251 Patriot Dr · Newport, NC 28570

$395,000

3 bd · 2.0 ba · 1,845 sqft · Other public records · 22 Days on market

Built 2020 Fair condition 0.41 ac lot $27/mo HOA

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

Key facts

• Covered front porch
• Natural gas stove
• Corner pantry

Tags

• COVERED FRONT PORCH
• LARGE OPEN LIVING SPACE
• CORNER PANTRY
• EAT AT ISLAND
• PREMIUM GUN METAL APPLIANCES
• NATURAL GAS STOVE

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Association fee $325 annually (about $27.08/month); Community amenities include RV/boat storage, sidewalks and street lights

Exterior

• Parking: Attached 2-car garage; Two total parking spaces; Concrete parking surfaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas connected; Sewer connected; Water connected; Power/utility connections available
• Home design: Single-family residence; One-story / single level; Entry at main level
• Construction: Built with stone, vinyl siding and frame construction; Raised foundation
• Exterior features: Covered patio and porch; Screened porch; Fenced backyard with wrought-iron fencing; Shingle roof; Cul-de-sac lot; Paved road access; Has a view

Interior

• Kitchen: Gas oven; Refrigerator; Ice maker; Dishwasher; Disposal; Microwave; Kitchen island; Tankless water heater
• Bedrooms: Primary bedroom on main level
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms; Accessible full bath
• Heating & cooling: Central air conditioning; Electric heating; Heat pump; Natural gas heating
• Interior features: Main-level primary suite; Walk-in closet(s); Vaulted and tray ceilings; High ceilings; Entrance foyer; Kitchen island; Ceiling fan(s); Pantry; Insulated windows with window coverings; Gas-log fireplace
• Laundry & utility: Dedicated laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $395k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $8k ($90k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $395k).
• Recommended offer: $389k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#385 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute 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: Newport Elementary (math 48% / reading 45%, grade D-, #542 of 1,410 statewide, top 39%, 645 students, 100% FRL); Newport Middle (math 39% / reading 56%, grade C-, #140 of 475 statewide, top 30%, 378 students, 98% FRL); West Carteret High (math 82% / reading 71%, grade A-, #89 of 535 statewide, top 16%, 1,146 students, 40% FRL) — zoned schools average 79% FRL vs 39% district-wide (40 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 $12,466/mo this rent would consume 213% 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 $3k of loan paydown is wiped out by about $12k 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 $111k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $389,075 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
5. 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.
6. 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: 3.16% ✓
• Cap rate: 29.13%
• Cash-on-cash: 81.55%
• DSCR: 4.63
• GRM: 2.6

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: 81.8%
• Equity multiple: 4.75×
• Total profit: $414,653
• Equity at exit: $58,896

10-year hold

• IRR: 85.1%
• Equity multiple: 9.84×
• Total profit: $977,267
• Equity at exit: $34,152

Cash invested: $110,600 (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: 2.6×

Monthly cashflow live

• Estimated rent: $12,466 medium
• Mortgage (P&I): −$2,071
• Tax from tax record: −$69 /mo · $824/yr
• Insurance: −$165
• HOA: −$27
• Vacancy / Maint / Mgmt: −$2,618
• Net cashflow: $7,516

Break-even live

Break-even rent $2,952

Max offer price $395,000

Occupancy floor 35%

Sensitivity live

Price	-10% $7,740	-5% $7,628	+0% $7,516	+5% $6,955	+10% $6,818
Rent	-10% $6,531	-5% $7,024	+0% $7,516	+5% $8,009	+10% $8,501
Rate	-1.0pp $7,715	-0.5pp $7,617	base $7,516	+0.5pp $7,414	+1.0pp $7,310

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $27 · $324/yr
• Likely covers: gas

Listing history 23 events

1. 2026-06-19
   days on market $395,000 Active 22 DOM
2. 2026-06-18
   days on market $395,000 Active 21 DOM
3. 2026-06-17
   days on market $395,000 Active 20 DOM
4. 2026-06-16
   days on market $395,000 Active 19 DOM
5. 2026-06-15
   days on market $395,000 Active 18 DOM
6. 2026-06-14
   days on market $395,000 Active 16 DOM
7. 2026-06-12
   days on market $395,000 Active 15 DOM
8. 2026-06-09
   days on market $395,000 Active 12 DOM
9. 2026-06-08
   days on market $395,000 Active 11 DOM
10. 2026-06-07
    days on market $395,000 Active 10 DOM
11. 2026-06-05
    days on market $395,000 Active 7 DOM
12. 2026-06-03
    days on market $395,000 Active 6 DOM
13. 2026-06-02
    days on market $395,000 Active 5 DOM
14. 2026-06-01
    days on market $395,000 Active 4 DOM
15. 2026-05-31
    days on market $395,000 Active 3 DOM
16. 2026-05-30
    days on market $395,000 Active 2 DOM
17. 2026-05-28
    listed $395,000 Active
18. 2022-11-10
    soldstatus $375,000 Closed 1270-char remark

    Show marketing remark (1270 chars)

    This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

19. 2022-11-10
    soldstatus $375,000

    Show marketing remark (1270 chars)

    This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

20. 2022-08-26
    status Pending 1270-char remark

    Show marketing remark (1270 chars)

    This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

21. 2022-08-14
    listed $385,000 Active 1270-char remark

    Show marketing remark (1270 chars)

    This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

22. 2022-07-24
    historical $385,000 1270-char remark

    Show marketing remark (1270 chars)

    This beautiful less that 2-year-old home features three bedrooms, two bath split floor plan. Walk into this home and enjoy the large open living space with vaulted ceilings, fireplace with ship lap finish, dining area, and kitchen that includes a corner pantry, and grand center eat at island with over head drop down lighting, beautiful cabinetry, granite counter tops, with all newer stainless-steel appliances which has a natural gas stove/oven, great for entertaining family and guests. The master bedroom features a trey ceiling with a large bathroom that has a double vanity, garden tub, large walk-in shower, and a walk-in closet. There are two additional bedrooms, a shared bath with vanity, and bonus room that can be used as an office or craft room. LVP flooring in main home, with carpet with extra plush padding in the bedrooms. Step out the dining area to your beautiful screened in porch to enjoy the evening. Large fenced in yard with patio for grilling and fun. This home offers plenty of storage, large laundry room with a 2-car garage. It sits on a quiet cul de sac which makes for great privacy. Heritage Point has a cleared/lighted area for future RV/Boat storage for the subdivision. This home is move-in ready and is waiting for a new family today!

23. 2020-11-10
    listed $249,040

ⓘ 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: $824 · $69/mo
• Projected year-2 tax: $3,239 · $270/mo
• Expected delta: +$2,415/yr (+$201/mo · 292.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $149,590
• − Mortgage interest: −$22,126
• − Property taxes: −$824
• − Insurance: −$1,975
• − Repairs & maintenance: −$11,967
• − Management: −$11,967
• − HOA: −$324
• − Depreciation: −$11,491
• Taxable income: $88,915
• Est. tax owed @ 24.0%: −$21,340
• After-tax cash flow: $68,856/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This 1-story home requires moderate renovations to improve its condition and appeal to potential buyers. Key areas for improvement include appliances, fixtures, and paint. Upgrading these elements will significantly enhance its resale value.

Repairs flagged

• Major Appliances — Old and worn, likely not functioning properly
• Major Bathtub and shower fixtures — Outdated and possibly leaking
• Major Paint — Faded and needs touch-up

Value-add opportunities

• Resale New appliances — Modern appliances will attract more buyers
• Resale Bathtub and shower fixtures — Upgraded fixtures will appeal to potential buyers
• Resale Paint — Fresh paint will make the home more appealing

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Old and worn, likely not functioning properly	Major	$15,000–50,000
Bathtub and shower fixtures · Outdated and possibly leaking	Major	$15,000–50,000
Paint · Faded and needs touch-up	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale New appliances — Modern appliances will attract more buyers ↑
• Resale Bathtub and shower fixtures — Upgraded fixtures will appeal to potential buyers ↑
• Resale Paint — Fresh paint will make the home more appealing ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Newport

• Score: 63/100
• State rank: #385
• US rank: #15094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, 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

+58.6% since first listed

7 events — show timeline

• 2026-05-28 Listed $395,000 Hive MLS
• 2022-11-10 Sold (Public Records) $375,000 Public Records
• 2022-11-10 Sold (MLS) $375,000 Hive MLS
• 2022-08-26 Pending — Hive MLS
• 2022-08-14 Listed $385,000 Hive MLS
• 2022-07-24 Coming Soon $385,000 Hive MLS
• 2020-11-10 Listed $249,040 Hive MLS

Property tax history

+1.0%/yr

Latest (2025): $824 · -8.3% YoY. Source: county tax records.