1165 Starhaven Ln · Salisbury, NC 28147

$38,000

3 bd · 2.0 ba · 960 sqft · Manufactured public records · 14 Days on market

Built 1988 1.00 ac lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits on this private 1-acre lot in western Rowan County! Nestled in a peaceful setting, this property offers plenty of potential for your future plans. Existing well and septic are located on the property, providing added value and convenience. The mobile home currently on site is being conveyed at no value. Property is being sold As-Is, Where-Is through a court-ordered sale and is subject to an upset bid period and approval of the Court. Currently occupied and no showings allowed. Don't miss this chance to own a spacious acre of land!

Key facts

• Existing well
• Existing septic
• Private 1-acre lot

Tags

• PRIVATE 1-ACRE LOT
• EXISTING WELL
• EXISTING SEPTIC

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking
• Utilities: Well water; Septic system installed
• Home design: Manufactured doublewide single-family residence; One level
• Construction: Manufactured construction with vinyl exterior; Crawl space foundation
• Exterior features: Dirt road access on a private maintained road; Lot of approximately 1 acre

Interior

• Kitchen: No kitchen appliances listed
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: Two full bathrooms (on main level)
• Heating & cooling: No heating specified; No cooling specified
• Interior features: Six total rooms; No built-in appliances listed
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $38k.

Deal economics

• At list price, monthly cash flow is $895 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Cap rate 34.6% vs local median 3.2% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities D-.
• 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.
• Market conditions: Rents rising (+1.9%/yr); 186 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 $263 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 3.81% ✓
• Cap rate: 34.56%
• Cash-on-cash: 100.94%
• DSCR: 5.49
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.85% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.62×
• Total profit: $49,205
• Equity at exit: $5,666

10-year hold

• IRR: —
• Equity multiple: 11.31×
• Total profit: $109,664
• Equity at exit: $3,286

Cash invested: $10,640 (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 28147

• Home prices YoY: -18.4%
• Rents YoY: 1.9%
• Active inventory: 186
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,447 medium
• Mortgage (P&I): −$199
• Tax from tax record: −$33 /mo · $400/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $895

Break-even live

Break-even rent $314

Max offer price $38,000

Occupancy floor 33%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $38,000 Active 14 DOM
2. 2026-06-17
   days on market $38,000 Active 13 DOM
3. 2026-06-16
   days on market $38,000 Active 12 DOM
4. 2026-06-15
   days on market $38,000 Active 11 DOM
5. 2026-06-13
   remarks 555-char remark
6. 2026-06-13
   days on market $38,000 Active 9 DOM
7. 2026-06-09
   days on market $38,000 Active 5 DOM
8. 2026-06-08
   days on market $38,000 Active 4 DOM
9. 2026-06-07
   remarks 511-char remark
10. 2026-06-07
    listed $38,000 Active 3 DOM

ⓘ 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: $400 · $33/mo
• Projected year-2 tax: $400 · $33/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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,369
• − Mortgage interest: −$2,129
• − Property taxes: −$400
• − Insurance: −$190
• − Repairs & maintenance: −$1,390
• − Management: −$1,390
• − Depreciation: −$1,105
• Taxable income: $10,766
• Est. tax owed @ 24.0%: −$2,584
• After-tax cash flow: $8,157/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 — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 25,812
• Household income: $65,060
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1025.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Black 21% Hispanic / Latino 17% Two or more races 8% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 10% Cuban 1%
• Common ancestry: Serbian 3% Slovak 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14% German/W. Germanic 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: ▼ -60.00%
• Current HPI: 265.9739
• Rent YoY: ▲ 1.85%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

1 event — show timeline

• 2026-06-04 Listed $38,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2025): $400 · +1.5% YoY. Source: county tax records.