4113 N Highway 101 · Morehead City, NC 28570

$239,900

3 bd · 1.0 ba · 1,440 sqft · Manufactured public records · 144 Days on market

Built 1986 0.47 ac lot ↓ 4% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Cozy double-wide mobile home on a permanent foundation located in Newport, freshly painted and move-in ready. This inviting home features LVP flooring throughout, offering both style and easy maintenance. The home offers 3 bedrooms along with 2 full bathrooms. A durable metal roof and a new HVAC system installed in 2025 provide comfort and peace of mind. Relax on the covered front porch or unwind on the covered back porch overlooking the fenced-in backyard--perfect for pets, gardening, or quiet evenings outdoors. A separate workshop/storage building with electric adds great functionality. Conveniently located just a short drive from Beaufort's restaurants, shopping, a nearby public boat ram

Key facts

• Durable metal roof
• Covered front porch
• Permanent foundation

Tags

• DOUBLE-WIDE MOBILE HOME
• PERMANENT FOUNDATION
• LVP FLOORING
• DURABLE METAL ROOF
• NEW HVAC SYSTEM
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: Gravel/unpaved parking
• Utilities: Public water; Septic tank; Water available
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding; Frame construction; Metal roof; Crawl space/no basement
• Exterior features: Covered front and rear porch; Front porch; Rear porch; Chain link fencing around back yard; Workshop on property; Has a view

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 7 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Ceiling fan(s); Unfurnished
• Laundry & utility: Washer hookup; Laundry room; Electric water heater; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $240k.

Deal economics

• At list price, monthly cash flow is $8k ($102k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 48.8% vs local median 2.0% in Morehead City — 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 63/100 on livability (#412 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A-, housing B; Watch: employment D+, crime D-, amenities F.
• Carteret County Public Schools (rural): math 59% / reading 61% proficiency, ranked #31 of 178 in NC (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Beaufort Elementary (math 57% / reading 56%, grade C+, #280 of 1,410 statewide, top 20%, 378 students, 99% FRL); Beaufort Middle (math 42% / reading 55%, grade C-, #127 of 475 statewide, top 28%, 258 students, 99% FRL); East Carteret High (math 82% / reading 62%, grade B+, #107 of 535 statewide, top 21%, 530 students, 45% FRL) — zoned schools average 81% FRL vs 39% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 216 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• At $12,563/mo this rent would consume 215% of the median local household income ($70k/yr) (locally 461% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
6. 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.
7. 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.
8. 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: 5.24% ✓
• Cap rate: 48.77%
• Cash-on-cash: 151.69%
• DSCR: 7.75
• GRM: 1.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.47×
• Total profit: $501,995
• Equity at exit: $35,770

10-year hold

• IRR: —
• Equity multiple: 17.88×
• Total profit: $1,133,727
• Equity at exit: $20,742

Cash invested: $67,172 (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 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $12,563 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,638
• Net cashflow: $8,491

Break-even live

Break-even rent $1,814

Max offer price $239,900

Occupancy floor 27%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $239,900 Active 144 DOM
2. 2026-06-18
   days on market $239,900 Active 143 DOM
3. 2026-06-17
   days on market $239,900 Active 142 DOM
4. 2026-06-16
   days on market $239,900 Active 141 DOM
5. 2026-06-15
   days on market $239,900 Active 140 DOM
6. 2026-06-14
   days on market $239,900 Active 138 DOM
7. 2026-06-12
   days on market $239,900 Active 137 DOM
8. 2026-06-09
   days on market $239,900 Active 134 DOM
9. 2026-06-08
   days on market $239,900 Active 133 DOM
10. 2026-06-07
    days on market $239,900 Active 132 DOM
11. 2026-06-05
    days on market $239,900 Active 129 DOM
12. 2026-06-03
    days on market $239,900 Active 128 DOM
13. 2026-06-02
    days on market $239,900 Active 127 DOM
14. 2026-06-01
    days on market $239,900 Active 126 DOM
15. 2026-05-31
    days on market $239,900 Active 125 DOM
16. 2026-05-30
    days on market $239,900 Active 124 DOM
17. 2026-05-19
    price $239,900
18. 2026-04-09
    price $244,900
19. 2026-03-14
    price $239,900
20. 2026-01-26
    listed $250,000 Active

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $1,967 · $164/mo
• Expected delta: +$1,066/yr (+$89/mo · 118.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $150,752
• − Mortgage interest: −$13,438
• − Property taxes: −$901
• − Insurance: −$1,200
• − Repairs & maintenance: −$12,060
• − Management: −$12,060
• − Depreciation: −$6,979
• Taxable income: $104,113
• Est. tax owed @ 24.0%: −$24,987
• After-tax cash flow: $76,909/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: Carteret County Public Schools
• NCES district ID: 3700630
• Math proficiency: 59% ▲ 5.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $48,330
• Composite: 50.92/100
• National rank: #1786
• State rank: #31 of 178 in NC

Livability — Morehead City

• Score: 63/100
• State rank: #412
• US rank: #15497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• City population: 22,197
• Metro: Morehead City, NC
• Population (ZIP): 22,197
• Household income: $70,229
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 461.0

Population outlook (Carteret County) Hauer SSP2

• Today (2025): 73,443 people
• By 2030: 75,344 · +2.6%
• By 2040: 78,142 · +6.4%
• By 2050: 80,091 · +9.1%
• By 2075: 86,120 · +17.3%
• By 2100: 89,408 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, Dominican Republic
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · Carteret

• 2024 margin: Solid R (+43.1) · D 28.0% · R 71.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -34.7pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+42.0 2016: R+44.5 2012: R+41.0 2008: R+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.54%
• Current HPI: 276.6589
• Rent YoY: —
• Metro: Morehead City, NC
• 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

-4.0% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $239,900 Hive MLS
• 2026-04-09 Price Changed $244,900 Hive MLS
• 2026-03-14 Price Changed $239,900 Hive MLS
• 2026-01-26 Listed $250,000 Hive MLS

Property tax history

+5.6%/yr

Latest (2025): $901 · +141.0% YoY. Source: county tax records.