2712 Heatter Ave · Spring Lake, NC 28390

$155,000

3 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 9 Days on market

Built 1964 10,454 sqft lot Est $179k · 14% 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 +21.1/30.0
• ARV discount +13.6/15.0
• DSCR +6.7/10.0
• 1% rule +4.7/10.0
• Rent growth +3.6/5.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quiet neighborhood close to Fort Liberty. New carpet, 3 Bedrooms and 1 bath. Fenced yard. Storage building in need of a door and upgrading. Beautiful magnolia tree. Vacant and ready to move in.

Key facts

• Eat in kitchen
• Ranch style home
• Large living room

Tags

• RANCH STYLE HOME
• LARGE LIVING ROOM
• EAT IN KITCHEN
• FENCED IN YARD
• STORAGE SHED
• EASY ACCESS TO MILITARY BASES

Property features AI

Finance

• Other: Located in the OVERHILLS subdivision; Zoned R10 - Residential District

Exterior

• Parking: 1 covered parking space; 1 garage space (no garage indicated in parking features)
• Utilities: Public sewer
• Home design: Single-family residence; One-story
• Construction: Brick veneer and frame construction
• Exterior features: Fenced yard

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning (electric); Electric forced-air heating
• Interior features: Range and refrigerator included; No fireplace; Washer hookup available
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/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 $151k (2.6% below list).
• Recommended offer: $151k (2.6% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Lake Middle (math 15% / reading 31%, grade F, #406 of 475 statewide, top 86%, 512 students, 99% FRL); Pine Forest High (math 73% / reading 51%, grade B-, #184 of 535 statewide, top 37%, 1,572 students, 62% FRL) — zoned schools average 81% FRL vs 55% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 348 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $104k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 73% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,920 (2.6% below list)

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.97% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.10%
• DSCR: 1.27
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $179,478
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2720 Edwards Ave	0.10mi	3/2.0	996 (-2%)	6mo	$180,000	$181	84
2711 Heatter Ave	0.03mi	3/1.0	925 (-9%)	2mo	$140,000	$151	82
2801 Murro St	0.35mi	3/1.5	1,131 (+12%)	1mo	$200,000	$177	62
2802 E Brinkley Dr	0.18mi	3/1.0	1,100 (+8%)	20mo	$165,500	$150	60

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 · 4.49% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-8,809
• Equity at exit: $23,111

10-year hold

• IRR: 5.8%
• Equity multiple: 1.46×
• Total profit: $19,978
• Equity at exit: $13,402

Cash invested: $43,400 (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 28390

• Home prices YoY: -15.2%
• Rents YoY: 4.5%
• Active inventory: 348
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,509 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $221

Break-even live

Break-even rent $1,230

Max offer price $155,000

Occupancy floor 80%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2712 Heatter Ave Spring Lake, NC	3.0	1.0	1014	$1,395	$1.38	21d	1	0.03mi
2721 Daly Ave Spring Lake, NC	3.0	1.0	925	$1,195	$1.29	23d	1	0.15mi
1166 Pine Knoll Dr Spring Lake, NC	3.0	1.0–3.0	987	$1,560	$1.58	13d	29	0.60mi
801 Shell Dr Spring Lake, NC	1.0–3.0	1.0–2.0	1195	$2,025	$1.69	13d	41	0.85mi

Listing history 8 events

1. 2026-06-18
   days on market $155,000 Active 9 DOM
2. 2026-06-17
   days on market $155,000 Active 8 DOM
3. 2026-06-16
   days on market $155,000 Active 7 DOM
4. 2026-06-15
   days on market $155,000 Active 6 DOM
5. 2026-06-14
   days on market $155,000 Active 4 DOM
6. 2026-06-13
   days on market $155,000 Active 3 DOM
7. 2026-06-10
   remarks 324-char remark
8. 2026-06-10
   listed $155,000 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: $1,131 · $94/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$140/yr (+$12/mo · 12.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% 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: $18,110
• − Mortgage interest: −$8,682
• − Property taxes: −$1,131
• − Insurance: −$775
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − Depreciation: −$4,509
• Taxable income: $115
• Est. tax owed @ 24.0%: −$28
• After-tax cash flow: $2,620/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: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 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: Harnett County · 125,715 people
• City population: 24,000
• Metro: Fayetteville, NC
• Population (ZIP): 24,000
• Household income: $62,972
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 811.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Black 33% Hispanic / Latino 14% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4%
• Common ancestry: Italian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, South Korea, Jamaica
• Languages at home: 88% English-only · Spanish 8% German/W. Germanic 1% Korean 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.43%
• Current HPI: 207.9349
• Rent YoY: ▲ 4.49%
• Metro: Fayetteville, 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

+463.6% since first listed

10 events — show timeline

• 2026-06-09 Listed $155,000 LPRMLS
• 2026-05-29 Listed for Rent $1,395 LPRMLS
• 2024-03-08 Rental Removed $1,195 TMLS
• 2024-02-27 Listed for Rent $1,195 TMLS
• 2023-12-15 Sold (Public Records) $104,000 Public Records
• 2023-12-12 Sold (MLS) $92,000 LPRMLS
• 2023-12-02 Pending — LPRMLS
• 2023-12-01 Listed $99,500 LPRMLS
• 2017-10-17 Sold (MLS) $27,500 LPRMLS
• 2017-08-19 Listed $27,500 LPRMLS

Property tax history

+5.9%/yr

Latest (2025): $1,131 · +69.2% YoY. Source: county tax records.