274 Georgia St · Spindale, NC 28160

$179,000

2 bd · 1.0 ba · 918 sqft · SingleFamily public records · 120 Days on market

Built 1950 0.29 ac lot

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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 +22.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.2/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome home to this adorable bungalow full of charm and modern updates! This 2-bedroom, 1-bath home features beautiful hardwood floors that add warmth and character throughout. The completely refreshed kitchen shines with stunning new cabinets, updated flooring, and brand-new appliances, making it both stylish and functional. Enjoy the comfort of new windows and fresh interior paint, creating a bright, move-in-ready space. Relax on the cozy screened porch—perfect for morning coffee or unwinding in the evening. Step outside to a spacious backyard offering plenty of room for entertaining, gardening, or play. Whether you're a first-time buyer, downsizing, or looking for the perfect inve

Key facts

• New cabinets
• Updated flooring
• Fresh interior paint

Tags

• HARDWOOD FLOORS
• REFRESHED KITCHEN
• NEW CABINETS
• UPDATED FLOORING
• NEW WINDOWS
• FRESH INTERIOR PAINT

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Detached carport; Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; One story; Site-built construction; R6 zoning
• Construction: Brick full and wood exterior materials; Crawl space foundation; Built on-site
• Exterior features: Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Electric oven; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom (on main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Ceiling fans in multiple rooms; 6 total rooms
• Laundry & utility: Utility room for laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $163k (9.0% below list) — sets the bar for market timing.

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 $19k of equity ($1k loan paydown + $18k 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 $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $179k implies a 539% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $162,890 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.02% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.26%
• DSCR: 1.32
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 29.6%
• Equity multiple: 3.33×
• Total profit: $116,766
• Equity at exit: $161,257

10-year hold

• IRR: 25.6%
• Equity multiple: 7.56×
• Total profit: $328,598
• Equity at exit: $347,758

Cash invested: $50,120 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,820 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$121 /mo · $1,455/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $303

Break-even live

Break-even rent $1,436

Max offer price $179,000

Occupancy floor 78%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Central St Rutherfordton, NC	1.0	1.0	740	$1,820	$2.46	13d	1	1.41mi

Listing history 18 events

1. 2026-06-19
   days on market $179,000 Active 120 DOM
2. 2026-06-18
   days on market $179,000 Active 119 DOM
3. 2026-06-17
   days on market $179,000 Active 118 DOM
4. 2026-06-16
   days on market $179,000 Active 117 DOM
5. 2026-06-15
   days on market $179,000 Active 116 DOM
6. 2026-06-14
   days on market $179,000 Active 114 DOM
7. 2026-06-13
   days on market $179,000 Active 113 DOM
8. 2026-06-10
   days on market $179,000 Active 111 DOM
9. 2026-06-09
   days on market $179,000 Active 110 DOM
10. 2026-06-08
    days on market $179,000 Active 109 DOM
11. 2026-06-07
    days on market $179,000 Active 108 DOM
12. 2026-06-02
    days on market $179,000 Active 103 DOM
13. 2026-06-01
    days on market $179,000 Active 102 DOM
14. 2026-05-31
    days on market $179,000 Active 101 DOM
15. 2026-05-30
    days on market $179,000 Active 100 DOM
16. 2026-03-31
    price $179,000
17. 2026-02-19
    listed $185,000 Active
18. 2014-09-29
    soldstatus $28,000

ⓘ 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: $1,455 · $121/mo
• Projected year-2 tax: $1,468 · $122/mo
• Expected delta: +$12/yr (+$1/mo · 0.9%)

ⓘ 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: $21,840
• − Mortgage interest: −$10,027
• − Property taxes: −$1,455
• − Insurance: −$895
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$5,207
• Taxable income: $761
• Est. tax owed @ 24.0%: −$183
• After-tax cash flow: $3,456/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

+539.3% since first listed

3 events — show timeline

• 2026-03-31 Price Changed $179,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-19 Listed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2014-09-29 Sold (Public Records) $28,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $1,455 · +3.2% YoY. Source: county tax records.