1155 Cedar Pond Ln · Salisbury, NC 28146

$150,000

3 bd · 2.0 ba · 1,400 sqft · Manufactured public records · 56 Days on market

Built 2001 2.00 ac lot ↓ 6% since listing

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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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a fixer, and love privacy and the outdoors? This 2-acre property is off the beaten path and includes a stocked pond, fruit trees, mature landscaping, plus a detached garage/workshop and other outbuildings. The pond is stocked with bass per seller. There are pear trees, a grape vine, and blueberries and blackberries. The 3 bed, 2 bath home needs some TLC and has some soft spots in the flooring in various areas throughout the home and needs updates throughout. There is a newer deck out front and a nice metal ramp in the rear. The primary bedroom and bath are spacious, and this home has a great layout! A wonderful opportunity for a buyer looking for a project! This home is being so

Key facts

• 2 acre lot
• 2 garage spots
• Built 2001

Property features AI

Finance

• Other: Property sits on a private maintained gravel/dirt road; Approximately 2 acres
• HOA & community: No HOA

Exterior

• Parking: Driveway; Detached 2-car garage
• Utilities: Well water; Septic system
• Home design: Manufactured doublewide single-family residence; One level; RA zoning
• Construction: Manufactured construction; Vinyl exterior; Crawl space / permanent foundation
• Exterior features: Deck; Back yard with chain link fencing (fenced); Orchard(s) on the property; Pond(s) on the property; Private lot

Interior

• Kitchen: Electric range
• Bedrooms: Three bedrooms located on the main level
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating; Central air
• Interior features: Seven total rooms; Central heating; Central air; Electric range
• Laundry & utility: Indoor laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.2% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities D-.
• 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: 230 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 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 $4k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.03% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.38%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-3,472
• Equity at exit: $22,365

10-year hold

• IRR: 7.5%
• Equity multiple: 1.56×
• Total profit: $23,616
• Equity at exit: $12,969

Cash invested: $42,000 (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 28146

• Home prices YoY: -23.3%
• Active inventory: 230
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,540 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$39 /mo · $470/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $328

Break-even live

Break-even rent $1,124

Max offer price $150,000

Occupancy floor 74%

Sensitivity live

Price	-10% $413	-5% $371	+0% $328	+5% $286	+10% $243
Rent	-10% $207	-5% $267	+0% $328	+5% $389	+10% $450
Rate	-1.0pp $404	-0.5pp $366	base $328	+0.5pp $289	+1.0pp $250

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $150,000 Active 56 DOM
2. 2026-06-17
   days on market $150,000 Active 55 DOM
3. 2026-06-16
   days on market $150,000 Active 54 DOM
4. 2026-06-15
   days on market $150,000 Active 53 DOM
5. 2026-06-13
   days on market $150,000 Active 51 DOM
6. 2026-06-09
   days on market $150,000 Active 47 DOM
7. 2026-06-08
   days on market $150,000 Active 46 DOM
8. 2026-06-07
   days on market $150,000 Active 45 DOM
9. 2026-06-04
   days on market $150,000 Active 42 DOM
10. 2026-06-03
    days on market $150,000 Active 41 DOM
11. 2026-06-02
    days on market $150,000 Active 40 DOM
12. 2026-06-01
    days on market $150,000 Active 39 DOM
13. 2026-05-31
    days on market $150,000 Active 38 DOM
14. 2026-05-22
    price $150,000
15. 2026-04-24
    listed $160,000 Active
16. 2026-04-23
    historical $160,000

ⓘ 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: $470 · $39/mo
• Projected year-2 tax: $1,230 · $102/mo
• Expected delta: +$760/yr (+$63/mo · 161.5%)

ⓘ 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 ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,478
• − Mortgage interest: −$8,402
• − Property taxes: −$470
• − Insurance: −$750
• − Repairs & maintenance: −$1,478
• − Management: −$1,478
• − Depreciation: −$4,364
• Taxable income: $1,536
• Est. tax owed @ 24.0%: −$369
• After-tax cash flow: $3,570/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 — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 31,292
• Household income: $69,279
• Rent vs Own: 16.9% rent · 83.1% own
• Severe rent burden: 299.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 7% Two or more races 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Italian 3% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -83.32%
• Current HPI: 273.7508
• Rent YoY: —
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

-6.2% since first listed

3 events — show timeline

• 2026-05-22 Price Changed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-24 Listed $160,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-23 Coming Soon $160,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

-1.6%/yr

Latest (2025): $470 · +0.0% YoY. Source: county tax records.