209 Old Ironsides Rd · Beaufort, NC 28570

$525,000

3 bd · 2.0 ba · 2,660 sqft · Other public records · 86 Days on market

Built 1997 0.91 ac lot $54/mo HOA

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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

3BR/2BA modular home in Newport featuring an open-concept layout and durable LVP flooring throughout. Bright living area flows into a functional kitchen with ample cabinetry. Spacious primary suite plus two additional bedrooms for guests or office space. Includes a two-story stick-built workshop with two 9-ft garage doors--perfect for storage, hobbies, or business use. Large yard with room to relax or entertain. Conveniently located near beaches, boating, shopping, and dining. Great opportunity for primary residence, vacation home, or investment!

Key facts

• Functional kitchen
• Ample cabinetry
• Durable lvp flooring

Tags

• OPEN-CONCEPT LAYOUT
• DURABLE LVP FLOORING
• FUNCTIONAL KITCHEN
• AMPLE CABINETRY
• TWO-STORY STICK-BUILT WORKSHOP
• TWO 9-FT GARAGE DOORS

Property features AI

Finance

• HOA & community: Homeowners association with annual fee ($650); Community pool; Street lights; Association amenities include basketball court, boat dock, playground, RV/boat storage

Exterior

• Parking: 2 total parking spaces; 2-car garage (detached, unpaved)
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-family residence; One level / One story; Entry level: 1
• Construction: Vinyl siding and frame construction; Block foundation; Shingle roof; Built as a residential single family home
• Exterior features: Garden; Deck; Front porch; Chain link fencing (back yard); Above-ground pool; Second garage; Workshop; Has view

Interior

• Kitchen: Refrigerator; Ice maker; Dishwasher; Electric range
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Central air; Attic fan
• Interior features: Walk-in closet(s); Kitchen island; Ceiling fan(s); Window coverings; Unfurnished
• Laundry & utility: Washer hookup; Laundry room; Washer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $525k.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $525k).
• Recommended offer: $494k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 0.6% in Beaufort — 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 (#397 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: housing 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: Beaufort Elementary (math 57% / reading 56%, grade C+, #280 of 1,410 statewide, top 20%, 378 students, 99% FRL); Beaufort Middle (math 42% / reading 55%, grade C-, #127 of 475 statewide, top 28%, 258 students, 99% FRL); East Carteret High (math 82% / reading 62%, grade B+, #107 of 535 statewide, top 21%, 530 students, 45% FRL) — zoned schools average 81% FRL vs 39% district-wide (42 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 $12,401/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 $4k of loan paydown is wiped out by about $16k 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 $147k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($494k) is reasonable based on typical stale-listing flexibility.

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; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $493,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 2.36% ✓
• Cap rate: 21.39%
• Cash-on-cash: 53.93%
• DSCR: 3.40
• GRM: 3.5

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: 48.2%
• Equity multiple: 3.10×
• Total profit: $308,746
• Equity at exit: $78,279

10-year hold

• IRR: 53.8%
• Equity multiple: 6.28×
• Total profit: $776,454
• Equity at exit: $45,392

Cash invested: $147,000 (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: 3.5×

Monthly cashflow live

• Estimated rent: $12,401 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$164 /mo · $1,966/yr
• Insurance: −$219
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$54
• Vacancy / Maint / Mgmt: −$2,604
• Net cashflow: $6,180

Break-even live

Break-even rent $4,578

Max offer price $525,000

Occupancy floor 45%

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $54 · $648/yr

Listing history 17 events

1. 2026-06-19
   days on market $525,000 Active 86 DOM
2. 2026-06-18
   days on market $525,000 Active 85 DOM
3. 2026-06-17
   days on market $525,000 Active 84 DOM
4. 2026-06-16
   days on market $525,000 Active 83 DOM
5. 2026-06-15
   days on market $525,000 Active 82 DOM
6. 2026-06-14
   days on market $525,000 Active 80 DOM
7. 2026-06-12
   days on market $525,000 Active 79 DOM
8. 2026-06-09
   days on market $525,000 Active 76 DOM
9. 2026-06-08
   days on market $525,000 Active 75 DOM
10. 2026-06-07
    days on market $525,000 Active 74 DOM
11. 2026-06-05
    pricedays on market $525,000 Active 71 DOM
12. 2026-06-03
    days on market $550,000 Active 70 DOM
13. 2026-06-02
    days on market $550,000 Active 69 DOM
14. 2026-06-01
    days on market $550,000 Active 68 DOM
15. 2026-05-31
    days on market $550,000 Active 67 DOM
16. 2026-05-30
    days on market $550,000 Active 66 DOM
17. 2026-03-24
    listed $550,000 Active

ⓘ 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: $1,966 · $164/mo
• Projected year-2 tax: $4,305 · $359/mo
• Expected delta: +$2,339/yr (+$195/mo · 119.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $148,812
• − Mortgage interest: −$29,408
• − Property taxes: −$1,966
• − Insurance: −$7,744
• − Repairs & maintenance: −$11,905
• − Management: −$11,905
• − HOA: −$648
• − Depreciation: −$15,273
• Taxable income: $69,963
• Est. tax owed @ 24.0%: −$16,791
• After-tax cash flow: $57,375/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 — Beaufort

• Score: 63/100
• State rank: #397
• US rank: #15252

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment F Housing C- Health & safety A+ User ratings F

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

1 event — show timeline

• 2026-03-24 Listed $550,000 Hive MLS

Property tax history

+5.7%/yr

Latest (2025): $1,966 · +50.6% YoY. Source: county tax records.