120 Ole Field Cir · Newport, NC 28570

$349,000

3 bd · 2.0 ba · 2,356 sqft · Other public records · 21 Days on market

Built 2005 0.52 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 MLS

Hard to beat the price/sq ft on this one, more than 2300 sq ft to call home or retreat. Be sure to check out the principal bath in this 3 BR/2 BA situated on .44-acre lot in limited traffic neighborhood. Quick commute to Cherry Pt, area beaches & coastal attractions. Being sold As-Is. Carteret County tax records indicate ''Modular'' home. Appliances:

Key facts

• Heated living area
• Double vanity
• Wood laminate floors

Tags

• HEATED LIVING AREA
• WELL LANDSCAPED LOT
• WOOD LAMINATE FLOORS
• DESIGNER CONCRETE COUNTERTOPS
• DOUBLE VANITY
• GARDEN TUB

Property features AI

Finance

• Other: Lot ~0.52 acres (289 x 151); Zoned residential; Subdivision: Ole Field

Exterior

• Parking: Detached gravel garage; 1 total parking space; 1 garage space
• Utilities: Well water; Septic tank; Utilities: see remarks
• Home design: Manufactured home (residential); One level; Entry level: 1
• Construction: Vinyl siding and frame construction; Block permanent foundation; Metal roof; Built as a manufactured home
• Exterior features: Covered patio/porch; Deck; Porch; Workshop; Has a view; Paved road access; City street and state road frontage

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Microwave; Water softener
• Bedrooms: Total rooms: 5
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling); Electric heating backup
• Interior features: Walk-in closet(s); Window coverings; Accessible full bath
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $349k.

Deal economics

• At list price, monthly cash flow is $7k ($88k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $349k).
• Recommended offer: $344k (1.5% below list) — sets the bar for market timing.

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 $12,385/mo this rent would consume 212% 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 $2k of loan paydown is wiped out by about $10k 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 $98k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $115k; list at $349k implies a 203% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $343,765 (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: 3.55% ✓
• Cap rate: 31.64%
• Cash-on-cash: 90.53%
• DSCR: 5.03
• GRM: 2.3

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: 91.2%
• Equity multiple: 5.23×
• Total profit: $413,187
• Equity at exit: $52,037

10-year hold

• IRR: 94.1%
• Equity multiple: 10.88×
• Total profit: $965,181
• Equity at exit: $30,175

Cash invested: $97,720 (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: 2.3×

Monthly cashflow live

• Estimated rent: $12,385 medium
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,601
• Net cashflow: $7,372

Break-even live

Break-even rent $3,053

Max offer price $349,000

Occupancy floor 35%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $349,000 Active 21 DOM
2. 2026-06-18
   days on market $349,000 Active 20 DOM
3. 2026-06-17
   days on market $349,000 Active 19 DOM
4. 2026-06-16
   days on market $349,000 Active 18 DOM
5. 2026-06-15
   days on market $349,000 Active 17 DOM
6. 2026-06-14
   days on market $349,000 Active 15 DOM
7. 2026-06-12
   days on market $349,000 Active 14 DOM
8. 2026-06-09
   days on market $349,000 Active 11 DOM
9. 2026-06-08
   days on market $349,000 Active 10 DOM
10. 2026-06-07
    days on market $349,000 Active 9 DOM
11. 2026-06-05
    days on market $349,000 Active 6 DOM
12. 2026-06-03
    days on market $349,000 Active 5 DOM
13. 2026-06-02
    days on market $349,000 Active 4 DOM
14. 2026-06-01
    days on market $349,000 Active 3 DOM
15. 2026-05-31
    days on market $349,000 Active 2 DOM
16. 2026-05-29
    listed $349,000 Active
17. 2011-04-20
    soldstatus $115,000 356-char remark

    Show marketing remark (302 chars)

    Hard to beat price/sq ft on this one, 2300+ sq ft to call home/retreat. Check out principal bath in this 3 BR/2 BA situated on .44-acre lot in limited traffic neighborhood. Quick commute to Cherry Pt, area beaches, coastal attractions. Being sold As-Is. Carteret Co tax records indicate ''Modular'' hm.

18. 2011-04-20
    soldstatus $115,000 302-char remark

    Show marketing remark (302 chars)

    Hard to beat price/sq ft on this one, 2300+ sq ft to call home/retreat. Check out principal bath in this 3 BR/2 BA situated on .44-acre lot in limited traffic neighborhood. Quick commute to Cherry Pt, area beaches, coastal attractions. Being sold As-Is. Carteret Co tax records indicate ''Modular'' hm.

19. 2010-11-20
    listed $119,500 356-char remark

    Show marketing remark (302 chars)

    Hard to beat price/sq ft on this one, 2300+ sq ft to call home/retreat. Check out principal bath in this 3 BR/2 BA situated on .44-acre lot in limited traffic neighborhood. Quick commute to Cherry Pt, area beaches, coastal attractions. Being sold As-Is. Carteret Co tax records indicate ''Modular'' hm.

20. 2010-11-20
    listed $119,500 302-char remark

    Show marketing remark (302 chars)

    Hard to beat price/sq ft on this one, 2300+ sq ft to call home/retreat. Check out principal bath in this 3 BR/2 BA situated on .44-acre lot in limited traffic neighborhood. Quick commute to Cherry Pt, area beaches, coastal attractions. Being sold As-Is. Carteret Co tax records indicate ''Modular'' hm.

21. 2010-08-23
    historical
22. 2009-08-18
    listed $165,900
23. 2005-06-02
    soldstatus $92,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $148,622
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$11,890
• − Management: −$11,890
• − Depreciation: −$10,153
• Taxable income: $88,160
• Est. tax owed @ 24.0%: −$21,158
• After-tax cash flow: $67,311/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

+279.3% since first listed

8 events — show timeline

• 2026-05-29 Listed $349,000 Hive MLS
• 2011-04-20 Sold (MLS) $115,000 Hive MLS
• 2011-04-20 Sold (MLS) $115,000 Hive MLS
• 2010-11-20 Listed $119,500 Hive MLS
• 2010-11-20 Listed $119,500 Hive MLS
• 2010-08-23 Listing Removed — Hive MLS
• 2009-08-18 Listed $165,900 Hive MLS
• 2005-06-02 Sold (Public Records) $92,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $660 · -4.4% YoY. Source: county tax records.