243 Pirate Cove Way · Hertford, NC 27944

$250,000

3 bd · 2.0 ba · 1,656 sqft · Other public records · 70 Days on market

Built 1989 0.61 ac lot $6/mo HOA

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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 +10.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• DSCR +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Listing remarks

Welcome to Holiday Island, a hidden waterfront community in Hertford, North Carolina, perfectly situated between the Yeopim River and Perquimans River, where they meet the Albemarle Sound. This inviting 3-bedroom, 2-bath home sits at the end of a quiet canal, offering a peaceful setting with direct water access. Enjoy your private dock, perfect for fishing, kayaking, or relaxing just 3,500 feet from the mouth of the Albemarle Sound. Holiday Island features a clubhouse, pool, playground, basketball court, boat ramp, and a small yacht club for residents to enjoy. Explore nearby Edenton, Hertford, and Elizabeth City, or play a round at Albemarle Plantation's championship golf course just minut

Key facts

• Clubhouse
• Private dock
• Waterfront community

Tags

• WATERFRONT COMMUNITY
• DIRECT WATER ACCESS
• PRIVATE DOCK
• CLUBHOUSE
• POOL
• PLAYGROUND

Property features AI

Finance

• HOA & community: Homeowners association with annual fee ($72/year, approximately $6/month); Community amenities: boat dock, clubhouse, meeting room, playground

Exterior

• Parking: Off-street parking
• Utilities: Public water available; Water available; Septic tank sewer
• Home design: Single-family residence; Two-story home; Entry level: 1; Residential property in Holiday Island subdivision
• Construction: Frame construction; Foundation details: see remarks
• Exterior features: Canal-front waterfront with dock; Enclosed patio/porch; Patio; Porch; Shingle roof; Paved road access

Interior

• Kitchen: Refrigerator; Range; Microwave
• Bedrooms: Rooms total: 7
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Primary bedroom located on the main level; Partially furnished; Accessible full bathroom
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $-201 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (29.6% below list).
• Recommended offer: $176k (29.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.2% in Hertford — 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 58/100 on livability (#570 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Perquimans County Schools (rural): math 44% / reading 48% proficiency, ranked #83 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perquimans Central (391 students, 65% FRL); Perquimans County Middle (math 39% / reading 48%, grade D, #182 of 475 statewide, top 40%, 366 students, 59% FRL); Perquimans County High (math 47% / reading 42%, grade F, #352 of 535 statewide, top 68%, 518 students, 59% FRL).
• Market conditions: 339 active listings in the ZIP; 46 units permitted in Perquimans County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Perquimans County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $205k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,114 (29.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• GRM: 11.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 2.76×
• Total profit: $123,272
• Equity at exit: $225,220

10-year hold

• IRR: 19.6%
• Equity multiple: 6.33×
• Total profit: $372,993
• Equity at exit: $485,695

Cash invested: $70,000 (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 27944

• Home prices YoY: 9.5%
• Active inventory: 339
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,761 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$105 /mo · $1,261/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$6
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $-201

Break-even live

Break-even rent $2,016

Max offer price $214,420

Occupancy floor —

Sensitivity live

Price	-10% $-60	-5% $-131	+0% $-201	+5% $-272	+10% $-343
Rent	-10% $-341	-5% $-271	+0% $-201	+5% $-132	+10% $-62
Rate	-1.0pp $-76	-0.5pp $-138	base $-201	+0.5pp $-266	+1.0pp $-332

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $6 · $72/yr
• Likely covers: waterpool

Listing history 19 events

1. 2026-05-11
   status Pending
2. 2026-05-02
   status Active
3. 2026-04-10
   status Pending
4. 2026-04-03
   price $250,000
5. 2026-02-09
   listed $265,000 Active
6. 2026-01-08
   status Active
7. 2025-12-22
   historical Active Under Contract
8. 2025-12-22
   historical
9. 2025-11-11
   listed $265,000 Active
10. 2025-11-03
    historical
11. 2025-10-31
    historical
12. 2025-08-13
    price $269,000
13. 2025-08-11
    price $269,000
14. 2025-07-09
    listed $275,000 Active
15. 2025-07-09
    listed $275,000 Active
16. 2023-11-17
    soldstatus $205,000 Closed
17. 2023-08-08
    status Pending
18. 2023-07-18
    listed $209,500 Active
19. 2005-10-31
    soldstatus $154,000

ⓘ 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: $1,261 · $105/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$789/yr (+$66/mo · 62.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 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: $21,134
• − Mortgage interest: −$14,004
• − Property taxes: −$1,261
• − Insurance: −$2,048
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − HOA: −$72
• − Depreciation: −$7,273
• Taxable loss: −$6,905
• Est. tax savings @ 24.0%: +$1,657
• After-tax cash flow: $-760/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: Perquimans County Schools
• NCES district ID: 3703600
• Math proficiency: 44% ▲ 6.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $42,593
• Composite: 38.75/100
• National rank: #4124
• State rank: #83 of 178 in NC

Livability — Hertford

• Score: 58/100
• State rank: #570
• US rank: #21148

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,255

Population outlook (Perquimans County) Hauer SSP2

• Today (2025): 13,018 people
• By 2030: 12,716 · -2.3%
• By 2040: 11,895 · -8.6%
• By 2050: 10,981 · -15.6%
• By 2075: 8,931 · -31.4%
• By 2100: 7,101 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 3% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada, China, Dominican Republic
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Perquimans

• 2024 margin: Solid R (+39.4) · D 29.7% · R 69.1% · Other 1.2%
• 2008→2024 swing: -25.4pp toward R · 2008: -13.9pp · 2024: -39.4pp
• All cycles: 2024: R+39.4 2020: R+32.2 2016: R+28.1 2012: R+16.1 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.77%
• Current HPI: 261.91
• Rent YoY: —
• Metro: —
• 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

+62.3% since first listed

19 events — show timeline

• 2026-05-11 Pending — Hive MLS
• 2026-05-02 Relisted — Hive MLS
• 2026-04-10 Pending — Hive MLS
• 2026-04-03 Price Changed $250,000 Hive MLS
• 2026-02-09 Listed $265,000 Hive MLS
• 2026-01-08 Relisted — Hive MLS
• 2025-12-22 Contingent — Hive MLS
• 2025-12-22 Listing Removed — Hive MLS
• 2025-11-11 Listed $265,000 Hive MLS
• 2025-11-03 Listing Removed — REINMLS
• 2025-10-31 Listing Removed — Hive MLS
• 2025-08-13 Price Changed $269,000 REINMLS
• 2025-08-11 Price Changed $269,000 Hive MLS
• 2025-07-09 Listed $275,000 REINMLS
• 2025-07-09 Listed $275,000 Hive MLS
• 2023-11-17 Sold (MLS) $205,000 Hive MLS
• 2023-08-08 Pending — Hive MLS
• 2023-07-18 Listed $209,500 Hive MLS
• 2005-10-31 Sold (Public Records) $154,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $1,261 · +0.0% YoY. Source: county tax records.