1002 N Salisbury Ave · Spencer, NC 28159

$164,500

3 bd · 1.0 ba · 1,232 sqft · SingleFamily public records · 60 Days on market

Built 1939 0.51 ac lot Est $190k · 13% 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 +14.8/30.0
• ARV discount +13.5/15.0
• Appreciation +10.0/10.0
• DSCR +4.5/10.0
• 1% rule +3.2/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Calling all first time home buyers or investors looking for a slight fixer upper! Located just minutes from I-85 and downtown Spencer, this home has plenty of space to live and grow.

Key facts

• 0.51 acre lot
• Built 1939
• Listed 60 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Site-built home; One story; Crawl space foundation
• Construction: Vinyl exterior
• Exterior features: Lot fronts a publicly maintained road; Road surface: gravel and paved

Interior

• Kitchen: Electric oven; Electric range; Exhaust hood
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace; 8 total rooms
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $44 ($526/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 $135k (18.0% below list).
• Recommended offer: $135k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.9% in Spencer — 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 61/100 on livability (#482 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools F, amenities 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.
• Market conditions: 25 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $120k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — 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 $134,954 (18.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.82% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $189,728
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
814 N Salisbury Ave	0.10mi	3/1.5	1,230 (-0%)	17mo	$190,000	$154	79
607 N Salisbury Ave	0.30mi	3/1.5	1,120 (-9%)	1mo	$186,000	$166	68
1104 N Salisbury Ave #1	0.05mi	2/1.0 (-1)	1,192 (-3%)	23mo	$70,000	$59	68
1106 N Salisbury Ave #2	0.05mi	3/2.0	1,168 (-5%)	22mo	$135,000	$116	66
1006 N Salisbury Ave	0.03mi	4/1.0 (+1)	1,305 (+6%)	23mo	$123,500	$95	65
900 N Salisbury Ave	0.09mi	3/2.0	1,410 (+14%)	6mo	$214,900	$152	63
204 N Yadkin Ave	0.46mi	3/2.5	1,330 (+8%)	12mo	$250,000	$188	49
403 Robinson Rd	0.66mi	3/2.0	1,176 (-4%)	17mo	$233,000	$198	43

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: 25.1%
• Equity multiple: 3.00×
• Total profit: $92,334
• Equity at exit: $148,195

10-year hold

• IRR: 22.1%
• Equity multiple: 6.85×
• Total profit: $269,613
• Equity at exit: $319,587

Cash invested: $46,060 (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 28159

• Home prices YoY: 3.1%
• Active inventory: 25
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$863
• Tax from tax record: −$91 /mo · $1,093/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $44

Break-even live

Break-even rent $1,294

Max offer price $164,500

Occupancy floor 92%

Sensitivity live

Price	-10% $137	-5% $90	+0% $44	+5% $-3	+10% $-49
Rent	-10% $-63	-5% $-9	+0% $44	+5% $97	+10% $150
Rate	-1.0pp $127	-0.5pp $86	base $44	+0.5pp $1	+1.0pp $-42

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: $41,125
• Closing costs: $4,935
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 N Yadkin Ave Spencer, NC	2.0	1.0	700	$1,100	$1.57	13d	1	0.47mi
117 E Henderson St Salisbury, NC	2.0	1.0	930	$1,250	$1.34	24d	1	1.38mi
411 E Torbush Dr Salisbury, NC	3.0	2.0	1204	$1,853	$1.54	22d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $164,500 Active 60 DOM
2. 2026-06-17
   days on market $164,500 Active 59 DOM
3. 2026-06-16
   days on market $164,500 Active 58 DOM
4. 2026-06-15
   days on market $164,500 Active 57 DOM
5. 2026-06-13
   days on market $164,500 Active 55 DOM
6. 2026-06-09
   days on market $164,500 Active 51 DOM
7. 2026-06-08
   days on market $164,500 Active 50 DOM
8. 2026-06-07
   days on market $164,500 Active 49 DOM
9. 2026-06-04
   days on market $164,500 Active 46 DOM
10. 2026-06-03
    days on market $164,500 Active 45 DOM
11. 2026-06-02
    days on market $164,500 Active 44 DOM
12. 2026-06-01
    days on market $164,500 Active 43 DOM
13. 2026-05-31
    days on market $164,500 Active 42 DOM
14. 2026-04-27
    status Active
15. 2026-04-12
    status Pending
16. 2026-04-04
    listed $164,900 Active
17. 2021-04-21
    soldstatus $120,000
18. 2020-10-13
    soldstatus $94,500
19. 2005-09-01
    soldstatus $41,000

ⓘ 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: $1,093 · $91/mo
• Projected year-2 tax: $1,349 · $112/mo
• Expected delta: +$256/yr (+$21/mo · 23.4%)

ⓘ 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 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,194
• − Mortgage interest: −$9,215
• − Property taxes: −$1,093
• − Insurance: −$822
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − Depreciation: −$4,785
• Taxable loss: −$2,312
• Est. tax savings @ 24.0%: +$555
• After-tax cash flow: $1,081/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 — Spencer

• Score: 61/100
• State rank: #482
• US rank: #17657

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, NC
• City population: 3,181
• Population (ZIP): 3,181

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: Majority White (62%)
• Race & ethnicity: White 62% Black 33% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 9% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 12.93%
• Current HPI: 428.3307
• 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

+302.2% since first listed

6 events — show timeline

• 2026-04-27 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-12 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-04 Listed $164,900 CANOPYMLS as Distributed by MLS Grid
• 2021-04-21 Sold (Public Records) $120,000 Public Records
• 2020-10-13 Sold (Public Records) $94,500 Public Records
• 2005-09-01 Sold (Public Records) $41,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,093 · +2.2% YoY. Source: county tax records.