244 Colleton Sq · Bogue, NC 28570

$1,299,000

5 bd · 5.0 ba · 3,705 sqft · Land · 79 Days on market

Built 2026 0.26 ac lot $143/mo HOA · 1% of rent

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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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• 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

GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool, marina!! The property behind the lot is wooded and no construction will be done. * Listing broker is related to owner

Key facts

• 0.26 acre lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Subdivision: Cannonsgate; Directions provided by listing
• Financial info: Association fee paid annually
• HOA & community: Has homeowners association; Annual association fee; Community amenities include basketball court, clubhouse, and tennis courts

Exterior

• Parking: 2 total parking spaces; 2-car attached garage; Garage faces front; Concrete driveway
• Security: Gated community
• Utilities: Public water; Public sewer; Natural gas connected; Water connected; Sewer connected
• Home design: Single family residence; Three or more levels; Entry level: 2
• Construction: Built with brick, fiber cement, and frame materials; Shingle roof; Slab foundation; New construction
• Exterior features: Covered patio/porch; Front porch; Rear porch; Corner lot; Paved road access; Has view; Street lights in community

Interior

• Kitchen: Pantry
• Bedrooms: Bedroom count not specified
• Flooring: Hardwood
• Bathrooms: 4 full bathrooms; 2 half bathrooms; Accessible full bathroom
• Heating & cooling: Central air; Heat pump (heating and cooling); Electric heating; Natural gas heating
• Interior features: Walk-in closets; High ceilings; Ceiling fans; Elevator; Pantry; Wet bar; Gas log fireplace
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath land listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.30M).
• Recommended offer: $1.22M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#311 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living 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 $16,603/mo this rent would consume 284% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $364k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $70k; list at $1.30M implies a 1756% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,221,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.28% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.19%
• DSCR: 1.59
• GRM: 6.5

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: 3.2%
• Equity multiple: 1.12×
• Total profit: $44,379
• Equity at exit: $193,685

10-year hold

• IRR: 12.7%
• Equity multiple: 2.01×
• Total profit: $367,774
• Equity at exit: $112,314

Cash invested: $363,720 (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: 6.5×

Monthly cashflow live

• Estimated rent: $16,603 medium
• Mortgage (P&I): −$6,812
• Tax est. 1.5%: −$1,624 /mo · $19,485/yr
• Insurance: −$541
• HOA: −$143
• Vacancy / Maint / Mgmt: −$3,487
• Net cashflow: $3,996

Break-even live

Break-even rent $11,544

Max offer price $1,299,000

Occupancy floor 71%

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: waterpool

Listing history 26 events

1. 2026-06-19
   days on market $1,299,000 Active 79 DOM
2. 2026-06-18
   days on market $1,299,000 Active 78 DOM
3. 2026-06-17
   days on market $1,299,000 Active 77 DOM
4. 2026-06-16
   days on market $1,299,000 Active 76 DOM
5. 2026-06-15
   days on market $1,299,000 Active 75 DOM
6. 2026-06-14
   days on market $1,299,000 Active 73 DOM
7. 2026-06-12
   days on market $1,299,000 Active 72 DOM
8. 2026-06-09
   days on market $1,299,000 Active 69 DOM
9. 2026-06-08
   days on market $1,299,000 Active 68 DOM
10. 2026-06-07
    days on market $1,299,000 Active 67 DOM
11. 2026-06-05
    days on market $1,299,000 Active 64 DOM
12. 2026-06-03
    days on market $1,299,000 Active 63 DOM
13. 2026-06-02
    days on market $1,299,000 Active 62 DOM
14. 2026-06-01
    days on market $1,299,000 Active 61 DOM
15. 2026-05-31
    days on market $1,299,000 Active 60 DOM
16. 2026-05-30
    days on market $1,299,000 Active 59 DOM
17. 2026-03-26
    listed $1,299,000 Active
18. 2024-04-08
    soldstatus $70,000 Closed 259-char remark

    Show marketing remark (259 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool, marina!! The property behind the lot is wooded and no construction will be done. * Listing broker is related to owner

19. 2024-03-18
    status Pending 259-char remark

    Show marketing remark (259 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool, marina!! The property behind the lot is wooded and no construction will be done. * Listing broker is related to owner

20. 2024-02-22
    price $76,000 259-char remark

    Show marketing remark (259 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool, marina!! The property behind the lot is wooded and no construction will be done. * Listing broker is related to owner

21. 2024-02-21
    listed $176,000 Active 259-char remark

    Show marketing remark (259 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool, marina!! The property behind the lot is wooded and no construction will be done. * Listing broker is related to owner

22. 2021-09-13
    soldstatus $27,000
23. 2017-03-10
    soldstatus $40,000 216-char remark

    Show marketing remark (216 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool and Marina!!! Bring Offers and then Build your piece of Heaven on the Water!

24. 2017-03-10
    soldstatus $40,000

    Show marketing remark (216 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool and Marina!!! Bring Offers and then Build your piece of Heaven on the Water!

25. 2016-07-12
    listed $55,000 216-char remark

    Show marketing remark (216 chars)

    GREEN SPACES on 3 Sides with Pond and ICWW Water views in Cannonsgate!!! END LOT on a quiet street. Walking distance to the Clubhouse, pool and Marina!!! Bring Offers and then Build your piece of Heaven on the Water!

26. 2006-09-27
    soldstatus $300,000

ⓘ 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 3/10 Moderate
• 🌡 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: $199,238
• − Mortgage interest: −$72,764
• − Property taxes: −$19,485
• − Insurance: −$6,495
• − Repairs & maintenance: −$15,939
• − Management: −$15,939
• − HOA: −$1,716
• − Depreciation: −$37,789
• Taxable income: $29,111
• Est. tax owed @ 24.0%: −$6,987
• After-tax cash flow: $40,971/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 — Bogue

• Score: 65/100
• State rank: #311
• US rank: #13024

Category grades

Amenities F Commute F Cost of living A Crime C+ Employment A+ 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

+333.0% since first listed

10 events — show timeline

• 2026-03-26 Listed $1,299,000 Hive MLS
• 2024-04-08 Sold (MLS) $70,000 Hive MLS
• 2024-03-18 Pending — Hive MLS
• 2024-02-22 Price Changed $76,000 Hive MLS
• 2024-02-21 Listed $176,000 Hive MLS
• 2021-09-13 Sold (Public Records) $27,000 Public Records
• 2017-03-10 Sold (Public Records) $40,000 Public Records
• 2017-03-10 Sold (MLS) $40,000 Hive MLS
• 2016-07-12 Listed $55,000 Hive MLS
• 2006-09-27 Sold (Public Records) $300,000 Public Records

Property tax history

+9.8%/yr

Latest (2025): $144 · +17.7% YoY. Source: county tax records.