418 S Yadkin Ave · Spencer, NC 28159

$199,900

3 bd · 1.0 ba · 2,232 sqft · SingleFamily public records · 45 Days on market

Built 1900 0.34 ac lot Est $272k · 27% under

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Why this score? — see what drove the C+ 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 +16.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.1/10.0
• 1% rule +3.5/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

Key facts

• Spacious corner lot
• 0.34 acre lot
• Built 1900

Tags

• SPACIOUS CORNER LOT
• EASY ACCESS STREET PARKING
• WALKABLE TO RESTAURANTS
• ADDITIONAL LOT FOR BUILDING
• COVERED GRILLING DINING AREA
• FRESHLY PAINTED EXTERIOR

Property features AI

Finance

• Other: Located in Historic District of Spencer (historical restriction)
• HOA & community: No HOA

Exterior

• Parking: Driveway; On-street parking
• Utilities: City water; Public sewer; Cable available and connected; Electricity connected
• Home design: Single family residence; Residential property; Two levels; Site built construction
• Construction: Wood construction; Crawl space foundation
• Exterior features: Corner lot; Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Exhaust hood; Freezer; Microwave; Oven; Refrigerator
• Bedrooms: Three bedrooms total (2 upper, 1 main)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: Three full bathrooms (1 upper, 2 main)
• Heating & cooling: No central heating; Ceiling fan(s); Wall unit(s); Window unit(s)
• Interior features: Walk-in closet(s); 10 total rooms; Fireplace (see remarks)
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/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 $170k (14.9% below list).
• Recommended offer: $170k (14.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#482 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Rowan Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 426 students, 92% FRL); North Rowan Middle (math 15% / reading 24%, grade F, #433 of 475 statewide, top 91%, 440 students, 89% FRL); North Rowan High (math 2% / reading 37%, grade F, #492 of 535 statewide, top 93%, 589 students, 66% FRL) — zoned schools average 83% FRL vs 54% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $103k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $200k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,196 (14.9% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
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: 0.85% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.43%
• DSCR: 1.11
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $272,304
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 S Yadkin Ave	0.00mi	3/3.0	2,254 (+1%)	0mo	$195,000	$87	90
410 7th St	0.22mi	4/2.0 (+1)	2,274 (+2%)	15mo	$290,000	$128	65
116 11th St	0.44mi	4/2.0 (+1)	2,230 (-0%)	10mo	$290,000	$130	62
129 11th St	0.48mi	4/2.0 (+1)	2,177 (-2%)	4mo	$270,000	$124	61
505 S Iredell Ave	0.18mi	3/2.0	2,053 (-8%)	19mo	$202,000	$98	58
507 S Iredell Ave	0.18mi	3/2.0	2,008 (-10%)	21mo	$205,000	$102	53
409 7th St	0.24mi	2/2.0 (-1)	2,014 (-10%)	21mo	$165,000	$82	46
801 3rd St	0.45mi	3/2.0	1,958 (-12%)	12mo	$228,000	$116	44
400 Jordan Ave	0.58mi	3/2.5	1,959 (-12%)	5mo	$238,500	$122	43
2 Pickett Ave	0.66mi	4/3.0 (+1)	2,047 (-8%)	7mo	$516,000	$252	36
1017 4th St	0.73mi	4/3.0 (+1)	2,392 (+7%)	8mo	$399,999	$167	34

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.0%
• Equity multiple: 3.07×
• Total profit: $116,019
• Equity at exit: $180,086

10-year hold

• IRR: 22.8%
• Equity multiple: 7.00×
• Total profit: $335,850
• Equity at exit: $388,362

Cash invested: $55,972 (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 28159

• Home prices YoY: 3.1%
• Active inventory: 24
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,702 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$100 /mo · $1,196/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $113

Break-even live

Break-even rent $1,559

Max offer price $199,900

Occupancy floor 88%

Sensitivity live

Price	-10% $226	-5% $170	+0% $113	+5% $57	+10% $0
Rent	-10% $-21	-5% $46	+0% $113	+5% $181	+10% $248
Rate	-1.0pp $214	-0.5pp $164	base $113	+0.5pp $61	+1.0pp $9

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-31
   status $199,900 Pending 45 DOM
2. 2026-05-12
   price $235,000
3. 2026-05-07
   price $255,900
4. 2026-04-27
   price $279,000
5. 2026-04-15
   listed $303,000 Active
6. 2017-06-06
   soldstatus $40,000 Closed 297-char remark

   Show marketing remark (297 chars)

   What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

7. 2017-06-06
   soldstatus $30,000

   Show marketing remark (297 chars)

   What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

8. 2017-05-21
   historical Under Contract - No Show 297-char remark

   Show marketing remark (297 chars)

   What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

9. 2017-05-01
   price $42,900 297-char remark

   Show marketing remark (297 chars)

   What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

10. 2017-04-06
    listed $54,900 Active 297-char remark

    Show marketing remark (297 chars)

    What a deal!! 2 Homes for the price of 1. All three Parcels # 032045,032046,032047 to be sold together. Both home are in the Historic District. Both homes are in need of extensive repairs. The lots are zoned Commercial and is located on a corner lot for great parking. Seller will make no repairs.

11. 2005-10-20
    soldstatus $44,000

ⓘ 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: $1,196 · $100/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$443/yr (+$37/mo · 37.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,424
• − Mortgage interest: −$11,198
• − Property taxes: −$1,196
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$5,815
• Taxable loss: −$2,053
• Est. tax savings @ 24.0%: +$493
• After-tax cash flow: $1,852/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Spencer

• Score: 61/100
• State rank: #482
• US rank: #17657

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, NC
• City population: 3,181
• Population (ZIP): 3,181

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 33% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 9% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.93%
• Current HPI: 428.3307
• 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

+434.1% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $235,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $255,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $279,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-15 Listed $303,000 CANOPYMLS as Distributed by MLS Grid
• 2017-06-06 Sold (Public Records) $30,000 Public Records
• 2017-06-06 Sold (MLS) $40,000 CANOPYMLS as Distributed by MLS Grid
• 2017-05-21 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2017-05-01 Price Changed $42,900 CANOPYMLS as Distributed by MLS Grid
• 2017-04-06 Listed $54,900 CANOPYMLS as Distributed by MLS Grid
• 2005-10-20 Sold (Public Records) $44,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $1,196 · +2.2% YoY. Source: county tax records.