213 Sea Trace Ln · Newport, NC 28570

$650,000

3 bd · 2.0 ba · 1,836 sqft · Other public records · 107 Days on market

Built 1958 0.33 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

FISHING,CRABBING,& SWIMMING ARE JUST STEPS AWAY FROM YOUR FRONT DOOR. SPECTACULAR WATER VIEWS OF BOGUE SOUND WITH DEEDED EASEMENT FOR WATER ACCESS. HOME RENOVATED IN 97'. COME AND EXPERIENCE THE WARM COASTAL BREEZE AGANIST YOUR FACE WHILE THE YACHT'S SAIL BY.

Key facts

• Water views
• Deeded water access
• Large yard

Tags

• WATER VIEWS
• DEEDED WATER ACCESS
• MULTIPLE OUTDOOR SPACES
• VERSATILE BONUS ROOM
• LARGE YARD
• PATIO AND COVERED PORCH

Property features AI

Finance

• Other: Located in the Ho Ho Village subdivision; Directions available

Exterior

• Parking: On-site paved parking with concrete surfaces
• Utilities: Public water; Septic tank sewer; Cable available
• Home design: Single-family residence; One story (entry level 1); One level; Residential zoning
• Construction: Fiber cement and frame construction; Shingle roof; Raised and slab foundation; Built on lot with dimensions approximately 100 x 147 x 100 x 147
• Exterior features: Open lot; Waterfront access; Has a view; Shed(s) and storage; No fencing; Paved road frontage (city street and state road)

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator; Ice maker; Kitchen island; Electric water heater
• Bedrooms: Master bedroom located downstairs
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Forced air; Central air conditioning
• Interior features: Master suite on the main level; Kitchen island; Accessible full bathroom; 7 total rooms; No basement (crawl space)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $650k.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $650k).
• Recommended offer: $592k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 31.4% in Newport — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 63/100 on livability (#385 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• 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: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $20k 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 $182k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($592k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $225k; list at $650k implies a 189% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $591,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 1.92% ✓
• Cap rate: 17.44%
• Cash-on-cash: 39.82%
• DSCR: 2.77
• GRM: 4.3

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: 36.1%
• Equity multiple: 2.53×
• Total profit: $279,121
• Equity at exit: $96,917

10-year hold

• IRR: 42.8%
• Equity multiple: 5.05×
• Total profit: $737,449
• Equity at exit: $56,200

Cash invested: $182,000 (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: 4.3×

Monthly cashflow live

• Estimated rent: $12,466 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$129 /mo · $1,544/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,618
• Net cashflow: $6,040

Break-even live

Break-even rent $4,820

Max offer price $650,000

Occupancy floor 47%

Sensitivity live

Price	-10% $6,408	-5% $6,224	+0% $6,040	+5% $5,856	+10% $5,672
Rent	-10% $5,055	-5% $5,547	+0% $6,040	+5% $6,532	+10% $7,025
Rate	-1.0pp $6,367	-0.5pp $6,205	base $6,040	+0.5pp $5,871	+1.0pp $5,700

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $650,000 Active 107 DOM
2. 2026-06-18
   days on market $650,000 Active 106 DOM
3. 2026-06-17
   days on market $650,000 Active 105 DOM
4. 2026-06-16
   days on market $650,000 Active 104 DOM
5. 2026-06-15
   days on market $650,000 Active 103 DOM
6. 2026-06-14
   days on market $650,000 Active 101 DOM
7. 2026-06-12
   days on market $650,000 Active 100 DOM
8. 2026-06-09
   days on market $650,000 Active 97 DOM
9. 2026-06-08
   days on market $650,000 Active 96 DOM
10. 2026-06-07
    days on market $650,000 Active 95 DOM
11. 2026-06-05
    days on market $650,000 Active 92 DOM
12. 2026-06-03
    days on market $650,000 Active 91 DOM
13. 2026-06-02
    days on market $650,000 Active 90 DOM
14. 2026-06-01
    days on market $650,000 Active 89 DOM
15. 2026-05-31
    days on market $650,000 Active 88 DOM
16. 2026-05-30
    days on market $650,000 Active 87 DOM
17. 2026-03-04
    listed $650,000 Active
18. 2024-05-06
    historical
19. 2023-12-12
    listed $725,000 Active
20. 2005-11-22
    soldstatus $225,000 263-char remark

    Show marketing remark (263 chars)

    FISHING,CRABBING,& SWIMMING ARE JUST STEPS AWAY FROM YOUR FRONT DOOR. SPECTACULAR WATER VIEWS OF BOGUE SOUND WITH DEEDED EASEMENT FOR WATER ACCESS. HOME RENOVATED IN 97'. COME AND EXPERIENCE THE WARM COASTAL BREEZE AGANIST YOUR FACE WHILE THE YACHT'S SAIL BY.

21. 2005-11-21
    soldstatus $225,000
22. 2005-04-21
    listed $249,900 263-char remark

    Show marketing remark (263 chars)

    FISHING,CRABBING,& SWIMMING ARE JUST STEPS AWAY FROM YOUR FRONT DOOR. SPECTACULAR WATER VIEWS OF BOGUE SOUND WITH DEEDED EASEMENT FOR WATER ACCESS. HOME RENOVATED IN 97'. COME AND EXPERIENCE THE WARM COASTAL BREEZE AGANIST YOUR FACE WHILE THE YACHT'S SAIL BY.

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

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,544 · $129/mo
• Projected year-2 tax: $5,330 · $444/mo
• Expected delta: +$3,786/yr (+$316/mo · 245.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,590
• − Mortgage interest: −$36,410
• − Property taxes: −$1,544
• − Insurance: −$3,250
• − Repairs & maintenance: −$11,967
• − Management: −$11,967
• − Depreciation: −$18,909
• Taxable income: $65,543
• Est. tax owed @ 24.0%: −$15,730
• After-tax cash flow: $56,748/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 — Newport

• Score: 63/100
• State rank: #385
• US rank: #15094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• City population: 22,197
• 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

+160.1% since first listed

6 events — show timeline

• 2026-03-04 Listed $650,000 Hive MLS
• 2024-05-06 Listing Removed — Hive MLS
• 2023-12-12 Listed $725,000 Hive MLS
• 2005-11-22 Sold (MLS) $225,000 Hive MLS
• 2005-11-21 Sold (Public Records) $225,000 Public Records
• 2005-04-21 Listed $249,900 Hive MLS

Property tax history

+5.6%/yr

Latest (2025): $1,544 · +53.4% YoY. Source: county tax records.