526 Cannonsgate Dr · Emerald Isle, NC 28570

$1,099,000

3 bd · 4.0 ba · 3,363 sqft · Other public records · 81 Days on market

Built 2018 7,405 sqft lot $143/mo HOA · 1% of rent

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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 +27.7/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• 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

Located second row to the marina, this lot is a wonderful opportunity to own prime property in a first class community for a great price. Neighborhood amenities include a beautiful clubhouse and pool, tennis courts, marina and boat launch. This is a wonderful place to build your dream home.

Key facts

• Bermuda 419 grass
• Fiber cement siding
• Custom built home

Tags

• CUSTOM BUILT HOME
• WATER ACCESS COMMUNITY
• BERMUDA 419 GRASS
• 3 ZONED IRRIGATION SYSTEM
• TRIANGLE OAKTON BRICK
• FIBER CEMENT SIDING

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Community clubhouse; Gated community; Picnic area; Playground; Security; Tennis courts; Trails; Sport court; Community pool; Street lights

Exterior

• Parking: Attached garage with 2 garage spaces (garage faces front); Two parking spaces total
• Security: Leased security system
• Utilities: Public water; Sewer connected; Natural gas connected; Underground utilities; Water connected
• Home design: Single-family residence; Three or more levels; Entry level is 2; Residential zoning
• Construction: Brick veneer, fiber cement, and frame construction; Slab foundation; Built with shingle roof
• Exterior features: Front porch; Rear porch; Porch; Patio/porch noted as 'See Remarks'; Irrigation system; Paved road access; Private road/easement frontage; Has a view; No fencing; Shingle roof

Interior

• Kitchen: Refrigerator; Dishwasher
• Flooring: Hardwood
• Bathrooms: Three full bathrooms; One half bathroom
• Heating & cooling: Heat pump heating; Heat pump cooling
• Interior features: Sound system; High ceilings; Entrance foyer; Kitchen island; Elevator; Pantry
• Laundry & utility: Dedicated laundry room; Tankless water heater; Water softener

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath other listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.10M).
• Recommended offer: $1.03M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 0.1% in Emerald Isle — 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 (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living 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: 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $90k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $1.10M implies a 2953% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,033,059 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.14% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.95%
• DSCR: 1.58
• GRM: 7.3

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: 2.4%
• Equity multiple: 1.09×
• Total profit: $28,721
• Equity at exit: $163,864

10-year hold

• IRR: 12.0%
• Equity multiple: 1.94×
• Total profit: $290,214
• Equity at exit: $95,021

Cash invested: $307,720 (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: 7.3×

Monthly cashflow live

• Estimated rent: $12,531 medium
• Mortgage (P&I): −$5,763
• Tax from tax record: −$216 /mo · $2,591/yr
• Insurance: −$458
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$143
• Vacancy / Maint / Mgmt: −$2,632
• Net cashflow: $3,253

Break-even live

Break-even rent $8,413

Max offer price $1,099,000

Occupancy floor 69%

Sensitivity live

Price	-10% $3,875	-5% $3,564	+0% $3,253	+5% $2,942	+10% $2,631
Rent	-10% $2,263	-5% $2,758	+0% $3,253	+5% $3,748	+10% $4,243
Rate	-1.0pp $3,807	-0.5pp $3,533	base $3,253	+0.5pp $2,968	+1.0pp $2,679

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: $274,750
• Closing costs: $32,970
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: pool

Listing history 26 events

1. 2026-06-19
   days on market $1,099,000 Active 81 DOM
2. 2026-06-18
   days on market $1,099,000 Active 80 DOM
3. 2026-06-17
   days on market $1,099,000 Active 79 DOM
4. 2026-06-16
   days on market $1,099,000 Active 78 DOM
5. 2026-06-15
   days on market $1,099,000 Active 77 DOM
6. 2026-06-14
   days on market $1,099,000 Active 75 DOM
7. 2026-06-12
   days on market $1,099,000 Active 74 DOM
8. 2026-06-09
   days on market $1,099,000 Active 71 DOM
9. 2026-06-08
   days on market $1,099,000 Active 70 DOM
10. 2026-06-07
    days on market $1,099,000 Active 69 DOM
11. 2026-06-05
    days on market $1,099,000 Active 66 DOM
12. 2026-06-03
    days on market $1,099,000 Active 65 DOM
13. 2026-06-02
    days on market $1,099,000 Active 64 DOM
14. 2026-06-01
    days on market $1,099,000 Active 63 DOM
15. 2026-05-31
    days on market $1,099,000 Active 62 DOM
16. 2026-05-30
    days on market $1,099,000 Active 61 DOM
17. 2026-04-25
    price $1,119,000
18. 2026-03-30
    listed $1,189,000 Active
19. 2017-11-28
    soldstatus $36,000 291-char remark

    Show marketing remark (291 chars)

    Located second row to the marina, this lot is a wonderful opportunity to own prime property in a first class community for a great price. Neighborhood amenities include a beautiful clubhouse and pool, tennis courts, marina and boat launch. This is a wonderful place to build your dream home.

20. 2017-01-18
    listed $44,500 291-char remark

    Show marketing remark (291 chars)

    Located second row to the marina, this lot is a wonderful opportunity to own prime property in a first class community for a great price. Neighborhood amenities include a beautiful clubhouse and pool, tennis courts, marina and boat launch. This is a wonderful place to build your dream home.

21. 2016-11-30
    historical
22. 2015-11-16
    listed $49,990
23. 2011-06-03
    soldstatus $53,000
24. 2011-02-26
    listed $59,900
25. 2010-01-25
    soldstatus $37,000
26. 2009-12-01
    listed $45,000

ⓘ 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: $2,591 · $216/mo
• Projected year-2 tax: $9,012 · $751/mo
• Expected delta: +$6,421/yr (+$535/mo · 247.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 22 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: $150,377
• − Mortgage interest: −$61,561
• − Property taxes: −$2,591
• − Insurance: −$6,292
• − Repairs & maintenance: −$12,030
• − Management: −$12,030
• − HOA: −$1,716
• − Depreciation: −$31,971
• Taxable income: $22,185
• Est. tax owed @ 24.0%: −$5,324
• After-tax cash flow: $33,714/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 — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

Amenities F Commute F Cost of living F Crime B Employment A+ 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
• 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

+2386.7% since first listed

10 events — show timeline

• 2026-04-25 Price Changed $1,119,000 Hive MLS
• 2026-03-30 Listed $1,189,000 Hive MLS
• 2017-11-28 Sold (MLS) $36,000 Hive MLS
• 2017-01-18 Listed $44,500 Hive MLS
• 2016-11-30 Listing Removed — Hive MLS
• 2015-11-16 Listed $49,990 Hive MLS
• 2011-06-03 Sold (MLS) $53,000 Hive MLS
• 2011-02-26 Listed $59,900 Hive MLS
• 2010-01-25 Sold (MLS) $37,000 Hive MLS
• 2009-12-01 Listed $45,000 Hive MLS

Property tax history

+45.8%/yr

Latest (2025): $2,591 · +25.6% YoY. Source: county tax records.