531 Eagle Rd · Newport, NC 28570

$665,000

2 bd · 3.0 ba · 3,532 sqft · Other public records · 17 Days on market

Built 1999 5.00 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

Welcome to a truly unique private retreat designed for those who love the outdoors and value both privacy and comfort. This spacious home offers nearly 4,700 square feet of living space, with detailed woodwork and stonework crafted by the original owner, a true master of both trades. The result is a stunning blend of modern amenities and natural charm. Inside and out, this home provides the perfect backdrop for relaxation, entertaining, and everyday living. The showcase of this property is the incredible * * outdoor kitchen * * , built with gorgeous stone and custom woodwork. It features: * A large outdoor oven * Built-in cooktop * Full sink * Expansive prep and serving areas You

Key facts

• Built-in cooktop
• Full sink
• Acreage and privacy

Tags

• OUTDOOR KITCHEN
• LARGE OUTDOOR OVEN
• BUILT-IN COOKTOP
• FULL SINK
• PRIVATE POND
• ACREAGE AND PRIVACY

Property features AI

Exterior

• Parking: Attached 1-car garage; Total of 1 parking space; Large unpaved parking area
• Utilities: Well water; Septic tank; Cable available
• Home design: Single family residence; Two levels; Private road access; Residential zoning
• Construction: Block foundation; Block and stucco construction; Composition roof
• Exterior features: Outdoor kitchen; Balcony; Pond view

Interior

• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump cooling; Propane heating; Heat pump heating; Fireplace heating
• Interior features: Unfurnished; Gas log fireplace; 10 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath other listed at $665k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $665k).
• Recommended offer: $655k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% 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: 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 $10,093/mo this rent would consume 172% 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 $5k 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 $186k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($655k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $655,025 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.52% ✓
• Cap rate: 13.66%
• Cash-on-cash: 26.30%
• DSCR: 2.17
• GRM: 5.5

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: 20.0%
• Equity multiple: 1.82×
• Total profit: $151,870
• Equity at exit: $99,154

10-year hold

• IRR: 28.3%
• Equity multiple: 3.50×
• Total profit: $465,782
• Equity at exit: $57,497

Cash invested: $186,200 (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: 5.5×

Monthly cashflow live

• Estimated rent: $10,093 medium
• Mortgage (P&I): −$3,487
• Tax from tax record: −$128 /mo · $1,541/yr
• Insurance: −$277
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,120
• Net cashflow: $4,081

Break-even live

Break-even rent $4,928

Max offer price $665,000

Occupancy floor 55%

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: $166,250
• Closing costs: $19,950
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $665,000 Active 17 DOM
2. 2026-06-18
   days on market $665,000 Active 16 DOM
3. 2026-06-17
   days on market $665,000 Active 15 DOM
4. 2026-06-16
   days on market $665,000 Active 14 DOM
5. 2026-06-15
   days on market $665,000 Active 13 DOM
6. 2026-06-14
   days on market $665,000 Active 11 DOM
7. 2026-06-12
   days on market $665,000 Active 10 DOM
8. 2026-06-09
   days on market $665,000 Active 7 DOM
9. 2026-06-08
   days on market $665,000 Active 6 DOM
10. 2026-06-07
    days on market $665,000 Active 5 DOM
11. 2026-06-05
    days on market $665,000 Active 2 DOM
12. 2026-06-03
    days on marketlisting id $665,000 Active 1 DOM
13. 2026-05-31
    days on market $665,000 Active 153 DOM
14. 2026-05-30
    days on market $665,000 Active 152 DOM
15. 2025-12-29
    listed $665,000 Active
16. 2025-11-29
    historical $665,000

ⓘ 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: $1,541 · $128/mo
• Projected year-2 tax: $5,453 · $454/mo
• Expected delta: +$3,912/yr (+$326/mo · 253.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 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: $121,119
• − Mortgage interest: −$37,250
• − Property taxes: −$1,541
• − Insurance: −$3,325
• − Repairs & maintenance: −$9,690
• − Management: −$9,690
• − Depreciation: −$19,345
• Taxable income: $40,278
• Est. tax owed @ 24.0%: −$9,667
• After-tax cash flow: $39,303/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

+0.0% since first listed

2 events — show timeline

• 2025-12-29 Listed $665,000 Hive MLS
• 2025-11-29 Coming Soon $665,000 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $1,541 · +8.3% YoY. Source: county tax records.