1706 Searay Ln · Kure Beach, NC 28449

$969,999

4 bd · 4.0 ba · 2,634 sqft · SingleFamily · 50 Days on market

Built 2004 Good condition 4,356 sqft lot Est $1069k · 9% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +11.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Gorgeous 4 Bedroom / 4 Bath Home in Kure Beach is a builder's home with all the special touches. Welcoming hardwood foyer leads to bright, open Living Room with gas fireplace, Breakfast Area, spacious Kitchen, and Guest Bedroom. Upstairs includes amazing landing leading to 2 bedrooms, including Master Suite. Basement level offers wonderful Rec Room with outside entrance along with fourth bedroom and full bath. On top of the beautiful indoors, the outdoors completes the package with huge front and back porches and a Crow's Nest to enjoy the surrounding views. This is the perfect beach home in which to relax with family or enjoy guests with space for everyone!NO HOA!

Key facts

• 4,356 sq ft lot
• Garage
• Built 2004

Property features AI

Finance

• HOA & community: Homeowners association present (annual fee); association reports no listed amenities

Exterior

• Parking: Attached garage (garage faces front); One garage space; Off-street parking; Total of 1 parking space
• Utilities: Public water; Public sewer (sewer connected); Cable available; Water connected
• Home design: Single family residence; Three or more levels; Entry level: 2; RA-2T zoning
• Construction: Built with fiber cement and frame construction; Slab foundation; Metal roof
• Exterior features: Outdoor shower; Balcony; Covered, screened patio; Front and rear porches; See remarks (additional exterior details); Landscaped, level lot; Paved road frontage on city street and state road; Irrigation equipment; Has view

Interior

• Kitchen: Electric oven; Electric cooktop / Cooktop; Electric range; Microwave; Dishwasher; Disposal; Refrigerator; Ice maker; Vented exhaust fan; Kitchen island; Eat-in kitchen
• Bedrooms: Bedroom count not specified
• Flooring: Carpet; Hardwood
• Bathrooms: Four full bathrooms; Accessible full bathroom
• Heating & cooling: Heat pump heating and cooling; Electric heating; Forced air
• Interior features: Master suite on the main level; Central vacuum; Walk-in closets; Vaulted and high ceilings; Entrance foyer; Kitchen island; Ceiling fans; Eat-in kitchen; Window coverings; Furnished; Gas log fireplace
• Laundry & utility: Washer and dryer included; Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $970k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $10k ($114k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $970k).
• Recommended offer: $941k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.1% vs local median 2.1% in Kure 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 65/100 on livability (#303 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 92 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $272k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($941k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y 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 $380k; list at $970k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $940,899 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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 D-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. 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.
5. 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.
6. 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: 2.12% ✓
• Cap rate: 18.05%
• Cash-on-cash: 42.00%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $1,069,404
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1725 Spot Ln	0.05mi	4/3.5	2,603 (-1%)	3mo	$928,750	$357	91
1615 Bonito Ln	0.19mi	4/3.0	2,506 (-5%)	2mo	$990,000	$395	77
1613 Bowfin Ln	0.33mi	4/5.0	2,973 (+13%)	2mo	$1,195,000	$402	57
465 Fort Fisher Blvd N	0.69mi	5/3.0 (+1)	2,600 (-1%)	2mo	$1,057,777	$407	55
1224 Croaker Ln	0.59mi	4/3.5	2,856 (+8%)	3mo	$1,265,000	$443	54
1225 Pinfish Ln	0.59mi	4/3.0	2,449 (-7%)	3mo	$950,000	$388	54
1503 Snapper Ln	0.37mi	5/3.5 (+1)	2,974 (+13%)	3mo	$1,520,000	$511	52
249 Seawatch Way	0.49mi	5/4.0 (+1)	2,913 (+11%)	3mo	$1,325,000	$455	52
114 Heather Ln	0.45mi	3/3.0 (-1)	3,005 (+14%)	4mo	$1,160,000	$386	43
1225 Searay Ln	0.58mi	3/2.5 (-1)	2,341 (-11%)	2mo	$1,032,000	$441	42
929 Salt Water Ln	0.74mi	4/3.5	2,290 (-13%)	1mo	$810,000	$354	41
425 Sandman Dr	0.69mi	5/3.0 (+1)	2,313 (-12%)	2mo	$940,000	$406	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 38.7%
• Equity multiple: 2.65×
• Total profit: $448,550
• Equity at exit: $144,630

10-year hold

• IRR: 45.1%
• Equity multiple: 5.31×
• Total profit: $1,171,424
• Equity at exit: $83,868

Cash invested: $271,600 (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 28449

• Active inventory: 92
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $20,518 medium
• Mortgage (P&I): −$5,087
• Tax est. 1.5%: −$1,212 /mo · $14,550/yr
• Insurance: −$404
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,309
• Net cashflow: $9,506

Break-even live

Break-even rent $8,485

Max offer price $969,999

Occupancy floor 49%

Sensitivity live

Price	-10% $10,176	-5% $9,841	+0% $9,506	+5% $9,171	+10% $8,835
Rent	-10% $7,885	-5% $8,695	+0% $9,506	+5% $10,316	+10% $11,127
Rate	-1.0pp $9,994	-0.5pp $9,752	base $9,506	+0.5pp $9,254	+1.0pp $8,999

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: $242,500
• Closing costs: $29,100
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	22d	1	0.18mi
613 Clarendon Ave Carolina Beach, NC	5.0	3.5	3630	$4,500	$1.24	22d	1	1.14mi
321 Cape Fear Blvd Carolina Beach, NC	4.0	3.0	1845	$4,500	$2.44	22d	1	1.40mi

Listing history 32 events

1. 2026-06-18
   days on market $969,999 Active 50 DOM
2. 2026-06-17
   days on market $969,999 Active 49 DOM
3. 2026-06-16
   days on market $969,999 Active 48 DOM
4. 2026-06-15
   days on market $969,999 Active 47 DOM
5. 2026-06-14
   days on market $969,999 Active 45 DOM
6. 2026-06-13
   days on market $969,999 Active 44 DOM
7. 2026-06-10
   days on market $969,999 Active 42 DOM
8. 2026-06-09
   days on market $969,999 Active 41 DOM
9. 2026-06-08
   days on market $969,999 Active 40 DOM
10. 2026-06-07
    days on market $969,999 Active 39 DOM
11. 2026-06-05
    days on market $969,999 Active 36 DOM
12. 2026-06-03
    days on market $969,999 Active 35 DOM
13. 2026-06-03
    days on market $969,999 Active 34 DOM
14. 2026-05-31
    days on market $969,999 Active 32 DOM
15. 2026-05-30
    days on market $969,999 Active 31 DOM
16. 2026-04-29
    listed $969,999 Active
17. 2015-08-07
    soldstatus $380,000 673-char remark

    Show marketing remark (673 chars)

    Gorgeous 4 Bedroom / 4 Bath Home in Kure Beach is a builder's home with all the special touches. Welcoming hardwood foyer leads to bright, open Living Room with gas fireplace, Breakfast Area, spacious Kitchen, and Guest Bedroom. Upstairs includes amazing landing leading to 2 bedrooms, including Master Suite. Basement level offers wonderful Rec Room with outside entrance along with fourth bedroom and full bath. On top of the beautiful indoors, the outdoors completes the package with huge front and back porches and a Crow's Nest to enjoy the surrounding views. This is the perfect beach home in which to relax with family or enjoy guests with space for everyone!NO HOA!

18. 2015-02-24
    listed $400,000 673-char remark

    Show marketing remark (673 chars)

    Gorgeous 4 Bedroom / 4 Bath Home in Kure Beach is a builder's home with all the special touches. Welcoming hardwood foyer leads to bright, open Living Room with gas fireplace, Breakfast Area, spacious Kitchen, and Guest Bedroom. Upstairs includes amazing landing leading to 2 bedrooms, including Master Suite. Basement level offers wonderful Rec Room with outside entrance along with fourth bedroom and full bath. On top of the beautiful indoors, the outdoors completes the package with huge front and back porches and a Crow's Nest to enjoy the surrounding views. This is the perfect beach home in which to relax with family or enjoy guests with space for everyone!NO HOA!

19. 2014-03-12
    historical
20. 2013-10-29
    listed $425,000
21. 2009-10-15
    historical
22. 2009-04-07
    listed $480,000
23. 2008-03-28
    historical
24. 2008-01-21
    listed $518,900
25. 2008-01-16
    historical
26. 2007-07-17
    listed $499,000
27. 2007-06-07
    historical
28. 2007-01-31
    listed $699,000
29. 2007-01-31
    historical
30. 2007-01-31
    listed $738,000
31. 2004-08-12
    historical
32. 2004-03-31
    listed $449,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 18 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: $246,215
• − Mortgage interest: −$54,335
• − Property taxes: −$14,550
• − Insurance: −$4,850
• − Repairs & maintenance: −$19,697
• − Management: −$19,697
• − Depreciation: −$28,218
• Taxable income: $104,867
• Est. tax owed @ 24.0%: −$25,168
• After-tax cash flow: $88,900/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 · 6 photos

Good 80/100 Cosmetic rehab

This well-maintained, beach-style home in Kure Beach is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Resale paint trim — enhances curb appeal
• Both landscaping — improves curb appeal and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Resale paint trim — enhances curb appeal ↑
• Both landscaping — improves curb appeal and enhances property value ↑

ⓘ 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: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

Livability — Kure Beach

• Score: 65/100
• State rank: #303
• US rank: #12563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kure Beach, NC
• Population (ZIP): 2,017

Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.31%
• Current HPI: 246.571
• 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

+116.0% since first listed

17 events — show timeline

• 2026-04-29 Listed $969,999 Hive MLS
• 2015-08-07 Sold (MLS) $380,000 Hive MLS
• 2015-02-24 Listed $400,000 Hive MLS
• 2014-03-12 Listing Removed — Hive MLS
• 2013-10-29 Listed $425,000 Hive MLS
• 2009-10-15 Listing Removed — Hive MLS
• 2009-04-07 Listed $480,000 Hive MLS
• 2008-03-28 Listing Removed — Hive MLS
• 2008-01-21 Listed $518,900 Hive MLS
• 2008-01-16 Listing Removed — Hive MLS
• 2007-07-17 Listed $499,000 Hive MLS
• 2007-06-07 Listing Removed — Hive MLS
• 2007-01-31 Listed $738,000 Hive MLS
• 2007-01-31 Listing Removed — Hive MLS
• 2007-01-31 Listed $699,000 Hive MLS
• 2004-08-12 Listing Removed — Hive MLS
• 2004-03-31 Listed $449,000 Hive MLS