245 Barrington Rdg

Bogue, NC 28570

$499,000B

3 bd · 2.0 ba · 1,492 sqft · Built 1995 · Other · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,608/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$310
• HOA: −$0
• Vac / Maint / Mgmt: −$2,648
• Net cashflow: $7,033/mo
• Annual: $84,399/yr
• Cap rate: 23.21%
• Cash-on-cash: 60.41%
• DSCR: 3.69
• 1% rule: 2.53%
• Cash to close: $139,720

Investor read

• This is a 3-bed/2.0-bath other listed at $499k.
• At list price, monthly cash flow is $7k ($84k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $499k).
• It's been on market 15 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $492k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#311 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety D-.
• 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: White Oak Elementary (math 76% / reading 65%, grade A-, #88 of 1,410 statewide, top 6%, 772 students, 100% 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.
• Zoned-school proficiency averages 72% at this address vs 60% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Carteret County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 216 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $163k; list at $499k implies a 206% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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.
• At $12,608/mo this rent would consume 215% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.