422 Settlers Ln · Kure Beach, NC 28449

$810,000

4 bd · 3.0 ba · 2,044 sqft · SingleFamily public records · 86 Days on market

Built 2002 Good condition 5,663 sqft lot Garage $396/sqft · at area comps Est $853k · at est. $40/mo HOA · 1% of rent

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Why this score? — see what drove the F 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).

• ARV discount +9.7/15.0
• Schools +5.8/10.0
• Cash flow +4.4/30.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your coastal retreat in Kure Beach Village! This charming cottage boasts 4 bedrooms and 3 full baths, offering ample space for comfortable living and entertaining. Step inside to discover beautiful hardwood floors that adorn the main level, creating a warm and inviting atmosphere throughout. The kitchen is a culinary haven, featuring stainless steel appliances (new stove and dishwasher) that promise both style and functionality. Enjoy the privacy and shade provided by plantation blinds, while hurricane shutters offer peace of mind during stormy weather. Nestled on a wooded fenced lot with irrigation, this property offers a tranquil oasis to relax and unwind. The large 2-car garage provides ample space for your vehicles and even has room for your golf cart - perfect for exploring the nearby coastal paths and community amenities. Residents of Kure Beach Village enjoy the benefits of a low HOA fee, granting access to an array of amenities including 2 pools, 2 tennis and pickle ball courts, clubhouse, and fitness center. No short term rentals allowed. And let's not forget the best part of living on the island. .. .the Beach! Your beach access complete with restrooms and parking is only 4 blocks away, allowing you to soak up the sun and surf with ease. Don't miss out on this opportunity to experience coastal living at its finest! Schedule your tour today. Welcome to paradise!

Key facts

• 5,663 sq ft lot
• 3 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $810k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-26k/yr) — negative.
• To cash-flow at today's rent, offer at most $433k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (57.1% below list).
• Recommended offer: $347k (57.1% below list) — sets the bar for 1% rule.
• Cap rate 3.1% vs local median 1.7% in Kure Beach — 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 65/100 on livability (#303 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 99 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• This rent runs 39% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($761k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,451 (57.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.43% ✗
• Cap rate: 3.13%
• Cash-on-cash: -11.30%
• DSCR: 0.50
• GRM: 19.4

CMA / ARV

• ARV (median comp): $852,503
• List price: $810,000
• Delta: -4.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
753 Sailor Ct	0.43mi	4/3.0	2,048 (+0%)	6mo	$760,000	$371	74
214 Fifth Ave N	0.26mi	3/3.5 (-1)	1,925 (-6%)	2mo	$720,000	$374	69
718 Sloop Pointe Ln	0.34mi	3/2.0 (-1)	1,972 (-4%)	3mo	$710,000	$360	67
122 Dow Ave Unit B	0.54mi	4/3.5	1,947 (-5%)	2mo	$735,000	$378	63
765 Sloop Pointe Ln	0.47mi	3/2.5 (-1)	1,996 (-2%)	6mo	$749,900	$376	63
737 Fort Fisher Blvd N	0.48mi	4/3.0	2,176 (+6%)	5mo	$880,000	$404	63
160 Seawatch Way	0.21mi	4/4.0	2,260 (+11%)	9mo	$1,075,000	$476	61
730 Settlers Ln	0.36mi	3/2.0 (-1)	2,100 (+3%)	12mo	$675,000	$321	60
425 Sandman Dr	0.22mi	5/3.0 (+1)	2,313 (+13%)	5mo	$940,000	$406	59
512 Shell Dr	0.19mi	4/2.5	2,336 (+14%)	12mo	$756,000	$324	55
114 Leeward Ct	0.50mi	3/3.5 (-1)	2,248 (+10%)	1mo	$922,000	$410	52
734 Settlers Ln	0.38mi	3/2.0 (-1)	1,740 (-15%)	0mo	$570,000	$328	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -37.0%
• Equity multiple: -0.18×
• Total profit: $-267,626
• Equity at exit: $120,774

10-year hold

• IRR: -53.7%
• Equity multiple: -0.81×
• Total profit: $-409,723
• Equity at exit: $70,034

Cash invested: $226,800 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 12 under contract
• Months of supply: 5.0 mo (20%/mo absorbed)
• Median asking: $859,500 ($415/sqft)
• Median days on market: 82 d
• This list price: 30% of active listings are priced below it
• ARV vs active asking: +0.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28449

• Active inventory: 99
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,475 high
• Mortgage (P&I): −$4,248
• Tax from tax record: −$255 /mo · $3,056/yr
• Insurance: −$338
• HOA: −$40
• Vacancy / Maint / Mgmt: −$730
• Net cashflow: $-2,135

Break-even live

Break-even rent $6,177

Max offer price $432,834

Occupancy floor —

Sensitivity live

Price	-10% $-1,677	-5% $-1,906	+0% $-2,135	+5% $-2,364	+10% $-2,594
Rent	-10% $-2,410	-5% $-2,272	+0% $-2,135	+5% $-1,998	+10% $-1,861
Rate	-1.0pp $-1,727	-0.5pp $-1,929	base $-2,135	+0.5pp $-2,345	+1.0pp $-2,558

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: $202,500
• Closing costs: $24,300
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 N Ave Kure Beach, NC	4.0	4.0	1920	$3,200	$1.67	6d	1	0.25mi
105 Dow AVE Kure Beach, NC	4.0	3.5	2143	$3,700	$1.73	6d	1	0.57mi
1713 Mackerel Ln Carolina Beach, NC	3.0	2.0	1420	$2,700	$1.90	6d	1	0.67mi
210 H Ave Kure Beach, NC	4.0	2.0	1760	$3,250	$1.85	6d	1	0.75mi
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	117d	1	0.76mi
1211 Fort Fisher Blvd N Carolina Beach, NC	5.0	3.5	2611	$3,700	$1.42	6d	1	0.76mi
1513 Swordfish Ln #2 Carolina Beach, NC	4.0	3.0	2058	$3,150	$1.53	6d	1	0.91mi
1511 Snapper Ln #2 Carolina Beach, NC	3.0	2.5	1540	$3,900	$2.53	6d	1	0.93mi
1419 Mackerel Ln #1 Carolina Beach, NC	3.0	2.5	1546	$3,200	$2.07	6d	1	0.98mi
1416 Snapper Ln Carolina Beach, NC	4.0	4.0	2090	$3,800	$1.82	6d	1	1.02mi
642 Fourth Ave S Kure Beach, NC	4.0	3.0	2302	$4,100	$1.78	6d	1	1.07mi
500 North Carolina Ave #2 Carolina Beach, NC	4.0	4.0	1971	$3,800	$1.93	0d	1	1.21mi
1210 Mackerel Ln Carolina Beach, NC	4.0	4.0	1974	$3,400	$1.72	6d	1	1.27mi
103 Carolina Sands Dr Carolina Beach, NC	4.0	2.0	1900	$4,500	$2.37	6d	1	1.46mi

Property features AI

Finance

• Other: Zoning: RA-2ARoad frontage: City street and state roadLot dimensions approximately 56 x 100
• HOA & community: Homeowners association with annual fee of $475 (about $39.58/month)Community poolAssociation amenities include beach rights, clubhouse, fitness center, tennis courts and sport court

Exterior

• Parking: 3 total parking spaces3-car attached garageConcrete parking surface
• Utilities: Public waterCable available
• Home design: Single family residenceTwo levelsEntry level: 2
• Construction: Fiber cement and frame constructionShingle roofPillar/post/pier and other foundation detailsBuilt recently (property data current to 2026)
• Exterior features: BalconyPatioFront porchWood fencingIrrigation systemHas a view

Interior

• Kitchen: DishwasherElectric rangeMicrowavePantry
• Bedrooms: Total rooms: 7Basement with exterior entry and finished space
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central airElectric heat pump
• Interior features: Ceiling fansPantryShutters
• Laundry & utility: Laundry roomDryerElectric water heater

HOA detail $40/mo · $480/yr

• Likely covers: poolgym

Listing history 50 events

1. 2026-09-24
   days on market $810,000 Active 86 DOM
2. 2026-09-24
   days on market $810,000 Active 85 DOM
3. 2026-09-22
   days on market $810,000 Active 84 DOM
4. 2026-09-21
   days on market $810,000 Active 83 DOM
5. 2026-09-20
   days on market $810,000 Active 82 DOM
6. 2026-09-19
   days on market $810,000 Active 81 DOM
7. 2026-09-18
   days on market $810,000 Active 80 DOM
8. 2026-09-17
   days on market $810,000 Active 79 DOM
9. 2026-09-16
   days on market $810,000 Active 78 DOM
10. 2026-09-15
    days on market $810,000 Active 77 DOM
11. 2026-09-14
    days on market $810,000 Active 76 DOM
12. 2026-09-13
    days on market $810,000 Active 75 DOM
13. 2026-09-12
    days on market $810,000 Active 74 DOM
14. 2026-09-11
    pricedays on market $810,000 Active 73 DOM
15. 2026-09-05
    days on market $825,000 Active 67 DOM
16. 2026-09-04
    days on market $825,000 Active 66 DOM
17. 2026-09-03
    days on market $825,000 Active 65 DOM
18. 2026-08-31
    days on market $825,000 Active 62 DOM
19. 2026-08-30
    days on market $825,000 Active 61 DOM
20. 2026-08-29
    days on market $825,000 Active 60 DOM
21. 2026-08-28
    days on market $825,000 Active 59 DOM
22. 2026-08-27
    days on market $825,000 Active 58 DOM
23. 2026-08-25
    days on market $825,000 Active 56 DOM
24. 2026-08-24
    days on market $825,000 Active 55 DOM
25. 2026-08-23
    days on market $825,000 Active 54 DOM
26. 2026-08-22
    days on market $825,000 Active 53 DOM
27. 2026-08-21
    days on market $825,000 Active 52 DOM
28. 2026-08-20
    days on market $825,000 Active 51 DOM
29. 2026-08-19
    days on market $825,000 Active 50 DOM
30. 2026-08-18
    days on market $825,000 Active 49 DOM
31. 2026-08-17
    days on market $825,000 Active 48 DOM
32. 2026-08-16
    days on market $825,000 Active 47 DOM
33. 2026-08-15
    days on market $825,000 Active 46 DOM
34. 2026-08-14
    days on market $825,000 Active 45 DOM
35. 2026-08-13
    days on market $825,000 Active 44 DOM
36. 2026-08-12
    days on market $825,000 Active 43 DOM
37. 2026-08-11
    days on market $825,000 Active 42 DOM
38. 2026-08-10
    days on market $825,000 Active 41 DOM
39. 2026-08-09
    days on market $825,000 Active 40 DOM
40. 2026-08-08
    days on market $825,000 Active 39 DOM
41. 2026-08-07
    days on market $825,000 Active 38 DOM
42. 2026-08-06
    days on market $825,000 Active 37 DOM
43. 2026-08-05
    days on market $825,000 Active 36 DOM
44. 2026-08-04
    days on market $825,000 Active 35 DOM
45. 2026-08-03
    days on market $825,000 Active 34 DOM
46. 2026-07-31
    days on market $825,000 Active 31 DOM
47. 2026-07-30
    days on market $825,000 Active 30 DOM
48. 2026-07-29
    days on market $825,000 Active 29 DOM
49. 2026-07-27
    days on market $825,000 Active 27 DOM
50. 2026-07-25
    days on market $825,000 Active 25 DOM

ⓘ 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: $3,056 · $255/mo
• Projected year-2 tax: $6,642 · $554/mo
• Expected delta: +$3,586/yr (+$299/mo · 117.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 19 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: $41,694
• − Mortgage interest: −$45,373
• − Property taxes: −$3,056
• − Insurance: −$4,050
• − Repairs & maintenance: −$3,336
• − Management: −$3,336
• − HOA: −$480
• − Depreciation: −$23,564
• Taxable loss: −$41,499
• Est. tax savings @ 24.0%: +$9,960
• After-tax cash flow: $-15,661/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $10,220–$30,660 screening

This charming cottage in Kure Beach Village is in good condition with updated appliances and contemporary finishes. It offers a peaceful treehouse vibe and is move-in ready.

Value-add opportunities

• Both paint the front porch and deck — enhances curb appeal and adds value ↑
• Both landscape the front yard — improves curb appeal and adds value ↑
• Both install hurricane shutters — enhances safety and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Carolina Beach Elementary C+ NC #249/1,410 Nat'l #8,534/41,679 Middle Charles P Murray Middle B NC #54/475 Nat'l #1,951/14,009 High Eugene Ashley High C NC #243/535 Nat'l #3,986/17,239

Schools (NCES district)

• District: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

C Composite livability gradescore 65/100

Livability — Kure Beach

• Score: 65/100
• State rank: #303
• US rank: #12563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kure Beach, NC
• County: New Hanover · 259,517 people
• Metro: Wilmington, NC
• Population (ZIP): 2,017
• Household income: $106,518
• Rent vs Own: 22.5% rent · 77.5% own
• Severe rent burden: 3% of renters

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Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2% Other Indo-European 1%

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Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.31%
• Current HPI: 246.571
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

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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

Property features AI

Finance

• Other: Zoning: RA-2ARoad frontage: City street and state roadLot dimensions approximately 56 x 100
• HOA & community: Homeowners association with annual fee of $475 (about $39.58/month)Community poolAssociation amenities include beach rights, clubhouse, fitness center, tennis courts and sport court

Exterior

• Parking: 3 total parking spaces3-car attached garageConcrete parking surface
• Utilities: Public waterCable available
• Home design: Single family residenceTwo levelsEntry level: 2
• Construction: Fiber cement and frame constructionShingle roofPillar/post/pier and other foundation detailsBuilt recently (property data current to 2026)
• Exterior features: BalconyPatioFront porchWood fencingIrrigation systemHas a view

Interior

• Kitchen: DishwasherElectric rangeMicrowavePantry
• Bedrooms: Total rooms: 7Basement with exterior entry and finished space
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central airElectric heat pump
• Interior features: Ceiling fansPantryShutters
• Laundry & utility: Laundry roomDryerElectric water heater

Price history

+261.8% since first listed

12 events — show timeline

• 2026-06-30 Listed $825,000 Hive MLS
• 2024-06-24 Sold (Public Records) $760,000 Public Records
• 2024-06-24 Sold (MLS) $760,000 Hive MLS
• 2024-06-02 Pending — Hive MLS
• 2024-05-03 Listed $775,000 Hive MLS
• 2024-04-29 Coming Soon $775,000 Hive MLS
• 2019-02-27 Sold (Public Records) $419,500 Public Records
• 2019-02-27 Sold (MLS) $419,500 Hive MLS
• 2018-07-31 Listed $419,500 Hive MLS
• 2002-10-16 Sold (MLS) $228,000 Hive MLS
• 2002-10-01 Sold (Public Records) $228,000 Public Records
• 2002-03-29 Listed $228,000 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $3,056 · -6.9% YoY. Source: county tax records.