143 S Spinnaker Ct Lot 28 · Duck, NC 27949

$194,000

5 bd · 4.5 ba · 3,068 sqft · Condo · 126 Days on market

Built 1985

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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 +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

The Lawrence Share #1. This amazing Oceanfront 5 bedroom and 4 Bathroom home is located in the Ships Watch Community! This home has spectacular views of the ocean and your own private walkway to the beach. Enjoy the beautiful and serenity of the day from sunrise to moonrise. This home will be getting a fresh look! New LVP Flooring on the top level, new bedding in Master and Queen bedrooms and a new roof. Upgrades all to be completed by 2026. Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful oceanfront home is a perfect home for the entire family. Beautiful open kitchen and spacious family room, sun decks and private walkway to the beach to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

Key facts

• Oceanfront home
• Eastward facing deck
• Panoramic views

Tags

• OCEANFRONT HOME
• PANORAMIC VIEWS
• UPDATED KITCHEN
• SCREENED PORCH
• EASTWARD FACING DECK
• OUTDOOR SHOWER

Property features AI

Finance

• Other: Private maintained paved road; Zoning: RS-1; Subdivision: Ships Watch
• HOA & community: Community pool; Boat dock; Clubhouse; Playground; Association fees include cable TV, electricity, grounds maintenance, security and water

Exterior

• Parking: Paved parking; Underground parking
• Security: Community security (included in association fee)
• Utilities: Public water; Septic sewer
• Home design: Residential stock cooperative (co-ownership, 5 weeks+)
• Construction: Frame construction; Wood siding; Asphalt roof
• Exterior features: Screened porch; Deck; On waterfront with oceanfront, beachfront and beach access; Outdoor in-ground association pool

Interior

• Kitchen: Range; Oven; Disposal; Dishwasher; Indoor grill; Microwave; Wine cooler
• Flooring: Carpet; Ceramic tile; Vinyl
• Bathrooms: 4 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Heat pump heating; Central heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Furnished; Therapeutic whirlpool; Shed(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath condo listed at $194k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $194k).
• Recommended offer: $171k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.4% 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 $1k of loan paydown is wiped out by about $6k 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 $54k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y 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 $165k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: 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 $170,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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. 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 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: 2.78% ✓
• Cap rate: 24.39%
• Cash-on-cash: 64.62%
• DSCR: 3.88
• GRM: 3.0

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: 63.8%
• Equity multiple: 3.85×
• Total profit: $154,960
• Equity at exit: $28,926

10-year hold

• IRR: 68.2%
• Equity multiple: 7.91×
• Total profit: $375,177
• Equity at exit: $16,774

Cash invested: $54,320 (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: 3.0×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$1,017
• Tax est. 1.5%: −$242 /mo · $2,910/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $2,925

Break-even live

Break-even rent $1,697

Max offer price $194,000

Occupancy floor 41%

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: $48,500
• Closing costs: $5,820
• 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	0.60mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $194,000 Active 126 DOM
2. 2026-06-17
   days on market $194,000 Active 125 DOM
3. 2026-06-16
   days on market $194,000 Active 124 DOM
4. 2026-06-15
   days on market $194,000 Active 123 DOM
5. 2026-06-13
   days on market $194,000 Active 121 DOM
6. 2026-06-12
   days on market $194,000 Active 120 DOM
7. 2026-06-09
   days on market $194,000 Active 117 DOM
8. 2026-06-08
   days on market $194,000 Active 116 DOM
9. 2026-06-07
   days on market $194,000 Active 115 DOM
10. 2026-06-07
    days on market $194,000 Active 114 DOM
11. 2026-06-04
    days on market $194,000 Active 111 DOM
12. 2026-06-02
    days on market $194,000 Active 110 DOM
13. 2026-06-01
    days on market $194,000 Active 109 DOM
14. 2026-05-31
    days on market $194,000 Active 108 DOM
15. 2026-04-16
    price $194,000
16. 2026-04-14
    price $194,000 1866-char remark

    Show marketing remark (1866 chars)

    The Lawrence Share #1. This amazing Oceanfront 5 bedroom and 4 Bathroom home is located in the Ships Watch Community! This home has spectacular views of the ocean and your own private walkway to the beach. Enjoy the beautiful and serenity of the day from sunrise to moonrise. This home will be getting a fresh look! New LVP Flooring on the top level, new bedding in Master and Queen bedrooms and a new roof. Upgrades all to be completed by 2026. Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful oceanfront home is a perfect home for the entire family. Beautiful open kitchen and spacious family room, sun decks and private walkway to the beach to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

17. 2026-02-09
    listed $199,000 Active
18. 2025-09-15
    price $199,000
19. 2025-08-01
    listed $199,000 Active 1866-char remark

    Show marketing remark (1866 chars)

    The Lawrence Share #1. This amazing Oceanfront 5 bedroom and 4 Bathroom home is located in the Ships Watch Community! This home has spectacular views of the ocean and your own private walkway to the beach. Enjoy the beautiful and serenity of the day from sunrise to moonrise. This home will be getting a fresh look! New LVP Flooring on the top level, new bedding in Master and Queen bedrooms and a new roof. Upgrades all to be completed by 2026. Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful oceanfront home is a perfect home for the entire family. Beautiful open kitchen and spacious family room, sun decks and private walkway to the beach to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

20. 2025-02-12
    listed $210,000 Active
21. 2022-07-12
    soldstatus $165,000
22. 2022-02-28
    soldstatus $155,000
23. 2022-02-15
    listed $180,000
24. 2021-11-08
    listed $180,000
25. 2021-06-23
    soldstatus $145,000
26. 2020-09-24
    listed $162,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: −$10,867
• − Property taxes: −$2,910
• − Insurance: −$970
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$5,644
• Taxable income: $34,041
• Est. tax owed @ 24.0%: −$8,170
• After-tax cash flow: $26,934/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

+19.8% since first listed

12 events — show timeline

• 2026-04-16 Price Changed $194,000 OBMLS
• 2026-04-14 Price Changed $194,000 OBMLS
• 2026-02-09 Listed $199,000 OBMLS
• 2025-09-15 Price Changed $199,000 OBMLS
• 2025-08-01 Listed $199,000 OBMLS
• 2025-02-12 Listed $210,000 OBMLS
• 2022-07-12 Sold (MLS) $165,000 OBMLS
• 2022-02-28 Sold (MLS) $155,000 OBMLS
• 2022-02-15 Listed $180,000 OBMLS
• 2021-11-08 Listed $180,000 OBMLS
• 2021-06-23 Sold (MLS) $145,000 OBMLS
• 2020-09-24 Listed $162,000 OBMLS