713 Mill Creek Rd · Newport, NC 28570

$338,000

3 bd · 2.0 ba · 1,251 sqft · Other public records · 49 Days on market

Built 1996 1.14 ac lot

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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 +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

Charming single-story ranch situated on approximately 1.15 acres, offering a peaceful, country-style setting with plenty of space to make your own. This 3-bedroom, 2-bath home features, a spacious living area, and kitchen with room for gathering and everyday living. The home includes a 2-car garage, covered front porch, and a screened-in back patio, perfect for enjoying the outdoors. A portion of the backyard is fenced, and an 8' x 8' storage shed conveys. Interior features include carpeted bedrooms and vinyl plank flooring throughout the main living areas and hallway. Additional highlights include a metal roof, brand-new seamless gutters, and water softener. A separate cleared portion of t

Key facts

• Covered front porch
• Seamless gutters
• Metal roof

Tags

• COVERED FRONT PORCH
• SCREENED-IN BACK PATIO
• FENCED BACKYARD
• STORAGE SHED
• METAL ROOF
• SEAMLESS GUTTERS

Property features AI

Exterior

• Parking: Attached 2-car garage; 2 total parking spaces; Concrete parking surfaces
• Utilities: Well water; Septic tank; Water connected
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Vinyl siding with frame construction; Slab foundation; Built with traditional framing
• Exterior features: Covered and screened porches (front and rear); Chain link backyard fence; Metal roof; Shed on the property; Property has a view

Interior

• Bedrooms: Primary suite located downstairs
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Primary bedroom on the main level; Ceiling fans; Window coverings

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $338k.

Deal economics

• At list price, monthly cash flow is $8k ($96k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $338k).
• Recommended offer: $328k (3.0% below list) — sets the bar for market timing.

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 $12,607/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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 $95k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($328k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $327,860 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 3.73% ✓
• Cap rate: 34.61%
• Cash-on-cash: 101.13%
• DSCR: 5.50
• GRM: 2.2

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: —
• Equity multiple: 5.79×
• Total profit: $453,184
• Equity at exit: $50,397

10-year hold

• IRR: —
• Equity multiple: 12.08×
• Total profit: $1,048,624
• Equity at exit: $29,224

Cash invested: $94,640 (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: 2.2×

Monthly cashflow live

• Estimated rent: $12,607 medium
• Mortgage (P&I): −$1,773
• Tax from tax record: −$70 /mo · $844/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,647
• Net cashflow: $7,976

Break-even live

Break-even rent $2,511

Max offer price $338,000

Occupancy floor 32%

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: $84,500
• Closing costs: $10,140
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $338,000 Active 49 DOM
2. 2026-06-18
   days on market $338,000 Active 48 DOM
3. 2026-06-17
   days on market $338,000 Active 47 DOM
4. 2026-06-16
   days on market $338,000 Active 46 DOM
5. 2026-06-15
   days on market $338,000 Active 45 DOM
6. 2026-06-14
   days on market $338,000 Active 43 DOM
7. 2026-06-12
   days on market $338,000 Active 42 DOM
8. 2026-06-09
   days on market $338,000 Active 39 DOM
9. 2026-06-08
   days on market $338,000 Active 38 DOM
10. 2026-06-07
    days on market $338,000 Active 37 DOM
11. 2026-06-05
    days on market $338,000 Active 34 DOM
12. 2026-06-03
    days on market $338,000 Active 33 DOM
13. 2026-06-02
    days on market $338,000 Active 32 DOM
14. 2026-06-01
    days on market $338,000 Active 31 DOM
15. 2026-05-31
    pricedays on market $338,000 Active 30 DOM
16. 2026-05-30
    days on market $343,000 Active 29 DOM
17. 2026-05-01
    listed $343,000 Active

ⓘ 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: $844 · $70/mo
• Projected year-2 tax: $2,772 · $231/mo
• Expected delta: +$1,927/yr (+$161/mo · 228.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $151,283
• − Mortgage interest: −$18,933
• − Property taxes: −$844
• − Insurance: −$1,690
• − Repairs & maintenance: −$12,103
• − Management: −$12,103
• − Depreciation: −$9,833
• Taxable income: $95,777
• Est. tax owed @ 24.0%: −$22,987
• After-tax cash flow: $72,723/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 — 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

• 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

• 2026-05-01 Listed $343,000 Hive MLS

Property tax history

-0.8%/yr

Latest (2025): $844 · -14.5% YoY. Source: county tax records.