422 Spring St · Hamlet, NC 28345

$115,000

3 bd · 1.0 ba · 1,370 sqft · SingleFamily public records · 60 Days on market

Built 1930 0.34 ac lot Est $103k · 12% 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).

• Cash flow +21.1/30.0
• DSCR +6.7/10.0
• 1% rule +4.4/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks

9 Property Investment Portfolio to include: 7 fully rented single family homes, 1 fully rented duplex, and 1 vacant lot all within walking distance of one another. Each property is currently month to month as all tenants are long term tenants and fulfilled their initial one year lease. Properties are not to be sold separately and must be sold altogether. 422 Spring St is a 3 bedroom 1 bath property that rents for $800 per month Additional Properties included in this portfolio are: 314 High St 316 High St 300 Corning St 302 Corning St 310 Spring St. 320/322 High St - Duplex 627 Washington Ave 218 Spring St-vacant lot

Key facts

• 0.34 acre lot
• Built 1930
• Listed 59 days

Property features AI

Finance

• Other: Zoned residential; Lot approximately 0.34 acres; Road frontage on city street and state road; Directions: From Hwy 74 turn onto Kent St and then onto Spring St
• Financial info: Not specified
• HOA & community: Not specified

Exterior

• Parking: On-site parking
• Security: Not specified
• Utilities: Sewer connected; Water connected
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Wood siding and frame construction; Shingle roof; Built on crawl space
• Exterior features: Front porch; No fencing; Has a view

Interior

• Kitchen: Eat-in kitchen (appliances not specified)
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Flooring: Not specified
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/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 $108k (6.3% below list).
• Recommended offer: $108k (6.3% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 3.8% in Hamlet — 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 70/100 on livability (#124 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D, amenities F, commute F.
• Richmond County Schools (town): math 30% / reading 36% proficiency, ranked #139 of 178 in NC (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Monroe Avenue Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 407 students, 99% FRL); Hamlet Middle (math 22% / reading 34%, grade F, #360 of 475 statewide, top 77%, 425 students, 99% FRL); Richmond Senior High (math 58% / reading 38%, grade D, #329 of 535 statewide, top 62%, 1,286 students, 99% FRL) — zoned schools average 99% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 67% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,799 (6.3% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 D-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 D 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. 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: 0.94% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.09%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $102,750
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Washington Ave	0.09mi	2/1.0 (-1)	1,354 (-1%)	23mo	$152,500	$113	70
733 W Hamlet Ave	0.36mi	3/2.0	1,344 (-2%)	20mo	$95,000	$71	59
409 Oakland Ave	0.26mi	3/1.0	1,218 (-11%)	19mo	$98,000	$80	53
343 Raleigh St	0.33mi	4/1.0 (+1)	1,496 (+9%)	21mo	$35,000	$23	46
532 Lackey St	0.71mi	3/1.0	1,232 (-10%)	5mo	$59,900	$49	46
7 Williams St	0.45mi	3/2.0	1,202 (-12%)	12mo	$90,000	$75	45
803 Jefferson St	0.55mi	2/1.0 (-1)	1,216 (-11%)	14mo	$179,900	$148	39

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

Projected returns pro-forma

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

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-8,281
• Equity at exit: $17,147

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $5,985
• Equity at exit: $9,943

Cash invested: $32,200 (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 28345

• Home prices YoY: -22.3%
• Active inventory: 73
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,078 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $163

Break-even live

Break-even rent $871

Max offer price $115,000

Occupancy floor 80%

Sensitivity live

Price	-10% $228	-5% $196	+0% $163	+5% $131	+10% $98
Rent	-10% $78	-5% $121	+0% $163	+5% $206	+10% $249
Rate	-1.0pp $221	-0.5pp $193	base $163	+0.5pp $134	+1.0pp $103

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $115,000 Active 60 DOM
2. 2026-06-18
   days on market $115,000 Active 59 DOM
3. 2026-06-17
   days on market $115,000 Active 58 DOM
4. 2026-06-16
   days on market $115,000 Active 57 DOM
5. 2026-06-15
   days on market $115,000 Active 56 DOM
6. 2026-06-14
   days on market $115,000 Active 54 DOM
7. 2026-06-13
   days on market $115,000 Active 53 DOM
8. 2026-06-10
   days on market $115,000 Active 51 DOM
9. 2026-06-09
   pricedays on market $115,000 Active 50 DOM
10. 2026-06-08
    days on market $825,000 Active 49 DOM
11. 2026-06-07
    days on market $825,000 Active 48 DOM
12. 2026-06-05
    days on market $825,000 Active 45 DOM
13. 2026-06-03
    days on market $825,000 Active 44 DOM
14. 2026-06-02
    days on market $825,000 Active 43 DOM
15. 2026-06-01
    days on market $825,000 Active 42 DOM
16. 2026-05-31
    days on market $825,000 Active 41 DOM
17. 2026-05-30
    days on market $825,000 Active 40 DOM
18. 2026-04-20
    listed $875,000 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: $447 · $37/mo
• Projected year-2 tax: $943 · $79/mo
• Expected delta: +$496/yr (+$41/mo · 110.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $12,936
• − Mortgage interest: −$6,442
• − Property taxes: −$447
• − Insurance: −$575
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$3,345
• Taxable income: $56
• Est. tax owed @ 24.0%: −$14
• After-tax cash flow: $1,947/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: Richmond County Schools
• NCES district ID: 3703870
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 36% ▼ -3.00%
• Median HH income: $32,224
• Composite: 26.97/100
• National rank: #7076
• State rank: #139 of 178 in NC

Livability — Hamlet

• Score: 70/100
• State rank: #124
• US rank: #7413

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamlet, NC
• Population (ZIP): 12,224

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 42,892 people
• By 2030: 41,257 · -3.8%
• By 2040: 37,629 · -12.3%
• By 2050: 33,655 · -21.5%
• By 2075: 23,992 · -44.1%
• By 2100: 14,782 · -65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Black 34% Hispanic / Latino 4% Native American 4% Two or more races 2%
• Common ancestry: Slovak 3% Serbian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+20.9) · D 39.2% · R 60.1%
• 2008→2024 swing: -22.4pp toward R · 2008: 1.5pp · 2024: -20.9pp
• All cycles: 2024: R+20.9 2020: R+14.8 2016: R+10.1 2012: D+2.7 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.70%
• Current HPI: 197.4677
• 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

1 event — show timeline

• 2026-04-20 Listed $875,000 Hive MLS

Property tax history

-1.6%/yr

Latest (2025): $447 · -1.9% YoY. Source: county tax records.