116 Myrtle Ave · Kure Beach, NC 28449

$830,000

3 bd · 2.0 ba · 2,353 sqft · SingleFamily public records · 488 Days on market

Built 1987 9,365 sqft lot Est $946k · 12% 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 +13.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Motivated seller! Looking for a large lot with no flood insurance requirement in Kure Beach, NC? Nestled in a prime location just one block away from the ocean, this fully furnished brick rancher is not just a home; it's an investment opportunity you won't want to miss. Step inside to discover a spacious layout designed for both relaxation and entertainment. With three bedrooms, each boasting its own bath, everyone can enjoy their own space and privacy. The expansive family room is perfect for gatherings, whether it's game nights with friends or cozy movie marathons with the family. But the real highlight? Step out onto the sprawling back deck and immerse yourself in outdoor bliss. Fire up

Key facts

• Large lot
• Sprawling back deck
• Outdoor shower

Tags

• LARGE LOT
• NO FLOOD INSURANCE REQUIREMENT
• PRIME LOCATION
• SPRAWLING BACK DECK
• OUTDOOR SHOWER
• TWO CAR GARAGE

Property features AI

Finance

• HOA & community: Community offers beach access

Exterior

• Parking: Attached 2-car garage; Two additional off-street/on-site open parking spaces; Concrete parking surfaces
• Security: Security system; Smoke detectors
• Utilities: Public water; Sewer available
• Home design: Single-family residential property; One level
• Construction: Brick, vinyl siding and frame construction; Brick/mortar foundation; Shingle roof; Built using typical residential construction materials
• Exterior features: Deck and porch; Chain link fencing around the backyard; Workshop on the property; Paved road frontage on city street and state road

Interior

• Kitchen: Refrigerator; Range; Dishwasher; Disposal; Freezer; Electric water heater
• Bedrooms: Bedrooms included (room level not specified)
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: Three full bathrooms; Accessible full bathroom
• Heating & cooling: Heat pump heating; Electric and forced-air heating; Central air conditioning; Heat pump cooling
• Interior features: Master suite on the main level; Ceiling fans; Shutters and window coverings; Furnished
• Laundry & utility: Washer and dryer included; Washer hookup; Laundry located in hall or closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $830k.

Deal economics

• At list price, monthly cash flow is $14k ($168k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $830k).
• Recommended offer: $730k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.6% 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; 1 comparable units currently listed for rent nearby; 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 $6k of loan paydown is wiped out by about $25k 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 $232k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 488 days — a 12% lower offer ($730k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $45k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $122k; list at $830k implies a 583% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $730,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 488 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.89% ✓
• Cap rate: 26.57%
• Cash-on-cash: 72.43%
• DSCR: 4.22
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $945,906
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
737 Fort Fisher Blvd N	0.18mi	4/3.0 (+1)	2,176 (-8%)	2mo	$880,000	$404	68
1615 Bonito Ln	0.23mi	4/3.0 (+1)	2,506 (+6%)	2mo	$990,000	$395	67
1514 Mackerel Ln	0.38mi	4/3.0 (+1)	2,490 (+6%)	4mo	$1,000,000	$402	60
753 Sailor Ct	0.24mi	4/3.0 (+1)	2,048 (-13%)	3mo	$760,000	$371	55
1725 Spot Ln	0.29mi	4/3.5 (+1)	2,603 (+11%)	3mo	$928,750	$357	55
160 Seawatch Way	0.44mi	4/4.0 (+1)	2,260 (-4%)	6mo	$1,075,000	$476	55
1320 Searay Ln	0.60mi	4/3.5 (+1)	2,478 (+5%)	6mo	$1,360,000	$549	47
1225 Pinfish Ln	0.74mi	4/3.0 (+1)	2,449 (+4%)	3mo	$950,000	$388	47
1217 Bowfin Ln	0.67mi	3/2.5	2,580 (+10%)	8mo	$975,000	$378	44
802 Ocean Blvd	0.60mi	4/3.0 (+1)	2,065 (-12%)	1mo	$950,000	$460	42
303 North Carolina Ave	0.62mi	4/3.5 (+1)	2,590 (+10%)	4mo	$1,295,000	$500	40
1315 Croaker Ln	0.65mi	4/3.5 (+1)	2,691 (+14%)	8mo	$1,050,000	$390	28

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: 72.1%
• Equity multiple: 4.27×
• Total profit: $758,817
• Equity at exit: $123,756

10-year hold

• IRR: 76.0%
• Equity multiple: 8.79×
• Total profit: $1,810,681
• Equity at exit: $71,763

Cash invested: $232,400 (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: 2.9×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$4,353
• Tax from tax record: −$234 /mo · $2,804/yr
• Insurance: −$346
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $14,028

Break-even live

Break-even rent $6,243

Max offer price $830,000

Occupancy floor 37%

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: $207,500
• Closing costs: $24,900
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	21d	1	0.19mi

Listing history 40 events

1. 2026-06-18
   days on market $830,000 Active 488 DOM
2. 2026-06-17
   days on market $830,000 Active 487 DOM
3. 2026-06-16
   days on market $830,000 Active 486 DOM
4. 2026-06-15
   days on market $830,000 Active 485 DOM
5. 2026-06-14
   pricedays on market $830,000 Active 483 DOM
6. 2026-06-13
   days on market $835,000 Active 482 DOM
7. 2026-06-10
   days on market $835,000 Active 480 DOM
8. 2026-06-09
   days on market $835,000 Active 479 DOM
9. 2026-06-08
   days on market $835,000 Active 478 DOM
10. 2026-06-07
    days on market $835,000 Active 477 DOM
11. 2026-06-05
    days on market $835,000 Active 474 DOM
12. 2026-06-03
    days on market $835,000 Active 473 DOM
13. 2026-06-03
    days on market $835,000 Active 472 DOM
14. 2026-05-31
    days on market $835,000 Active 470 DOM
15. 2026-05-30
    days on market $835,000 Active 469 DOM
16. 2025-12-29
    price $835,000
17. 2025-11-25
    price $840,000
18. 2025-10-09
    price $850,000
19. 2025-09-25
    price $855,000
20. 2025-08-26
    price $860,000
21. 2025-08-07
    price $865,000
22. 2025-05-19
    price $872,000
23. 2025-04-10
    price $873,000
24. 2025-03-19
    price $874,000
25. 2025-02-14
    listed $875,000 Active
26. 2024-11-15
    historical
27. 2024-09-01
    status Active
28. 2024-08-31
    historical
29. 2024-06-27
    price $875,000
30. 2024-04-21
    price $885,000
31. 2024-04-15
    price $930,000
32. 2024-03-26
    price $940,000
33. 2024-02-21
    listed $950,000 Active
34. 2023-12-28
    historical
35. 2023-08-20
    price $950,000
36. 2023-07-31
    price $1,000,000
37. 2023-07-10
    price $1,100,000
38. 2023-07-03
    price $1,200,000
39. 2023-06-23
    listed $1,300,000 Active
40. 2004-10-01
    soldstatus $121,500

ⓘ 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: $2,804 · $234/mo
• Projected year-2 tax: $6,806 · $567/mo
• Expected delta: +$4,002/yr (+$334/mo · 142.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 70% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 19 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: $288,000
• − Mortgage interest: −$46,493
• − Property taxes: −$2,804
• − Insurance: −$4,150
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − Depreciation: −$24,145
• Taxable income: $164,328
• Est. tax owed @ 24.0%: −$39,439
• After-tax cash flow: $128,896/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: 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

+587.2% since first listed

25 events — show timeline

• 2025-12-29 Price Changed $835,000 Hive MLS
• 2025-11-25 Price Changed $840,000 Hive MLS
• 2025-10-09 Price Changed $850,000 Hive MLS
• 2025-09-25 Price Changed $855,000 Hive MLS
• 2025-08-26 Price Changed $860,000 Hive MLS
• 2025-08-07 Price Changed $865,000 Hive MLS
• 2025-05-19 Price Changed $872,000 Hive MLS
• 2025-04-10 Price Changed $873,000 Hive MLS
• 2025-03-19 Price Changed $874,000 Hive MLS
• 2025-02-14 Listed $875,000 Hive MLS
• 2024-11-15 Listing Removed — Hive MLS
• 2024-09-01 Relisted — Hive MLS
• 2024-08-31 Listing Removed — Hive MLS
• 2024-06-27 Price Changed $875,000 Hive MLS
• 2024-04-21 Price Changed $885,000 Hive MLS
• 2024-04-15 Price Changed $930,000 Hive MLS
• 2024-03-26 Price Changed $940,000 Hive MLS
• 2024-02-21 Listed $950,000 Hive MLS
• 2023-12-28 Listing Removed — Hive MLS
• 2023-08-20 Price Changed $950,000 Hive MLS
• 2023-07-31 Price Changed $1,000,000 Hive MLS
• 2023-07-10 Price Changed $1,100,000 Hive MLS
• 2023-07-03 Price Changed $1,200,000 Hive MLS
• 2023-06-23 Listed $1,300,000 Hive MLS
• 2004-10-01 Sold (Public Records) $121,500 Public Records

Property tax history

+0.4%/yr

Latest (2025): $2,804 · -32.8% YoY. Source: county tax records.