502 Cove Dr · Newport, NC 28570

$260,000

3 bd · 2.0 ba · 1,296 sqft · Townhouse · 79 Days on market

Built 2026 Excellent condition 4,879 sqft lot Est $260k · at est. $300/mo HOA · 2% of rent

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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 +7.6/15.0
• Schools +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Condition / age +4.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

MOVE IN READY! Welcome to The Villas; your oasis of modern living in Newport! Nestled within a community of townhomes, this gem awaits on the left-hand side offering 3 bedrooms and 2 bathrooms. Designed for effortless living these townhomes give you the pleasure of settling into a brand-new construction with a low-maintenance yard. Upon entry, be greeted by an expansive open floor plan adorned with luxurious LVP flooring, complemented by vaulted ceilings that create an air of spaciousness and sophistication. Admire the natural light streaming through picture-framed windows, inviting the outdoors in and enhancing the ambiance of every room. Prepare to unleash your culinary skills in the chef

Key facts

• Open floor plan
• Low maintenance yard
• Natural light

Tags

• LOW MAINTENANCE YARD
• OPEN FLOOR PLAN
• LUXURIOUS LVP FLOORING
• VAULTED CEILINGS
• NATURAL LIGHT
• CHEF'S KITCHEN

Property features AI

Finance

• Other: Subdivision: The Villas at Newport; Zoning: R
• HOA & community: Homeowners association with annual fee of $3,600 (about $300/month); HOA covers grounds and structure maintenance; taxes noted

Exterior

• Parking: Attached garage; Concrete driveway / on-site parking
• Security: Smoke detector(s)
• Utilities: Public sewer connected; Public water connected; Electric service
• Home design: Townhouse; One level / single-story; Entry level: 1; New construction
• Construction: Vinyl siding with frame construction; Shingle roof; Slab foundation; Built as new construction
• Exterior features: Covered patio; Patio; Paved road access; Street lights in community; Has a view

Interior

• Kitchen: Electric oven; Electric cooktop; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Master on main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; Accessible full bath
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Master suite on main level; Vaulted ceilings; Ceiling fans; Pantry; Insulated windows; Smoke detectors; Accessible full bathroom; Ventilation for improved indoor air quality; Energy-efficient lighting and thermostat
• Laundry & utility: Washer hookup; Washer and dryer included; Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $260k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $8k ($94k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 42.6% vs local median 31.4% in Newport — 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 (#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 $12,622/mo this rent would consume 216% 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 $8k 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 $73k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.

Recommended offer $244,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 4.85% ✓
• Cap rate: 42.64%
• Cash-on-cash: 129.80%
• DSCR: 6.78
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $260,496
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500 Cove Dr	0.01mi	3/2.0	1,296 (0%)	1mo	$260,000	$201	98
802 Discovery Cv	0.05mi	3/2.0	1,296 (0%)	3mo	$254,000	$196	95
804 Discovery Cv	0.05mi	3/2.0	1,296 (0%)	5mo	$260,000	$201	94
800 Discovery Cv	0.03mi	3/2.0	1,296 (0%)	6mo	$254,000	$196	93
808 Discovery Cv	0.05mi	3/2.0	1,296 (0%)	6mo	$260,000	$201	93
810 Discovery Cv	0.05mi	3/2.0	1,296 (0%)	6mo	$261,260	$202	93
300 Sweetwater Cv	0.09mi	3/2.0	1,342 (+4%)	1mo	$289,000	$215	89
400 Jade Cv	0.05mi	3/2.0	1,346 (+4%)	2mo	$270,000	$201	89
110 Treasure Cv	0.15mi	3/2.0	1,344 (+4%)	4mo	$265,000	$197	84
203 Diamond Cv	0.20mi	2/2.0 (-1)	1,272 (-2%)	3mo	$282,500	$222	81
100 Treasure Cv	0.18mi	2/2.0 (-1)	1,272 (-2%)	7mo	$275,000	$216	78
201 Diamond Cv	0.19mi	3/2.0	1,374 (+6%)	6mo	$277,500	$202	76

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: —
• Equity multiple: 7.32×
• Total profit: $459,789
• Equity at exit: $38,767

10-year hold

• IRR: —
• Equity multiple: 15.39×
• Total profit: $1,047,718
• Equity at exit: $22,480

Cash invested: $72,800 (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 →

ZIP-level market 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $12,622 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$300
• Vacancy / Maint / Mgmt: −$2,651
• Net cashflow: $7,875

Break-even live

Break-even rent $2,654

Max offer price $260,000

Occupancy floor 33%

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $300 · $3,600/yr

Listing history 17 events

1. 2026-06-19
   days on market $260,000 Active 79 DOM
2. 2026-06-18
   days on market $260,000 Active 78 DOM
3. 2026-06-17
   days on market $260,000 Active 77 DOM
4. 2026-06-16
   days on market $260,000 Active 76 DOM
5. 2026-06-15
   days on market $260,000 Active 75 DOM
6. 2026-06-14
   days on market $260,000 Active 73 DOM
7. 2026-06-12
   days on market $260,000 Active 72 DOM
8. 2026-06-09
   days on market $260,000 Active 69 DOM
9. 2026-06-08
   days on market $260,000 Active 68 DOM
10. 2026-06-07
    days on market $260,000 Active 67 DOM
11. 2026-06-05
    days on market $260,000 Active 64 DOM
12. 2026-06-03
    days on market $260,000 Active 63 DOM
13. 2026-06-02
    days on market $260,000 Active 62 DOM
14. 2026-06-01
    days on market $260,000 Active 61 DOM
15. 2026-05-31
    days on market $260,000 Active 60 DOM
16. 2026-05-30
    days on market $260,000 Active 59 DOM
17. 2026-04-01
    listed $260,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $151,466
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$12,117
• − Management: −$12,117
• − HOA: −$3,600
• − Depreciation: −$7,564
• Taxable income: $96,304
• Est. tax owed @ 24.0%: −$23,113
• After-tax cash flow: $71,384/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 · 13 photos

Excellent 95/100 None rehab

This move-in-ready townhouse is in excellent condition with modern finishes and minimal maintenance required. Enhancing the landscaping and painting the exterior can further increase its value.

Value-add opportunities

• Both Landscaping — Enhancing the landscaping can improve both the resale and rental value by making the property more attractive.
• Both Painting exterior — Fresh paint can improve the curb appeal and make the property more attractive to potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhancing the landscaping can improve both the resale and rental value by making the property more attractive. ↑
• Both Painting exterior — Fresh paint can improve the curb appeal and make the property more attractive to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Newport, NC
• 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

1 event — show timeline

• 2026-04-01 Listed $260,000 Hive MLS