96 NE Heritage Way · Spout Springs, NC 28326

$138,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 4 Days on market

Built 1994 0.45 ac lot Est $193k · 29% under

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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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.7/10.0
• Rent growth +3.2/5.0
• Schools +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice, move in ready 3 bed/ 2 bath modular home. No bank qualifying needed as the seller provides owner financing to individuals with a good down payment.

Key facts

• Huge yard
• Storage shed
• 0.45 acre lot

Tags

• HUGE YARD
• STORAGE SHED

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Sewer: holding tank and septic tank
• Home design: One level; Manufactured home; Residential property
• Construction: Aluminum siding
• Exterior features: Lot in Heritage Vil subdivision

Interior

• Kitchen: Dishwasher; Cooktop; Range
• Bedrooms: Total rooms: 5
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating present)
• Interior features: Eat-in kitchen; Storage; Walk-in closet(s); Window coverings and blinds
• Laundry & utility: Washer hookup in unit; Washer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $138k.

Deal economics

• At list price, monthly cash flow is $456 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Cap rate 10.3% vs local median 4.1% in Spout Springs — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Overhills Middle (math 29% / reading 40%, grade F, #292 of 475 statewide, top 62%, 799 students, 61% FRL); Overhills High (math 52% / reading 63%, grade C, #245 of 535 statewide, top 46%, 1,971 students, 47% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 244 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 11y 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.
• Current owner paid $38k; list at $138k implies a 263% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; major 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 $138,000

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. 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.
3. 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.
4. 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: 1.17% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.17%
• DSCR: 1.63
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $193,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 Independence Way	0.08mi	3/2.0	1,232 (0%)	2mo	$170,000	$138	95
54 Heritage Way	0.04mi	3/2.0	1,344 (+9%)	0mo	$103,750	$77	83
51 Lexington Ln	0.23mi	3/2.0	1,238 (+0%)	8mo	$194,900	$157	81
16 Lincoln Ln	0.31mi	3/2.0	1,214 (-2%)	5mo	$201,000	$166	79
78 Georgia Way	0.36mi	3/2.0	1,162 (-6%)	2mo	$210,000	$181	73
284 Heritage Way	0.16mi	3/2.0	1,336 (+8%)	8mo	$130,000	$97	72
528 Heritage Way	0.29mi	3/2.0	1,120 (-9%)	2mo	$185,000	$165	69
317 Heritage Way	0.21mi	3/2.0	1,085 (-12%)	6mo	$190,000	$175	65
2128 Heritage Way	0.16mi	3/2.0	1,387 (+13%)	11mo	$182,500	$132	63
364 Valley Forge Way S	0.39mi	3/2.0	1,120 (-9%)	6mo	$190,000	$170	62
236 Washington Ln	0.44mi	3/2.0	1,321 (+7%)	11mo	$198,000	$150	58
1371 Heritage Way	0.62mi	3/2.0	1,112 (-10%)	2mo	$175,000	$157	53

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 · 2.95% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $6,561
• Equity at exit: $20,576

10-year hold

• IRR: 13.8%
• Equity multiple: 2.10×
• Total profit: $42,564
• Equity at exit: $11,932

Cash invested: $38,640 (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 28326

• Home prices YoY: -9.9%
• Rents YoY: 3.0%
• Active inventory: 244
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,614 high
• Mortgage (P&I): −$724
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $456

Break-even live

Break-even rent $1,036

Max offer price $138,000

Occupancy floor 67%

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
96 Heritage Way Cameron, NC	3.0	1.0	1232	$1,195	$0.97	23d	1	0.03mi
105 Valley Forge Way N Cameron, NC	3.0	2.0	1344	$1,325	$0.99	13d	1	0.12mi
38 Paul Revere Ln Cameron, NC	3.0	2.0	1120	$1,399	$1.25	23d	1	0.61mi
478 Washington Ln Cameron, NC	3.0	2.0	1120	$1,250	$1.12	23d	1	0.63mi
159 Pine Haven Dr Sanford, NC	2.0	2.0	1200	$1,350	$1.12	23d	1	1.21mi
45 Castle Wood Sanford, NC	3.0	2.0	1250	$1,399	$1.12	23d	1	1.39mi

Listing history 3 events

1. 2026-06-14
   statusdays on market $138,000 Pending 4 DOM
2. 2026-06-10
   remarks 343-char remark
3. 2026-06-10
   listed $138,000 Active 1 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: $447 · $37/mo
• Projected year-2 tax: $1,132 · $94/mo
• Expected delta: +$685/yr (+$57/mo · 153.2%)

ⓘ 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 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $19,363
• − Mortgage interest: −$7,730
• − Property taxes: −$447
• − Insurance: −$690
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$4,015
• Taxable income: $3,383
• Est. tax owed @ 24.0%: −$812
• After-tax cash flow: $4,664/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: Harnett County Schools
• NCES district ID: 3702010
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $45,400
• Composite: 29.88/100
• National rank: #6397
• State rank: #130 of 178 in NC

Livability — Spout Springs

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Harnett County · 125,715 people
• Metro: Fayetteville, NC
• Population (ZIP): 26,068
• Household income: $75,431
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 456.0

Population outlook (Harnett County) Hauer SSP2

• Today (2025): 153,758 people
• By 2030: 166,581 · +8.3%
• By 2040: 192,741 · +25.4%
• By 2050: 218,332 · +42.0%
• By 2075: 275,422 · +79.1%
• By 2100: 313,511 · +103.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Black 27% Hispanic / Latino 12% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6%
• Common ancestry: Slovak 3% Lithuanian 3% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Harnett

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -16.7pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+22.4 2016: R+24.1 2012: R+19.4 2008: R+16.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.96%
• Current HPI: 226.8295
• Rent YoY: ▲ 2.95%
• Metro: Fayetteville, NC
• 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

+367.8% since first listed

19 events — show timeline

• 2026-06-09 Listed $138,000 LPRMLS
• 2026-04-03 Listed for Rent $1,195 TMLS
• 2024-10-16 Rental Removed $1,195 TMLS
• 2024-09-19 Rental Removed $1,195 LPRMLS
• 2024-09-19 Listed for Rent $1,195 LPRMLS
• 2024-09-05 Rental Removed $1,195 LPRMLS
• 2024-09-04 Listed for Rent $1,195 LPRMLS
• 2024-08-29 Rental Removed $1,195 LPRMLS
• 2024-08-28 Listed for Rent $1,195 LPRMLS
• 2024-08-08 Price Changed $1,250 TMLS
• 2024-08-06 Rental Removed $1,295 LPRMLS
• 2024-08-05 Listed for Rent $1,295 LPRMLS
• 2024-07-22 Rental Removed $1,295 LPRMLS
• 2024-07-20 Listed for Rent $1,295 LPRMLS
• 2024-07-20 Listed for Rent $1,295 TMLS
• 2016-04-27 Sold (MLS) $38,000 CANOPYMLS as Distributed by MLS Grid
• 2016-02-01 Listed $65,000 CANOPYMLS as Distributed by MLS Grid
• 2015-09-29 Sold (MLS) $24,000 LPRMLS
• 2015-07-14 Listed $29,500 LPRMLS

Property tax history

-0.8%/yr

Latest (2025): $447 · +0.0% YoY. Source: county tax records.