204 Riverview Dr · Spring Lake, NC 28394

$159,500

3 bd · 2.0 ba · 1,840 sqft · SingleFamily public records · 100 Days on market

Built 1987

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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 MLS

This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

Key facts

• 1.18 acres
• Manufactured home
• Spacious living area

Tags

• MANUFACTURED HOME
• 1.18 ACRES
• SPACIOUS LIVING AREA
• KITCHEN WITH STORAGE
• ISLAND KITCHEN
• QUIET SURROUNDINGS

Property features AI

Exterior

• Utilities: Public water; Holding tank and septic tank sewer
• Home design: Manufactured home; Single-story / one level
• Construction: Vinyl siding
• Exterior features: Deck; Porch with front porch

Interior

• Bedrooms: Total of 6 rooms (includes bedroom count inferred from rooms total)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet and laminate flooring; No fireplace; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: crime F, amenities F, commute 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.
• Zoned schools: New Century Middle (math 47% / reading 55%, grade C, #106 of 475 statewide, top 22%, 625 students, 32% FRL); Union Pines High (math 63% / reading 70%, grade B, #150 of 535 statewide, top 28%, 1,438 students, 34% FRL).
• Market conditions: 225 active listings in the ZIP; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $34k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 66% 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 $145,145 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
6. 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.
7. 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.
8. 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: 1.37% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.81%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $377,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
195 Creek Bend Dr	0.30mi	3/2.0	1,635 (-11%)	5mo	$335,000	$205	63

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: 8.0%
• Equity multiple: 1.31×
• Total profit: $14,043
• Equity at exit: $23,782

10-year hold

• IRR: 17.3%
• Equity multiple: 2.43×
• Total profit: $63,683
• Equity at exit: $13,791

Cash invested: $44,660 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,187 medium
• Mortgage (P&I): −$836
• Tax est. 1.5%: −$199 /mo · $2,392/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $626

Break-even live

Break-even rent $1,395

Max offer price $159,500

Occupancy floor 66%

Sensitivity live

Price	-10% $736	-5% $681	+0% $626	+5% $571	+10% $516
Rent	-10% $453	-5% $539	+0% $626	+5% $712	+10% $799
Rate	-1.0pp $706	-0.5pp $666	base $626	+0.5pp $584	+1.0pp $542

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   status $159,500 Pending 100 DOM
2. 2026-06-18
   days on market $159,500 Active 100 DOM
3. 2026-06-17
   days on market $159,500 Active 99 DOM
4. 2026-06-16
   days on market $159,500 Active 98 DOM
5. 2026-06-15
   days on market $159,500 Active 97 DOM
6. 2026-06-14
   days on market $159,500 Active 95 DOM
7. 2026-06-13
   pricedays on market $159,500 Active 94 DOM
8. 2026-06-10
   days on market $169,500 Active 92 DOM
9. 2026-06-09
   days on market $169,500 Active 91 DOM
10. 2026-06-08
    days on market $169,500 Active 90 DOM
11. 2026-06-07
    days on market $169,500 Active 89 DOM
12. 2026-06-05
    days on market $169,500 Active 86 DOM
13. 2026-06-02
    days on market $169,500 Active 84 DOM
14. 2026-06-01
    days on market $169,500 Active 83 DOM
15. 2026-05-31
    days on market $169,500 Active 82 DOM
16. 2026-05-30
    days on market $169,500 Active 81 DOM
17. 2026-05-13
    price $169,500
18. 2026-04-13
    price $183,500
19. 2026-03-10
    listed $193,500 Active
20. 2020-06-01
    soldstatus $109,500
21. 2020-05-29
    soldstatus $109,300 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

22. 2020-05-29
    soldstatus $109,300 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

23. 2020-05-29
    soldstatus $109,300 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

24. 2020-03-23
    listed $109,900 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

25. 2020-03-23
    listed $109,900 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

26. 2020-03-23
    listed $109,900 443-char remark

    Show marketing remark (443 chars)

    This charming ranch has been beautifully updated throughout! The entire home has been freshly painted and has all new flooring. The huge eat-in kitchen has all new cabinets, counters and appliances. Bathroom updates include new tubs and new vanities. There is a separate laundry/mud room. Enjoy the beautiful country setting on the covered front porch or large back deck. Large shed for extra storage. And all new HVAC too! This is a must see!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 73% 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 66% 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: $26,249
• − Mortgage interest: −$8,934
• − Property taxes: −$2,392
• − Insurance: −$798
• − Repairs & maintenance: −$2,100
• − Management: −$2,100
• − Depreciation: −$4,640
• Taxable income: $5,284
• Est. tax owed @ 24.0%: −$1,268
• After-tax cash flow: $6,241/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

+54.2% since first listed

10 events — show timeline

• 2026-05-13 Price Changed $169,500 LPRMLS
• 2026-04-13 Price Changed $183,500 LPRMLS
• 2026-03-10 Listed $193,500 LPRMLS
• 2020-06-01 Sold (Public Records) $109,500 Public Records
• 2020-05-29 Sold (MLS) $109,300 AMLSNC
• 2020-05-29 Sold (MLS) $109,300 LPRMLS
• 2020-05-29 Sold (MLS) $109,300 TMLS
• 2020-03-23 Listed $109,900 AMLSNC
• 2020-03-23 Listed $109,900 LPRMLS
• 2020-03-23 Listed $109,900 TMLS

Property tax history

-1.9%/yr

Latest (2024): $285 · +2.5% YoY. Source: county tax records.