160 Tray St · Southern Pines, NC 28387

$299,900

4 bd · 2.0 ba · 1,130 sqft · SingleFamily public records · 64 Days on market

Built 2001 10,454 sqft lot Est $280k · 7% over

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Why this score? — see what drove the F 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 +12.0/30.0
• Schools +4.4/10.0
• ARV discount +4.3/15.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

Key facts

• Quartz countertops
• Farmhouse sink
• Updated kitchen

Tags

• UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• FARMHOUSE SINK
• NEW HVAC SYSTEM
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Other: Property type: Residential; Property subtype: Single Family Residence; Zoning: RS-1; Lot size: 0.24 acres

Exterior

• Parking: Circular driveway; Gravel parking
• Utilities: Public water; Public sewer; Utilities: See remarks
• Home design: Single family residence; One story; Entry level: 1
• Construction: Block foundation; Block, concrete, and vinyl siding construction
• Exterior features: Covered porch; Porch; Chain link fencing around back yard; Composition roof; Has view

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher; Microwave
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Walk-in closet(s); Unfurnished
• Laundry & utility: Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-72 ($-870/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (28.7% below list).
• Recommended offer: $214k (28.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.1% in Southern Pines — 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 65/100 on livability (#327 in NC) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: health & safety C-, crime D+, amenities F.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southern Pines Elementary (math 41% / reading 48%, grade F, #574 of 1,410 statewide, top 43%, 612 students, 53% FRL); Southern Middle (math 30% / reading 41%, grade F, #279 of 475 statewide, top 60%, 576 students, 53% FRL); Pinecrest High (math 66% / reading 72%, grade B, #131 of 535 statewide, top 25%, 2,221 students, 34% FRL).
• Market conditions: Rents soft (-0.8%/yr); 210 active listings in the ZIP; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $300k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% 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 $213,792 (28.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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. Crime grade is D 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.71% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $280,240
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
345 N Carlisle St	0.08mi	3/2.0 (-1)	1,100 (-3%)	23mo	$170,000	$155	68
252 S Stephens St	0.50mi	3/2.0 (-1)	1,110 (-2%)	2mo	$256,500	$231	67
795 W New Hampshire Ave	0.39mi	3/1.0 (-1)	1,126 (-0%)	12mo	$250,000	$222	62
1090 W Maine Ave	0.10mi	3/1.0 (-1)	986 (-13%)	9mo	$264,900	$269	58
1670 West Massachusetts Ave	0.63mi	3/2.0 (-1)	1,200 (+6%)	9mo	$145,000	$121	48
625 W Maine Ave	0.49mi	3/1.0 (-1)	1,010 (-11%)	6mo	$280,000	$277	46
201 N Leak St	0.74mi	3/1.5 (-1)	1,050 (-7%)	2mo	$260,000	$248	45
500 N Leak St	0.69mi	3/2.0 (-1)	1,090 (-4%)	18mo	$345,000	$317	42
440 W New Jersey Ave	0.68mi	3/2.0 (-1)	1,278 (+13%)	7mo	$369,500	$289	36
530 W Rhode Island Ave	0.57mi	3/1.5 (-1)	1,230 (+9%)	24mo	$290,000	$236	32

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.29×
• Total profit: $-59,636
• Equity at exit: $44,716

10-year hold

• IRR: -21.6%
• Equity multiple: 0.01×
• Total profit: $-82,732
• Equity at exit: $25,930

Cash invested: $83,972 (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 28387

• Rents YoY: -0.8%
• Active inventory: 210
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,138 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$64 /mo · $765/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $-72

Break-even live

Break-even rent $2,230

Max offer price $287,099

Occupancy floor 98%

Sensitivity live

Price	-10% $97	-5% $12	+0% $-72	+5% $-157	+10% $-242
Rent	-10% $-241	-5% $-157	+0% $-72	+5% $12	+10% $96
Rate	-1.0pp $79	-0.5pp $4	base $-72	+0.5pp $-150	+1.0pp $-229

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $299,900 Active 64 DOM
2. 2026-06-18
   days on market $299,900 Active 63 DOM
3. 2026-06-17
   days on market $299,900 Active 62 DOM
4. 2026-06-16
   days on market $299,900 Active 61 DOM
5. 2026-06-15
   days on market $299,900 Active 60 DOM
6. 2026-06-14
   days on market $299,900 Active 58 DOM
7. 2026-06-13
   days on market $299,900 Active 57 DOM
8. 2026-06-10
   days on market $299,900 Active 55 DOM
9. 2026-06-09
   days on market $299,900 Active 54 DOM
10. 2026-06-08
    days on market $299,900 Active 53 DOM
11. 2026-06-07
    days on market $299,900 Active 52 DOM
12. 2026-06-05
    days on market $299,900 Active 49 DOM
13. 2026-06-02
    days on market $299,900 Active 47 DOM
14. 2026-06-01
    days on market $299,900 Active 46 DOM
15. 2026-05-31
    days on market $299,900 Active 45 DOM
16. 2026-05-30
    days on market $299,900 Active 44 DOM
17. 2026-04-27
    price $315,000
18. 2026-04-16
    listed $320,000 Active
19. 2026-01-08
    soldstatus $140,000 Sold 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

20. 2026-01-08
    soldstatus $145,000 Closed 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

21. 2026-01-08
    soldstatus $150,000

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

22. 2025-12-11
    status Pending 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

23. 2025-12-11
    status Pending 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

24. 2025-12-11
    status Pending 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

25. 2025-11-06
    price $200,000 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

26. 2025-11-06
    price $200,000 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

27. 2025-10-28
    listed $250,000 Active 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

28. 2025-10-28
    listed $250,000 Active 528-char remark

    Show marketing remark (528 chars)

    Ranch home ready for updating and remodeling to make it yours. This home has so much potential and is screaming to be redone. The home features 4bd 2ba with a fenced in backyard on a huge lot on a quiet road. With NO HOA!!! All appliances stay with the home. Super low taxes you don't want to miss out. The power and utilities are off in the house. Seller will not be turning them on. This will be a cash only sale or buyer would need to turn on utilities in their name to pass appraisal and inspections for a conventional loan.

ⓘ 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: $765 · $64/mo
• Projected year-2 tax: $2,459 · $205/mo
• Expected delta: +$1,694/yr (+$141/mo · 221.4%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $25,655
• − Mortgage interest: −$16,799
• − Property taxes: −$765
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$8,724
• Taxable loss: −$6,238
• Est. tax savings @ 24.0%: +$1,497
• After-tax cash flow: $628/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: Moore County Schools
• NCES district ID: 3703090
• Math proficiency: 48% ▲ 5.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $50,333
• Composite: 43.63/100
• National rank: #2967
• State rank: #58 of 178 in NC

Livability — Southern Pines

• Score: 65/100
• State rank: #327
• US rank: #13383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southern Pines, NC
• County: Moore County · 75,247 people
• City population: 16,059
• Metro: Pinehurst-Southern Pines, NC
• Population (ZIP): 16,059
• Household income: $74,830
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 760.0

Population outlook (Moore County) Hauer SSP2

• Today (2025): 106,902 people
• By 2030: 113,134 · +5.8%
• By 2040: 125,682 · +17.6%
• By 2050: 137,811 · +28.9%
• By 2075: 164,387 · +53.8%
• By 2100: 175,595 · +64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 12% Two or more races 8% Hispanic / Latino 8% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 4% Lithuanian 4% Serbian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 5% French/Haitian/Cajun 1% Arabic 1%

Political lean MEDSL · Moore

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -8.1pp toward R · 2008: -21.4pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+27.4 2016: R+29.6 2012: R+28.1 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.18%
• Current HPI: 196.7829
• Rent YoY: ▼ -0.76%
• Metro: Pinehurst-Southern Pines, 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

+26.0% since first listed

12 events — show timeline

• 2026-04-27 Price Changed $315,000 Hive MLS
• 2026-04-16 Listed $320,000 Hive MLS
• 2026-01-08 Sold (Public Records) $150,000 Public Records
• 2026-01-08 Sold (MLS) $145,000 Hive MLS
• 2026-01-08 Sold (MLS) $140,000 TMLS
• 2025-12-11 Pending — Hive MLS
• 2025-12-11 Pending — Hive MLS
• 2025-12-11 Pending — TMLS
• 2025-11-06 Price Changed $200,000 TMLS
• 2025-11-06 Price Changed $200,000 Hive MLS
• 2025-10-28 Listed $250,000 Hive MLS
• 2025-10-28 Listed $250,000 TMLS

Property tax history

+0.3%/yr

Latest (2024): $765 · -3.0% YoY. Source: county tax records.