270/272 Spring St SW · Concord, NC 28025

$344,500

4 bd · 4.0 ba · 1,710 sqft · MultiFamily public records · 90 Days on market

Built 1978 2,918 sqft lot

---

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 +12.5/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• DSCR +3.7/10.0
• Rent growth +3.3/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Turnkey duplex in a high-demand location. Each unit offers 1 bedroom and 1 bathroom and has been fully renovated with new flooring, fresh paint, updated bathrooms, and modern kitchen cabinetry. With projected short-term rental income of up to $2,000 per month per unit, this property is perfectly positioned for investors looking to capitalize on Airbnb or furnished rental demand. For those seeking stability, long-term rental estimates of approximately $1,200 per unit provide a solid baseline return. Live in one unit and rent the other, or maximize cash flow by leasing both, this is a versatile investment in a location where demand continues to grow.

Key facts

• 2,918 sq ft lot
• Built 1978
• Listed 89 days

Property features AI

Finance

• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Duplex (residential income); Site-built construction; RC zoning
• Construction: Vinyl exterior; Slab foundation
• Exterior features: Gravel and concrete road access; Publicly maintained road

Interior

• Kitchen: Electric oven; Electric range; Exhaust fan
• Bedrooms: Two total bedrooms (property includes two units; Unit type listed as 1-bedroom for one unit)
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric forced-air heating; Window air conditioning units
• Interior features: Attic access
• Laundry & utility: In-unit laundry (washer/dryer included)

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $344k.

Deal economics

• At list price, monthly cash flow is $-53 ($-639/yr) — negative. Per door: $-27/mo.
• To cash-flow at today's rent, offer at most $335k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (21.9% below list).
• Recommended offer: $269k (21.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.3% in Concord — 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 81/100 on livability (#18 in NC, #1,595 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.2%/yr); 303 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).
• This rent runs 41% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $248k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $268,900 (21.9% 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 90 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.39×
• Total profit: $-58,676
• Equity at exit: $51,366

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-53,233
• Equity at exit: $29,786

Cash invested: $96,460 (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 28025

• Rents YoY: 3.2%
• Active inventory: 303
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $2,689 high
• Mortgage (P&I): −$1,807
• Tax from tax record: −$227 /mo · $2,729/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $-53

Break-even live

Break-even rent $2,756

Max offer price $335,092

Occupancy floor 97%

Sensitivity live

Price	-10% $142	-5% $44	+0% $-53	+5% $-151	+10% $-248
Rent	-10% $-266	-5% $-159	+0% $-53	+5% $53	+10% $159
Rate	-1.0pp $120	-0.5pp $34	base $-53	+0.5pp $-143	+1.0pp $-233

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,690
Total (2 units)			$2,689

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: $86,125
• Closing costs: $10,335
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Tournament Dr SW Concord, NC	3.0	2.0	1161	$1,650	$1.42	21d	1	0.16mi
204 Corban Ave SW Concord, NC	3.0	2.0	1487	$1,600	$1.08	2d	1	0.58mi
195 Vee Ave SW Concord, NC	4.0	3.5	1867	$2,250	$1.21	24d	1	0.66mi
71 Woodsdale Pl SE Concord, NC	3.0	2.5	1315	$1,900	$1.44	5d	1	0.69mi
337 Pecan Ct SW Concord, NC	3.0	2.0	1254	$1,610	$1.28	13d	1	0.69mi
116 Cabarrus Ave E Concord, NC	3.0	1.0	1495	$2,300	$1.54	5d	1	0.71mi
121 Marshdale Ave SW Concord, NC	3.0	2.0	1572	$2,200	$1.40	24d	1	0.90mi
708 Union St S Concord, NC	4.0	2.0	2132	$1,895	$0.89	24d	1	1.01mi
6 Meadowview Ave SW Concord, NC	3.0	2.0	1176	$1,750	$1.49	13d	1	1.03mi
782 Union St S Concord, NC	3.0	2.0	1505	$2,300	$1.53	15d	1	1.18mi
299 Brunting Ln SW Concord, NC	3.0	1.0	1059	$1,500	$1.42	24d	4	1.25mi
283 Houston St NE Concord, NC	3.0	2.0	1176	$1,702	$1.45	18d	1	1.31mi
219 Green Dr SW Concord, NC	3.0	2.0	1278	$1,900	$1.49	5d	1	1.32mi
219 Green Dr SW Concord, NC	3.0	2.0	1278	$1,900	$1.49	4d	1	1.32mi
1 Buffalo Ave NW Concord, NC	2.0–3.0	1.5–2.0	1179	$1,500	$1.27	11d	6	1.33mi
145 McKinnon Ave NE Concord, NC	4.0	2.0	1536	$1,775	$1.16	5d	1	1.35mi
100 Ash Ave NW Concord, NC	3.0	2.0	1170	$1,845	$1.58	5d	1	1.39mi

Listing history 26 events

1. 2026-06-21
   days on market $344,500 Active 90 DOM
2. 2026-06-18
   days on market $344,500 Active 87 DOM
3. 2026-06-17
   days on market $344,500 Active 86 DOM
4. 2026-06-16
   days on market $344,500 Active 85 DOM
5. 2026-06-15
   days on market $344,500 Active 84 DOM
6. 2026-06-13
   days on market $344,500 Active 82 DOM
7. 2026-06-09
   days on market $344,500 Active 78 DOM
8. 2026-06-08
   days on market $344,500 Active 77 DOM
9. 2026-06-07
   days on market $344,500 Active 76 DOM
10. 2026-06-04
    days on market $344,500 Active 73 DOM
11. 2026-06-03
    days on market $344,500 Active 72 DOM
12. 2026-06-02
    days on market $344,500 Active 71 DOM
13. 2026-06-01
    days on market $344,500 Active 70 DOM
14. 2026-05-31
    days on market $344,500 Active 69 DOM
15. 2026-05-17
    price $345,000
16. 2026-03-24
    listed $350,000 Active
17. 2026-03-22
    historical $350,000
18. 2022-04-12
    soldstatus $248,000 Closed
19. 2022-04-12
    soldstatus $248,000
20. 2022-03-04
    status Pending
21. 2022-02-23
    status Active
22. 2022-01-02
    status Pending
23. 2021-12-28
    listed $229,900 Active
24. 2006-11-16
    soldstatus $105,000
25. 2006-03-08
    soldstatus $85,000
26. 1988-11-01
    soldstatus $55,000

ⓘ 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: $2,729 · $227/mo
• Projected year-2 tax: $2,825 · $235/mo
• Expected delta: +$96/yr (+$8/mo · 3.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,268
• − Mortgage interest: −$19,297
• − Property taxes: −$2,729
• − Insurance: −$1,722
• − Repairs & maintenance: −$2,581
• − Management: −$2,581
• − Depreciation: −$10,022
• Taxable loss: −$6,666
• Est. tax savings @ 24.0%: +$1,600
• After-tax cash flow: $961/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: Cabarrus County Schools
• NCES district ID: 3700530
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 55% ▲ 3.00%
• Median HH income: $59,442
• Composite: 47.42/100
• National rank: #2282
• State rank: #44 of 178 in NC

Livability — Concord

• Score: 81/100
• State rank: #18
• US rank: #1595

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NC
• County: Cabarrus County · 218,793 people
• City population: 140,106
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 58,334
• Household income: $79,545
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 1852.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Black 21% Hispanic / Latino 13% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 9%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -282.07%
• Current HPI: 258.1615
• Rent YoY: ▲ 3.23%
• 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

+527.3% since first listed

12 events — show timeline

• 2026-05-17 Price Changed $345,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-24 Listed $350,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-22 Coming Soon $350,000 CANOPYMLS as Distributed by MLS Grid
• 2022-04-12 Sold (Public Records) $248,000 Public Records
• 2022-04-12 Sold (MLS) $248,000 CANOPYMLS as Distributed by MLS Grid
• 2022-03-04 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-02-23 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2022-01-02 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-12-28 Listed $229,900 CANOPYMLS as Distributed by MLS Grid
• 2006-11-16 Sold (Public Records) $105,000 Public Records
• 2006-03-08 Sold (Public Records) $85,000 Public Records
• 1988-11-01 Sold (Public Records) $55,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $2,729 · +0.0% YoY. Source: county tax records.