2250 New River Inlet Rd #311 · North Topsail Beach, NC 28460

$187,500

2 bd · 1.0 ba · 768 sqft · Condo · 118 Days on market

Built 1980 $514/mo HOA · 21% of rent

---

Why this score? — see what drove the C- 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 +18.2/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Rent growth +3.9/5.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

COME CHECK OUT THIS OCEANFRONT CONDO!!! IT HAS 2 BEDROOMS 1 BATH COMES PARTIALLY FURNISHED. HAS DECK TO SIT ON TO WATCH SUN COME UP. TENNIS COURT, GRILLING AREAS, TRASH DISPOSAL ON SITE. BUY AS A PLACE TO CALL HOME OR AN INVESTMENT FOR LONG TERM OR SHORT TERM RENTALS

Key facts

• Ocean front
• Sunrise view
• Endless ocean views

Tags

• OCEAN FRONT
• ENDLESS OCEAN VIEWS
• SUNRISE VIEW
• FULLY FURNISHED
• SUBSTANTIAL RENTAL INCOME

Property features AI

Finance

• Other: Subdivision: Topsail Reef; Street lights in community
• Financial info: Association fee billed annually (derived monthly approximately $513.67)
• HOA & community: Homeowners association; Association amenities include laundry, grounds maintenance, structure maintenance, tennis courts, trash service, water, and cable TV; Annual association fee

Exterior

• Parking: On-site paved parking
• Security: Smoke detector(s)
• Utilities: Public water; Water available
• Home design: Residential condominium; One story; Wood siding construction; Composition roof; Entry on one level
• Construction: Wood siding exterior; Pillar/post/pier foundation; Built with composition roof
• Exterior features: Balcony; Deck; Oceanfront location; Has view; Smoke detector(s); Pets allowed

Interior

• Kitchen: Electric cooktop; Refrigerator; Dishwasher
• Bedrooms: 3 total rooms
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Wall/window cooling unit(s)
• Interior features: Ceiling fan(s)
• Laundry & utility: Laundry available through association

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $188k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $188k).
• Recommended offer: $171k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 0.6% in North Topsail 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 63/100 on livability (#424 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+; Watch: health & safety D, amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dixon Elementary (math 63% / reading 66%, grade B, #147 of 1,410 statewide, top 11%, 736 students, 30% FRL); Dixon Middle (math 49% / reading 53%, grade C, #106 of 475 statewide, top 22%, 948 students, 39% FRL); Dixon High (math 62% / reading 72%, grade B, #142 of 535 statewide, top 28%, 1,149 students, 33% FRL) — zoned schools at 34% FRL track the district average.
• Zoned-school proficiency averages 61% at this address vs 46% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Onslow County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.7%/yr); 560 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $188k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $170,625 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% 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. 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 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: 1.33% ✓
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.76×
• Total profit: $-12,488
• Equity at exit: $27,957

10-year hold

• IRR: 7.4%
• Equity multiple: 1.65×
• Total profit: $34,262
• Equity at exit: $16,212

Cash invested: $52,500 (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 28460

• Rents YoY: 5.7%
• Active inventory: 560
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,502 medium
• Mortgage (P&I): −$983
• Tax est. 1.5%: −$234 /mo · $2,812/yr
• Insurance: −$78
• HOA: −$514
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $167

Break-even live

Break-even rent $2,291

Max offer price $187,500

Occupancy floor 88%

Sensitivity live

Price	-10% $296	-5% $231	+0% $167	+5% $102	+10% $37
Rent	-10% $-31	-5% $68	+0% $167	+5% $265	+10% $364
Rate	-1.0pp $261	-0.5pp $214	base $167	+0.5pp $118	+1.0pp $69

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: $46,875
• Closing costs: $5,625
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
177 Sea Gull Ln N Topsail Beach, NC	3.0	2.0	1012	$2,300	$2.27	21d	1	0.08mi
231 Port Dr N Topsail Beach, NC	3.0	2.0	1024	$4,800	$4.69	14d	1	0.20mi

HOA detail condo

• Monthly dues: $514 · $6,168/yr
• Likely covers: trash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-19
   days on market $187,500 Active 118 DOM
2. 2026-06-18
   days on market $187,500 Active 117 DOM
3. 2026-06-17
   days on market $187,500 Active 116 DOM
4. 2026-06-16
   days on market $187,500 Active 115 DOM
5. 2026-06-15
   days on market $187,500 Active 114 DOM
6. 2026-06-14
   days on market $187,500 Active 112 DOM
7. 2026-06-13
   days on market $187,500 Active 111 DOM
8. 2026-06-10
   days on market $187,500 Active 109 DOM
9. 2026-06-09
   days on market $187,500 Active 108 DOM
10. 2026-06-09
    days on market $187,500 Active 107 DOM
11. 2026-06-07
    days on market $187,500 Active 106 DOM
12. 2026-06-03
    days on market $187,500 Active 102 DOM
13. 2026-06-02
    days on market $187,500 Active 101 DOM
14. 2026-06-01
    days on market $187,500 Active 100 DOM
15. 2026-05-31
    days on market $187,500 Active 99 DOM
16. 2026-05-30
    days on market $187,500 Active 98 DOM
17. 2026-02-22
    price $187,500
18. 2026-02-21
    listed $197,500 Active
19. 2022-07-15
    price $227,000
20. 2022-06-20
    status Active
21. 2022-06-03
    status Pending
22. 2022-06-03
    historical
23. 2022-05-27
    price $232,000
24. 2022-05-20
    status Active
25. 2022-05-10
    status Pending
26. 2022-05-06
    price $237,000
27. 2022-04-22
    listed $240,000 Active
28. 2018-10-31
    soldstatus $64,000 267-char remark

    Show marketing remark (267 chars)

    COME CHECK OUT THIS OCEANFRONT CONDO!!! IT HAS 2 BEDROOMS 1 BATH COMES PARTIALLY FURNISHED. HAS DECK TO SIT ON TO WATCH SUN COME UP. TENNIS COURT, GRILLING AREAS, TRASH DISPOSAL ON SITE. BUY AS A PLACE TO CALL HOME OR AN INVESTMENT FOR LONG TERM OR SHORT TERM RENTALS

29. 2018-06-26
    listed $80,000 267-char remark

    Show marketing remark (267 chars)

    COME CHECK OUT THIS OCEANFRONT CONDO!!! IT HAS 2 BEDROOMS 1 BATH COMES PARTIALLY FURNISHED. HAS DECK TO SIT ON TO WATCH SUN COME UP. TENNIS COURT, GRILLING AREAS, TRASH DISPOSAL ON SITE. BUY AS A PLACE TO CALL HOME OR AN INVESTMENT FOR LONG TERM OR SHORT TERM RENTALS

30. 2013-08-13
    historical
31. 2012-08-17
    listed $95,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,022
• − Mortgage interest: −$10,503
• − Property taxes: −$2,812
• − Insurance: −$938
• − Repairs & maintenance: −$2,402
• − Management: −$2,402
• − HOA: −$6,168
• − Depreciation: −$5,455
• Taxable loss: −$657
• Est. tax savings @ 24.0%: +$158
• After-tax cash flow: $2,158/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: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — North Topsail Beach

• Score: 63/100
• State rank: #424
• US rank: #15770

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Topsail Beach, NC
• County: Onslow County · 164,453 people
• Metro: Jacksonville, NC
• Population (ZIP): 13,532
• Household income: $88,908
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 349.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 2%
• Common ancestry: Lithuanian 3% Romanian 2% Portuguese 2%
• Foreign-born: 3% · South Korea, Canada
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.21%
• Current HPI: 176.3461
• Rent YoY: ▲ 5.68%
• Metro: Jacksonville, 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

+97.4% since first listed

15 events — show timeline

• 2026-02-22 Price Changed $187,500 Hive MLS
• 2026-02-21 Listed $197,500 Hive MLS
• 2022-07-15 Price Changed $227,000 Hive MLS
• 2022-06-20 Relisted — Hive MLS
• 2022-06-03 Pending — Hive MLS
• 2022-06-03 Listing Removed — Hive MLS
• 2022-05-27 Price Changed $232,000 Hive MLS
• 2022-05-20 Relisted — Hive MLS
• 2022-05-10 Pending — Hive MLS
• 2022-05-06 Price Changed $237,000 Hive MLS
• 2022-04-22 Listed $240,000 Hive MLS
• 2018-10-31 Sold (MLS) $64,000 Hive MLS
• 2018-06-26 Listed $80,000 Hive MLS
• 2013-08-13 Listing Removed — Hive MLS
• 2012-08-17 Listed $95,000 Hive MLS