2210 New River Inlet Rd Unit 251 · North Topsail Beach, NC 28460

$169,900

2 bd · 2.0 ba · 840 sqft · Condo · 80 Days on market

Built 1981 Good condition $591/mo HOA · 24% of rent ↓ 19% since listing

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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 +19.1/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Rent growth +3.9/5.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Come enjoy the ''Island Life'' on Topsail Island! This 2 bedroom, 2 bath condominium is located in the ocean front community of Topsail Reef. This condo offers an open floor plan and is ready for you to enjoy, the beach, fishing pier, along with the North Market and Tiki Bar across the way. Great opportunity for either an ocean front vacation home, rental, or both! Come make some memories on the breathtaking Atlantic shores of Topsail Reef.

Key facts

• $591 HOA
• Built 1981
• Listed 80 days

Property features AI

Finance

• Other: Zoning: R-5; Located in the Topsail Reef subdivision
• Financial info: Association fee noted annually
• HOA & community: Homeowners association with annual fee (paid annually); Association amenities include: laundry, grounds maintenance, structure maintenance, management, taxes, tennis courts, trash, water, cable TV

Exterior

• Parking: Shared driveway; Asphalt paved and lighted parking
• Security: Smoke detector(s)
• Utilities: Public water; Private sewer; Water service available
• Home design: Condominium; Single-story; One-level entry
• Construction: Wood siding/frame construction; Membrane roof; Pillar/post/pier foundation; Built with traditional wood frame materials
• Exterior features: Balcony; Covered patio/porch; Oceanfront frontage; Has a view; Sidewalks and street lights in the community

Interior

• Kitchen: Not specified
• Bedrooms: Not specified
• Flooring: Not specified
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall furnace heating; Wall/window cooling units
• Interior features: Smoke detector(s); Total of 4 rooms
• Laundry & utility: Community laundry available

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 0.6% in North Topsail 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 63/100 on livability (#424 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+; Watch: health & safety D, amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dixon Elementary (math 63% / reading 66%, grade B, #147 of 1,410 statewide, top 11%, 736 students, 30% FRL); Dixon Middle (math 49% / reading 53%, grade C, #106 of 475 statewide, top 22%, 948 students, 39% FRL); Dixon High (math 62% / reading 72%, grade B, #142 of 535 statewide, top 28%, 1,149 students, 33% FRL) — zoned schools at 34% FRL track the district average.
• Zoned-school proficiency averages 61% at this address vs 46% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Onslow County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.7%/yr); 570 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $159,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.45% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,766
• Equity at exit: $25,333

10-year hold

• IRR: 9.0%
• Equity multiple: 1.81×
• Total profit: $38,430
• Equity at exit: $14,690

Cash invested: $47,572 (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 28460

• Rents YoY: 5.7%
• Active inventory: 570
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,464 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$591
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $181

Break-even live

Break-even rent $2,234

Max offer price $169,900

Occupancy floor 88%

Sensitivity live

Price	-10% $299	-5% $240	+0% $181	+5% $123	+10% $64
Rent	-10% $-13	-5% $84	+0% $181	+5% $279	+10% $376
Rate	-1.0pp $267	-0.5pp $224	base $181	+0.5pp $137	+1.0pp $92

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
177 Sea Gull Ln N Topsail Beach, NC	3.0	2.0	1012	$2,300	$2.27	23d	1	0.13mi
231 Port Dr N Topsail Beach, NC	3.0	2.0	1024	$4,800	$4.69	15d	1	0.31mi

HOA detail condo

• Monthly dues: $591 · $7,092/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $169,900 Active 80 DOM
2. 2026-06-19
   days on market $169,900 Active 78 DOM
3. 2026-06-18
   days on market $169,900 Active 77 DOM
4. 2026-06-17
   price $169,900 Active 76 DOM
5. 2026-06-17
   days on market $189,900 Active 76 DOM
6. 2026-06-16
   days on market $189,900 Active 75 DOM
7. 2026-06-15
   days on market $189,900 Active 74 DOM
8. 2026-06-14
   days on market $189,900 Active 72 DOM
9. 2026-06-13
   days on market $189,900 Active 71 DOM
10. 2026-06-10
    days on market $189,900 Active 69 DOM
11. 2026-06-09
    days on market $189,900 Active 68 DOM
12. 2026-06-09
    days on market $189,900 Active 67 DOM
13. 2026-06-07
    days on market $189,900 Active 66 DOM
14. 2026-06-03
    days on market $189,900 Active 62 DOM
15. 2026-06-02
    days on market $189,900 Active 61 DOM
16. 2026-06-01
    days on market $189,900 Active 60 DOM
17. 2026-05-31
    days on market $189,900 Active 59 DOM
18. 2026-05-30
    days on market $189,900 Active 58 DOM
19. 2026-04-02
    listed $189,900 Active
20. 2025-10-01
    historical
21. 2025-04-08
    listed $189,900 Active
22. 2025-03-14
    historical
23. 2024-12-16
    price $189,900
24. 2024-11-18
    price $199,900
25. 2024-10-01
    price $210,000
26. 2024-08-06
    price $215,000
27. 2024-05-16
    price $225,000
28. 2024-03-20
    price $230,225
29. 2024-03-06
    price $225,000
30. 2024-01-12
    price $232,551
31. 2023-10-04
    listed $234,900 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: $29,565
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − HOA: −$7,092
• − Depreciation: −$4,943
• Taxable loss: −$115
• Est. tax savings @ 24.0%: +$28
• After-tax cash flow: $2,202/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 · 13 photos

Good 75/100 Cosmetic rehab

This 2-bedroom, 2-bath condo is in good condition with a good condition score of 75. It is ready for an investor to move in and enjoy the island life on Topsail Island.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both New air conditioning units — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both New air conditioning units — Improves comfort and energy efficiency ↑

ⓘ 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: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — North Topsail Beach

• Score: 63/100
• State rank: #424
• US rank: #15770

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Topsail Beach, NC
• County: Onslow County · 164,453 people
• Metro: Jacksonville, NC
• Population (ZIP): 13,532
• Household income: $88,908
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 349.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 2%
• Common ancestry: Lithuanian 3% Romanian 2% Portuguese 2%
• Foreign-born: 3% · South Korea, Canada
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.21%
• Current HPI: 176.3461
• Rent YoY: ▲ 5.68%
• Metro: Jacksonville, 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

-19.2% since first listed

13 events — show timeline

• 2026-04-02 Listed $189,900 Hive MLS
• 2025-10-01 Listing Removed — Hive MLS
• 2025-04-08 Listed $189,900 Hive MLS
• 2025-03-14 Listing Removed — Hive MLS
• 2024-12-16 Price Changed $189,900 Hive MLS
• 2024-11-18 Price Changed $199,900 Hive MLS
• 2024-10-01 Price Changed $210,000 Hive MLS
• 2024-08-06 Price Changed $215,000 Hive MLS
• 2024-05-16 Price Changed $225,000 Hive MLS
• 2024-03-20 Price Changed $230,225 Hive MLS
• 2024-03-06 Price Changed $225,000 Hive MLS
• 2024-01-12 Price Changed $232,551 Hive MLS
• 2023-10-04 Listed $234,900 Hive MLS