421 Old Swansboro Rd · Broad Creek, NC 28570

$1,299,900

3 bd · 4.0 ba · 3,871 sqft · Other public records · 42 Days on market

Built 2005 10 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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• Schools +5.1/10.0
• 1% rule +4.6/10.0
• 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

Impressive two story brick home situated off of Gales Creek. This home sits on 10 acres of land with 640 feet of creek frontage. This home offers 3 spacious bedrooms, 4 full bathrooms, and a large kitchen that flows through to the dining area, and main living space. The formal dining room includes a wet bar with a sink, cabinetry, and accent lighting. The Principal suite is also on the first floor with trey ceilings, a private on-suite bathroom, separate shower and soaking tub, and large walk in closet. The Large deck overlooking the water makes for a great entertaining space for family gatherings and events. Enjoy easy access to the ICW from the private boat dock with boat lift. This home is ideally positioned to enjoy the proximity of Morehead City and Crystal Coast beaches, cafes and restaurants, shopping center, and Carteret County schools.

Key facts

• 640 feet of frontage
• Custom shower
• 10 acres

Tags

• 10 ACRES
• 640 FEET OF FRONTAGE
• DEDICATED OFFICE SPACE
• FLOOR-TO-CEILING WINDOWS
• FULLY RENOVATED KITCHEN
• CUSTOM SHOWER

Property features AI

Finance

• Other: Zoned residential

Exterior

• Parking: Gravel parking
• Utilities: Well water; Septic tank; Utilities: see remarks
• Home design: Single-family residence; Two levels; Entry level is main floor
• Construction: Frame construction; Composition roof; Crawl space foundation; Built details: see remarks
• Exterior features: On waterfront with creek access; Dock; Deck; Shed(s); Private, unimproved road frontage; Irregular lot shape; Approximately 10.01 acres

Interior

• Kitchen: Electric cooktop; Double oven; Dishwasher; Microwave; Water softener
• Bedrooms: Bedrooms count not provided
• Flooring: Tile flooring; Wood flooring
• Bathrooms: Four full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: Master suite on the main level; Walk-in closets; Tray ceilings; High ceilings; Entrance foyer; Ceiling fans; Wet bar
• Laundry & utility: Dedicated laundry room; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath other listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.25M (4.1% below list).
• Recommended offer: $1.25M (4.1% below list) — sets the bar for 1% rule.
• Cap rate 8.4% 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: 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 $12,463/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 $9k of loan paydown is wiped out by about $39k 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 42 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y 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 $710k; list at $1.30M implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major 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 $1,246,290 (4.1% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 8.7

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: -5.0%
• Equity multiple: 0.81×
• Total profit: $-67,640
• Equity at exit: $193,819

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $123,381
• Equity at exit: $112,392

Cash invested: $363,972 (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: 8.7×

Monthly cashflow live

• Estimated rent: $12,463 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$232 /mo · $2,778/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,617
• Net cashflow: $2,256

Break-even live

Break-even rent $9,608

Max offer price $1,299,900

Occupancy floor 77%

Sensitivity live

Price	-10% $2,992	-5% $2,624	+0% $2,256	+5% $1,888	+10% $-36
Rent	-10% $1,271	-5% $1,763	+0% $2,256	+5% $2,748	+10% $3,240
Rate	-1.0pp $2,910	-0.5pp $2,586	base $2,256	+0.5pp $1,919	+1.0pp $1,576

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: $324,975
• Closing costs: $38,997
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-17
   status $1,299,900 Pending 42 DOM
2. 2026-06-16
   days on market $1,299,900 Active Under Contract 42 DOM
3. 2026-06-15
   days on market $1,299,900 Active Under Contract 41 DOM
4. 2026-06-14
   days on market $1,299,900 Active Under Contract 39 DOM
5. 2026-06-12
   days on market $1,299,900 Active Under Contract 38 DOM
6. 2026-06-09
   days on market $1,299,900 Active Under Contract 35 DOM
7. 2026-06-08
   days on market $1,299,900 Active Under Contract 34 DOM
8. 2026-06-07
   days on market $1,299,900 Active Under Contract 33 DOM
9. 2026-06-05
   days on market $1,299,900 Active Under Contract 30 DOM
10. 2026-06-03
    days on market $1,299,900 Active Under Contract 29 DOM
11. 2026-06-02
    days on market $1,299,900 Active Under Contract 28 DOM
12. 2026-06-01
    days on market $1,299,900 Active Under Contract 27 DOM
13. 2026-05-31
    days on market $1,299,900 Active Under Contract 26 DOM
14. 2026-05-30
    days on market $1,299,900 Active Under Contract 25 DOM
15. 2026-05-07
    historical Active Under Contract
16. 2026-05-04
    listed $1,299,900 Active
17. 2026-01-18
    historical
18. 2026-01-01
    status Active
19. 2025-12-31
    historical
20. 2025-11-21
    price $1,345,000
21. 2025-07-10
    listed $1,395,000 Active
22. 2022-04-04
    soldstatus $710,000 Closed 857-char remark

    Show marketing remark (857 chars)

    Impressive two story brick home situated off of Gales Creek. This home sits on 10 acres of land with 640 feet of creek frontage. This home offers 3 spacious bedrooms, 4 full bathrooms, and a large kitchen that flows through to the dining area, and main living space. The formal dining room includes a wet bar with a sink, cabinetry, and accent lighting. The Principal suite is also on the first floor with trey ceilings, a private on-suite bathroom, separate shower and soaking tub, and large walk in closet. The Large deck overlooking the water makes for a great entertaining space for family gatherings and events. Enjoy easy access to the ICW from the private boat dock with boat lift. This home is ideally positioned to enjoy the proximity of Morehead City and Crystal Coast beaches, cafes and restaurants, shopping center, and Carteret County schools.

23. 2022-01-10
    historical 857-char remark

    Show marketing remark (857 chars)

    Impressive two story brick home situated off of Gales Creek. This home sits on 10 acres of land with 640 feet of creek frontage. This home offers 3 spacious bedrooms, 4 full bathrooms, and a large kitchen that flows through to the dining area, and main living space. The formal dining room includes a wet bar with a sink, cabinetry, and accent lighting. The Principal suite is also on the first floor with trey ceilings, a private on-suite bathroom, separate shower and soaking tub, and large walk in closet. The Large deck overlooking the water makes for a great entertaining space for family gatherings and events. Enjoy easy access to the ICW from the private boat dock with boat lift. This home is ideally positioned to enjoy the proximity of Morehead City and Crystal Coast beaches, cafes and restaurants, shopping center, and Carteret County schools.

24. 2021-10-22
    listed $763,000 857-char remark

    Show marketing remark (857 chars)

    Impressive two story brick home situated off of Gales Creek. This home sits on 10 acres of land with 640 feet of creek frontage. This home offers 3 spacious bedrooms, 4 full bathrooms, and a large kitchen that flows through to the dining area, and main living space. The formal dining room includes a wet bar with a sink, cabinetry, and accent lighting. The Principal suite is also on the first floor with trey ceilings, a private on-suite bathroom, separate shower and soaking tub, and large walk in closet. The Large deck overlooking the water makes for a great entertaining space for family gatherings and events. Enjoy easy access to the ICW from the private boat dock with boat lift. This home is ideally positioned to enjoy the proximity of Morehead City and Crystal Coast beaches, cafes and restaurants, shopping center, and Carteret County schools.

25. 2021-10-18
    historical
26. 2021-04-01
    listed $899,900
27. 2020-12-31
    historical
28. 2020-02-26
    listed $849,900
29. 2013-08-31
    historical
30. 2012-12-05
    listed $849,000

ⓘ 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: $2,778 · $232/mo
• Projected year-2 tax: $10,659 · $888/mo
• Expected delta: +$7,881/yr (+$657/mo · 283.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 6/10 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,555
• − Mortgage interest: −$72,815
• − Property taxes: −$2,778
• − Insurance: −$6,500
• − Repairs & maintenance: −$11,964
• − Management: −$11,964
• − Depreciation: −$37,815
• Taxable income: $5,718
• Est. tax owed @ 24.0%: −$1,372
• After-tax cash flow: $25,696/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

• 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

+53.1% since first listed

16 events — show timeline

• 2026-05-07 Contingent — Hive MLS
• 2026-05-04 Listed $1,299,900 Hive MLS
• 2026-01-18 Listing Removed — Hive MLS
• 2026-01-01 Relisted — Hive MLS
• 2025-12-31 Listing Removed — Hive MLS
• 2025-11-21 Price Changed $1,345,000 Hive MLS
• 2025-07-10 Listed $1,395,000 Hive MLS
• 2022-04-04 Sold (MLS) $710,000 Hive MLS
• 2022-01-10 Listing Removed — Hive MLS
• 2021-10-22 Listed $763,000 Hive MLS
• 2021-10-18 Listing Removed — Hive MLS
• 2021-04-01 Listed $899,900 Hive MLS
• 2020-12-31 Listing Removed — Hive MLS
• 2020-02-26 Listed $849,900 Hive MLS
• 2013-08-31 Listing Removed — Hive MLS
• 2012-12-05 Listed $849,000 Hive MLS

Property tax history

-2.3%/yr

Latest (2025): $2,778 · -24.6% YoY. Source: county tax records.