109 Key West Ln · Broad Creek, NC 28570

$860,000

3 bd · 4.0 ba · 3,588 sqft · Other public records · 143 Days on market

Built 2008 0.44 ac lot $38/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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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 MLS

Attention to detail throughout this stunning builder custom 3 BR/3.5 BA home with water view & owner's improvements makes it like new! Located in a waterfront community this home boasts quality throughout w/ hardwood flooring, crown molding, built-ins, plush carpeting & more. This home is perfect for family & entertaining w/ Great Room & Kitchen Bar & addl living space w/ kitchen/bar on lower level -perfect to watch the games or horse racing or relax after a day out fishing! Both living areas w/ Fireplaces. Lovely large Master BR w/ trey ceiling & private porch & WIC w/ garden tub & WI shower. Second Bedroom has its own private deck! Office, 3rd floor balcony living space, tackle/mud room, separate laundry room & this home was built to utilize all space/with closets galore! MORE. ..

Key facts

• Metal roof
• Private well
• Fiber cement siding

Tags

• COTTAGE POINTE SUBDIVISION
• IRRIGATION SYSTEM
• PRIVATE WELL
• METAL ROOF
• FIBER CEMENT SIDING
• LARGE CONCRETE DRIVEWAY

Property features AI

Finance

• Financial info: Tax amount not included per instructions
• HOA & community: Homeowners association with boat dock; Annual association fee of $450 (about $37.50/month)

Exterior

• Parking: 2 total parking spaces; 2-car attached garage; Garage faces front; Concrete driveway
• Security: Smoke detectors
• Utilities: Well and public water available; Septic tank sewer; Natural gas connected; Water connected
• Home design: Residential single-family home; Three or more levels; Accessible elevator installed
• Construction: Fiber cement construction; Metal roof; Slab foundation; Built year not provided
• Exterior features: Covered patio/porch; Deck; Porch; Screened porch; Rear porch; Open lot; Irrigation equipment; Has view

Interior

• Kitchen: Refrigerator; Ice maker; Dishwasher; Electric range
• Bedrooms: Bedrooms details not provided
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Electric heating; Forced air; Heat pump
• Interior features: Walk-in closets; Tray ceilings; High ceilings; Kitchen island; Elevator; Ceiling fans; Wet bar; Insulated windows; Gas log fireplace
• Laundry & utility: Washer; Dryer; Washer hookup; Dedicated laundry room; Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath other listed at $860k.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $860k).
• Recommended offer: $757k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 22.6% in Broad Creek — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing 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: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% 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.
• Market conditions: 216 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• At $12,531/mo this rent would consume 214% 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 $6k of loan paydown is wiped out by about $26k 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 $241k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($757k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $65k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $510k; list at $860k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $756,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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 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?
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: 1.46% ✓
• Cap rate: 13.01%
• Cash-on-cash: 23.99%
• DSCR: 2.07
• GRM: 5.7

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: 17.2%
• Equity multiple: 1.69×
• Total profit: $166,934
• Equity at exit: $128,229

10-year hold

• IRR: 25.7%
• Equity multiple: 3.24×
• Total profit: $538,824
• Equity at exit: $74,357

Cash invested: $240,800 (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: 5.7×

Monthly cashflow live

• Estimated rent: $12,531 medium
• Mortgage (P&I): −$4,510
• Tax from tax record: −$179 /mo · $2,149/yr
• Insurance: −$358
• HOA: −$38
• Vacancy / Maint / Mgmt: −$2,632
• Net cashflow: $4,814

Break-even live

Break-even rent $6,437

Max offer price $860,000

Occupancy floor 57%

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: $215,000
• Closing costs: $25,800
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $38 · $456/yr
• Likely covers: water

Listing history 29 events

1. 2026-06-19
   days on market $860,000 Active 143 DOM
2. 2026-06-18
   days on market $860,000 Active 142 DOM
3. 2026-06-17
   days on market $860,000 Active 141 DOM
4. 2026-06-16
   days on market $860,000 Active 140 DOM
5. 2026-06-15
   days on market $860,000 Active 139 DOM
6. 2026-06-14
   days on market $860,000 Active 137 DOM
7. 2026-06-12
   pricedays on market $860,000 Active 136 DOM
8. 2026-06-09
   days on market $875,000 Active 133 DOM
9. 2026-06-08
   days on market $875,000 Active 132 DOM
10. 2026-06-07
    days on market $875,000 Active 131 DOM
11. 2026-06-05
    days on market $875,000 Active 128 DOM
12. 2026-06-03
    days on market $875,000 Active 127 DOM
13. 2026-06-02
    days on market $875,000 Active 126 DOM
14. 2026-06-01
    days on market $875,000 Active 125 DOM
15. 2026-05-31
    days on market $875,000 Active 124 DOM
16. 2026-05-30
    pricedays on market $875,000 Active 123 DOM
17. 2026-01-27
    listed $925,000 Active
18. 2019-12-18
    soldstatus $510,000 847-char remark

    Show marketing remark (847 chars)

    Attention to detail throughout this stunning builder custom 3 BR/3.5 BA home with water view & owner's improvements makes it like new! Located in a waterfront community this home boasts quality throughout w/ hardwood flooring, crown molding, built-ins, plush carpeting & more. This home is perfect for family & entertaining w/ Great Room & Kitchen Bar & addl living space w/ kitchen/bar on lower level -perfect to watch the games or horse racing or relax after a day out fishing! Both living areas w/ Fireplaces. Lovely large Master BR w/ trey ceiling & private porch & WIC w/ garden tub & WI shower. Second Bedroom has its own private deck! Office, 3rd floor balcony living space, tackle/mud room, separate laundry room & this home was built to utilize all space/with closets galore! MORE. ..

19. 2019-12-18
    soldstatus $510,000

    Show marketing remark (847 chars)

    Attention to detail throughout this stunning builder custom 3 BR/3.5 BA home with water view & owner's improvements makes it like new! Located in a waterfront community this home boasts quality throughout w/ hardwood flooring, crown molding, built-ins, plush carpeting & more. This home is perfect for family & entertaining w/ Great Room & Kitchen Bar & addl living space w/ kitchen/bar on lower level -perfect to watch the games or horse racing or relax after a day out fishing! Both living areas w/ Fireplaces. Lovely large Master BR w/ trey ceiling & private porch & WIC w/ garden tub & WI shower. Second Bedroom has its own private deck! Office, 3rd floor balcony living space, tackle/mud room, separate laundry room & this home was built to utilize all space/with closets galore! MORE. ..

20. 2019-07-01
    listed $533,000 847-char remark

    Show marketing remark (847 chars)

    Attention to detail throughout this stunning builder custom 3 BR/3.5 BA home with water view & owner's improvements makes it like new! Located in a waterfront community this home boasts quality throughout w/ hardwood flooring, crown molding, built-ins, plush carpeting & more. This home is perfect for family & entertaining w/ Great Room & Kitchen Bar & addl living space w/ kitchen/bar on lower level -perfect to watch the games or horse racing or relax after a day out fishing! Both living areas w/ Fireplaces. Lovely large Master BR w/ trey ceiling & private porch & WIC w/ garden tub & WI shower. Second Bedroom has its own private deck! Office, 3rd floor balcony living space, tackle/mud room, separate laundry room & this home was built to utilize all space/with closets galore! MORE. ..

21. 2017-06-13
    soldstatus $470,000 694-char remark

    Show marketing remark (694 chars)

    Custom one owner builder's home with everything you can imagine! Modified ''Aruba Bay'' by Sater Homes with dramatic views and features throughout! Volume and vaulted ceilings, wood & tile floors, gourmet kitchen, elevator. Huge principal suite with private screen porch. Two more screen porches, sunning deck, workshop, LOW utility bills (avg under $150/mo!) Loft area, private office, second kitchen down-great plan for two generation living. Community dock for access to Creek and ICW. Croatan school district. Smaller community of well kept homes. Double garage, landscaped yard, many nice touches. Short trip to Cherry Point or Camp Lejeune. Less than 10 minutes to Emerald Isle beac

22. 2017-06-13
    soldstatus $470,000

    Show marketing remark (694 chars)

    Custom one owner builder's home with everything you can imagine! Modified ''Aruba Bay'' by Sater Homes with dramatic views and features throughout! Volume and vaulted ceilings, wood & tile floors, gourmet kitchen, elevator. Huge principal suite with private screen porch. Two more screen porches, sunning deck, workshop, LOW utility bills (avg under $150/mo!) Loft area, private office, second kitchen down-great plan for two generation living. Community dock for access to Creek and ICW. Croatan school district. Smaller community of well kept homes. Double garage, landscaped yard, many nice touches. Short trip to Cherry Point or Camp Lejeune. Less than 10 minutes to Emerald Isle beac

23. 2017-01-16
    listed $489,900 694-char remark

    Show marketing remark (694 chars)

    Custom one owner builder's home with everything you can imagine! Modified ''Aruba Bay'' by Sater Homes with dramatic views and features throughout! Volume and vaulted ceilings, wood & tile floors, gourmet kitchen, elevator. Huge principal suite with private screen porch. Two more screen porches, sunning deck, workshop, LOW utility bills (avg under $150/mo!) Loft area, private office, second kitchen down-great plan for two generation living. Community dock for access to Creek and ICW. Croatan school district. Smaller community of well kept homes. Double garage, landscaped yard, many nice touches. Short trip to Cherry Point or Camp Lejeune. Less than 10 minutes to Emerald Isle beac

24. 2016-10-31
    historical
25. 2016-04-14
    listed $489,900
26. 2016-03-31
    historical
27. 2015-03-31
    listed $499,900
28. 2009-04-15
    historical
29. 2008-12-30
    listed $649,000

ⓘ 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: $2,149 · $179/mo
• Projected year-2 tax: $7,052 · $588/mo
• Expected delta: +$4,903/yr (+$409/mo · 228.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $150,375
• − Mortgage interest: −$48,173
• − Property taxes: −$2,149
• − Insurance: −$4,300
• − Repairs & maintenance: −$12,030
• − Management: −$12,030
• − HOA: −$456
• − Depreciation: −$25,018
• Taxable income: $46,219
• Est. tax owed @ 24.0%: −$11,092
• After-tax cash flow: $46,680/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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• City population: 15,253
• 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

+42.5% since first listed

13 events — show timeline

• 2026-01-27 Listed $925,000 Hive MLS
• 2019-12-18 Sold (Public Records) $510,000 Public Records
• 2019-12-18 Sold (MLS) $510,000 Hive MLS
• 2019-07-01 Listed $533,000 Hive MLS
• 2017-06-13 Sold (Public Records) $470,000 Public Records
• 2017-06-13 Sold (MLS) $470,000 Hive MLS
• 2017-01-16 Listed $489,900 Hive MLS
• 2016-10-31 Listing Removed — Hive MLS
• 2016-04-14 Listed $489,900 Hive MLS
• 2016-03-31 Listing Removed — Hive MLS
• 2015-03-31 Listed $499,900 Hive MLS
• 2009-04-15 Listing Removed — Hive MLS
• 2008-12-30 Listed $649,000 Hive MLS

Property tax history

+2.8%/yr

Latest (2025): $2,149 · -2.7% YoY. Source: county tax records.