704 3rd St Unit 3 Spencer, NC 28159
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About this home
Welcome to 704 E 3rd Street in Spencer, NC — a fully remodeled duplex offering the perfect blend of charm, modern updates, and income potential. With a total of approximately 1,756 square feet, this two-unit property is ideal for both investors and house hackers. Each side has been tastefully renovated with updated kitchens, refreshed baths, new flooring, and modern finishes, creating comfortable and move-in-ready living spaces. Major upgrades have already been completed, including new HVAC systems and a new roof in 2021, giving peace of mind and minimizing maintenance costs for years to come. Whether you choose to live in one unit and rent the other or lease both for steady income, this property delivers exceptional flexibility and value. Located in the heart of Spencer, you’ll enjoy a welcoming small-town feel while being just minutes from Salisbury and the I-85 corridor for easy commuting. Nearby attractions include the renowned North Carolina Transportation Museum, the historic downtown Spencer district, and Dan Nicholas Park — a family favorite with a nature center, lake, and walking trails. With its convenient location, modern upgrades, and strong rental potential, this duplex stands out as a turnkey opportunity in a growing area. Don’t miss your chance to own a beautifully updated property in one of Rowan County’s most historic and charming communities — perfect for an investor looking for immediate returns or a buyer ready to build wealth through real estate ownership. **TENANTS IN PLACE PLEASE DO NOT DISTURB**
Source: CANOPYMLS #4316805
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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