578 Spindale St · Spindale, NC 28160

$51,500

3 bd · 1.0 ba · 1,469 sqft · SingleFamily public records · 34 Days on market

Built 1924 1.60 ac lot ↓ 26% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This 1924 built home offers great potential for investors or buyers looking for a renovation project. Featuring approximately 1,400+ square feet with multiple bedrooms, this property sits on a spacious lot with plenty of room for improvement. With the right updates, this home could be transformed into a great rental, flip, or primary residence. Conveniently located near town, shopping, and schools. Addional lot is included in the sale. Property needs repairs and is being sold as-

Key facts

• Spacious lot
• Conveniently located
• 1.6 acre lot

Tags

• SPACIOUS LOT
• CONVENIENTLY LOCATED
• ADDITIONAL LOT INCLUDED

Property features AI

Finance

• Other: Lot size approximately 1.6 acres (level); Living area reported as 1,469 square feet; Photos available (16)
• Financial info: Investor-owned; offered as-is
• HOA & community: No HOA

Exterior

• Parking: No dedicated parking
• Security: No community features listed
• Utilities: Public water; Public sewer; Utilities: None listed
• Home design: Single-family residence (house); Residential property; Property condition: Fixer; Built in 1924
• Construction: Wood siding construction; Composition roof
• Exterior features: Level lot

Interior

• Kitchen: No appliances listed
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Laminate; Other
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced-air heating; Cooling: Other
• Interior features: Other interior features; One-level layout; No basement; No fireplaces
• Laundry & utility: Laundry closet; Additional laundry features: Other

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $52k.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• Recommended offer: $50k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 3.4% in Spindale — 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 67/100 on livability (#211 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, housing B; Watch: crime C-, schools D+, amenities F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($356 loan paydown + $5k appreciation (10.0% local appreciation)).
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $48k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• 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 $49,955 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.43% ✓
• Cap rate: 19.87%
• Cash-on-cash: 48.48%
• DSCR: 3.16
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $340,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
130 Georgia St	0.22mi	3/2.0	1,508 (+3%)	9mo	$110,000	$73	74
160 Central Park Cir	0.57mi	3/2.0	1,555 (+6%)	1mo	$369,000	$237	58
125 Charleston Ct	0.73mi	3/2.0	1,470 (+0%)	6mo	$375,000	$255	56
222 Textile Ave	0.70mi	3/1.0	1,352 (-8%)	4mo	$159,900	$118	51
130 Central Park Cir	0.61mi	2/2.0 (-1)	1,577 (+7%)	1mo	$367,000	$233	50
116 Memphis Way	0.70mi	3/2.0	1,398 (-5%)	6mo	$317,500	$227	50
117 Kingston Pl	0.64mi	2/2.0 (-1)	1,395 (-5%)	7mo	$350,000	$251	46
128 Augusta Dr	0.64mi	2/2.0 (-1)	1,550 (+6%)	9mo	$360,000	$232	44
105 Kingston Pl	0.63mi	2/2.0 (-1)	1,565 (+6%)	8mo	$359,900	$230	44
117 Richmond Ct	0.68mi	2/2.0 (-1)	1,395 (-5%)	12mo	$349,000	$250	41
383 West St	0.58mi	3/1.0	1,254 (-15%)	12mo	$250,000	$199	39
136 Augusta Dr	0.63mi	3/2.0	1,670 (+14%)	8mo	$372,450	$223	37

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: 62.3%
• Equity multiple: 5.52×
• Total profit: $65,205
• Equity at exit: $46,395

10-year hold

• IRR: 55.9%
• Equity multiple: 12.30×
• Total profit: $162,934
• Equity at exit: $100,053

Cash invested: $14,420 (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 28160

• Home prices YoY: 3.2%
• Active inventory: 55
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$270
• Tax from tax record: −$113 /mo · $1,360/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $583

Break-even live

Break-even rent $513

Max offer price $51,500

Occupancy floor 48%

Sensitivity live

Price	-10% $612	-5% $597	+0% $583	+5% $568	+10% $553
Rent	-10% $484	-5% $533	+0% $583	+5% $632	+10% $681
Rate	-1.0pp $609	-0.5pp $596	base $583	+0.5pp $569	+1.0pp $556

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: $12,875
• Closing costs: $1,545
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Carriage Pl Spindale, NC	2.0	1.0	1160	$1,250	$1.08	22d	1	1.45mi

Listing history 12 events

1. 2026-06-03
   status $51,500 Under Contract 34 DOM
2. 2026-06-02
   days on market $51,500 Active 34 DOM
3. 2026-06-01
   statusdays on market $51,500 Active 33 DOM
4. 2026-05-31
   days on market $51,500 Price Change 32 DOM
5. 2026-05-30
   pricestatusdays on market $51,500 Price Change 31 DOM
6. 2026-05-25
   status Price Change
7. 2026-05-25
   price $52,000
8. 2026-04-07
   historical
9. 2026-03-20
   price $89,000
10. 2026-03-09
    listed $99,000 New
11. 2010-07-28
    soldstatus $55,250
12. 2006-01-13
    soldstatus $70,000

ⓘ 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: $1,360 · $113/mo
• Projected year-2 tax: $1,360 · $113/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,000
• − Mortgage interest: −$2,885
• − Property taxes: −$1,360
• − Insurance: −$258
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$1,498
• Taxable income: $6,599
• Est. tax owed @ 24.0%: −$1,584
• After-tax cash flow: $5,408/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Spindale

• Score: 67/100
• State rank: #211
• US rank: #10189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spindale, NC
• City population: 3,825
• Population (ZIP): 3,825

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 16% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Serbian 5% Slovak 3% Subsaharan African 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.11%
• Current HPI: 328.8325
• 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

-25.7% since first listed

7 events — show timeline

• 2026-05-25 Relisted — GAMLS
• 2026-05-25 Price Changed $52,000 GAMLS
• 2026-04-07 Listing Removed — GAMLS
• 2026-03-20 Price Changed $89,000 GAMLS
• 2026-03-09 Listed $99,000 GAMLS
• 2010-07-28 Sold (Public Records) $55,250 Public Records
• 2006-01-13 Sold (Public Records) $70,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,360 · +2.4% YoY. Source: county tax records.