93 Castle Wood · Spout Springs, NC 27332

$180,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 34 Days on market

Built 1995 0.36 ac lot Est $175k · at est.

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Why this score? — see what drove the C- 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 +21.3/30.0
• DSCR +6.8/10.0
• ARV discount +6.2/15.0
• 1% rule +4.4/10.0
• Rent growth +3.7/5.0
• Schools +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

Key facts

• Thoughtful upgrades
• Single-level living
• Granite countertops

Tags

• SINGLE-LEVEL LIVING
• BRIGHT OPEN FLOOR PLAN
• THOUGHTFUL UPGRADES
• SHAKER-STYLE CABINETRY
• GRANITE COUNTERTOPS
• TILE BACKSPLASH

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water
• Home design: Single-family residence; Residential property (RA-20 residential agricultural zoning)
• Construction: Vinyl siding
• Exterior features: Deck; Porch with front porch; Cleared lot

Interior

• Kitchen: Range; Free‑standing range; Dishwasher
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric cooling; Ceiling fans
• Interior features: Ceiling fans; Eat-in kitchen; Granite countertops; Crawl space basement
• Laundry & utility: Main-level laundry in unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (5.9% below list).
• Recommended offer: $169k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 4.1% in Spout Springs — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Highland Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 891 students, 53% FRL); Highland Middle (math 34% / reading 41%, grade F, #256 of 475 statewide, top 55%, 875 students, 64% FRL); Overhills High (math 52% / reading 63%, grade C, #245 of 535 statewide, top 46%, 1,971 students, 47% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 458 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,080 units permitted in Harnett County in 2024 (12 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 $5k of value loss. Plan a longer hold.
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; major wildfire 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 $169,405 (5.9% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 8.06%
• Cash-on-cash: 6.31%
• DSCR: 1.28
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $175,104
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Winding Rdg	0.20mi	3/2.0	1,198 (+4%)	1mo	$203,000	$169	83
165 Brent Wood	0.06mi	3/2.0	1,188 (+3%)	10mo	$150,000	$126	83
97 Brent Wood Ct	0.16mi	3/2.0	1,140 (-1%)	13mo	$185,000	$162	80
178 Castle Wood	0.10mi	3/2.0	1,189 (+3%)	15mo	$192,450	$162	78
279 Winding Rdg	0.24mi	3/2.0	1,191 (+3%)	8mo	$160,000	$134	77
369 Winding Rdg	0.17mi	3/2.0	1,188 (+3%)	19mo	$184,000	$155	71
453 Deer Vw	0.35mi	3/2.0	1,188 (+3%)	9mo	$180,000	$152	71
152 Castlewood	0.07mi	3/2.0	1,080 (-6%)	19mo	$185,000	$171	70
265 Winding Rdg	0.25mi	3/2.0	1,195 (+4%)	16mo	$155,000	$130	69
38 Bone Oak	0.40mi	3/2.0	1,302 (+13%)	2mo	$197,000	$151	58
162 Deer Vw	0.54mi	3/2.0	1,047 (-9%)	13mo	$155,000	$148	49
67 Edenberry Ln	0.72mi	3/2.0	1,304 (+13%)	17mo	$145,000	$111	30

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 · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-9,115
• Equity at exit: $26,839

10-year hold

• IRR: 6.7%
• Equity multiple: 1.54×
• Total profit: $27,325
• Equity at exit: $15,563

Cash invested: $50,400 (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 27332

• Home prices YoY: -17.8%
• Rents YoY: 4.9%
• Active inventory: 458
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,694 high
• Mortgage (P&I): −$944
• Tax from tax record: −$54 /mo · $651/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $265

Break-even live

Break-even rent $1,358

Max offer price $180,000

Occupancy floor 79%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Castle Wood Sanford, NC	3.0	2.0	1250	$1,399	$1.12	23d	1	0.04mi
159 Pine Haven Dr Sanford, NC	2.0	2.0	1200	$1,350	$1.12	23d	1	0.32mi
478 Washington Ln Cameron, NC	3.0	2.0	1120	$1,250	$1.12	23d	1	0.98mi
96 Heritage Way Cameron, NC	3.0	1.0	1232	$1,195	$0.97	23d	1	1.40mi
105 Valley Forge Way N Cameron, NC	3.0	2.0	1344	$1,325	$0.99	13d	1	1.43mi

Listing history 23 events

1. 2026-06-18
   days on market $180,000 Active 34 DOM
2. 2026-06-17
   days on market $180,000 Active 33 DOM
3. 2026-06-16
   days on market $180,000 Active 32 DOM
4. 2026-06-15
   days on market $180,000 Active 31 DOM
5. 2026-06-14
   days on market $180,000 Active 29 DOM
6. 2026-06-10
   days on market $180,000 Active 26 DOM
7. 2026-06-09
   days on market $180,000 Active 25 DOM
8. 2026-06-08
   pricedays on market $180,000 Active 24 DOM
9. 2026-06-07
   days on market $185,000 Active 23 DOM
10. 2026-06-05
    days on market $185,000 Active 20 DOM
11. 2026-06-03
    days on market $185,000 Active 19 DOM
12. 2026-06-02
    days on market $185,000 Active 18 DOM
13. 2026-06-01
    days on market $185,000 Active 17 DOM
14. 2026-05-31
    days on market $185,000 Active 16 DOM
15. 2026-05-30
    days on market $185,000 Active 15 DOM
16. 2026-05-15
    listed $185,000 Active
17. 2023-04-21
    soldstatus $168,000 Closed 415-char remark

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

18. 2023-04-21
    soldstatus $168,000 415-char remark

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

19. 2023-04-21
    soldstatus $168,000

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

20. 2023-02-24
    historical Contingent 415-char remark

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

21. 2023-02-04
    listed $179,900 Active 415-char remark

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

22. 2023-02-04
    listed $179,900 415-char remark

    Show marketing remark (415 chars)

    GORGEOUS ONE level living on almost HALF an acre with a bright open floor plan and upgrades galore. Features a custom designer kitchen with new shaker cabinets, granite countertops, tile backsplash and Stainless Steel appliances. Beautiful wide plank laminate flooring throughout main living areas: PLUSH carpet and designer interior paint. HUGE Owners Suite. Move in and ENJOY! Staged photos for illustration only.

23. 2022-07-07
    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: $651 · $54/mo
• Projected year-2 tax: $1,476 · $123/mo
• Expected delta: +$825/yr (+$69/mo · 126.8%)

ⓘ 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,329
• − Mortgage interest: −$10,083
• − Property taxes: −$651
• − Insurance: −$900
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$5,236
• Taxable income: $206
• Est. tax owed @ 24.0%: −$49
• After-tax cash flow: $3,132/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: Harnett County Schools
• NCES district ID: 3702010
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $45,400
• Composite: 29.88/100
• National rank: #6397
• State rank: #130 of 178 in NC

Livability — Spout Springs

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Spout Springs, NC
• County: Lee County · 76,725 people
• Metro: Sanford, NC
• Population (ZIP): 36,947
• Household income: $78,447
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 632.0

Population outlook (Harnett County) Hauer SSP2

• Today (2025): 153,758 people
• By 2030: 166,581 · +8.3%
• By 2040: 192,741 · +25.4%
• By 2050: 218,332 · +42.0%
• By 2075: 275,422 · +79.1%
• By 2100: 313,511 · +103.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 19% Black 16% Two or more races 11% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 4% Cuban 2%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 15%

Political lean MEDSL · Harnett

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -16.7pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+22.4 2016: R+24.1 2012: R+19.4 2008: R+16.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.61%
• Current HPI: 252.2719
• Rent YoY: ▲ 4.87%
• Metro: Sanford, NC
• 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

+236.4% since first listed

8 events — show timeline

• 2026-05-15 Listed $185,000 LPRMLS
• 2023-04-21 Sold (Public Records) $168,000 Public Records
• 2023-04-21 Sold (MLS) $168,000 AMLSNC
• 2023-04-21 Sold (MLS) $168,000 TMLS
• 2023-02-24 Contingent — TMLS
• 2023-02-04 Listed $179,900 AMLSNC
• 2023-02-04 Listed $179,900 TMLS
• 2022-07-07 Sold (Public Records) $55,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $651 · +0.0% YoY. Source: county tax records.