204 Back St · Emerald Isle, NC 28570

$1,495,000

5 bd · 5.5 ba · 3,105 sqft · Other · 34 Days on market

Built 2024 7,405 sqft lot $143/mo HOA · 1% of rent

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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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.0/10.0
• 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

Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Subdivision: Cannonsgate; Private road frontage; Paved road surface; Lot dimensions approximately 42 x 188 x 40 x 177 (0.17 acres)
• HOA & community: Homeowners association; Annual association fee; Community pool; Sidewalks; Association amenities include clubhouse, marina, boat dock, tennis courts, basketball court, playground, RV/boat storage, grounds maintenance, management

Exterior

• Parking: 2 total parking spaces; 2-car attached garage; Garage faces front; Garage door opener; On-site paved parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Natural gas connected; Sewer available; Water available
• Home design: Single family residence; Three or more levels; 3 stories; Entry level: 1; Facing: See remarks
• Construction: Built with fiber cement and frame construction; Slab foundation
• Exterior features: Balcony; Covered patio/porch; Deck; Patio; Porch; Back yard fencing; Wrought iron fence; Shingle roof; Irrigation equipment; Landscaped lot; On waterfront; Has view

Interior

• Kitchen: Gas oven; Dishwasher; Microwave; Refrigerator; Kitchen island; Pantry; Vented exhaust fan
• Flooring: Tile flooring; Wood flooring
• Bathrooms: 5 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Electric heating; Heat pump; Natural gas heating
• Interior features: Walk-in closets; High ceilings; Kitchen island; Elevator; Ceiling fans; Pantry; Storm windows; Shutters; Insulated windows; Unfurnished
• Laundry & utility: Laundry room; Washer; Dryer; Tankless gas water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/5.5-bath other listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• Recommended offer: $1.45M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 0.1% in Emerald Isle — 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 (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living 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: 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).
• At $16,370/mo this rent would consume 280% 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 $10k of loan paydown is wiped out by about $45k 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.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $1.15M; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $1,450,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.10% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 7.6

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: -5.5%
• Equity multiple: 0.80×
• Total profit: $-85,369
• Equity at exit: $222,909

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $128,606
• Equity at exit: $129,260

Cash invested: $418,600 (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 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $16,370 medium
• Mortgage (P&I): −$7,840
• Tax est. 1.5%: −$1,869 /mo · $22,425/yr
• Insurance: −$623
• HOA: −$143
• Vacancy / Maint / Mgmt: −$3,438
• Net cashflow: $2,458

Break-even live

Break-even rent $13,259

Max offer price $1,495,000

Occupancy floor 80%

Sensitivity live

Price	-10% $3,491	-5% $2,975	+0% $2,458	+5% $1,941	+10% $1,425
Rent	-10% $1,165	-5% $1,811	+0% $2,458	+5% $3,105	+10% $3,751
Rate	-1.0pp $3,211	-0.5pp $2,838	base $2,458	+0.5pp $2,071	+1.0pp $1,676

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: waterpoolsecurity

Listing history 17 events

1. 2026-06-12
   statusdays on market $1,495,000 Pending 34 DOM
2. 2026-06-09
   days on market $1,495,000 Active 31 DOM
3. 2026-06-08
   days on market $1,495,000 Active 30 DOM
4. 2026-06-07
   days on market $1,495,000 Active 29 DOM
5. 2026-06-05
   days on market $1,495,000 Active 26 DOM
6. 2026-06-03
   days on market $1,495,000 Active 25 DOM
7. 2026-06-02
   days on market $1,495,000 Active 24 DOM
8. 2026-06-01
   days on market $1,495,000 Active 23 DOM
9. 2026-05-31
   days on market $1,495,000 Active 22 DOM
10. 2026-05-30
    days on market $1,495,000 Active 21 DOM
11. 2026-05-09
    listed $1,495,000 Active
12. 2024-11-04
    soldstatus $1,150,000 Closed 1535-char remark

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

13. 2024-11-04
    soldstatus $1,150,000

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

14. 2024-10-04
    status Pending 1535-char remark

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

15. 2024-07-29
    status Active 1535-char remark

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

16. 2024-03-11
    status Pending 1535-char remark

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

17. 2024-02-22
    listed $1,200,000 Active 1535-char remark

    Show marketing remark (1535 chars)

    Move-in Ready! Enjoy SPECTACULAR water views of the Marina in this brand new Streamline Developers home! Located in the prestigious neighborhood of Cannonsgate, this home includes designer touches throughout! There is an elevator to each floor for added ease. Featuring 4 bedrooms, 5 1/2 bathrooms, an additional flex room which could be another bedroom, game room or entertainment space! Enjoy 3 covered porches to catch the sunrises or sunsets and a covered patio! The lower level has a bedroom/flex space, full bathroom and walk-in closet - perfect as a Mother-in -Law Suite or a private space for guests or adult children. The main level features an open concept Living/Dining/Kitchen space with tons of natural light and gorgeous water views! This level also includes a bedroom with an ensuite bathroom, an office area and 1/2 bathroom. On the third floor enjoy your luxurious Primary Suite with it's own walk-out to a covered porch overlooking the Marina, a designer ensuite bathroom and a spacious walk-in closet. Two additional bedrooms are on this floor each with their own bathrooms. The Laundry Room is also conveniently located on this level. Please call the listing agent for detailed information on the floor plan or interior features! Cannonsgate is a gated community in an award-winning school district, close to area beaches, shopping, and restaurants. Cannonsgate features a community Clubhouse, Pool, Children's Play Area, Basketball and Tennis Courts! There is also a private Marina - membership is separate.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $196,444
• − Mortgage interest: −$83,743
• − Property taxes: −$22,425
• − Insurance: −$7,475
• − Repairs & maintenance: −$15,716
• − Management: −$15,716
• − HOA: −$1,716
• − Depreciation: −$43,491
• Taxable income: $6,163
• Est. tax owed @ 24.0%: −$1,479
• After-tax cash flow: $28,017/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 — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• 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

+24.6% since first listed

7 events — show timeline

• 2026-05-09 Listed $1,495,000 Hive MLS
• 2024-11-04 Sold (Public Records) $1,150,000 Public Records
• 2024-11-04 Sold (MLS) $1,150,000 Hive MLS
• 2024-10-04 Pending — Hive MLS
• 2024-07-29 Relisted — Hive MLS
• 2024-03-11 Pending — Hive MLS
• 2024-02-22 Listed $1,200,000 Hive MLS

Property tax history

+24.6%/yr

Latest (2025): $2,326 · +289.2% YoY. Source: county tax records.