432 Lanyard Dr · Broad Creek, NC 28570

$789,750

4 bd · 4.0 ba · 2,589 sqft · Other public records · 43 Days on market

Built 2018 0.31 ac lot $161/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 +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

The ''Eliot'' plan, by Streamline Developers, is a winner! Beautiful home on a fantastic lot, with estuary views and water views from the porch, will be ready soon. This home features the primary bedroom and guest suite downstairs, with 2 additional bedrooms, plus bonus, plus unfinished FROG upstairs. Open concept living and functional floor plan makes this a popular plan! Community amenities include playground, kayak launch, boat ramp, observation pier, fish cleaning station, pool, bath house and gated entrance. Centrally located between both military bases and desirable schools! Act fast! This one won't last long!

Key facts

• 0.31 acre lot
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Homeowners association with annual fee (annually); Community amenities include pool, clubhouse, boat dock, marina, gated access, management, and playground

Exterior

• Parking: Attached 2-car garage with concrete driveway and garage door opener; Total of 2 parking spaces
• Utilities: Public water; Sewer connected; Water connected
• Home design: Single-family residence; Two-story home; Entry level: 1
• Construction: Wood siding and frame construction; Shingle roof; Built on a foundation (frame construction noted)
• Exterior features: Patio; Chain link fencing around backyard; Property has a view

Interior

• Kitchen: Kitchen island; Pantry
• Bedrooms: Total rooms: 8
• Flooring: Carpet
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Walk-in closet(s); Kitchen island; Pantry; Accessible full bathroom
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $790k.

Deal economics

• At list price, monthly cash flow is $7k ($83k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $790k).
• Recommended offer: $766k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 22.6% in Broad Creek — 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 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing 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: 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).
• At $14,896/mo this rent would consume 255% 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 $24k 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 $221k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($766k) 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 $395k; list at $790k implies a 100% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $766,057 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.89% ✓
• Cap rate: 16.85%
• Cash-on-cash: 37.70%
• DSCR: 2.68
• GRM: 4.4

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: 33.7%
• Equity multiple: 2.42×
• Total profit: $314,313
• Equity at exit: $117,754

10-year hold

• IRR: 40.6%
• Equity multiple: 4.81×
• Total profit: $842,750
• Equity at exit: $68,283

Cash invested: $221,130 (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: 4.4×

Monthly cashflow live

• Estimated rent: $14,896 medium
• Mortgage (P&I): −$4,142
• Tax from tax record: −$190 /mo · $2,276/yr
• Insurance: −$329
• HOA: −$161
• Vacancy / Maint / Mgmt: −$3,128
• Net cashflow: $6,947

Break-even live

Break-even rent $6,103

Max offer price $789,750

Occupancy floor 48%

Sensitivity live

Price	-10% $7,394	-5% $7,170	+0% $6,947	+5% $6,723	+10% $6,500
Rent	-10% $5,770	-5% $6,359	+0% $6,947	+5% $7,535	+10% $8,124
Rate	-1.0pp $7,345	-0.5pp $7,148	base $6,947	+0.5pp $6,742	+1.0pp $6,534

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: $197,438
• Closing costs: $23,692
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $161 · $1,932/yr
• Likely covers: waterpoolsecurity

Listing history 21 events

1. 2026-06-19
   days on market $789,750 Active 43 DOM
2. 2026-06-18
   days on market $789,750 Active 42 DOM
3. 2026-06-17
   days on market $789,750 Active 41 DOM
4. 2026-06-16
   days on market $789,750 Active 40 DOM
5. 2026-06-15
   days on market $789,750 Active 39 DOM
6. 2026-06-14
   days on market $789,750 Active 37 DOM
7. 2026-06-12
   days on market $789,750 Active 36 DOM
8. 2026-06-09
   days on market $789,750 Active 33 DOM
9. 2026-06-08
   days on market $789,750 Active 32 DOM
10. 2026-06-07
    days on market $789,750 Active 31 DOM
11. 2026-06-05
    days on market $789,750 Active 28 DOM
12. 2026-06-03
    days on market $789,750 Active 27 DOM
13. 2026-06-02
    days on market $789,750 Active 26 DOM
14. 2026-06-01
    days on market $789,750 Active 25 DOM
15. 2026-05-31
    days on market $789,750 Active 24 DOM
16. 2026-05-30
    days on market $789,750 Active 23 DOM
17. 2026-05-07
    listed $789,750 Active
18. 2019-04-22
    soldstatus $395,000 623-char remark

    Show marketing remark (623 chars)

    The ''Eliot'' plan, by Streamline Developers, is a winner! Beautiful home on a fantastic lot, with estuary views and water views from the porch, will be ready soon. This home features the primary bedroom and guest suite downstairs, with 2 additional bedrooms, plus bonus, plus unfinished FROG upstairs. Open concept living and functional floor plan makes this a popular plan! Community amenities include playground, kayak launch, boat ramp, observation pier, fish cleaning station, pool, bath house and gated entrance. Centrally located between both military bases and desirable schools! Act fast! This one won't last long!

19. 2019-01-24
    listed $395,000 623-char remark

    Show marketing remark (623 chars)

    The ''Eliot'' plan, by Streamline Developers, is a winner! Beautiful home on a fantastic lot, with estuary views and water views from the porch, will be ready soon. This home features the primary bedroom and guest suite downstairs, with 2 additional bedrooms, plus bonus, plus unfinished FROG upstairs. Open concept living and functional floor plan makes this a popular plan! Community amenities include playground, kayak launch, boat ramp, observation pier, fish cleaning station, pool, bath house and gated entrance. Centrally located between both military bases and desirable schools! Act fast! This one won't last long!

20. 2017-06-01
    historical
21. 2016-06-01
    listed $62,500

ⓘ 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: $2,276 · $190/mo
• Projected year-2 tax: $6,476 · $540/mo
• Expected delta: +$4,200/yr (+$350/mo · 184.5%)

ⓘ 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) · 67% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°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: $178,757
• − Mortgage interest: −$44,238
• − Property taxes: −$2,276
• − Insurance: −$3,949
• − Repairs & maintenance: −$14,301
• − Management: −$14,301
• − HOA: −$1,932
• − Depreciation: −$22,975
• Taxable income: $74,786
• Est. tax owed @ 24.0%: −$17,949
• After-tax cash flow: $65,414/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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

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

+1163.6% since first listed

5 events — show timeline

• 2026-05-07 Listed $789,750 Hive MLS
• 2019-04-22 Sold (MLS) $395,000 Hive MLS
• 2019-01-24 Listed $395,000 Hive MLS
• 2017-06-01 Listing Removed — Hive MLS
• 2016-06-01 Listed $62,500 Hive MLS

Property tax history

+32.9%/yr

Latest (2025): $2,276 · +36.6% YoY. Source: county tax records.