1178 Pierce Dr · Rockwell, NC 28146

$89,500

2 bd · 2.0 ba · 773 sqft · Other · 39 Days on market

Built 1997 1.50 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

If you’re searching for an affordable starter home or investment opportunity with plenty of potential, this property could be the perfect fit! Nestled on 1.5 acres in a rural setting in Salisbury, this home offers privacy, and room to make it your own. Features include a spacious built-on front porch, perfect for relaxing and enjoying the country atmosphere. With some TLC, the possibilities are endless. The roof was replaced in 2025 per homeowner. This is an "As Is, Where Is" sale.

Key facts

• Privacy
• Built-on front porch
• 1.5 acres

Tags

• BUILT-ON FRONT PORCH
• 1.5 ACRES
• RURAL SETTING
• PRIVACY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Detached carport; Main level garage not present
• Utilities: Well water; Septic system
• Home design: Manufactured single-family home; One story; Crawl space foundation
• Construction: Aluminum and vinyl exterior; Crawl space foundation
• Exterior features: Private maintained road; Gravel road surface; Lot about 1.5 acres

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Oil heating; Central air conditioning
• Interior features: 6 total rooms; Central air
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in hall

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 4.1% in Rockwell — 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 76/100 on livability (#37 in NC, #3,505 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: 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: Rockwell Elementary (math 46% / reading 44%, grade D-, #568 of 1,410 statewide, top 41%, 519 students, 49% FRL); Erwin Middle (math 22% / reading 32%, grade F, #374 of 475 statewide, top 80%, 759 students, 56% FRL); East Rowan High (math 27% / reading 50%, grade F, #403 of 535 statewide, top 76%, 1,032 students, 51% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 230 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,815 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.40% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.06%
• DSCR: 1.98
• GRM: 6.0

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: 14.7%
• Equity multiple: 1.59×
• Total profit: $14,802
• Equity at exit: $13,345

10-year hold

• IRR: 23.4%
• Equity multiple: 3.02×
• Total profit: $50,520
• Equity at exit: $7,738

Cash invested: $25,060 (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 28146

• Home prices YoY: -23.3%
• Active inventory: 230
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$469
• Tax from tax record: −$20 /mo · $242/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $461

Break-even live

Break-even rent $667

Max offer price $89,500

Occupancy floor 58%

Sensitivity live

Price	-10% $511	-5% $486	+0% $461	+5% $435	+10% $410
Rent	-10% $362	-5% $411	+0% $461	+5% $510	+10% $559
Rate	-1.0pp $506	-0.5pp $483	base $461	+0.5pp $438	+1.0pp $414

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $89,500 Active 39 DOM
2. 2026-06-18
   days on market $89,500 Active 36 DOM
3. 2026-06-17
   days on market $89,500 Active 35 DOM
4. 2026-06-16
   days on market $89,500 Active 34 DOM
5. 2026-06-15
   days on market $89,500 Active 33 DOM
6. 2026-06-13
   days on market $89,500 Active 31 DOM
7. 2026-06-09
   pricedays on market $89,500 Active 27 DOM
8. 2026-06-08
   days on market $95,000 Active 26 DOM
9. 2026-06-07
   days on market $95,000 Active 25 DOM
10. 2026-06-04
    days on market $95,000 Active 22 DOM
11. 2026-06-03
    days on market $95,000 Active 21 DOM
12. 2026-06-02
    days on market $95,000 Active 20 DOM
13. 2026-06-01
    days on market $95,000 Active 19 DOM
14. 2026-05-31
    days on market $95,000 Active 18 DOM
15. 2026-05-13
    listed $95,000 Active

ⓘ 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: $242 · $20/mo
• Projected year-2 tax: $734 · $61/mo
• Expected delta: +$492/yr (+$41/mo · 203.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,000
• − Mortgage interest: −$5,013
• − Property taxes: −$242
• − Insurance: −$448
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$2,604
• Taxable income: $4,294
• Est. tax owed @ 24.0%: −$1,030
• After-tax cash flow: $4,498/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 — Rockwell

• Score: 76/100
• State rank: #37
• US rank: #3505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 103,630 people
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 31,292
• Household income: $69,279
• Rent vs Own: 16.9% rent · 83.1% own
• Severe rent burden: 299.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 7% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Italian 3% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -83.32%
• Current HPI: 273.7508
• Rent YoY: —
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

• 2026-05-13 Listed $95,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2025): $242 · +4.5% YoY. Source: county tax records.