18 Joines Court Ln · Sparta, NC 28627

$10,000

3 bd · 2.0 ba · 924 sqft · Other · 14 Days on market

Built 1984

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

HANDYMAN SPECIAL & acirc; & euro; & ldquo; ONLY $4,500 for a 3 bedrooms and 2 bathrooms! Looking for an affordable place to make your own? This fixer-upper is a great opportunity to step into homeownership at a price that & acirc; & euro; & trade; s hard to find. * Located in a quiet, well-kept community * Total price: $4,500 * Owner financing available & acirc; & euro; & ldquo; just $1,000 down! * Lot Rent Includes: Trash service This home does need repairs, giving you the chance to update and personalize it to your style over time. * Community approval required prior to purchase If you & acirc; & euro; & trade; ve been looking f

Key facts

• Built 1984
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $10k.

Deal economics

• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($900 rent vs $10k).
• Cap rate 83.3% vs local median 1.7% in Sparta — 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 75/100 on livability (#50 in NC, #4,236 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, schools F, commute F.
• Alleghany County Schools (rural): math 41% / reading 44% proficiency, ranked #104 of 178 in NC (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 43 active listings in the ZIP; 91 units permitted in Alleghany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $188 of equity ($69 loan paydown + $119 appreciation (1.2% local appreciation)).
• Alleghany County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $10,000

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. 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?
3. 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.
4. 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.
5. 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: 9.00% ✓
• Cap rate: 83.29%
• Cash-on-cash: 275.00%
• DSCR: 13.24
• GRM: 0.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.70×
• Total profit: $41,161
• Equity at exit: $3,513

10-year hold

• IRR: —
• Equity multiple: 33.33×
• Total profit: $90,515
• Equity at exit: $4,746

Cash invested: $2,800 (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 28627

• Home prices YoY: 0.5%
• Active inventory: 43
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $900 medium
• Mortgage (P&I): −$52
• Tax est. 1.5%: −$12 /mo · $150/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $642

Break-even live

Break-even rent $87

Max offer price $10,000

Occupancy floor 24%

Sensitivity live

Price	-10% $649	-5% $645	+0% $642	+5% $638	+10% $635
Rent	-10% $571	-5% $606	+0% $642	+5% $677	+10% $713
Rate	-1.0pp $647	-0.5pp $644	base $642	+0.5pp $639	+1.0pp $636

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-12
   listed $10,000 Active

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

Taxation est. · year 1

• Rental income: $10,797
• − Mortgage interest: −$560
• − Property taxes: −$150
• − Insurance: −$50
• − Repairs & maintenance: −$864
• − Management: −$864
• − Depreciation: −$291
• Taxable income: $8,018
• Est. tax owed @ 24.0%: −$1,924
• After-tax cash flow: $5,776/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: Alleghany County Schools
• NCES district ID: 3700120
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 44% ▲ 1.00%
• Median HH income: $34,855
• Composite: 35.12/100
• National rank: #5014
• State rank: #104 of 178 in NC

Livability — Sparta

• Score: 75/100
• State rank: #50
• US rank: #4236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 6,702
• Population (ZIP): 1,273

Population outlook (Alleghany County) Hauer SSP2

• Today (2025): 10,103 people
• By 2030: 9,631 · -4.7%
• By 2040: 8,468 · -16.2%
• By 2050: 7,334 · -27.4%
• By 2075: 5,239 · -48.1%
• By 2100: 3,962 · -60.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 4% Italian 3% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Alleghany

• 2024 margin: Solid R (+52.0) · D 23.7% · R 75.6%
• 2008→2024 swing: -31.0pp toward R · 2008: -21.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.0 2016: R+47.7 2012: R+35.9 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.19%
• Current HPI: 255.3596
• 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

• 2026-05-12 Listed $10,000 FSBO.com