133 Ships Watch Dr Lot 33 · Duck, NC 27949

$50,000

4 bd · 3.5 ba · 2,554 sqft · Condo · 10 Days on market

Built 1984

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Welcome to the Taylor - Share #1. Beautifully showcasing the Currituck floorplan, this home has cathedral ceilings and a large entertaining area including a wet bar and tons of natural light! The updated kitchen features quartz counters, tile floors, and new cabinetry. The house includes a Ships Watch room to enjoy an extra space within the house for relaxing with family and friends. Plenty of deck space and a screened in porch allow you to embrace the beautiful Outer Banks weather! SHIPS WATCH is an Ocean to Sound resort community located walking distance to Duck which offers great watersport activities, restaurants, shopping and so much more! Ships Watch fractional owners purchase 10% ownership of the home and get 5 weeks of use each year. Ownership is deeded and goes beyond your lifetime. All of this with no worries of unexpected expenses, since the monthly HOA dues cover interior and exterior maintenance, utilities, taxes, insurance, and weekly cleanings. Community amenities such as an olympic sized pool with lap lanes and sound views, boardwalk to the beach, sound front pier, and tennis courts are all included!

Key facts

• Screened in porch
• Wet bar
• Currituck floorplan

Tags

• CURRITUCK FLOORPLAN
• WET BAR
• SHIPS WATCH ROOM
• DECK SPACE
• SCREENED IN PORCH
• COMMUNITY AMENITIES

Property features AI

Finance

• Other: Therapeutic whirlpool (accessibility feature)
• HOA & community: Association pool; Association playground; Association fees include cable TV, electricity, grounds maintenance, and water

Exterior

• Parking: Paved parking; Underground parking
• Security: Smoke detectors
• Utilities: Public water; Septic sewer
• Home design: Residential property; Stock cooperative (co-ownership); RS-1 zoning
• Construction: Frame construction; Wood siding; Asphalt roof
• Exterior features: Screened porch; Deck; Outdoor association pool; Level lot; Private maintained road; Has view

Interior

• Kitchen: Range; Oven; Dishwasher; Microwave; Ice maker; Wine cooler
• Flooring: Carpet; Ceramic tile
• Bathrooms: 3 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Heat pump; Central heating; Zoned heating; Central air; Ceiling fans
• Interior features: Cathedral ceilings; Pantry; Wet bar; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $50k).
• Cap rate 100.4% 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: 127 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 $346 of loan paydown is wiped out by about $2k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $50,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 10.80% ✓
• Cap rate: 100.38%
• Cash-on-cash: 336.04%
• DSCR: 15.95
• GRM: 0.8

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: —
• Equity multiple: 17.96×
• Total profit: $237,484
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 38.38×
• Total profit: $523,367
• Equity at exit: $4,323

Cash invested: $14,000 (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 27949

• Active inventory: 127
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,854

Break-even live

Break-even rent $522

Max offer price $50,000

Occupancy floor 24%

Sensitivity live

Price	-10% $3,889	-5% $3,871	+0% $3,854	+5% $3,837	+10% $3,819
Rent	-10% $3,427	-5% $3,641	+0% $3,854	+5% $4,067	+10% $4,281
Rate	-1.0pp $3,879	-0.5pp $3,867	base $3,854	+0.5pp $3,841	+1.0pp $3,828

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: $12,500
• Closing costs: $1,500
• 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	22d	1	0.57mi

HOA detail condo

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

Listing history 28 events

1. 2026-06-21
   days on market $50,000 Active 10 DOM
2. 2026-06-18
   days on market $50,000 Active 8 DOM
3. 2026-06-17
   days on market $50,000 Active 7 DOM
4. 2026-06-16
   days on market $50,000 Active 6 DOM
5. 2026-06-15
   days on market $50,000 Active 5 DOM
6. 2026-06-13
   days on market $50,000 Active 3 DOM
7. 2026-06-12
   pricedays on marketlisting id $50,000 Active 2 DOM
8. 2026-06-09
   days on market $55,500 Active 174 DOM
9. 2026-06-08
   days on market $55,500 Active 173 DOM
10. 2026-06-07
    days on market $55,500 Active 172 DOM
11. 2026-06-07
    days on market $55,500 Active 171 DOM
12. 2026-06-04
    days on market $55,500 Active 168 DOM
13. 2026-06-02
    days on market $55,500 Active 167 DOM
14. 2026-06-01
    days on market $55,500 Active 166 DOM
15. 2026-05-31
    days on market $55,500 Active 165 DOM
16. 2025-12-15
    listed $55,500 Active
17. 2025-08-25
    price $50,000 1135-char remark

    Show marketing remark (1135 chars)

    Welcome to the Taylor - Share #1. Beautifully showcasing the Currituck floorplan, this home has cathedral ceilings and a large entertaining area including a wet bar and tons of natural light! The updated kitchen features quartz counters, tile floors, and new cabinetry. The house includes a Ships Watch room to enjoy an extra space within the house for relaxing with family and friends. Plenty of deck space and a screened in porch allow you to embrace the beautiful Outer Banks weather! SHIPS WATCH is an Ocean to Sound resort community located walking distance to Duck which offers great watersport activities, restaurants, shopping and so much more! Ships Watch fractional owners purchase 10% ownership of the home and get 5 weeks of use each year. Ownership is deeded and goes beyond your lifetime. All of this with no worries of unexpected expenses, since the monthly HOA dues cover interior and exterior maintenance, utilities, taxes, insurance, and weekly cleanings. Community amenities such as an olympic sized pool with lap lanes and sound views, boardwalk to the beach, sound front pier, and tennis courts are all included!

18. 2025-06-12
    price $55,500
19. 2025-06-09
    listed $57,000 Active 1135-char remark

    Show marketing remark (1135 chars)

    Welcome to the Taylor - Share #1. Beautifully showcasing the Currituck floorplan, this home has cathedral ceilings and a large entertaining area including a wet bar and tons of natural light! The updated kitchen features quartz counters, tile floors, and new cabinetry. The house includes a Ships Watch room to enjoy an extra space within the house for relaxing with family and friends. Plenty of deck space and a screened in porch allow you to embrace the beautiful Outer Banks weather! SHIPS WATCH is an Ocean to Sound resort community located walking distance to Duck which offers great watersport activities, restaurants, shopping and so much more! Ships Watch fractional owners purchase 10% ownership of the home and get 5 weeks of use each year. Ownership is deeded and goes beyond your lifetime. All of this with no worries of unexpected expenses, since the monthly HOA dues cover interior and exterior maintenance, utilities, taxes, insurance, and weekly cleanings. Community amenities such as an olympic sized pool with lap lanes and sound views, boardwalk to the beach, sound front pier, and tennis courts are all included!

20. 2024-07-01
    soldstatus $57,000 Closed
21. 2024-05-10
    status Pending
22. 2023-11-08
    listed $62,000 Active
23. 2022-09-30
    soldstatus $67,750
24. 2022-04-21
    listed $72,500
25. 2022-01-11
    soldstatus $58,000
26. 2021-09-15
    listed $65,000
27. 2020-12-29
    soldstatus $25,000
28. 2020-06-25
    listed $30,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,800
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$1,048
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$1,455
• Taxable income: $48,379
• Est. tax owed @ 24.0%: −$11,611
• After-tax cash flow: $34,637/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

+85.0% since first listed

13 events — show timeline

• 2025-12-15 Listed $55,500 OBMLS
• 2025-08-25 Price Changed $50,000 OBMLS
• 2025-06-12 Price Changed $55,500 OBMLS
• 2025-06-09 Listed $57,000 OBMLS
• 2024-07-01 Sold (MLS) $57,000 OBMLS
• 2024-05-10 Pending — OBMLS
• 2023-11-08 Listed $62,000 OBMLS
• 2022-09-30 Sold (MLS) $67,750 OBMLS
• 2022-04-21 Listed $72,500 OBMLS
• 2022-01-11 Sold (MLS) $58,000 OBMLS
• 2021-09-15 Listed $65,000 OBMLS
• 2020-12-29 Sold (MLS) $25,000 OBMLS
• 2020-06-25 Listed $30,000 OBMLS