as Distributed by MLS Grid
• 2022-05-31 Sold (Public Records) $140,000 Public Records
• 2022-04-12 Sold (Public Records) $32,000 Public Records

Property tax history

+23.0%/yr

Latest (2025): $1,947 · +2.2% YoY. Source: county tax records.