2264 New River Inlet Rd #301 · North Topsail Beach, NC 28460

$215,000

2 bd · 1.0 ba · 768 sqft · Condo · 307 Days on market

Built 1980 $623/mo HOA · 24% of rent

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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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +3.9/5.0
• Schools +3.9/10.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Look at this two bedroom, one bath, condominium right on the beach! The unit has a number of upgrades from the LVP on the floor, fresh paint on the walls. New appliances in the kitchen to include a washer/dryer combo. New front door, interior doors, and sliders out to the balcony with a spectacular view of the beach. The unit is upgraded with a mini split system that gives the living and bedrooms their own environmental controls. Fully furnished it is ready for a new owner or tenant.

Key facts

• Dishwasher
• Washer dryer combo
• Furnishings

Tags

• WASHER DRYER COMBO
• DISHWASHER
• FURNISHINGS

Property features AI

Finance

• Other: Pets allowed (dogs OK)
• HOA & community: Homeowners association with annual fee (fee amount provided separately); Community amenities include barbecue, basketball court, beach access and rights, laundry, grounds and structure maintenance, tennis courts, water, and cable TV; Street lights in the community

Exterior

• Parking: On-site asphalt parking lot
• Utilities: Public water; Water connected; Cable available
• Home design: Residential condominium; Oceanfront frontage; Has a view; Located on a paved city street/state road; Zoning: R-5
• Construction: Vinyl siding and wood siding; Pillar/post/pier foundation; Flat roof; Built as condominium (year built not provided)
• Exterior features: Balcony; Covered deck/patio

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Microwave; Electric water heater
• Bedrooms: 4 total rooms (bedroom count not specified)
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Heat pump; Wall/window air conditioning units
• Interior features: Ceiling fans; Window coverings; Furnished
• Laundry & utility: Washer and dryer located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-61 ($-731/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (4.1% below list).
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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 35% 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 307 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $189,200 (12.0% 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 307 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.21% ✓
• Cap rate: 5.95%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• GRM: 6.9

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: -13.9%
• Equity multiple: 0.48×
• Total profit: $-31,118
• Equity at exit: $32,057

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $741
• Equity at exit: $18,589

Cash invested: $60,200 (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: 6.9×

Monthly cashflow live

• Estimated rent: $2,592 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$623
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-61

Break-even live

Break-even rent $2,669

Max offer price $206,190

Occupancy floor 97%

Sensitivity live

Price	-10% $88	-5% $13	+0% $-61	+5% $-135	+10% $-209
Rent	-10% $-266	-5% $-163	+0% $-61	+5% $42	+10% $144
Rate	-1.0pp $47	-0.5pp $-6	base $-61	+0.5pp $-117	+1.0pp $-173

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: $53,750
• Closing costs: $6,450
• 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	0.19mi

HOA detail condo

• Monthly dues: $623 · $7,476/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $215,000 Active 307 DOM
2. 2026-06-19
   days on market $215,000 Active 305 DOM
3. 2026-06-18
   days on market $215,000 Active 304 DOM
4. 2026-06-17
   days on market $215,000 Active 303 DOM
5. 2026-06-16
   days on market $215,000 Active 302 DOM
6. 2026-06-15
   days on market $215,000 Active 301 DOM
7. 2026-06-14
   days on market $215,000 Active 299 DOM
8. 2026-06-13
   days on market $215,000 Active 298 DOM
9. 2026-06-10
   days on market $215,000 Active 296 DOM
10. 2026-06-09
    days on market $215,000 Active 295 DOM
11. 2026-06-09
    days on market $215,000 Active 294 DOM
12. 2026-06-07
    days on market $215,000 Active 293 DOM
13. 2026-06-03
    days on market $215,000 Active 289 DOM
14. 2026-06-02
    days on market $215,000 Active 288 DOM
15. 2026-06-01
    days on market $215,000 Active 287 DOM
16. 2026-05-31
    days on market $215,000 Active 286 DOM
17. 2026-05-30
    days on market $215,000 Active 285 DOM
18. 2025-10-04
    price $215,000
19. 2025-08-16
    listed $224,900 Active
20. 2021-11-23
    soldstatus $204,000 489-char remark

    Show marketing remark (489 chars)

    Look at this two bedroom, one bath, condominium right on the beach! The unit has a number of upgrades from the LVP on the floor, fresh paint on the walls. New appliances in the kitchen to include a washer/dryer combo. New front door, interior doors, and sliders out to the balcony with a spectacular view of the beach. The unit is upgraded with a mini split system that gives the living and bedrooms their own environmental controls. Fully furnished it is ready for a new owner or tenant.

21. 2021-07-26
    listed $204,000 489-char remark

    Show marketing remark (489 chars)

    Look at this two bedroom, one bath, condominium right on the beach! The unit has a number of upgrades from the LVP on the floor, fresh paint on the walls. New appliances in the kitchen to include a washer/dryer combo. New front door, interior doors, and sliders out to the balcony with a spectacular view of the beach. The unit is upgraded with a mini split system that gives the living and bedrooms their own environmental controls. Fully furnished it is ready for a new owner or tenant.

22. 2020-12-18
    soldstatus $125,500 664-char remark

    Show marketing remark (664 chars)

    Top floor, End Unit Condo just hit the market in North Topsail Beach! This income producing condominium features 2 bedrooms, 1 bathroom, and 768 sq ft of living space. Breathtaking ocean views from both the living room, master bedroom, and the 20 ft covered porch connecting the two! Fully equipped kitchen and open to the living room for entertaining. Make this your Beach getaway or add it to your investment portfolio. Fully Furnished. Owners are 5 Star Rated on VRBO and will transfer account. HOA covers water, sewer, trash, master insurance, cable & wifi and even includes a tennis and basketball court. This won't last long, come check it out today!

23. 2020-09-22
    listed $124,900 664-char remark

    Show marketing remark (664 chars)

    Top floor, End Unit Condo just hit the market in North Topsail Beach! This income producing condominium features 2 bedrooms, 1 bathroom, and 768 sq ft of living space. Breathtaking ocean views from both the living room, master bedroom, and the 20 ft covered porch connecting the two! Fully equipped kitchen and open to the living room for entertaining. Make this your Beach getaway or add it to your investment portfolio. Fully Furnished. Owners are 5 Star Rated on VRBO and will transfer account. HOA covers water, sewer, trash, master insurance, cable & wifi and even includes a tennis and basketball court. This won't last long, come check it out today!

24. 2013-09-11
    soldstatus $94,500
25. 2012-01-27
    listed $99,500

ⓘ 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: $31,108
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,489
• − Management: −$2,489
• − HOA: −$7,476
• − Depreciation: −$6,255
• Taxable loss: −$3,943
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $216/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: 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

+116.1% since first listed

8 events — show timeline

• 2025-10-04 Price Changed $215,000 Hive MLS
• 2025-08-16 Listed $224,900 Hive MLS
• 2021-11-23 Sold (MLS) $204,000 Hive MLS
• 2021-07-26 Listed $204,000 Hive MLS
• 2020-12-18 Sold (MLS) $125,500 Hive MLS
• 2020-09-22 Listed $124,900 Hive MLS
• 2013-09-11 Sold (MLS) $94,500 Hive MLS
• 2012-01-27 Listed $99,500 Hive MLS