412 Contentment Dr · Locust, NC 28097

$329,900

3 bd · 3.0 ba · 2,064 sqft · SingleFamily public records · 27 Days on market

Built 2019 8,712 sqft lot Est $347k · at est. $33/mo HOA · 1% of rent ↓ 3% since listing

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +9.7/15.0
• Cash flow +8.0/30.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +2.0/10.0

Listing remarks

Beautifully maintained home in the growing community of Locust offering modern finishes, spacious living areas, and a thoughtfully designed layout perfect for everyday living and entertaining. Enjoy a bright open-concept floorplan, generously sized bedrooms, and a private backyard perfect for relaxing or hosting guests. Residents will also enjoy access to a brand-new community pool currently under construction and expected to be completed within the next few months — adding even more value and amenities to this desirable neighborhood. Conveniently located near local dining, shopping, and commuter routes while still offering the charm and tranquility of small-town living.

Key facts

• Community pool
• Private backyard
• Modern finishes

Tags

• MODERN FINISHES
• OPEN-CONCEPT FLOORPLAN
• PRIVATE BACKYARD
• COMMUNITY POOL

Property features AI

Finance

• HOA & community: Mandatory HOA managed by Braesael Management; Annual association fee of $400

Exterior

• Parking: Attached 2-car garage; Main level garage
• Utilities: City water; Public sewer
• Home design: Single-family residence; Residential property; Two levels; Entry level: Main
• Construction: Site-built construction; Aluminum, stone and vinyl exterior materials; Slab foundation
• Exterior features: Cleared lot; Corner lot; Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave
• Bedrooms: 3 bedrooms on the upper level
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: 7 total rooms; Common area laundry available
• Laundry & utility: Washer hookup; Electric dryer hookup; Utility room; Laundry on upper level; Common area

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $-334 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (29.7% below list).
• Recommended offer: $232k (29.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.6% in Locust — 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 62/100 on livability (#458 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Locust Elementary (math 60% / reading 54%, grade C+, #249 of 1,410 statewide, top 20%, 486 students, 99% FRL); West Stanly Middle School (math 40% / reading 47%, grade D, #182 of 475 statewide, top 40%, 619 students, 43% FRL); West Stanly High (math 72% / reading 62%, grade B, #142 of 535 statewide, top 28%, 762 students, 36% FRL).
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Stanly County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 175 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($325k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $231,798 (29.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.70% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $346,752
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8836 Cornwall St	0.51mi	3/2.5	2,107 (+2%)	3mo	$340,000	$161	68
8160 Thornton St	0.56mi	3/2.5	1,939 (-6%)	2mo	$330,000	$170	60
8050 Midas Ln	0.56mi	3/2.5	1,939 (-6%)	3mo	$324,990	$168	59
333 Whispering Hills Dr Unit 62A	0.36mi	3/2.5	2,346 (+14%)	3mo	$365,000	$156	56
8808 Cornwall St	0.58mi	3/2.5	2,221 (+8%)	5mo	$330,000	$149	54
8114 Chilkoot Ln	0.63mi	4/2.5 (+1)	1,939 (-6%)	0mo	$341,990	$176	53
8163 Thornton St	0.53mi	4/3.0 (+1)	2,285 (+11%)	2mo	$354,990	$155	51
8164 Thornton St	0.56mi	3/2.5	1,808 (-12%)	2mo	$344,990	$191	50
8062 Midas Ln	0.55mi	4/3.0 (+1)	2,285 (+11%)	3mo	$356,990	$156	49
8058 Midas Ln	0.55mi	3/2.5	1,808 (-12%)	4mo	$339,990	$188	48
8122 Chilkoot Ln	0.62mi	4/3.0 (+1)	2,285 (+11%)	0mo	$374,990	$164	48
8118 Chilkoot Ln	0.63mi	3/2.5	1,808 (-12%)	1mo	$352,000	$195	47

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: 21.2%
• Equity multiple: 2.71×
• Total profit: $158,335
• Equity at exit: $297,200

10-year hold

• IRR: 19.2%
• Equity multiple: 6.23×
• Total profit: $482,952
• Equity at exit: $640,923

Cash invested: $92,372 (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 28097

• Home prices YoY: 7.0%
• Active inventory: 175
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,318 medium
• Mortgage (P&I): −$1,730
• Tax from tax record: −$265 /mo · $3,182/yr
• Insurance: −$137
• HOA: −$33
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-334

Break-even live

Break-even rent $2,741

Max offer price $270,815

Occupancy floor —

Sensitivity live

Price	-10% $-148	-5% $-241	+0% $-334	+5% $-428	+10% $-521
Rent	-10% $-518	-5% $-426	+0% $-334	+5% $-243	+10% $-151
Rate	-1.0pp $-168	-0.5pp $-251	base $-334	+0.5pp $-420	+1.0pp $-507

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
450 Babbling Brook Ln Locust, NC	4.0	2.5	2403	$2,395	$1.00	22d	1	0.10mi
306 Prosperous Path Locust, NC	4.0	2.5	2412	$2,305	$0.96	0d	1	0.18mi
8319 Knapp Ct Locust, NC	3.0	2.5	2266	$1,960	$0.86	4d	1	0.54mi

HOA detail

• Monthly dues: $33 · $396/yr
• Likely covers: pool

Listing history 8 events

1. 2026-06-04
   days on market $329,900 Active 27 DOM
2. 2026-06-03
   days on market $329,900 Active 26 DOM
3. 2026-06-02
   days on market $329,900 Active 25 DOM
4. 2026-06-01
   days on market $329,900 Active 24 DOM
5. 2026-05-31
   days on market $329,900 Active 23 DOM
6. 2026-05-21
   price $334,900
7. 2026-05-12
   price $339,900
8. 2026-05-08
   listed $344,900 Active

ⓘ 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: $3,182 · $265/mo
• Projected year-2 tax: $3,182 · $265/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $27,816
• − Mortgage interest: −$18,480
• − Property taxes: −$3,182
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,225
• − Management: −$2,225
• − HOA: −$396
• − Depreciation: −$9,597
• Taxable loss: −$9,939
• Est. tax savings @ 24.0%: +$2,385
• After-tax cash flow: $-1,628/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Locust

• Score: 62/100
• State rank: #458
• US rank: #16792

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Locust, NC
• Population (ZIP): 7,976

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Serbian 4% Slovak 3% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.92%
• Current HPI: 409.27
• 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

-2.9% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $334,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $339,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-08 Listed $344,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+45.2%/yr

Latest (2025): $3,182 · +15.4% YoY. Source: county tax records.