171 Frost Rd · Broad Creek, NC 28570

$1,200,000

4 bd · 3.0 ba · 2,853 sqft · Other public records · 48 Days on market

Built 1996 2.75 ac lot

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Why this score? — see what drove the C+ 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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BOGUE SOUND VIEWS.CUSTOM BRICK HOME FRONTS ON MARSH & HUFF GUT. OVERSIZED ROOMS. GAS FIREPLACE. DOUBLE GARAGE & DETACHED GARAGE/WORKSHOP. BLINDS

Key facts

• Water views
• Extra-large kitchen
• Icw

Tags

• BRICK RANCH
• 2.74 ACRES
• ICW
• WATER VIEWS
• EXTRA-LARGE KITCHEN
• WALK IN PANTRY

Property features AI

Finance

• Other: Road frontage on city street and state road; Paved road surface; Lot approximately 2.75 acres; Zoning: Residential
• Financial info: Details not specified
• HOA & community: No association amenities

Exterior

• Parking: Attached 2-car garage; Paved parking; Large driveway; Total 2 parking spaces
• Security: Details not specified
• Utilities: Public water; Septic tank sewer; Cable available
• Home design: Single-family residence; One level; Entry level 1; On waterfront; Horses allowed
• Construction: Brick and frame construction
• Exterior features: Front porch; Partial backyard fencing; Shingle roof; Waterfront access; Has a view; Other structures: see remarks

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range
• Bedrooms: Details not specified
• Flooring: Laminate
• Bathrooms: Three full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Walk-in closets; Entrance foyer; Kitchen island; Ceiling fans; Pantry; Eat-in kitchen
• Laundry & utility: Washer hookup; Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 22.6% in Broad Creek — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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 $336k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $253k; list at $1.20M implies a 374% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,164,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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: 1.24% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• GRM: 6.7

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-1,539
• Equity at exit: $178,924

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $248,416
• Equity at exit: $103,754

Cash invested: $336,000 (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: 6.7×

Monthly cashflow live

• Estimated rent: $14,862 medium
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,121
• Net cashflow: $3,021

Break-even live

Break-even rent $11,037

Max offer price $1,200,000

Occupancy floor 75%

Sensitivity live

Price	-10% $3,851	-5% $3,436	+0% $3,021	+5% $2,607	+10% $2,192
Rent	-10% $1,847	-5% $2,434	+0% $3,021	+5% $3,608	+10% $4,195
Rate	-1.0pp $3,626	-0.5pp $3,326	base $3,021	+0.5pp $2,710	+1.0pp $2,394

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $1,200,000 Active 48 DOM
2. 2026-06-18
   days on market $1,200,000 Active 47 DOM
3. 2026-06-17
   days on market $1,200,000 Active 46 DOM
4. 2026-06-16
   days on market $1,200,000 Active 45 DOM
5. 2026-06-15
   days on market $1,200,000 Active 44 DOM
6. 2026-06-14
   days on market $1,200,000 Active 42 DOM
7. 2026-06-12
   days on market $1,200,000 Active 41 DOM
8. 2026-06-09
   days on market $1,200,000 Active 38 DOM
9. 2026-06-08
   days on market $1,200,000 Active 37 DOM
10. 2026-06-07
    days on market $1,200,000 Active 36 DOM
11. 2026-06-05
    days on market $1,200,000 Active 33 DOM
12. 2026-06-03
    days on market $1,200,000 Active 32 DOM
13. 2026-06-02
    days on market $1,200,000 Active 31 DOM
14. 2026-06-01
    days on market $1,200,000 Active 30 DOM
15. 2026-05-31
    days on market $1,200,000 Active 29 DOM
16. 2026-05-30
    days on market $1,200,000 Active 28 DOM
17. 2026-05-02
    listed $1,200,000 Active
18. 2003-11-03
    soldstatus $253,000 152-char remark

    Show marketing remark (152 chars)

    BOGUE SOUND VIEWS.CUSTOM BRICK HOME FRONTS ON MARSH & HUFF GUT. OVERSIZED ROOMS. GAS FIREPLACE. DOUBLE GARAGE & DETACHED GARAGE/WORKSHOP. BLINDS

19. 2003-07-21
    listed $269,000 152-char remark

    Show marketing remark (152 chars)

    BOGUE SOUND VIEWS.CUSTOM BRICK HOME FRONTS ON MARSH & HUFF GUT. OVERSIZED ROOMS. GAS FIREPLACE. DOUBLE GARAGE & DETACHED GARAGE/WORKSHOP. BLINDS

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $178,340
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$11,118
• − Repairs & maintenance: −$14,267
• − Management: −$14,267
• − Depreciation: −$34,909
• Taxable income: $18,560
• Est. tax owed @ 24.0%: −$4,454
• After-tax cash flow: $31,801/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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Broad Creek, NC
• County: Carteret County · 52,389 people
• 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

+346.1% since first listed

3 events — show timeline

• 2026-05-02 Listed $1,200,000 Hive MLS
• 2003-11-03 Sold (MLS) $253,000 Hive MLS
• 2003-07-21 Listed $269,000 Hive MLS

Property tax history

+1.8%/yr

Latest (2025): $2,012 · +20.4% YoY. Source: county tax records.