742 Cannonsgate Dr · Emerald Isle, NC 28570

$1,425,000

4 bd · 3.5 ba · 3,684 sqft · Land · 56 Days on market

Built 2026 7,841 sqft lot $143/mo HOA · 1% of rent

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Why this score? — see what drove the C- 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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.6/10.0
• 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

Idyllic Homesite : Your Coastal Dream Awaits! Discover the perfect opportunity to build your dream home on this beautiful homesite located in the prestigious gated community of Cannonsgate in Newport, North Carolina. Situated alongside a serene pond, this property presents a harmonious blend of nature and luxury living. With this prime location, this site is an ideal canvas for your new residence, allowing you to enjoy the coastal lifestyle you've always desired. This exceptional homesite is surrounded by tranquil coastal scenery, providing a peaceful retreat just moments away from the vibrant attractions of the Crystal Coast: beautiful beaches, quaint historic towns, nature trails and many fishing tournaments and water activity events. The community provides an array of top-tier amenities, ensuring that residents can fully immerse themselves in the coastal lifestyle. Experience the charm of the elegant Charleston-style manor house clubhouse, perfect for social gatherings or community events, as well as a sparkling pool for leisurely afternoons. Outdoor enthusiasts will appreciate the extensive walking trails that meander through the community, providing scenic views at every turn. For boating aficionados, the marina offers boat slips available for purchase, along with a convenient boat ramp for easy access to the water. Additional amenities include two boat storage lots, tennis courts for active recreation, and a playground designed for family enjoyment. Families can also relax at the sound front pier, complete with a gazebo, ideal for sunset views and peaceful gatherings. Don't miss this extraordinary opportunity to secure your slice of coastal paradise at the Crystal Coast of NC!

Key facts

• Sweeping views
• Gourmet kitchen
• Spacious rec room

Tags

• GATED WATERFRONT COMMUNITY
• SWEEPING VIEWS
• DOUBLE COVERED PORCHES
• SPACIOUS REC ROOM
• ELEVATOR SERVICING ALL LEVELS
• GOURMET KITCHEN

Property features AI

Finance

• Other: Subdivision: Cannonsgate; Community features: pool, street lights
• HOA & community: Homeowners association (annual fee); Annual association fee: $1,714; Association amenities: clubhouse, pool, marina, boat dock, RV/boat storage, tennis courts, basketball court, playground, picnic area, jogging path, trails, street lights, gated access, management

Exterior

• Parking: Two parking spaces total; Two-car attached garage; Concrete parking surface
• Security: Gated community; Community security
• Utilities: Public water; Public sewer; Natural gas connected; Water connected; Sewer connected; Cable available
• Home design: Single family residence; Three or more levels (3 stories); Entry level: 1; FlexPUD zoning
• Construction: Brick, fiber cement, and frame construction; Shingle roof; Slab foundation; Built in 2026 (new construction indicated)
• Exterior features: Covered patio/porch; Deck; Patio; Front porch; Rear porch; Level lot; Paved road frontage on a private road; Pond and waterfront access; Has view; New construction

Interior

• Kitchen: Gas cooktop; Refrigerator; Dishwasher; Kitchen island
• Bedrooms: Bedrooms information not separately listed (total rooms: 11)
• Flooring: Tile flooring
• Bathrooms: Three full bathrooms; One half bathroom; Accessible full bath
• Heating & cooling: Central air; Zoned cooling; Electric heating; Forced air; Zoned heating
• Interior features: Walk-in closets; High ceilings; Entrance foyer; Kitchen island; Elevator; Ceiling fans; Built-in features; Wired for data; Gas log fireplace
• Laundry & utility: Dedicated laundry room; Tankless water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath land listed at $1.43M.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.43M).
• Recommended offer: $1.38M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 0.1% in Emerald Isle — 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 63/100 on livability (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living 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: 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 $15,063/mo this rent would consume 257% 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 $10k of loan paydown is wiped out by about $43k 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.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 $149k; list at $1.43M implies a 856% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $1,382,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.74%
• DSCR: 1.26
• GRM: 7.9

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-135,921
• Equity at exit: $212,472

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $5,559
• Equity at exit: $123,208

Cash invested: $399,000 (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 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $15,063 medium
• Mortgage (P&I): −$7,473
• Tax est. 1.5%: −$1,781 /mo · $21,375/yr
• Insurance: −$594
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$143
• Vacancy / Maint / Mgmt: −$3,163
• Net cashflow: $1,482

Break-even live

Break-even rent $13,187

Max offer price $1,425,000

Occupancy floor 85%

Sensitivity live

Price	-10% $2,467	-5% $1,975	+0% $1,482	+5% $990	+10% $498
Rent	-10% $292	-5% $887	+0% $1,482	+5% $2,077	+10% $2,672
Rate	-1.0pp $2,200	-0.5pp $1,845	base $1,482	+0.5pp $1,113	+1.0pp $737

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: $356,250
• Closing costs: $42,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: waterpoolsecurity

Listing history 27 events

1. 2026-06-19
   days on market $1,425,000 Active 56 DOM
2. 2026-06-18
   days on market $1,425,000 Active 55 DOM
3. 2026-06-17
   days on market $1,425,000 Active 54 DOM
4. 2026-06-16
   days on market $1,425,000 Active 53 DOM
5. 2026-06-15
   days on market $1,425,000 Active 52 DOM
6. 2026-06-14
   days on market $1,425,000 Active 50 DOM
7. 2026-06-12
   days on market $1,425,000 Active 49 DOM
8. 2026-06-09
   days on market $1,425,000 Active 46 DOM
9. 2026-06-08
   days on market $1,425,000 Active 45 DOM
10. 2026-06-07
    days on market $1,425,000 Active 44 DOM
11. 2026-06-05
    days on market $1,425,000 Active 41 DOM
12. 2026-06-03
    days on market $1,425,000 Active 40 DOM
13. 2026-06-02
    days on market $1,425,000 Active 39 DOM
14. 2026-06-01
    days on market $1,425,000 Active 38 DOM
15. 2026-05-31
    days on market $1,425,000 Active 37 DOM
16. 2026-05-30
    days on market $1,425,000 Active 36 DOM
17. 2026-04-24
    listed $1,425,000 Active
18. 2025-07-08
    soldstatus $149,000 Closed 1712-char remark

    Show marketing remark (1712 chars)

    Idyllic Homesite : Your Coastal Dream Awaits! Discover the perfect opportunity to build your dream home on this beautiful homesite located in the prestigious gated community of Cannonsgate in Newport, North Carolina. Situated alongside a serene pond, this property presents a harmonious blend of nature and luxury living. With this prime location, this site is an ideal canvas for your new residence, allowing you to enjoy the coastal lifestyle you've always desired. This exceptional homesite is surrounded by tranquil coastal scenery, providing a peaceful retreat just moments away from the vibrant attractions of the Crystal Coast: beautiful beaches, quaint historic towns, nature trails and many fishing tournaments and water activity events. The community provides an array of top-tier amenities, ensuring that residents can fully immerse themselves in the coastal lifestyle. Experience the charm of the elegant Charleston-style manor house clubhouse, perfect for social gatherings or community events, as well as a sparkling pool for leisurely afternoons. Outdoor enthusiasts will appreciate the extensive walking trails that meander through the community, providing scenic views at every turn. For boating aficionados, the marina offers boat slips available for purchase, along with a convenient boat ramp for easy access to the water. Additional amenities include two boat storage lots, tennis courts for active recreation, and a playground designed for family enjoyment. Families can also relax at the sound front pier, complete with a gazebo, ideal for sunset views and peaceful gatherings. Don't miss this extraordinary opportunity to secure your slice of coastal paradise at the Crystal Coast of NC!

19. 2025-05-29
    status Pending 1712-char remark

    Show marketing remark (1712 chars)

    Idyllic Homesite : Your Coastal Dream Awaits! Discover the perfect opportunity to build your dream home on this beautiful homesite located in the prestigious gated community of Cannonsgate in Newport, North Carolina. Situated alongside a serene pond, this property presents a harmonious blend of nature and luxury living. With this prime location, this site is an ideal canvas for your new residence, allowing you to enjoy the coastal lifestyle you've always desired. This exceptional homesite is surrounded by tranquil coastal scenery, providing a peaceful retreat just moments away from the vibrant attractions of the Crystal Coast: beautiful beaches, quaint historic towns, nature trails and many fishing tournaments and water activity events. The community provides an array of top-tier amenities, ensuring that residents can fully immerse themselves in the coastal lifestyle. Experience the charm of the elegant Charleston-style manor house clubhouse, perfect for social gatherings or community events, as well as a sparkling pool for leisurely afternoons. Outdoor enthusiasts will appreciate the extensive walking trails that meander through the community, providing scenic views at every turn. For boating aficionados, the marina offers boat slips available for purchase, along with a convenient boat ramp for easy access to the water. Additional amenities include two boat storage lots, tennis courts for active recreation, and a playground designed for family enjoyment. Families can also relax at the sound front pier, complete with a gazebo, ideal for sunset views and peaceful gatherings. Don't miss this extraordinary opportunity to secure your slice of coastal paradise at the Crystal Coast of NC!

20. 2025-04-06
    listed $174,000 Active 1712-char remark

    Show marketing remark (1712 chars)

    Idyllic Homesite : Your Coastal Dream Awaits! Discover the perfect opportunity to build your dream home on this beautiful homesite located in the prestigious gated community of Cannonsgate in Newport, North Carolina. Situated alongside a serene pond, this property presents a harmonious blend of nature and luxury living. With this prime location, this site is an ideal canvas for your new residence, allowing you to enjoy the coastal lifestyle you've always desired. This exceptional homesite is surrounded by tranquil coastal scenery, providing a peaceful retreat just moments away from the vibrant attractions of the Crystal Coast: beautiful beaches, quaint historic towns, nature trails and many fishing tournaments and water activity events. The community provides an array of top-tier amenities, ensuring that residents can fully immerse themselves in the coastal lifestyle. Experience the charm of the elegant Charleston-style manor house clubhouse, perfect for social gatherings or community events, as well as a sparkling pool for leisurely afternoons. Outdoor enthusiasts will appreciate the extensive walking trails that meander through the community, providing scenic views at every turn. For boating aficionados, the marina offers boat slips available for purchase, along with a convenient boat ramp for easy access to the water. Additional amenities include two boat storage lots, tennis courts for active recreation, and a playground designed for family enjoyment. Families can also relax at the sound front pier, complete with a gazebo, ideal for sunset views and peaceful gatherings. Don't miss this extraordinary opportunity to secure your slice of coastal paradise at the Crystal Coast of NC!

21. 2024-03-26
    historical
22. 2023-08-19
    listed $104,500 Active
23. 2023-08-19
    historical
24. 2023-08-13
    listed $104,500 Active
25. 2022-06-15
    soldstatus $79,000 Closed
26. 2022-05-04
    status Pending
27. 2022-01-19
    listed $79,850 Active

ⓘ 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 7/10 Severe FEMA zone AE · 96% 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: $180,756
• − Mortgage interest: −$79,822
• − Property taxes: −$21,375
• − Insurance: −$12,244
• − Repairs & maintenance: −$14,460
• − Management: −$14,460
• − HOA: −$1,716
• − Depreciation: −$41,455
• Taxable loss: −$4,776
• Est. tax savings @ 24.0%: +$1,146
• After-tax cash flow: $18,935/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 — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

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

+1684.6% since first listed

11 events — show timeline

• 2026-04-24 Listed $1,425,000 Hive MLS
• 2025-07-08 Sold (MLS) $149,000 Hive MLS
• 2025-05-29 Pending — Hive MLS
• 2025-04-06 Listed $174,000 Hive MLS
• 2024-03-26 Listing Removed — TMLS
• 2023-08-19 Listing Removed — Hive MLS
• 2023-08-19 Listed $104,500 Hive MLS
• 2023-08-13 Listed $104,500 TMLS
• 2022-06-15 Sold (MLS) $79,000 Hive MLS
• 2022-05-04 Pending — Hive MLS
• 2022-01-19 Listed $79,850 Hive MLS

Property tax history

+2.9%/yr

Latest (2025): $243 · +17.4% YoY. Source: county tax records.