135 Ships Watch Dr Lot 32 · Duck, NC 27949

$60,000

4 bd · 4.5 ba · 2,720 sqft · Condo · 38 Days on market

Built 1989

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just a few steps away from the beach, The Bennett share 1 offers the perfect combination of beachside living and modern upgrades. This ideal floorplan features a king room and twin room on both the first and top floors, making it the perfect setup for two families vacationing together. Each room comes with its own ensuite for maximum comfort. Recent renovations include a brand new kitchen, new flooring throughout the entire house, and a new deck! The furnishings and paint colors give the home a tastefully beachy vibe. The expansive great room with an open concept layout is perfect for entertaining. The Ships Watch loft provides a peaceful retreat to enjoy your morning coffee or watch the sunset. And the best part? It's just three houses down from the beach! Don't miss out on this amazing opportunity to experience beach living at its finest! Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

Key facts

• Modern upgrades
• Brand new kitchen
• Recent renovations

Tags

• MODERN UPGRADES
• ENSUITE FOR MAXIMUM COMFORT
• RECENT RENOVATIONS
• BRAND NEW KITCHEN
• NEW FLOORING
• NEW DECK

Property features AI

Finance

• HOA & community: Community pool; Boat dock; Clubhouse; Playground; Association fees include cable TV, electricity, water, and grounds maintenance

Exterior

• Parking: Paved parking; Underground parking
• Utilities: Public water; Septic sewer
• Home design: Residential stock cooperative (co-ownership, 5 weeks+); Level lot; Private maintained paved road; RS-1 zoning
• Construction: Wood siding/frame construction; Asphalt roof
• Exterior features: Screened patio/porch; Deck; Outdoor in-ground association pool; Therapeutic whirlpool (accessibility feature)

Interior

• Kitchen: Range; Oven; Disposal; Dishwasher; Microwave; Wine cooler
• Flooring: Carpet; Ceramic tile
• Bathrooms: 4 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Heat pump with central and zoned heating; Central air with heat pump and zoning; Ceiling fans
• Interior features: Cathedral ceilings; Wet bar; Furnished
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 83.3% vs local median 1.2% in Duck — 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 69/100 on livability (#162 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Dare County Schools (town): math 44% / reading 48% proficiency, ranked #77 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 371 units permitted in Dare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dare County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y 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: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 9.00% ✓
• Cap rate: 83.32%
• Cash-on-cash: 275.10%
• DSCR: 13.24
• GRM: 0.9

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: —
• Equity multiple: 14.78×
• Total profit: $231,462
• Equity at exit: $8,946

10-year hold

• IRR: —
• Equity multiple: 31.50×
• Total profit: $512,456
• Equity at exit: $5,188

Cash invested: $16,800 (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 27949

• Active inventory: 126
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,785

Break-even live

Break-even rent $609

Max offer price $60,000

Occupancy floor 25%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 Duck Ridge Village Ct Unit 2 Duck, NC	4.0	3.5	2700	$5,400	$2.00	21d	1	0.57mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: exterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-18
   days on market $60,000 Active 38 DOM
2. 2026-06-17
   days on market $60,000 Active 37 DOM
3. 2026-06-16
   days on market $60,000 Active 36 DOM
4. 2026-06-15
   days on market $60,000 Active 35 DOM
5. 2026-06-13
   days on market $60,000 Active 33 DOM
6. 2026-06-12
   days on market $60,000 Active 32 DOM
7. 2026-06-09
   days on market $60,000 Active 29 DOM
8. 2026-06-08
   days on market $60,000 Active 28 DOM
9. 2026-06-07
   days on market $60,000 Active 27 DOM
10. 2026-06-07
    days on market $60,000 Active 26 DOM
11. 2026-06-04
    days on market $60,000 Active 23 DOM
12. 2026-06-02
    days on market $60,000 Active 22 DOM
13. 2026-06-01
    days on market $60,000 Active 21 DOM
14. 2026-05-31
    days on market $60,000 Active 20 DOM
15. 2026-05-11
    listed $60,000 Active
16. 2026-03-26
    price $58,000 1639-char remark

    Show marketing remark (1639 chars)

    Just a few steps away from the beach, The Bennett share 1 offers the perfect combination of beachside living and modern upgrades. This ideal floorplan features a king room and twin room on both the first and top floors, making it the perfect setup for two families vacationing together. Each room comes with its own ensuite for maximum comfort. Recent renovations include a brand new kitchen, new flooring throughout the entire house, and a new deck! The furnishings and paint colors give the home a tastefully beachy vibe. The expansive great room with an open concept layout is perfect for entertaining. The Ships Watch loft provides a peaceful retreat to enjoy your morning coffee or watch the sunset. And the best part? It's just three houses down from the beach! Don't miss out on this amazing opportunity to experience beach living at its finest! Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

17. 2026-01-16
    price $60,000
18. 2025-09-06
    listed $60,000 Active 1639-char remark

    Show marketing remark (1639 chars)

    Just a few steps away from the beach, The Bennett share 1 offers the perfect combination of beachside living and modern upgrades. This ideal floorplan features a king room and twin room on both the first and top floors, making it the perfect setup for two families vacationing together. Each room comes with its own ensuite for maximum comfort. Recent renovations include a brand new kitchen, new flooring throughout the entire house, and a new deck! The furnishings and paint colors give the home a tastefully beachy vibe. The expansive great room with an open concept layout is perfect for entertaining. The Ships Watch loft provides a peaceful retreat to enjoy your morning coffee or watch the sunset. And the best part? It's just three houses down from the beach! Don't miss out on this amazing opportunity to experience beach living at its finest! Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

19. 2025-02-07
    soldstatus $58,000 Closed
20. 2025-01-16
    historical Active Under Contract
21. 2024-09-05
    listed $61,000 Active
22. 2023-08-21
    historical
23. 2023-08-17
    soldstatus $57,500 Closed
24. 2023-08-11
    status Pending
25. 2023-07-11
    price $62,500
26. 2023-07-10
    soldstatus $57,500 Closed
27. 2023-06-22
    status Pending
28. 2023-04-14
    status Active
29. 2023-04-05
    historical
30. 2023-01-29
    price $63,500
31. 2022-02-07
    listed $65,000 Active
32. 2021-10-04
    listed $63,500 Active
33. 2021-03-25
    soldstatus $30,000
34. 2021-03-16
    soldstatus $45,500
35. 2019-09-23
    listed $40,000
36. 2019-09-01
    listed $45,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,800
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$1,098
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$1,745
• Taxable income: $47,328
• Est. tax owed @ 24.0%: −$11,359
• After-tax cash flow: $34,060/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: Dare County Schools
• NCES district ID: 3701110
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $54,233
• Composite: 39.86/100
• National rank: #3866
• State rank: #77 of 178 in NC

Livability — Duck

• Score: 69/100
• State rank: #162
• US rank: #8831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duck, NC
• Population (ZIP): 8,094

Population outlook (Dare County) Hauer SSP2

• Today (2025): 39,201 people
• By 2030: 40,756 · +4.0%
• By 2040: 43,015 · +9.7%
• By 2050: 44,477 · +13.5%
• By 2075: 48,522 · +23.8%
• By 2100: 50,980 · +30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 4% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Tagalog/Filipino 1%

Political lean MEDSL · Dare

• 2024 margin: R (+18.8) · D 40.1% · R 58.9%
• 2008→2024 swing: -9.5pp toward R · 2008: -9.2pp · 2024: -18.8pp
• All cycles: 2024: R+18.8 2020: R+16.5 2016: R+22.1 2012: R+16.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.21%
• Current HPI: 274.0118
• 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

+31.9% since first listed

22 events — show timeline

• 2026-05-11 Listed $60,000 OBMLS
• 2026-03-26 Price Changed $58,000 OBMLS
• 2026-01-16 Price Changed $60,000 OBMLS
• 2025-09-06 Listed $60,000 OBMLS
• 2025-02-07 Sold (MLS) $58,000 OBMLS
• 2025-01-16 Contingent — OBMLS
• 2024-09-05 Listed $61,000 OBMLS
• 2023-08-21 Delisted — OBMLS
• 2023-08-17 Sold (MLS) $57,500 OBMLS
• 2023-08-11 Pending — OBMLS
• 2023-07-11 Price Changed $62,500 OBMLS
• 2023-07-10 Sold (MLS) $57,500 OBMLS
• 2023-06-22 Pending — OBMLS
• 2023-04-14 Relisted — OBMLS
• 2023-04-05 Delisted — OBMLS
• 2023-01-29 Price Changed $63,500 OBMLS
• 2022-02-07 Listed $65,000 OBMLS
• 2021-10-04 Listed $63,500 OBMLS
• 2021-03-25 Sold (MLS) $30,000 OBMLS
• 2021-03-16 Sold (MLS) $45,500 OBMLS
• 2019-09-23 Listed $40,000 OBMLS
• 2019-09-01 Listed $45,500 OBMLS