In my part of the country vapor barriers go on the inside just under the SR / wall covering. The idea up here is to help prevent warm moist air from condensing on the colder surfaces that are closer to the outside of the building envelope. I'm not sure about NC but I do know that in some parts of the country with high humidity the vapor barrier is put on the exterior. If you are in the lowlands I imaging humidity is more of an issue that if you're in the mountains. What does you local building code say about vapor barriers?
If this is for a crawl space you should have an approved vapor barrier covering the ground to help prevent moisture from being sucked up into the floor framing. If it's a convention basement with a concrete floor it's not as much of a concern.
If this were my property, I think I would be inclined to:
1. thoroughly clean the rim joist area
2. spray for termite, & bugs
3. spray at least 2-3" of close cell foam against the rim joists
4. install fiberglass or Roxul insulation in all of the floor joist bays
5. add some ventilation that is controlled with a humidistat
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