2379 Mill Creek Rd · Newport, NC
Flood risk 4/10 · Minor
- FEMA flood zone
- X (unshaded)
- Chance of flooding over 30 yrs
- 0.16%
- Est. flood insurance / yr
- $507 – $1,088
Fire risk 5/10 · Moderate
- Est. fire insurance / yr
- $906 – $1,684
Heat risk 9/10 · Severe
- Hot days now (above 103°F)
- 7 days/yr
- Hot days in 30 yrs
- 22 days/yr
Wind risk 9/10 · Severe
- Chance of severe wind over 30 yrs
- 99.0%
Air-quality risk 1/10 · Minimal
- Unhealthy air days now
- 0 days/yr
- Unhealthy air days in 30 yrs
- 0 days/yr
Risk factors via First Street. Map © Google.
Why this score? — see what drove the A- 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
- ARV discount +15.0/15.0
- 1% rule +10.0/10.0
- DSCR +10.0/10.0
- Schools +5.7/10.0
- Condition / age +3.8/5.0
- Livability +3.2/5.0
- Rent growth +2.5/5.0
- Appreciation +0.0/10.0
$339,000
2379 Mill Creek Rd · Newport, NC 28570
2 bd · 2.0 ba · 1,590 sqft · SingleFamily
public records
· 156 Days on market
Built 1969
2.51 ac lot
$213/sqft
· 39% below area
Est $549k · 38% under
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence
Listing remarks
This ranch style home is nestled in Mill Creek where privacy meets convenience. With the adjacent wooded lot conveying as well, you'll have approx 2.5 acres located less than 20 miles from Downtown Morehead City, Atlantic Beach, Cherry Point and Downtown Beaufort. Featuring 2 bedrooms, 2 bathrooms, large eat-in kitchen with walk-in pantry, great room, den, laundry/mudroom, spacious back deck and an abundance of outdoor storage. .. this gem is ready to be polished and made your own!
Key facts
- Outdoor storage
- Spacious back deck
- Wooded lot
Tags
Neighborhood map
Sold within
Property
Rental comp
Retail
Costco
Walmart
Transit
Schools
Stadiums
Fortune 500
· Circle radius: 6.0 mi
Loading POIs…
What this means for you Summary
Snapshot
- This is a 2-bed/2.0-bath single-family listed at $339k. Condition is rated good.
Deal economics
- At list price, monthly cash flow is $6k ($66k/yr) — positive.
- The deal already cash-flows at list — no discount required.
- Meets the 1% rule at list price ($10k rent vs $339k).
- Recommended offer: $298k (12.0% 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: 358 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
- At $9,561/mo this rent would consume 163% of the median local household income ($70k/yr) — 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 156 days — a 12% lower offer ($298k) 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer
$298,320
(12.0% below list)
Questions for the listing agent
- It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
- Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
- Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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.
- 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.
- 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
- 2.82% ✓
- Cap rate
- 25.90%
- Cash-on-cash
- 70.03%
- DSCR
- 4.12
- GRM
- 3.0
CMA / ARV
- ARV (median comp)
- $549,480
- List price
- $339,000
- Delta
- -38.31%
- Verdict
- UNDERPRICED
- Comps
- 6 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
| Address | Dist | Beds/Ba | Sqft | Sold | Price | $/sf | Match |
|---|---|---|---|---|---|---|---|
| 210 Shore Rd | 0.26mi | 2/2.5 | 1,630 (+2%) | 2mo | $485,000 | $298 | 80 |
| 2000 Clark Ct | 1.95mi | 3/2.0 (+1) | 1,618 (+2%) | 4mo | $350,000 | $216 | 54 |
| 295 Old Winberry Rd | 0.36mi | 2/2.5 | 2,033 (+28%) | 5mo | $778,000 | $383 | 52 |
| 1705 River Dr | 1.91mi | 3/2.0 (+1) | 1,667 (+5%) | 1mo | $475,000 | $285 | 51 |
| 503 Rosemary Dr | 2.24mi | 2/2.0 | 1,511 (-5%) | 8mo | $229,000 | $152 | 50 |
| 1908 Joslyn Dr | 1.88mi | 3/2.0 (+1) | 1,656 (+4%) | 4mo | $360,000 | $217 | 49 |
| 2002 Joslyn Dr | 1.83mi | 3/2.0 (+1) | 1,749 (+10%) | 3mo | $398,900 | $228 | 41 |
| 2003 Farmstead Ct | 2.12mi | 3/2.0 (+1) | 1,757 (+10%) | 6mo | $386,000 | $220 | 37 |
| 111 Longleaf Dr | 2.06mi | 2/2.0 | 1,216 (-24%) | 16mo | $179,900 | $148 | 26 |
| 233 Point Rd | 0.54mi | 3/2.0 (+1) | 1,950 (+23%) | 24mo | $600,000 | $308 | 25 |
| 2106 Joslyn Dr | 1.75mi | 3/2.5 (+1) | 1,785 (+12%) | 24mo | $330,000 | $185 | 18 |
| 2202 North Rd | 1.76mi | 4/2.0 (+2) | 1,950 (+23%) | 23mo | $375,000 | $192 | 11 |
Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.
Projected returns pro-forma
-3.0% appreciation · 3.0% rent growth · sell at horizon
5-year hold
- IRR
- 69.5%
- Equity multiple
- 4.14×
- Total profit
- $297,798
- Equity at exit
- $50,546
10-year hold
- IRR
- 73.6%
- Equity multiple
- 8.52×
- Total profit
- $713,354
- Equity at exit
- $29,311
Cash invested: $94,920 (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.
Seller's market
Market conditions
within 1.0 mi — comparable homes for sale
Active competition Active MLS
- For sale now
- 0 active · 2 under contract
- Months of supply
- 0.0 mo
Closed sales set the value; these active listings set current market conditions and a practical price ceiling.
ZIP-level market 28570
- Home prices YoY
- -16.2%
- Active inventory
- 358
- Price-to-rent
- 3.0×
Monthly cashflow live
↻
- Estimated rent
- $9,561 medium interval (Pro) →
- Mortgage (P&I)
- −$1,778
- Tax from tax record
- −$95 /mo · $1,141/yr
- Insurance
- −$141
- HOA
- −$0
- Lot rent
- −$0
- Vacancy / Maint / Mgmt
- −$2,008
- Net cashflow
- $5,539
Break-even live
Break-even rent
$2,549
Max offer price
$339,000
Occupancy floor
37%
Sensitivity live
| Price | -10% $5,731 | -5% $5,635 | +0% $5,539 | +5% $5,443 | +10% $5,347 |
|---|---|---|---|---|---|
| Rent | -10% $4,784 | -5% $5,161 | +0% $5,539 | +5% $5,917 | +10% $6,294 |
| Rate | -1.0pp $5,710 | -0.5pp $5,625 | base $5,539 | +0.5pp $5,451 | +1.0pp $5,362 |
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
- $84,750
- Closing costs
- $10,170
- Club membership (one-time)
- —
- Reserves months
- —
- Total cash needed
- —
Loan-product check · same deal, 3 products live
Conventional
25% down · 7.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Personal DTI + credit; lowest rate.
DSCR
20% down · 8.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
No personal income docs; deal must DSCR.
Hard money
10% down · 12.0% · 12mo
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Short-term bridge; refi at stabilization.
Property features AI
Exterior
- Parking
- No garageConcrete parking
- Utilities
- Water connectedSeptic tank
- Home design
- Single-family residenceOne-story homeEntry level: 1Facing direction not specified
- Construction
- Brick and vinyl siding with frame constructionShingle roofSlab foundationBuilt year not specified
- Exterior features
- Covered patio/porchDeckFront porchStorageOutbuildingHas a viewPaved road access
Interior
- Kitchen
- RefrigeratorRangeDishwasherMicrowavePantryEat-in kitchen
- Bedrooms
- Master located downstairs
- Bathrooms
- 2 full bathrooms
- Heating & cooling
- Heat pumpPropane heatingElectric heatingCooling provided (Heat pump)
- Interior features
- Master suite on the main levelWalk-in closet(s)Ceiling fan(s)PantryEat-in kitchen
- Laundry & utility
- Laundry roomWasherDryer
Listing history 50 events
-
2026-11-08days on market $339,000 Active 156 DOM
-
2026-11-07days on market $339,000 Active 155 DOM
-
2026-11-06days on market $339,000 Active 154 DOM
-
2026-11-05days on market $339,000 Active 153 DOM
-
2026-11-04days on market $339,000 Active 152 DOM
-
2026-11-02days on market $339,000 Active 150 DOM
-
2026-11-01days on market $339,000 Active 149 DOM
-
2026-10-31days on market $339,000 Active 148 DOM
-
2026-10-30days on market $339,000 Active 147 DOM
-
2026-10-29days on market $339,000 Active 146 DOM
-
2026-10-28days on market $339,000 Active 145 DOM
-
2026-10-27days on market $339,000 Active 144 DOM
-
2026-10-26days on market $339,000 Active 143 DOM
-
2026-10-25pricedays on market $339,000 Active 142 DOM
-
2026-10-24days on market $350,000 Active 141 DOM
-
2026-10-23days on market $350,000 Active 140 DOM
-
2026-10-22days on market $350,000 Active 139 DOM
-
2026-10-21days on market $350,000 Active 138 DOM
-
2026-10-20days on market $350,000 Active 137 DOM
-
2026-10-19days on market $350,000 Active 136 DOM
-
2026-10-18days on market $350,000 Active 135 DOM
-
2026-10-17days on market $350,000 Active 134 DOM
-
2026-10-16days on market $350,000 Active 133 DOM
-
2026-10-15days on market $350,000 Active 132 DOM
-
2026-10-14days on market $350,000 Active 131 DOM
-
2026-10-13days on market $350,000 Active 130 DOM
-
2026-10-12days on market $350,000 Active 129 DOM
-
2026-10-11days on market $350,000 Active 128 DOM
-
2026-10-10days on market $350,000 Active 127 DOM
-
2026-10-09days on market $350,000 Active 126 DOM
-
2026-10-08days on market $350,000 Active 125 DOM
-
2026-10-07days on market $350,000 Active 124 DOM
-
2026-10-06days on market $350,000 Active 123 DOM
-
2026-10-05days on market $350,000 Active 122 DOM
-
2026-10-04days on market $350,000 Active 121 DOM
-
2026-10-03days on market $350,000 Active 120 DOM
-
2026-10-02days on market $350,000 Active 119 DOM
-
2026-10-01days on market $350,000 Active 118 DOM
-
2026-09-30days on market $350,000 Active 117 DOM
-
2026-09-29days on market $350,000 Active 116 DOM
-
2026-09-28days on market $350,000 Active 115 DOM
-
2026-09-27days on market $350,000 Active 114 DOM
-
2026-09-26days on market $350,000 Active 113 DOM
-
2026-09-25days on market $350,000 Active 112 DOM
-
2026-09-24days on market $350,000 Active 111 DOM
-
2026-09-24days on market $350,000 Active 110 DOM
-
2026-09-22days on market $350,000 Active 109 DOM
-
2026-09-20days on market $350,000 Active 107 DOM
-
2026-09-19days on market $350,000 Active 106 DOM
-
2026-09-18days on market $350,000 Active 105 DOM
ⓘ 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
- $1,141 · $95/mo
- Projected year-2 tax
- $2,780 · $232/mo
- Expected delta
- +$1,639/yr (+$137/mo · 143.7%)
ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.
Climate risk First Street
- Flood 4/10 Moderate FEMA zone X (unshaded) · 16% chance over 30 yrs
- Wildfire 5/10 Major
- Heat 9/10 Extreme 7 d/yr ≥103°F today · 22 d/yr by 30 yrs out
- Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
- Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out
Nearby sold comps map
Loading sold comps map…
Walkable amenities ~0.75 mi
Loading nearby amenities…
Taxation est. · year 1
- Rental income
- $114,732
- − Mortgage interest
- −$18,989
- − Property taxes
- −$1,141
- − Insurance
- −$1,695
- − Repairs & maintenance
- −$9,179
- − Management
- −$9,179
- − Depreciation
- −$9,862
- Taxable income
- $64,688
combined federal + state — saved on this device
- Est. tax owed @ 24.0%
- −$15,525
- After-tax cash flow
- $50,944/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.
Condition & rehab AI · 9 photos
75/100
Cosmetic rehab
Est. rehab $7,950–$23,850 screening
This well-maintained ranch-style home is ready for a fresh coat of paint and some minor updates to its interior and flooring, which can significantly increase its resale and rental value.
Components & finishes AI
Roof asphalt shingle · good
Flooring tile
Deferred maintenance Est. $3,000–$12,000 screening
- Minor Roof (roof) — No visible signs of damage or wear
- Minor Windows (windows) — No visible signs of damage or wear
- Minor Electrical (electrical) — No visible signs of damage or wear
- Minor Plumbing (plumbing) — No visible signs of damage or wear
- Minor Exterior (exterior) — No visible signs of damage or wear
- Minor Other — No visible signs of damage or wear
Value-add opportunities
- Resale Paint exterior shutters — Fresh paint enhances curb appeal and can increase the home's value ↑
- Resale Paint interior walls — Fresh paint can make the interior look more modern and appealing ↑
- Resale Replace worn-out flooring — New flooring can improve the home's appearance and increase its value ↑
- Both Upgrade HVAC system — A new HVAC system can improve comfort and energy efficiency, benefiting both resale and rental value ↑
ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.
D
Composite school gradezoned avg 57/100
Zoned Schools
Elementary
Newport Elementary
D-
NC #542/1,410
Nat'l #15,452/41,679
Middle
Newport Middle
C-
NC #140/475
Nat'l #4,042/14,009
High
West Carteret High
A-
NC #89/535
Nat'l #1,465/17,239
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
C
Composite livability gradescore 63/100
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 · 73,443 people
- City population
- 22,197
- Metro
- Morehead City, NC
- Population (ZIP)
- 22,197
- Household income
- $70,229
- Rent vs Own
- Severe rent burden
- 9% of renters
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%
- 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 |
|
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Price history
1 event — show timeline
- 2026-06-05 Listed $350,000 Hive MLS
Property tax history
+2.3%/yrLatest (2025): $1,141 · +9.1% YoY. Source: county tax records.
Cash-flow waterfall
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…