121 N 4th Ave Unit A · Kure Beach, NC 28449

$725,000

4 bd · 4.0 ba · 2,202 sqft · Condo public records · 133 Days on market

Built 2005 $364/mo HOA · 2% of rent

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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
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to coastal living at its finest in this fully furnished, spacious 4-bedroom, 4-bath condo/townhouse-style home just three short blocks from the beach and downtown Kure Beach. Thoughtfully designed across multiple levels, this home offers flexibility, comfort, and strong rental potential. The first floor features a large bedroom with a full bath, perfect for guests or main-level living. The second floor is the heart of the home, showcasing a large open living room, generous kitchen, oversized dining area, and one additional bedroom with a full bath--ideal for guests or flexible living arrangements. The top floor offers two bedrooms, including the primary suite with peekaboo ocean vie

Key facts

• Generous kitchen
• Private patio
• Peekaboo ocean views

Tags

• PEEKABOO OCEAN VIEWS
• PRIVATE PATIO
• LARGE OPEN LIVING ROOM
• GENEROUS KITCHEN
• OVERSIZED DINING AREA
• CHARMING COVERED BACK PATIO

Property features AI

Finance

• Other: Zoning: RA-2
• Financial info: Tax amount and other financial details omitted
• HOA & community: Homeowners association with an annual fee of $4,370.75 (approximately $364.23/month)

Exterior

• Parking: Other parking surfaces, concrete and paved areas
• Security: Smoke detectors
• Utilities: Public water; Sewer available; Water available
• Home design: Residential condominium; Townhouse/duplex style; Three or more levels; Entry level not specified; Facing direction not specified
• Construction: Frame construction; Metal roof; Pillar/post/pier foundation; Built year not specified (see remarks)
• Exterior features: Outdoor shower; Balcony; Covered patio/porch, deck, and porch; Privacy and partial fencing; Has a view

Interior

• Kitchen: Electric cooktop; Double oven; Microwave; Dishwasher; Refrigerator; Water softener
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Carpet; Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heat pump and electric heating with forced air; Central air conditioning
• Interior features: Vaulted ceilings and high ceilings; Ceiling fans; Shutters and window coverings
• Laundry & utility: Washer and dryer included; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath condo listed at $725k.

Deal economics

• At list price, monthly cash flow is $14k ($172k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $725k).
• Recommended offer: $638k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.0% 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: 92 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 $5k of loan paydown is wiped out by about $22k 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 $203k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($638k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.
• Current owner paid $508k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $638,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.31% ✓
• Cap rate: 29.97%
• Cash-on-cash: 84.56%
• DSCR: 4.76
• GRM: 2.5

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: 85.0%
• Equity multiple: 4.91×
• Total profit: $793,698
• Equity at exit: $108,100

10-year hold

• IRR: 88.2%
• Equity multiple: 10.19×
• Total profit: $1,864,828
• Equity at exit: $62,685

Cash invested: $203,000 (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: 92
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$3,802
• Tax from tax record: −$188 /mo · $2,254/yr
• Insurance: −$302
• HOA: −$364
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $14,304

Break-even live

Break-even rent $5,894

Max offer price $725,000

Occupancy floor 35%

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: $181,250
• Closing costs: $21,750
• 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	21d	1	1.06mi

HOA detail condo

• Monthly dues: $364 · $4,368/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $725,000 Active 133 DOM
2. 2026-06-17
   price $725,000 Active 132 DOM
3. 2026-06-17
   days on market $739,000 Active 132 DOM
4. 2026-06-16
   days on market $739,000 Active 131 DOM
5. 2026-06-15
   days on market $739,000 Active 130 DOM
6. 2026-06-14
   days on market $739,000 Active 128 DOM
7. 2026-06-13
   days on market $739,000 Active 127 DOM
8. 2026-06-10
   days on market $739,000 Active 125 DOM
9. 2026-06-09
   days on market $739,000 Active 124 DOM
10. 2026-06-08
    days on market $739,000 Active 123 DOM
11. 2026-06-07
    days on market $739,000 Active 122 DOM
12. 2026-06-05
    days on market $739,000 Active 119 DOM
13. 2026-06-03
    days on market $739,000 Active 118 DOM
14. 2026-06-03
    days on market $739,000 Active 117 DOM
15. 2026-05-31
    days on market $739,000 Active 115 DOM
16. 2026-05-30
    days on market $739,000 Active 114 DOM
17. 2026-03-27
    price $739,000
18. 2026-03-05
    price $749,000
19. 2026-02-05
    listed $759,000 Active
20. 2025-08-20
    historical
21. 2025-07-24
    price $759,000
22. 2025-04-21
    listed $795,000 Active
23. 2025-03-29
    historical
24. 2024-11-04
    price $795,000
25. 2024-08-23
    listed $809,000 Active
26. 2021-01-19
    soldstatus $507,500
27. 2020-11-09
    listed $519,900
28. 2016-10-25
    soldstatus $380,000
29. 2014-05-30
    soldstatus $345,000
30. 2007-07-03
    soldstatus $450,000

ⓘ 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: $2,254 · $188/mo
• Projected year-2 tax: $5,945 · $495/mo
• Expected delta: +$3,691/yr (+$308/mo · 163.7%)

ⓘ 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 3/10 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: −$40,611
• − Property taxes: −$2,254
• − Insurance: −$3,625
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − HOA: −$4,368
• − Depreciation: −$21,091
• Taxable income: $169,971
• Est. tax owed @ 24.0%: −$40,793
• After-tax cash flow: $130,856/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

+64.2% since first listed

14 events — show timeline

• 2026-03-27 Price Changed $739,000 Hive MLS
• 2026-03-05 Price Changed $749,000 Hive MLS
• 2026-02-05 Listed $759,000 Hive MLS
• 2025-08-20 Listing Removed — Hive MLS
• 2025-07-24 Price Changed $759,000 Hive MLS
• 2025-04-21 Listed $795,000 Hive MLS
• 2025-03-29 Listing Removed — Hive MLS
• 2024-11-04 Price Changed $795,000 Hive MLS
• 2024-08-23 Listed $809,000 Hive MLS
• 2021-01-19 Sold (MLS) $507,500 Hive MLS
• 2020-11-09 Listed $519,900 Hive MLS
• 2016-10-25 Sold (Public Records) $380,000 Public Records
• 2014-05-30 Sold (Public Records) $345,000 Public Records
• 2007-07-03 Sold (Public Records) $450,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $2,254 · -20.6% YoY. Source: county tax records.