114 Leeward Ct · Kure Beach, NC 28449

$985,000

3 bd · 3.5 ba · 2,280 sqft · SingleFamily public records · 135 Days on market

Built 2011 5,271 sqft lot Est $917k · 7% over $13/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
• Schools +4.3/10.0
• ARV discount +4.1/15.0
• 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

Are you looking to build a custom home with one of the best builders on the Island, look no further. This custom built Vince Lutheran Home has all the amenities one would wish for. This home is built to fortified home standards, it is fully engineered, has 2x6 exterior walls with closed cell foam insulation in walls, floors and roof deck. An aluminum standing seam roof, high impact windows. Mechanical systems are primarily ducted mini split systems with great energy efficiency. All cabinetry is custom built by Northstate Woodcraft. Floors are heart pine. Water heater is on demand gas. Enjoy the sea breezes from one of five decks over looking a well landscaped yard. Best of all it is only two blocks from your neighborhood Gazebo with parking

Key facts

• Elevator
• Impact-rated windows
• Hurricane shutters

Tags

• BEACH ACCESS
• ELEVATOR
• IMPACT-RATED WINDOWS
• HURRICANE SHUTTERS
• STANDING SEAM METAL ROOF
• OUTDOOR SHOWER

Property features AI

Finance

• Other: Zoning: RA-1A; Pets allowed
• HOA & community: Homeowners association with annual fee of $150 (about $12.50/month); Association provides beach access

Exterior

• Parking: Attached garage; 2 garage spaces (garage faces front); Concrete driveway; Garage door opener; Off-street parking
• Security: Security system; Smoke detectors
• Utilities: Public water; Sewer available; Water available; Thermostat (energy efficiency feature)
• Home design: Single-family residence; Three or more levels; Located on a cul-de-sac; Frontage described in remarks; Paved road access (city street/state road); Subdivision: Kure by the Sea
• Construction: Fiber cement and frame construction; Membrane and metal roofing; Slab and pillar/post/pier foundation
• Exterior features: Outdoor shower; Gas grill; Balcony; Covered, deck, enclosed, porch, and screened patio/porch areas; No perimeter fencing; Beach access and waterfront access; Irrigation system; Storage structure

Interior

• Kitchen: Electric oven; Dishwasher; Disposal; Microwave; Refrigerator; ENERGY STAR qualified appliances; Kitchen island; Pantry
• Bedrooms: Master on main level
• Flooring: Tile flooring; Wood flooring
• Bathrooms: 3 full bathrooms; 1 half bathroom; Accessible full bath; Therapeutic whirlpool
• Heating & cooling: Heat pump heating and cooling; Forced air; Zoned heating and cooling; Electric heating; Fireplace(s) with gas log
• Interior features: Master suite located downstairs; Walk-in closets; Vaulted and high ceilings; Built-in bookcases; Kitchen island; Elevator; Ceiling fans; Pantry; Storm windows, shutters, window coverings, and insulated windows; Furnished
• Laundry & utility: Washer and dryer included; Washer hookup; Separate laundry room; Water softener; Tankless water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $985k.

Deal economics

• At list price, monthly cash flow is $13k ($156k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $985k).
• Recommended offer: $867k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% vs local median 2.1% 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: 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $276k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($867k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $65k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $655k; list at $985k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $866,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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: 2.44% ✓
• Cap rate: 22.15%
• Cash-on-cash: 56.63%
• DSCR: 3.52
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $916,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
737 Fort Fisher Blvd N	0.10mi	4/3.0 (+1)	2,176 (-5%)	2mo	$880,000	$404	79
160 Seawatch Way	0.34mi	4/4.0 (+1)	2,260 (-1%)	6mo	$1,075,000	$476	70
765 Sloop Pointe Ln	0.16mi	3/2.5	1,996 (-12%)	2mo	$749,900	$376	66
753 Sailor Ct	0.21mi	4/3.0 (+1)	2,048 (-10%)	3mo	$760,000	$371	63
730 Settlers Ln	0.29mi	3/2.0	2,100 (-8%)	9mo	$675,000	$321	60
1615 Bonito Ln	0.33mi	4/3.0 (+1)	2,506 (+10%)	2mo	$990,000	$395	59
1725 Spot Ln	0.34mi	4/3.5 (+1)	2,603 (+14%)	3mo	$928,750	$357	53
1514 Mackerel Ln	0.47mi	4/3.0 (+1)	2,490 (+9%)	4mo	$1,000,000	$402	52
512 Shell Dr	0.67mi	4/2.5 (+1)	2,336 (+2%)	9mo	$756,000	$324	48
802 Ocean Blvd	0.69mi	4/3.0 (+1)	2,065 (-9%)	1mo	$950,000	$460	44
1320 Searay Ln	0.69mi	4/3.5 (+1)	2,478 (+9%)	6mo	$1,360,000	$549	43
303 North Carolina Ave	0.72mi	4/3.5 (+1)	2,590 (+14%)	4mo	$1,295,000	$500	35

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: 55.0%
• Equity multiple: 3.43×
• Total profit: $669,183
• Equity at exit: $146,867

10-year hold

• IRR: 60.1%
• Equity multiple: 6.98×
• Total profit: $1,649,454
• Equity at exit: $85,165

Cash invested: $275,800 (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 28449

• Active inventory: 94
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$5,165
• Tax from tax record: −$356 /mo · $4,268/yr
• Insurance: −$410
• HOA: −$13
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $13,015

Break-even live

Break-even rent $7,525

Max offer price $985,000

Occupancy floor 41%

Sensitivity live

Price	-10% $13,573	-5% $13,294	+0% $13,015	+5% $12,737	+10% $12,458
Rent	-10% $11,119	-5% $12,067	+0% $13,015	+5% $13,963	+10% $14,911
Rate	-1.0pp $13,512	-0.5pp $13,266	base $13,015	+0.5pp $12,760	+1.0pp $12,501

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: $246,250
• Closing costs: $29,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	22d	1	0.33mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: watergas

Listing history 44 events

1. 2026-06-21
   days on market $985,000 Active 135 DOM
2. 2026-06-18
   days on market $985,000 Active 132 DOM
3. 2026-06-17
   days on market $985,000 Active 131 DOM
4. 2026-06-16
   days on market $985,000 Active 130 DOM
5. 2026-06-15
   days on market $985,000 Active 129 DOM
6. 2026-06-14
   days on market $985,000 Active 127 DOM
7. 2026-06-13
   days on market $985,000 Active 126 DOM
8. 2026-06-10
   days on market $985,000 Active 124 DOM
9. 2026-06-09
   days on market $985,000 Active 123 DOM
10. 2026-06-08
    days on market $985,000 Active 122 DOM
11. 2026-06-07
    days on market $985,000 Active 121 DOM
12. 2026-06-05
    days on market $985,000 Active 118 DOM
13. 2026-06-03
    days on market $985,000 Active 117 DOM
14. 2026-06-03
    days on market $985,000 Active 116 DOM
15. 2026-05-31
    days on market $985,000 Active 114 DOM
16. 2026-05-30
    days on market $985,000 Active 113 DOM
17. 2026-05-10
    price $985,000
18. 2026-03-26
    price $990,000
19. 2026-03-07
    price $995,000
20. 2026-02-07
    listed $1,050,000 Active
21. 2025-12-15
    status Pending
22. 2025-12-15
    historical
23. 2025-12-15
    listed Active Under Contract
24. 2025-12-15
    historical
25. 2025-12-11
    historical Active Under Contract
26. 2025-11-27
    status Pending
27. 2025-11-26
    historical
28. 2025-08-26
    price $1,049,900
29. 2025-07-26
    price $1,099,900
30. 2025-07-01
    price $1,124,900
31. 2025-06-17
    price $1,139,000
32. 2025-06-03
    price $1,149,000
33. 2025-05-30
    price $1,170,000
34. 2025-04-29
    price $1,175,000
35. 2025-04-17
    price $1,188,000
36. 2025-04-04
    price $1,189,000
37. 2025-03-13
    price $1,190,000
38. 2025-02-17
    listed $1,200,000 Active
39. 2025-02-16
    historical
40. 2020-08-28
    soldstatus $655,000 750-char remark

    Show marketing remark (750 chars)

    Are you looking to build a custom home with one of the best builders on the Island, look no further. This custom built Vince Lutheran Home has all the amenities one would wish for. This home is built to fortified home standards, it is fully engineered, has 2x6 exterior walls with closed cell foam insulation in walls, floors and roof deck. An aluminum standing seam roof, high impact windows. Mechanical systems are primarily ducted mini split systems with great energy efficiency. All cabinetry is custom built by Northstate Woodcraft. Floors are heart pine. Water heater is on demand gas. Enjoy the sea breezes from one of five decks over looking a well landscaped yard. Best of all it is only two blocks from your neighborhood Gazebo with parking

41. 2020-08-28
    soldstatus $655,000

    Show marketing remark (750 chars)

    Are you looking to build a custom home with one of the best builders on the Island, look no further. This custom built Vince Lutheran Home has all the amenities one would wish for. This home is built to fortified home standards, it is fully engineered, has 2x6 exterior walls with closed cell foam insulation in walls, floors and roof deck. An aluminum standing seam roof, high impact windows. Mechanical systems are primarily ducted mini split systems with great energy efficiency. All cabinetry is custom built by Northstate Woodcraft. Floors are heart pine. Water heater is on demand gas. Enjoy the sea breezes from one of five decks over looking a well landscaped yard. Best of all it is only two blocks from your neighborhood Gazebo with parking

42. 2020-05-08
    listed $654,900 750-char remark

    Show marketing remark (750 chars)

    Are you looking to build a custom home with one of the best builders on the Island, look no further. This custom built Vince Lutheran Home has all the amenities one would wish for. This home is built to fortified home standards, it is fully engineered, has 2x6 exterior walls with closed cell foam insulation in walls, floors and roof deck. An aluminum standing seam roof, high impact windows. Mechanical systems are primarily ducted mini split systems with great energy efficiency. All cabinetry is custom built by Northstate Woodcraft. Floors are heart pine. Water heater is on demand gas. Enjoy the sea breezes from one of five decks over looking a well landscaped yard. Best of all it is only two blocks from your neighborhood Gazebo with parking

43. 2006-03-15
    historical
44. 2005-03-15
    listed $525,000

ⓘ 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: $4,268 · $356/mo
• Projected year-2 tax: $8,077 · $673/mo
• Expected delta: +$3,809/yr (+$317/mo · 89.3%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $288,000
• − Mortgage interest: −$55,175
• − Property taxes: −$4,268
• − Insurance: −$4,925
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − HOA: −$156
• − Depreciation: −$28,655
• Taxable income: $148,741
• Est. tax owed @ 24.0%: −$35,698
• After-tax cash flow: $120,488/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: 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

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
• Population (ZIP): 2,017

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%

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%

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

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

+87.6% since first listed

28 events — show timeline

• 2026-05-10 Price Changed $985,000 Hive MLS
• 2026-03-26 Price Changed $990,000 Hive MLS
• 2026-03-07 Price Changed $995,000 Hive MLS
• 2026-02-07 Listed $1,050,000 Hive MLS
• 2025-12-15 Pending — Hive MLS
• 2025-12-15 Listing Removed — Hive MLS
• 2025-12-15 Listed — Hive MLS
• 2025-12-15 Listing Removed — Hive MLS
• 2025-12-11 Contingent — Hive MLS
• 2025-11-27 Pending — Hive MLS
• 2025-11-26 Listing Removed — Hive MLS
• 2025-08-26 Price Changed $1,049,900 Hive MLS
• 2025-07-26 Price Changed $1,099,900 Hive MLS
• 2025-07-01 Price Changed $1,124,900 Hive MLS
• 2025-06-17 Price Changed $1,139,000 Hive MLS
• 2025-06-03 Price Changed $1,149,000 Hive MLS
• 2025-05-30 Price Changed $1,170,000 Hive MLS
• 2025-04-29 Price Changed $1,175,000 Hive MLS
• 2025-04-17 Price Changed $1,188,000 Hive MLS
• 2025-04-04 Price Changed $1,189,000 Hive MLS
• 2025-03-13 Price Changed $1,190,000 Hive MLS
• 2025-02-17 Listed $1,200,000 Hive MLS
• 2025-02-16 Coming Soon — Hive MLS
• 2020-08-28 Sold (Public Records) $655,000 Public Records
• 2020-08-28 Sold (MLS) $655,000 Hive MLS
• 2020-05-08 Listed $654,900 Hive MLS
• 2006-03-15 Listing Removed — Hive MLS
• 2005-03-15 Listed $525,000 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $4,268 · -2.7% YoY. Source: county tax records.