584 Groves Rd · Rutherfordton, NC 28167

$172,000

3 bd · 1.5 ba · 1,588 sqft · SingleFamily public records · 315 Days on market

Built 1960 1.41 ac lot ↓ 2% since listing

---

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).

• Cash flow +10.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks

Great rural property in Union Mills! This longstanding 3 bed 2 bath homestead is waiting to be reimagined! The home needs some updating but is move in ready. The 1.4 acres backs up to a beautiful, quick running stream. 10 minutes from restaurants and grocery in Rutherfordton, 15 minutes from Forest City, and 1 hour each from Charlotte, Asheville and Greenville. A great property with great potential!

Key facts

• 1.4 acres
• Quick running stream
• 1.41 acre lot

Tags

• 1.4 ACRES
• QUICK RUNNING STREAM
• 10 MINUTES FROM RESTAURANTS
• 15 MINUTES FROM FOREST CITY
• 1 HOUR FROM CHARLOTTE
• 1 HOUR FROM ASHEVILLE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Detached carport; Circular driveway
• Security: Smoke detector(s)
• Utilities: Electricity connected; Septic system installed; Water: Other (see remarks)
• Home design: Single-family residence; Site-built construction; One story; Entry level: Main; Zoned residential
• Construction: Wood construction; Metal roof; Crawl space foundation with pillar/post/pier
• Exterior features: Front porch; Patio; Fire pit; Storage; Outbuilding / shed(s); Creek/stream frontage; Cleared and wooded areas; Sloped terrain; Publicly maintained road access; Gravel and paved road surfaces

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Laminate; Tile; Vinyl; Wood
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Floor furnace (natural gas); No cooling system
• Interior features: Ceiling fan(s); Insulated windows; Skylight(s); Window treatments; Smoke detector(s)
• Laundry & utility: Washer hookup; Gas dryer hookup; Mud room; Utility room; Laundry located inside on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (29.3% below list).
• Recommended offer: $122k (29.3% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.0% in Rutherfordton — 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 73/100 on livability (#67 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime 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: 80 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k 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.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 315 days — a 12% lower offer ($151k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,658 (29.3% 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 315 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 5.75%
• Cash-on-cash: -1.95%
• DSCR: 0.91
• GRM: 11.8

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: 21.7%
• Equity multiple: 2.75×
• Total profit: $84,423
• Equity at exit: $154,951

10-year hold

• IRR: 19.6%
• Equity multiple: 6.31×
• Total profit: $255,798
• Equity at exit: $334,158

Cash invested: $48,160 (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 28167

• Home prices YoY: 12.2%
• Active inventory: 80
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$902
• Tax from tax record: −$66 /mo · $789/yr
• Insurance: −$72
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $-145

Break-even live

Break-even rent $1,400

Max offer price $146,427

Occupancy floor —

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $172,000 Active 315 DOM
2. 2026-06-18
   days on market $172,000 Active 314 DOM
3. 2026-06-17
   days on market $172,000 Active 313 DOM
4. 2026-06-16
   days on market $172,000 Active 312 DOM
5. 2026-06-15
   days on market $172,000 Active 311 DOM
6. 2026-06-14
   days on market $172,000 Active 309 DOM
7. 2026-06-13
   days on market $172,000 Active 308 DOM
8. 2026-06-10
   days on market $172,000 Active 306 DOM
9. 2026-06-09
   days on market $172,000 Active 305 DOM
10. 2026-06-08
    days on market $172,000 Active 304 DOM
11. 2026-06-07
    days on market $172,000 Active 303 DOM
12. 2026-06-02
    days on market $172,000 Active 298 DOM
13. 2026-06-01
    days on market $172,000 Active 297 DOM
14. 2026-05-31
    days on market $172,000 Active 296 DOM
15. 2026-05-30
    days on market $172,000 Active 295 DOM
16. 2026-04-20
    price $172,000
17. 2025-11-10
    status Active
18. 2025-10-30
    historical Active Under Contract
19. 2025-10-12
    status Active
20. 2025-09-02
    historical Active Under Contract
21. 2025-08-08
    listed $174,900 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: $789 · $66/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$621/yr (+$52/mo · 78.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,599
• − Mortgage interest: −$9,635
• − Property taxes: −$789
• − Insurance: −$1,658
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$5,004
• Taxable loss: −$4,822
• Est. tax savings @ 24.0%: +$1,157
• After-tax cash flow: $-580/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 — Rutherfordton

• Score: 73/100
• State rank: #67
• US rank: #5114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,217

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 (94%)
• Race & ethnicity: White 94% Black 3% Asian 2%
• Common ancestry: Slovak 15% Iranian 1% Romanian 1%
• Foreign-born: 2% · South Korea
• Languages at home: 99% English-only · Korean 1% Spanish 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: ▲ 31.26%
• Current HPI: 288.0867
• 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

-1.7% since first listed

6 events — show timeline

• 2026-04-20 Price Changed $172,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-10 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-10-30 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-10-12 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-09-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-08-08 Listed $174,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+20.9%/yr

Latest (2025): $789 · +8.5% YoY. Source: county tax records.