137 Clements Rd · Spindale, NC 28139

$187,000

2 bd · 1.0 ba · 970 sqft · SingleFamily public records · 115 Days on market

Built 1946 1.10 ac lot Est $167k · 12% 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 +13.0/30.0
• DSCR +3.9/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

Key facts

• Recent updates
• 1.1 acres
• Wood stove

Tags

• 1.1 ACRES
• RECENT UPDATES
• SMALL BONUS ROOM
• WOOD STOVE
• NEW PRESSURE TANK
• WATER FILTRATION SYSTEM

Property features AI

Finance

• HOA & community: No HOA; No community amenities listed

Exterior

• Parking: Driveway parking with 2 open spaces
• Utilities: Well water; Septic system; Electric service
• Home design: Single-family residential property; Site-built construction; One-story (single level); Basement entry level
• Construction: Vinyl and wood exterior materials; Metal roof; Basement foundation
• Exterior features: Covered front and side porches; Partial barbed wire fencing; Cleared, sloped, and wooded lot; Gravel and paved road access (publicly maintained)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom
• Heating & cooling: Propane heating; Wood stove; Ceiling fan(s) for cooling
• Interior features: One main-level room count listed; Filtration system; Interior entry basement; Partial finished basement with storage space and walk-out access; Two or more access exits (accessibility feature)
• Laundry & utility: Main-level laundry room with washer and electric dryer hookups; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $187k.

Deal economics

• At list price, monthly cash flow is $-10 ($-117/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (24.1% below list).
• Recommended offer: $142k (24.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.4% in Spindale — 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 67/100 on livability (#211 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, housing B; Watch: crime C-, amenities F, commute 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.
• Zoned schools: Mt. Vernon-Ruth Elementary School (math 57% / reading 52%, grade C, #302 of 1,410 statewide, top 23%, 235 students, 99% FRL); R-S Middle School (math 32% / reading 43%, grade F, #256 of 475 statewide, top 55%, 574 students, 100% FRL); R-S Central High School (math 62% / reading 42%, grade D+, #292 of 535 statewide, top 56%, 758 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 318 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 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 $6k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago 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 $158k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — 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 $141,877 (24.1% 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 115 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $166,840
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 Clements Rd	0.00mi	2/1.0	1,066 (+10%)	1mo	$183,000	$172	83

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-31,000
• Equity at exit: $27,882

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-28,109
• Equity at exit: $16,168

Cash invested: $52,360 (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 28139

• Home prices YoY: -21.6%
• Active inventory: 318
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,419 medium
• Mortgage (P&I): −$981
• Tax from tax record: −$72 /mo · $864/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-10

Break-even live

Break-even rent $1,431

Max offer price $185,281

Occupancy floor 96%

Sensitivity live

Price	-10% $96	-5% $43	+0% $-10	+5% $-63	+10% $-116
Rent	-10% $-122	-5% $-66	+0% $-10	+5% $46	+10% $102
Rate	-1.0pp $84	-0.5pp $38	base $-10	+0.5pp $-58	+1.0pp $-107

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-01
   status $187,000 Pending 115 DOM
2. 2026-05-31
   days on market $187,000 Active Under Contract 115 DOM
3. 2026-05-30
   days on market $187,000 Active Under Contract 114 DOM
4. 2026-05-01
   historical Active Under Contract
5. 2026-04-20
   status Active
6. 2026-04-16
   status Pending
7. 2026-04-09
   historical Active Under Contract
8. 2026-04-09
   status Pending
9. 2026-02-26
   price $187,000
10. 2026-02-01
    listed $192,000 Active
11. 2025-10-04
    historical Active Under Contract
12. 2025-09-06
    price $177,000
13. 2025-08-08
    price $179,900
14. 2025-07-25
    price $187,500
15. 2025-07-24
    status Active
16. 2025-07-13
    historical Active Under Contract
17. 2025-07-05
    price $190,000
18. 2025-06-25
    price $199,900
19. 2025-06-02
    price $205,000
20. 2025-05-20
    price $210,000
21. 2025-05-07
    price $215,000
22. 2025-05-02
    listed $220,000 Active
23. 2025-04-28
    historical
24. 2023-08-21
    soldstatus $158,000 Closed 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

25. 2023-08-21
    soldstatus $158,000

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

26. 2023-07-28
    historical Active Under Contract 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

27. 2023-07-10
    status Active 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

28. 2023-05-20
    historical Active Under Contract 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

29. 2023-05-19
    status Active 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

30. 2023-04-07
    historical Active Under Contract 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

31. 2023-04-04
    listed $164,000 Active 929-char remark

    Show marketing remark (929 chars)

    Older Wood frame home with vinyl siding and metal roof on unrestricted 1.1 acre tract just off of Highway 64 West. This home has been used as a rental most recently, but owner decided to spruce it up and sell! It has new drywall, some new electrical and new flooring throughout. House has two full bedrooms and a hall bathroom. There is a small room beside the laundry area at the back of the house that could be used for a 3rd bedroom but does not have a closet. Owner put in new well and had septic tank cleaned out in 2019. House has a propane gas wall unit in the dining area in the center of the house. There is no air conditioning as older window units were removed. Would make a nice starter or downsizing house. Seller disclosures are all NO REP, however, he is attaching to MLS 2023 Termite, Septic and Home Inspection summaries. He has addressed some of the inspection items, but at this point home is an AS-IS SALE!!

ⓘ 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: $864 · $72/mo
• Projected year-2 tax: $1,533 · $128/mo
• Expected delta: +$669/yr (+$56/mo · 77.5%)

ⓘ 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 6/10 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: $17,025
• − Mortgage interest: −$10,475
• − Property taxes: −$864
• − Insurance: −$935
• − Repairs & maintenance: −$1,362
• − Management: −$1,362
• − Depreciation: −$5,440
• Taxable loss: −$3,413
• Est. tax savings @ 24.0%: +$819
• After-tax cash flow: $702/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 — Spindale

• Score: 67/100
• State rank: #211
• US rank: #10189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 3,825
• Population (ZIP): 18,887

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 (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -68.65%
• Current HPI: 249.7007
• 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

+14.0% since first listed

28 events — show timeline

• 2026-05-01 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-20 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-16 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-09 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-09 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-02-26 Price Changed $187,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-01 Listed $192,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-04 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-09-06 Price Changed $177,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-08 Price Changed $179,900 CANOPYMLS as Distributed by MLS Grid
• 2025-07-25 Price Changed $187,500 CANOPYMLS as Distributed by MLS Grid
• 2025-07-24 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-07-13 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-07-05 Price Changed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-25 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2025-06-02 Price Changed $205,000 CANOPYMLS as Distributed by MLS Grid
• 2025-05-20 Price Changed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2025-05-07 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2025-05-02 Listed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-28 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2023-08-21 Sold (Public Records) $158,000 Public Records
• 2023-08-21 Sold (MLS) $158,000 CANOPYMLS as Distributed by MLS Grid
• 2023-07-28 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2023-07-10 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2023-05-20 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2023-05-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2023-04-07 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2023-04-04 Listed $164,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2025): $864 · +7.7% YoY. Source: county tax records.