232 Summertree Dr · Troutman, NC 28166

$275,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 55 Days on market

Built 1994 0.67 ac lot

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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).

• Cash flow +14.0/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.3/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

Key facts

• 0.67 acre lot
• Built 1994
• Listed 54 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway; Other parking (see remarks)
• Utilities: Well water; Septic system
• Home design: Manufactured doublewide single-family residence; One story; Crawl space foundation
• Construction: Manufactured construction; Vinyl exterior
• Exterior features: Dirt road access; Road maintenance agreement; 0.67-acre lot

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Open room count of 1; Appliances: Electric cooktop, Microwave, Refrigerator
• Laundry & utility: Laundry in a utility room; Washer/Dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $38 ($450/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (23.2% below list).
• Recommended offer: $211k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.1% in Troutman — 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 (#342 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shepherd Elementary (math 59% / reading 55%, grade C+, #249 of 1,410 statewide, top 20%, 711 students, 45% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); South Iredell High (math 47% / reading 72%, grade C+, #216 of 535 statewide, top 43%, 1,711 students, 34% FRL).
• Zoned-school proficiency averages 69% at this address vs 52% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Iredell-Statesville Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.1%/yr); 265 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $192k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $211,205 (23.2% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 23% 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 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.77% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.58%
• DSCR: 1.03
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.43×
• Total profit: $-44,140
• Equity at exit: $41,003

10-year hold

• IRR: -9.5%
• Equity multiple: 0.44×
• Total profit: $-43,294
• Equity at exit: $23,777

Cash invested: $77,000 (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 28166

• Home prices YoY: -23.7%
• Rents YoY: 2.1%
• Active inventory: 265
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,112 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $38

Break-even live

Break-even rent $2,065

Max offer price $275,000

Occupancy floor 93%

Sensitivity live

Price	-10% $193	-5% $115	+0% $38	+5% $-40	+10% $-118
Rent	-10% $-129	-5% $-46	+0% $38	+5% $121	+10% $204
Rate	-1.0pp $176	-0.5pp $107	base $38	+0.5pp $-34	+1.0pp $-106

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Macel Dr Troutman, NC	2.0	2.0	1330	$1,955	$1.47	0d	4	0.78mi
160 Browband St Troutman, NC	3.0	2.5	1440	$2,355	$1.64	6d	1	1.18mi
253 Overcash Rd Troutman, NC	4.0	2.0	1256	$1,550	$1.23	25d	1	1.26mi

Listing history 39 events

1. 2026-06-21
   days on market $275,000 Active 55 DOM
2. 2026-06-18
   days on market $275,000 Active 52 DOM
3. 2026-06-17
   days on market $275,000 Active 51 DOM
4. 2026-06-16
   days on market $275,000 Active 50 DOM
5. 2026-06-15
   days on market $275,000 Active 49 DOM
6. 2026-06-13
   days on market $275,000 Active 47 DOM
7. 2026-06-13
   days on market $275,000 Active 46 DOM
8. 2026-06-09
   days on market $275,000 Active 43 DOM
9. 2026-06-08
   days on market $275,000 Active 42 DOM
10. 2026-06-07
    days on market $275,000 Active 41 DOM
11. 2026-06-04
    days on market $275,000 Active 38 DOM
12. 2026-06-03
    days on market $275,000 Active 37 DOM
13. 2026-06-02
    days on market $275,000 Active 36 DOM
14. 2026-06-01
    days on market $275,000 Active 35 DOM
15. 2026-05-31
    days on market $275,000 Active 34 DOM
16. 2026-05-12
    price $297,500
17. 2026-04-28
    listed $300,000 Active
18. 2026-04-13
    historical $300,000
19. 2022-09-08
    soldstatus $192,000 Closed 358-char remark

    Show marketing remark (358 chars)

    Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

20. 2022-09-08
    soldstatus $192,000

    Show marketing remark (358 chars)

    Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

21. 2022-07-13
    historical Active Under Contract 358-char remark

    Show marketing remark (358 chars)

    Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

22. 2022-07-08
    listed $200,000 Active 358-char remark

    Show marketing remark (358 chars)

    Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

23. 2022-07-07
    historical $200,000 358-char remark

    Show marketing remark (358 chars)

    Great 3 bedroom, 2 bathroom home on a .67 acre lot. This home features a large living room with a stone feature wall leading into the dining room, kitchen and breakfast nook. The primary bedroom has a large ensuite with dual closets and vanities. The secondary bedrooms share the other full bathroom. Come see this home today and all that it has to offer.

24. 2019-10-07
    soldstatus $109,000 Closed 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

25. 2019-10-07
    soldstatus $109,000

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

26. 2019-10-05
    status Under Contract - No Show 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

27. 2019-09-11
    historical Under Contract - Show 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

28. 2019-08-30
    price $109,900 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

29. 2019-08-19
    price $112,500 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

30. 2019-08-11
    listed $115,000 Active 173-char remark

    Show marketing remark (173 chars)

    Welcome home! A must see, well maintained home in a quiet location with NO HOA. New Roof, HVAC, and hot water heater. It's located minutes from I-77 and downtown Troutman!

31. 2018-05-02
    soldstatus $95,000 Closed
32. 2018-05-02
    soldstatus $95,000
33. 2018-02-09
    status Under Contract - No Show
34. 2018-01-21
    status Active
35. 2018-01-17
    historical
36. 2017-12-02
    price $99,990
37. 2017-10-27
    price $105,000
38. 2017-10-09
    listed $115,000 Active
39. 2003-06-10
    soldstatus $76,000

ⓘ 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: $892 · $74/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$1,363/yr (+$114/mo · 152.9%)

ⓘ 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 ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,345
• − Mortgage interest: −$15,404
• − Property taxes: −$892
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$8,000
• Taxable loss: −$4,381
• Est. tax savings @ 24.0%: +$1,052
• After-tax cash flow: $1,502/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Troutman

• Score: 64/100
• State rank: #342
• US rank: #13725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 11,875
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 11,875
• Household income: $93,511
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 167.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 15% Hispanic / Latino 6% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.32%
• Current HPI: 229.5993
• Rent YoY: ▲ 2.13%
• 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

+291.4% since first listed

24 events — show timeline

• 2026-05-12 Price Changed $297,500 CANOPYMLS as Distributed by MLS Grid
• 2026-04-28 Listed $300,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-13 Coming Soon $300,000 CANOPYMLS as Distributed by MLS Grid
• 2022-09-08 Sold (Public Records) $192,000 Public Records
• 2022-09-08 Sold (MLS) $192,000 CANOPYMLS as Distributed by MLS Grid
• 2022-07-13 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-07-08 Listed $200,000 CANOPYMLS as Distributed by MLS Grid
• 2022-07-07 Coming Soon $200,000 CANOPYMLS as Distributed by MLS Grid
• 2019-10-07 Sold (Public Records) $109,000 Public Records
• 2019-10-07 Sold (MLS) $109,000 CANOPYMLS as Distributed by MLS Grid
• 2019-10-05 Pending — CANOPYMLS as Distributed by MLS Grid
• 2019-09-11 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-08-30 Price Changed $109,900 CANOPYMLS as Distributed by MLS Grid
• 2019-08-19 Price Changed $112,500 CANOPYMLS as Distributed by MLS Grid
• 2019-08-11 Listed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2018-05-02 Sold (Public Records) $95,000 Public Records
• 2018-05-02 Sold (MLS) $95,000 CANOPYMLS as Distributed by MLS Grid
• 2018-02-09 Pending — CANOPYMLS as Distributed by MLS Grid
• 2018-01-21 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-01-17 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2017-12-02 Price Changed $99,990 CANOPYMLS as Distributed by MLS Grid
• 2017-10-27 Price Changed $105,000 CANOPYMLS as Distributed by MLS Grid
• 2017-10-09 Listed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2003-06-10 Sold (Public Records) $76,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $892 · +0.0% YoY. Source: county tax records.