148 Autumn Dr · Spring Lake, NC 28394

$99,400

2 bd · 2.0 ba · 920 sqft · SingleFamily · 8 Days on market

Built 1992 1.08 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors and flippers! This could be your first or next flip! With some TLC, this home would make a great investment property, or a home for anyone looking to put in a little sweat equity and add value. Previously rented for $1300 a month, this two bedroom/two bath home sits on a little over an acre. This could be the quiet country retreat you are looking for. Home is being sold as-is, and most like will need to be a cash sale or private lending. Reach out for more info!

Key facts

• 1.08 acre lot
• Built 1992
• Listed 7 days

Property features AI

Finance

• Other: Estimated above-grade finished living area: 920; No common walls
• HOA & community: No homeowners association

Exterior

• Utilities: Well water; Septic tank
• Home design: Single-wide manufactured home; One story; Fixer condition
• Construction: Metal siding; Metal roof; Foundation: see remarks; Built as a manufactured structure
• Exterior features: 1.08-acre lot; No fencing; Private maintained dirt road access

Interior

• Kitchen: Range
• Bedrooms: Two bedrooms (both on the main level)
• Flooring: See remarks
• Bathrooms: Two full bathrooms
• Heating & cooling: Heating present (type: other — see remarks); Cooling present (type: other)
• Interior features: Wood or mixed flooring (see remarks); One fireplace
• Laundry & utility: Indoor laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $839 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Cap rate 16.4% vs local median 4.5% in Spring Lake — 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 59/100 on livability (#543 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 225 active listings in the ZIP; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $687 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $99k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 68% 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 $99,400

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 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?
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: 1.81% ✓
• Cap rate: 16.43%
• Cash-on-cash: 36.19%
• DSCR: 2.61
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 31.9%
• Equity multiple: 2.34×
• Total profit: $37,314
• Equity at exit: $14,821

10-year hold

• IRR: 39.0%
• Equity multiple: 4.64×
• Total profit: $101,176
• Equity at exit: $8,594

Cash invested: $27,832 (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 28394

• Active inventory: 225
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,798 medium
• Mortgage (P&I): −$521
• Tax from tax record: −$18 /mo · $222/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $839

Break-even live

Break-even rent $736

Max offer price $99,400

Occupancy floor 48%

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: $24,850
• Closing costs: $2,982
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $99,400 Active 8 DOM
2. 2026-06-18
   remarks 487-char remark
3. 2026-06-18
   price $99,400 Active 7 DOM
4. 2026-06-18
   days on market $108,430 Active 7 DOM
5. 2026-06-17
   days on market $108,430 Active 6 DOM
6. 2026-06-16
   days on market $108,430 Active 5 DOM
7. 2026-06-15
   days on market $108,430 Active 4 DOM
8. 2026-06-14
   days on market $108,430 Active 2 DOM
9. 2026-06-13
   remarks 444-char remark
10. 2026-06-13
    listed $108,430 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: $222 · $18/mo
• Projected year-2 tax: $815 · $68/mo
• Expected delta: +$593/yr (+$49/mo · 267.5%)

ⓘ 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 ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $21,578
• − Mortgage interest: −$5,568
• − Property taxes: −$222
• − Insurance: −$497
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − Depreciation: −$2,892
• Taxable income: $8,947
• Est. tax owed @ 24.0%: −$2,147
• After-tax cash flow: $7,925/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: Moore County Schools
• NCES district ID: 3703090
• Math proficiency: 48% ▲ 5.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $50,333
• Composite: 43.63/100
• National rank: #2967
• State rank: #58 of 178 in NC

Livability — Spring Lake

• Score: 59/100
• State rank: #543
• US rank: #19811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Moore County · 75,247 people
• City population: 24,000
• Metro: Pinehurst-Southern Pines, NC
• Population (ZIP): 5,936
• Household income: $79,643
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 109.0

Population outlook (Moore County) Hauer SSP2

• Today (2025): 106,902 people
• By 2030: 113,134 · +5.8%
• By 2040: 125,682 · +17.6%
• By 2050: 137,811 · +28.9%
• By 2075: 164,387 · +53.8%
• By 2100: 175,595 · +64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 10% Black 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 6% Italian 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% Arabic 2%

Political lean MEDSL · Moore

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -8.1pp toward R · 2008: -21.4pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+27.4 2016: R+29.6 2012: R+28.1 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.99%
• Current HPI: 160.0419
• Rent YoY: —
• Metro: Pinehurst-Southern Pines, 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

+333.7% since first listed

18 events — show timeline

• 2026-06-11 Listed $108,430 TMLS
• 2026-03-05 Price Changed $138,000 LPRMLS
• 2026-02-12 Listed $139,000 LPRMLS
• 2024-02-25 Rental Removed $1,000 BUILDIUM
• 2024-02-14 Listed for Rent $1,000 BUILDIUM
• 2024-01-11 Price Changed $109,950 LPRMLS
• 2023-11-30 Listed $114,000 LPRMLS
• 2022-10-27 Price Changed $99,800 TMLS
• 2022-10-21 Price Changed $107,500 TMLS
• 2022-10-14 Listed $99,800 LPRMLS
• 2022-09-17 Listing Removed — Hive MLS
• 2022-09-16 Sold (Public Records) $60,000 Public Records
• 2022-09-16 Sold (MLS) $60,000 Hive MLS
• 2022-08-24 Pending — Hive MLS
• 2022-08-18 Price Changed $79,000 Hive MLS
• 2022-06-28 Price Changed $89,000 Hive MLS
• 2022-05-31 Listed $99,000 Hive MLS
• 2006-05-30 Sold (Public Records) $25,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $222 · -5.4% YoY. Source: county tax records.