132 Ships Watch Dr Lot 16 · Duck, NC 27949

$51,900

4 bd · 3.5 ba · 2,300 sqft · Condo · 600 Days on market

Built 1994

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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

Welcome to the COTSMUR - Share #7 at Ships Watch. An ideal floorplan for your coastal vacation with the living area, kitchen, dining, and two bedrooms both with ensuite on the main living area. Soaring cathedral ceilings open this living space up and invite you in. Upstairs are two twin bed rooms with a Jack and Jill bath between. A wrap around porch with beautiful trees is the perfect location to relax after spending the day on the beach! Updates include two renovated bathrooms, a completely updated kitchen, and new furnishings. 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

• beach access
• and soundside pier
• playground

Tags

• TENNIS COURTS
• PLAYGROUND
• BEACH ACCESS
• AND SOUNDSIDE PIER
• RESTAURANTS
• AND SHOPPING IN DUCK

Property features AI

Finance

• HOA & community: Community pool (association); Boat dock; Playground; Association fees include electricity, grounds maintenance, and water

Exterior

• Parking: Paved parking; Underground parking
• Security: Smoke detectors
• Utilities: Public water; Septic tank
• Home design: Residential property; Stock cooperative (Co-Ownership, 5+ weeks)
• Construction: Wood siding / frame construction; Asphalt roof; Shed on property
• Exterior features: Screened porch; Deck; Level lot; Private maintained road

Interior

• Kitchen: Range; Oven; Disposal; Dishwasher; Microwave
• Bedrooms: Bedrooms with walk-in closets
• Flooring: Carpet; Ceramic tile; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Central heating; Heat pump; Electric heating; Hot water heating; Zoned heating; Central air; Ceiling fans; Zoned cooling
• Interior features: Cathedral ceilings; Wet bar; Walk-in closets; Furnished
• Laundry & utility: Washer; Dryer; Common area laundry

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath condo listed at $52k.

Deal economics

• At list price, monthly cash flow is $4k ($47k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $52k).
• Recommended offer: $46k (12.0% below list) — sets the bar for market timing.
• Cap rate 96.6% 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 $359 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 $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 600 days — a 12% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $45,672 (12.0% below list)

Questions for the listing agent

1. It's been on market 600 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
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. 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: 10.40% ✓
• Cap rate: 96.64%
• Cash-on-cash: 322.65%
• DSCR: 15.36
• GRM: 0.8

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: 17.55×
• Total profit: $240,531
• Equity at exit: $7,738

10-year hold

• IRR: —
• Equity multiple: 37.49×
• Total profit: $530,229
• Equity at exit: $4,487

Cash invested: $14,532 (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: 0.8×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$272
• Tax est. 1.5%: −$65 /mo · $778/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,907

Break-even live

Break-even rent $454

Max offer price $51,900

Occupancy floor 23%

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: $12,975
• Closing costs: $1,557
• 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	0.64mi

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 33 events

1. 2026-06-18
   days on market $51,900 Active 600 DOM
2. 2026-06-17
   days on market $51,900 Active 599 DOM
3. 2026-06-16
   days on market $51,900 Active 598 DOM
4. 2026-06-15
   days on market $51,900 Active 597 DOM
5. 2026-06-13
   days on market $51,900 Active 595 DOM
6. 2026-06-12
   days on market $51,900 Active 594 DOM
7. 2026-06-09
   days on market $51,900 Active 591 DOM
8. 2026-06-08
   days on market $51,900 Active 590 DOM
9. 2026-06-07
   days on market $51,900 Active 589 DOM
10. 2026-06-07
    days on market $51,900 Active 588 DOM
11. 2026-06-04
    days on market $51,900 Active 585 DOM
12. 2026-06-02
    days on market $51,900 Active 584 DOM
13. 2026-06-01
    days on market $51,900 Active 583 DOM
14. 2026-05-31
    days on market $51,900 Active 582 DOM
15. 2026-04-05
    price $51,900
16. 2025-11-05
    soldstatus $52,000 Closed 1321-char remark

    Show marketing remark (1321 chars)

    Welcome to the COTSMUR - Share #7 at Ships Watch. An ideal floorplan for your coastal vacation with the living area, kitchen, dining, and two bedrooms both with ensuite on the main living area. Soaring cathedral ceilings open this living space up and invite you in. Upstairs are two twin bed rooms with a Jack and Jill bath between. A wrap around porch with beautiful trees is the perfect location to relax after spending the day on the beach! Updates include two renovated bathrooms, a completely updated kitchen, and new furnishings. 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. 2025-10-13
    historical Active Under Contract 1321-char remark

    Show marketing remark (1321 chars)

    Welcome to the COTSMUR - Share #7 at Ships Watch. An ideal floorplan for your coastal vacation with the living area, kitchen, dining, and two bedrooms both with ensuite on the main living area. Soaring cathedral ceilings open this living space up and invite you in. Upstairs are two twin bed rooms with a Jack and Jill bath between. A wrap around porch with beautiful trees is the perfect location to relax after spending the day on the beach! Updates include two renovated bathrooms, a completely updated kitchen, and new furnishings. 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!

18. 2025-10-12
    price $55,000
19. 2025-10-10
    listed $55,000 Active 1321-char remark

    Show marketing remark (1321 chars)

    Welcome to the COTSMUR - Share #7 at Ships Watch. An ideal floorplan for your coastal vacation with the living area, kitchen, dining, and two bedrooms both with ensuite on the main living area. Soaring cathedral ceilings open this living space up and invite you in. Upstairs are two twin bed rooms with a Jack and Jill bath between. A wrap around porch with beautiful trees is the perfect location to relax after spending the day on the beach! Updates include two renovated bathrooms, a completely updated kitchen, and new furnishings. 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!

20. 2025-07-23
    price $59,500
21. 2024-10-25
    listed $67,500 Active
22. 2021-06-04
    soldstatus $45,500 1050-char remark

    Show marketing remark (1050 chars)

    Welcome to the COTSMUR - Share #1. This home has been elegantly updated - open and spacious. Gorgeous master bath. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Fractional ownership at Ships Watch is a wonderful way for your family to experience a lifetime of vacationing in the Outer Banks at a fraction of the cost of whole home ownership. Ships Watch fractional owners purchase 10% ownership of the home and get 5 weeks of use each year. Ownership is deeded and goes beyond your lifetime. Weeks shift annually and calendars for the next few years are available. Homes are completely furnished down to beach chairs and an umbrella. The year round on-site staff takes care of all maintenance and housekeeping. Community amenities include private beach access, pool and hot tub, tennis courts, playground, Soundfront pier, boat ramp, weekly poolside picnics and planned summer activities for all ages. Town of Duck is walking distance and offers great watersport activities, restaurants, shopping and so much more!

23. 2021-05-28
    soldstatus $41,000
24. 2021-05-19
    soldstatus $50,000
25. 2021-04-14
    soldstatus $41,000
26. 2020-11-15
    listed $52,000
27. 2020-10-09
    soldstatus $38,500
28. 2020-10-01
    soldstatus $40,500
29. 2020-09-09
    listed $49,000
30. 2020-07-12
    listed $52,000
31. 2019-12-05
    listed $52,000 1050-char remark

    Show marketing remark (1050 chars)

    Welcome to the COTSMUR - Share #1. This home has been elegantly updated - open and spacious. Gorgeous master bath. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Fractional ownership at Ships Watch is a wonderful way for your family to experience a lifetime of vacationing in the Outer Banks at a fraction of the cost of whole home ownership. Ships Watch fractional owners purchase 10% ownership of the home and get 5 weeks of use each year. Ownership is deeded and goes beyond your lifetime. Weeks shift annually and calendars for the next few years are available. Homes are completely furnished down to beach chairs and an umbrella. The year round on-site staff takes care of all maintenance and housekeeping. Community amenities include private beach access, pool and hot tub, tennis courts, playground, Soundfront pier, boat ramp, weekly poolside picnics and planned summer activities for all ages. Town of Duck is walking distance and offers great watersport activities, restaurants, shopping and so much more!

32. 2019-10-22
    listed $42,000
33. 2019-08-22
    listed $42,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 20 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: −$2,907
• − Property taxes: −$778
• − Insurance: −$260
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$1,510
• Taxable income: $48,977
• Est. tax owed @ 24.0%: −$11,754
• After-tax cash flow: $35,133/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

+23.6% since first listed

19 events — show timeline

• 2026-04-05 Price Changed $51,900 OBMLS
• 2025-11-05 Sold (MLS) $52,000 OBMLS
• 2025-10-13 Contingent — OBMLS
• 2025-10-12 Price Changed $55,000 OBMLS
• 2025-10-10 Listed $55,000 OBMLS
• 2025-07-23 Price Changed $59,500 OBMLS
• 2024-10-25 Listed $67,500 OBMLS
• 2021-06-04 Sold (MLS) $45,500 OBMLS
• 2021-05-28 Sold (MLS) $41,000 OBMLS
• 2021-05-19 Sold (MLS) $50,000 OBMLS
• 2021-04-14 Sold (MLS) $41,000 OBMLS
• 2020-11-15 Listed $52,000 OBMLS
• 2020-10-09 Sold (MLS) $38,500 OBMLS
• 2020-10-01 Sold (MLS) $40,500 OBMLS
• 2020-09-09 Listed $49,000 OBMLS
• 2020-07-12 Listed $52,000 OBMLS
• 2019-12-05 Listed $52,000 OBMLS
• 2019-10-22 Listed $42,000 OBMLS
• 2019-08-22 Listed $42,000 OBMLS