1209 3rd St · Spencer, NC 28159

$125,000

3 bd · 2.0 ba · 1,292 sqft · SingleFamily · 248 Days on market

Built 1985 8,276 sqft lot Est $227k · 45% under ↓ 32% since listing

---

Why this score? — see what drove the A- 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 +27.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Own a promising 3-bedroom home just waiting for someone to unlock its potential. This property features a solid structure with a roof only 2 years old, offering peace of mind and reduced maintenance costs upfront. Inside, you’ll find a flexible layout ready for your improvements. Ideal for recasting spaces into modern bedrooms, an updated kitchen, or bonus living areas. The good bones of the home are there; cosmetic upgrades and vision will really drive the value. With some love and strategic updates, this one can deliver great return. Don’t miss your chance schedule a showing today and see why this home is a great canvas for your next project.

Key facts

• Bonus living areas
• Modern bedrooms
• Flexible layout

Tags

• ROOF ONLY 2 YEARS OLD
• FLEXIBLE LAYOUT
• MODERN BEDROOMS
• UPDATED KITCHEN
• BONUS LIVING AREAS
• COSMETIC UPGRADES

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; One story; Site built
• Construction: Vinyl exterior; Slab foundation
• Exterior features: Dirt and gravel road access; Publicly maintained road

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: 8 total rooms; Ceiling fan(s)
• Laundry & utility: Laundry room on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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-, amenities F, commute 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.
• Zoned schools: North Rowan Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 426 students, 92% FRL); North Rowan High (math 2% / reading 37%, grade F, #492 of 535 statewide, top 93%, 589 students, 66% FRL) — zoned schools average 79% FRL vs 54% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($110k) 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.25% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $227,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Pinecroft Ln	0.24mi	3/2.5	1,356 (+5%)	3mo	$245,000	$181	76
1100 2nd St	0.12mi	2/2.5 (-1)	1,200 (-7%)	0mo	$65,000	$54	75
607 Meadow St	0.47mi	3/2.0	1,333 (+3%)	1mo	$235,000	$176	72
514 Second St	0.53mi	3/2.0	1,318 (+2%)	1mo	$230,000	$175	71
605 Meadow St	0.47mi	3/2.0	1,313 (+2%)	4mo	$235,000	$179	71
603 Meadow St	0.48mi	3/2.0	1,343 (+4%)	2mo	$235,000	$175	70
502 6th St	0.68mi	3/1.5	1,323 (+2%)	1mo	$233,000	$176	62
420 S Iredell Ave	0.65mi	3/2.5	1,255 (-3%)	3mo	$245,000	$195	61
702 3rd St	0.40mi	2/1.0 (-1)	1,226 (-5%)	6mo	$215,000	$175	58
707 5th St	0.56mi	3/2.0	1,120 (-13%)	2mo	$225,000	$201	50
209B N Yadkin Ave N	0.70mi	3/2.0	1,456 (+13%)	0mo	$238,000	$163	46
510 5th St	0.63mi	2/1.0 (-1)	1,419 (+10%)	6mo	$145,000	$102	40

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: 33.7%
• Equity multiple: 3.62×
• Total profit: $91,871
• Equity at exit: $112,610

10-year hold

• IRR: 29.1%
• Equity multiple: 8.20×
• Total profit: $251,900
• Equity at exit: $242,848

Cash invested: $35,000 (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 28159

• Home prices YoY: 3.1%
• Active inventory: 24
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,566 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $373

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 71%

Sensitivity live

Price	-10% $460	-5% $416	+0% $373	+5% $330	+10% $287
Rent	-10% $249	-5% $311	+0% $373	+5% $435	+10% $497
Rate	-1.0pp $436	-0.5pp $405	base $373	+0.5pp $341	+1.0pp $308

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 E Henderson St Salisbury, NC	2.0	1.0	930	$1,250	$1.34	25d	1	1.21mi
411 E Torbush Dr Salisbury, NC	3.0	2.0	1204	$1,853	$1.54	23d	1	1.42mi

Listing history 19 events

1. 2026-06-21
   days on market $125,000 Active 248 DOM
2. 2026-06-18
   days on market $125,000 Active 245 DOM
3. 2026-06-17
   pricedays on market $125,000 Active 244 DOM
4. 2026-06-15
   days on market $130,000 Active 243 DOM
5. 2026-06-13
   days on market $130,000 Active 241 DOM
6. 2026-06-10
   days on market $130,000 Active 237 DOM
7. 2026-06-08
   days on market $130,000 Active 236 DOM
8. 2026-06-07
   days on market $130,000 Active 235 DOM
9. 2026-06-04
   days on market $130,000 Active 232 DOM
10. 2026-06-03
    days on market $130,000 Active 231 DOM
11. 2026-06-02
    days on market $130,000 Active 230 DOM
12. 2026-06-01
    days on market $130,000 Active 229 DOM
13. 2026-05-31
    days on market $130,000 Active 228 DOM
14. 2026-05-04
    price $135,000
15. 2026-02-04
    price $150,000
16. 2026-01-07
    price $168,000
17. 2025-11-22
    price $175,000
18. 2025-10-29
    price $180,000
19. 2025-10-15
    listed $200,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $18,791
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$3,636
• Taxable income: $2,646
• Est. tax owed @ 24.0%: −$635
• After-tax cash flow: $3,843/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

-32.5% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $135,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-07 Price Changed $168,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-22 Price Changed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $180,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-15 Listed $200,000 CANOPYMLS as Distributed by MLS Grid