192 Spencer St · Caroleen, NC 28160

$172,900

2 bd · 1.0 ba · 1,168 sqft · SingleFamily public records · 88 Days on market

Built 1908 0.56 ac lot Est $137k · 27% over

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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 +10.3/30.0
• Appreciation +10.0/10.0
• Schools +3.6/10.0
• DSCR +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• ARV discount +0.0/15.0

Listing remarks

Welcome home to this beautifully updated 2-bedroom, 2-bathroom home in a quiet neighborhood in Ellenboro, NC. From the moment you arrive, you'll love the inviting front porch, perfect for morning coffee or relaxing evenings. Inside, the primary bedroom features a beautiful handcrafted wood ceiling that adds warmth and character. The large kitchen offers plenty of space for cooking and gathering, while the spacious bedrooms and large bathrooms provide comfort and functionality. Thoughtful updates in 2022 include LVP flooring throughout, fresh paint, updated bathrooms (including the addition of a second bath with laundry), kitchen improvements, fixtures, HVAC, new electrical panels inside and

Key facts

• Inviting front porch
• Large kitchen
• Fenced in side yard

Tags

• INVITING FRONT PORCH
• LARGE KITCHEN
• FENCED IN SIDE YARD
• UPDATED BATHROOMS
• NEW ELECTRICAL PANELS
• UPDATED ROOF

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Parking spaces available
• Utilities: City water; Public sewer and septic installed; Cable available; Electricity connected
• Home design: Single-family residential property; Site-built construction; One level
• Construction: Hardboard siding; Basement foundation
• Exterior features: Partial fencing; Road access includes dirt and paved surfaces; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level (sizes approx. 15'2" x 14'8" and 15'4" x 15'4")
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: 5 total rooms; Basement with dirt floor, exterior and interior entries, unfinished
• Laundry & utility: Washer/Dryer included; Laundry located in bathroom; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $173k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (31.8% below list).
• Recommended offer: $118k (31.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#636 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: employment D, 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: Ellenboro Elementary School (math 50% / reading 48%, grade D, #459 of 1,410 statewide, top 33%, 595 students, 99% FRL); Chase Middle School (math 35% / reading 47%, grade F, #209 of 475 statewide, top 45%, 501 students, 99% FRL); East Rutherford High School (math 62% / reading 47%, grade C-, #270 of 535 statewide, top 52%, 659 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: 55 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 88 days — a 6% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 10 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 $55k; list at $173k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — 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 $117,943 (31.8% 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 88 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1908 — 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: 0.68% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $136,656
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 Arrowood Dr	0.45mi	2/1.0	1,092 (-6%)	7mo	$127,500	$117	62
125 West St	0.13mi	2/1.5	1,250 (+7%)	23mo	$98,000	$78	61
346 Walker Store Rd	0.73mi	2/1.0	1,120 (-4%)	2mo	$175,000	$156	57

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: 22.6%
• Equity multiple: 2.82×
• Total profit: $88,063
• Equity at exit: $155,762

10-year hold

• IRR: 20.2%
• Equity multiple: 6.45×
• Total profit: $263,892
• Equity at exit: $335,907

Cash invested: $48,412 (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 28160

• Home prices YoY: 3.2%
• Active inventory: 55
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $1,179 medium
• Mortgage (P&I): −$907
• Tax from tax record: −$47 /mo · $570/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $-94

Break-even live

Break-even rent $1,299

Max offer price $156,211

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-46	+0% $-94	+5% $-143	+10% $-192
Rent	-10% $-188	-5% $-141	+0% $-94	+5% $-48	+10% $-1
Rate	-1.0pp $-7	-0.5pp $-50	base $-94	+0.5pp $-139	+1.0pp $-185

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: $43,225
• Closing costs: $5,187
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-22
   days on market $172,900 Active 88 DOM
2. 2026-06-19
   days on market $172,900 Active 86 DOM
3. 2026-06-18
   days on market $172,900 Active 85 DOM
4. 2026-06-17
   days on market $172,900 Active 84 DOM
5. 2026-06-16
   days on market $172,900 Active 83 DOM
6. 2026-06-15
   days on market $172,900 Active 82 DOM
7. 2026-06-14
   days on market $172,900 Active 80 DOM
8. 2026-06-13
   days on market $172,900 Active 79 DOM
9. 2026-06-10
   days on market $172,900 Active 77 DOM
10. 2026-06-09
    days on market $172,900 Active 76 DOM
11. 2026-06-08
    days on market $172,900 Active 75 DOM
12. 2026-06-07
    days on market $172,900 Active 74 DOM
13. 2026-06-02
    days on market $172,900 Active 69 DOM
14. 2026-06-01
    days on market $172,900 Active 68 DOM
15. 2026-05-31
    days on market $172,900 Active 67 DOM
16. 2026-05-30
    days on market $172,900 Active 66 DOM
17. 2026-05-14
    status Pending
18. 2026-04-21
    price $172,900
19. 2026-03-14
    listed $174,900 Active
20. 2025-10-18
    price $169,000
21. 2025-09-12
    price $172,900
22. 2025-08-04
    status Active
23. 2025-07-10
    price $179,900
24. 2025-05-27
    price $187,900
25. 2025-04-11
    price $189,900
26. 2025-01-17
    listed $199,000 Active
27. 2024-12-19
    price $202,500
28. 2024-09-07
    price $205,000
29. 2024-08-09
    price $199,999
30. 2024-08-01
    price $210,000
31. 2024-07-15
    price $215,000
32. 2024-06-26
    listed $227,000 Active
33. 2024-05-15
    price $227,900
34. 2024-05-06
    price $232,900
35. 2024-04-08
    price $237,900
36. 2024-02-29
    price $242,900
37. 2024-02-29
    status Active
38. 2024-02-25
    price $235,000
39. 2024-01-22
    price $220,000
40. 2024-01-16
    price $223,000
41. 2024-01-02
    price $225,000
42. 2023-12-17
    price $225,900
43. 2023-12-10
    price $227,900
44. 2023-12-04
    price $229,900
45. 2023-11-12
    price $234,900
46. 2023-11-09
    price $239,000
47. 2023-11-03
    price $245,000
48. 2023-10-28
    price $249,000
49. 2023-10-28
    status Active
50. 2023-06-23
    price $239,000

ⓘ 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: $570 · $47/mo
• Projected year-2 tax: $1,418 · $118/mo
• Expected delta: +$848/yr (+$71/mo · 148.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,153
• − Mortgage interest: −$9,685
• − Property taxes: −$570
• − Insurance: −$864
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$5,030
• Taxable loss: −$4,260
• Est. tax savings @ 24.0%: +$1,023
• After-tax cash flow: $-111/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 — Caroleen

• Score: 55/100
• State rank: #636
• US rank: #23188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Caroleen, NC
• Population (ZIP): 3,825

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 (77%)
• Race & ethnicity: White 77% Black 16% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Serbian 5% Slovak 3% Subsaharan African 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▲ 10.11%
• Current HPI: 328.8325
• 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

+130.5% since first listed

49 events — show timeline

• 2026-05-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $172,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-14 Listed $174,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-18 Price Changed $169,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-12 Price Changed $172,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-04 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-07-10 Price Changed $179,900 CANOPYMLS as Distributed by MLS Grid
• 2025-05-27 Price Changed $187,900 CANOPYMLS as Distributed by MLS Grid
• 2025-04-11 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2025-01-17 Listed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2024-12-19 Price Changed $202,500 CANOPYMLS as Distributed by MLS Grid
• 2024-09-07 Price Changed $205,000 CANOPYMLS as Distributed by MLS Grid
• 2024-08-09 Price Changed $199,999 CANOPYMLS as Distributed by MLS Grid
• 2024-08-01 Price Changed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2024-07-15 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2024-06-26 Listed $227,000 CANOPYMLS as Distributed by MLS Grid
• 2024-05-15 Price Changed $227,900 CANOPYMLS as Distributed by MLS Grid
• 2024-05-06 Price Changed $232,900 CANOPYMLS as Distributed by MLS Grid
• 2024-04-08 Price Changed $237,900 CANOPYMLS as Distributed by MLS Grid
• 2024-02-29 Price Changed $242,900 CANOPYMLS as Distributed by MLS Grid
• 2024-02-29 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-02-25 Price Changed $235,000 CANOPYMLS as Distributed by MLS Grid
• 2024-01-22 Price Changed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2024-01-16 Price Changed $223,000 CANOPYMLS as Distributed by MLS Grid
• 2024-01-02 Price Changed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2023-12-17 Price Changed $225,900 CANOPYMLS as Distributed by MLS Grid
• 2023-12-10 Price Changed $227,900 CANOPYMLS as Distributed by MLS Grid
• 2023-12-04 Price Changed $229,900 CANOPYMLS as Distributed by MLS Grid
• 2023-11-12 Price Changed $234,900 CANOPYMLS as Distributed by MLS Grid
• 2023-11-09 Price Changed $239,000 CANOPYMLS as Distributed by MLS Grid
• 2023-11-03 Price Changed $245,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-28 Price Changed $249,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-28 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2023-06-23 Price Changed $239,000 CANOPYMLS as Distributed by MLS Grid
• 2023-06-21 Price Changed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2023-06-13 Price Changed $222,000 CANOPYMLS as Distributed by MLS Grid
• 2023-06-04 Price Changed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2023-05-19 Price Changed $229,500 CANOPYMLS as Distributed by MLS Grid
• 2023-05-09 Listed $239,000 CANOPYMLS as Distributed by MLS Grid
• 2022-02-04 Sold (Public Records) $55,000 Public Records
• 2022-02-04 Sold (MLS) $55,000 CANOPYMLS as Distributed by MLS Grid
• 2021-12-20 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-10-14 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-10-11 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-09-28 Price Changed $60,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-18 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-09-04 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-08-31 Price Changed $67,900 CANOPYMLS as Distributed by MLS Grid
• 2021-08-15 Listed $75,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2025): $570 · -31.4% YoY. Source: county tax records.