317 S Fourth Ave Unit A · Kure Beach, NC 28449

$845,000

3 bd · 3.0 ba · 2,575 sqft · Townhouse · 146 Days on market

Built 2026 5,009 sqft lot Est $1277k · 34% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Just two blocks from the Atlantic Ocean in walkable Kure Beach, this beautifully designed new construction townhome offers low-maintenance coastal living with refined finishes throughout. Spanning three levels, this residence features 2,181 sq ft plus a 394 sq ft bonus/recreation room, totaling 2,575 sq ft with 3 bedrooms and 3.5 baths, ideal as a primary residence, vacation home, or coastal retreat. Inside, the bright open floor plan showcases 9 foot ceilings on the second and third floors, luxury vinyl plank flooring throughout, oak stair treads, craftsman-style trim, and thoughtfully selected finishes. The main living area is anchored by a coffered ceiling and wall-mounted electric firep

Key facts

• Quartz countertops
• Scullery prep pantry
• Tray ceiling

Tags

• NEW CONSTRUCTION TOWNHOME
• COFFERED CEILING
• SOFT-CLOSE SHAKER CABINETRY
• QUARTZ COUNTERTOPS
• SCULLERY PREP PANTRY
• TRAY CEILING

Property features AI

Finance

• Other: Accessible elevator installed; Accessible full bath
• HOA & community: Homeowners association with annual fee

Exterior

• Parking: Attached garage (1 car); Concrete parking; Off-street parking; On-site parking
• Security: Smoke detectors
• Utilities: Public water; Sewer connected; Water connected
• Home design: Townhouse; Three or more levels; Entry level: 1; New construction
• Construction: Fiber cement and frame construction; Shingle roof; Slab foundation; Built as new construction
• Exterior features: Outdoor shower; Covered patio/porch; Deck; Porch; Open lot; Paved road access; City street and state road frontage; Has view

Interior

• Kitchen: Range; Dishwasher; Microwave; Disposal; Vented exhaust fan; Electric water heater
• Bathrooms: Three full bathrooms
• Heating & cooling: Heat pump heating; Fireplace(s); Electric heating; Forced air; Central air conditioning
• Interior features: Walk-in closets; Tray ceilings; High ceilings; Kitchen island; Elevator; Ceiling fans; Pantry
• Laundry & utility: Washer hookup; Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $845k.

Deal economics

• At list price, monthly cash flow is $13k ($157k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $845k).
• Recommended offer: $744k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.9% vs local median 2.1% in Kure Beach — 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 65/100 on livability (#303 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $237k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($744k) is reasonable based on typical stale-listing flexibility.

Recommended offer $743,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.84% ✓
• Cap rate: 24.93%
• Cash-on-cash: 66.54%
• DSCR: 3.96
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $1,277,200
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 Fort Fisher Blvd S Unit A	0.32mi	4/3.5 (+1)	2,479 (-4%)	6mo	$2,375,000	$958	67
301 Fort Fisher Blvd S Unit B	0.49mi	4/3.0 (+1)	2,435 (-5%)	6mo	$1,500,000	$616	58
221 Atlantic Ave Unit A	0.44mi	4/4.0 (+1)	2,500 (-3%)	10mo	$1,426,500	$571	57
401 Fort Fisher Blvd S Unit A	0.12mi	4/4.0 (+1)	2,216 (-14%)	12mo	$1,100,000	$496	52
302 N 3rd Ave Unit A	0.50mi	4/3.5 (+1)	2,412 (-6%)	19mo	$660,000	$274	43
644 B S Fort Fisher Blvd Unit B	0.40mi	4/4.5 (+1)	2,904 (+13%)	10mo	$740,000	$255	40
321 Red Lewis Dr #15	0.64mi	4/3.5 (+1)	2,242 (-13%)	4mo	$931,000	$415	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 65.8%
• Equity multiple: 3.95×
• Total profit: $699,081
• Equity at exit: $125,992

10-year hold

• IRR: 70.1%
• Equity multiple: 8.13×
• Total profit: $1,686,245
• Equity at exit: $73,060

Cash invested: $236,600 (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 28449

• Active inventory: 92
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$4,431
• Tax est. 1.5%: −$1,056 /mo · $12,675/yr
• Insurance: −$352
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $13,120

Break-even live

Break-even rent $7,392

Max offer price $845,000

Occupancy floor 40%

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: $211,250
• Closing costs: $25,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	21d	1	1.41mi

Listing history 2 events

1. 2026-05-22
   historical Active Under Contract
2. 2025-12-31
   listed $845,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $288,000
• − Mortgage interest: −$47,333
• − Property taxes: −$12,675
• − Insurance: −$4,225
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − Depreciation: −$24,582
• Taxable income: $153,105
• Est. tax owed @ 24.0%: −$36,745
• After-tax cash flow: $120,700/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: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

Livability — Kure Beach

• Score: 65/100
• State rank: #303
• US rank: #12563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kure Beach, NC
• Population (ZIP): 2,017

Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.31%
• Current HPI: 246.571
• 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

2 events — show timeline

• 2026-05-22 Contingent — Hive MLS
• 2025-12-31 Listed $845,000 Hive MLS