Windows Batch File Errorlevel Not Working Correctly

I'm running the following script, but the errorlevel never seems to change from 0

Can anyone spot why it's not working as expected?

@echo OFF

set first=C:\dev\workspace\first
set second=C:\dev\workspace\second

set repos=%first% %second%

echo =====================================

echo First: %first%
echo Second: %second%

echo =====================================

echo.
echo.

for %%r in (%repos%) do (  
  echo %%r | findstr "first" > NUL
  if errorlevel 0 (
    echo Variable: %%r
    echo ErrorLevel: %errorlevel%
    echo "We found first"
    echo.
  )

  echo %%r | findstr "second" > NUL
  if errorlevel 0 (
    echo Variable: %%r
    echo ErrorLevel: %errorlevel%
    echo "We found second"
    echo.
  )
)

This is the output I'm seeing:

C:\dev>new.bat
=====================================
First: C:\dev\workspace\first
Second: C:\dev\workspace\second
=====================================


Variable: C:\dev\workspace\first
ErrorLevel: 0
"We found first"

Variable: C:\dev\workspace\first
ErrorLevel: 0
"We found second"

Variable: C:\dev\workspace\second
ErrorLevel: 0
"We found first"

Variable: C:\dev\workspace\second
ErrorLevel: 0
"We found second"