137 Zacchaeus Ave · Morehead City, NC 28557

$120,000

3 bd · 2.0 ba · 980 sqft · Manufactured · 208 Days on market

Built 2000 7,536 sqft lot Est $136k · 12% under

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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
• ARV discount +12.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +5.1/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors and Handymen! Looking for a Fixer-Upper in Morehead City? Welcome to your new adventure in the heart of West Morehead. Conveniently located near 3 shopping plazas and restaurants. This 3-bedroom mobile home is brimming with potential. Whether you are a seasoned renovator or a first-time buyer looking to make your mark, this property is waiting for your vision! Don't miss out on this incredible opportunity to own a piece of Morehead City! This property is only 13 miles to Cherry Point Air Base & 7 miles to Atlantic Beach. Schedule a viewing today and start imagining the possibilities! Just Add Water to Your Lifestyle!

Key facts

• Near restaurants
• 7,536 sq ft lot
• 2 parking spots

Tags

• HEART OF WEST MOREHEAD
• NEAR 3 SHOPPING PLAZAS
• NEAR RESTAURANTS
• 7 MILES TO ATLANTIC BEACH

Property features AI

Exterior

• Parking: Covered, unpaved parking; 2-space carport
• Utilities: Well water; Septic tank; Other utilities
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding construction
• Exterior features: No patio or porch; No fencing; Shingle roof; City street and state road frontage

Interior

• Bedrooms: 3 total rooms (room-level details not provided)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Electric water heater; No fireplace; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.0% in Morehead City — 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 (#412 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A-, housing B; Watch: employment D+, crime D-, amenities 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: Morehead City Primary (math 62% / reading 57%, grade B-, #205 of 1,410 statewide, top 16%, 545 students, 98% FRL); Morehead City Middle (math 53% / reading 63%, grade B, #59 of 475 statewide, top 13%, 482 students, 99% 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: Rents rising fast (+4.8%/yr); 141 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• This rent runs 31% of the median local income ($69k/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 $830 of loan paydown is wiped out by about $4k 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 + 4.8% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 12.16%
• Cash-on-cash: 20.97%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $136,220
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Dorcas Dr	0.08mi	3/2.0	1,080 (+10%)	12mo	$150,000	$139	69

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 · 4.8% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.63×
• Total profit: $21,279
• Equity at exit: $17,892

10-year hold

• IRR: 25.4%
• Equity multiple: 3.41×
• Total profit: $80,858
• Equity at exit: $10,375

Cash invested: $33,600 (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 28557

• Home prices YoY: -33.2%
• Rents YoY: 4.8%
• Active inventory: 141
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,793 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $587

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 62%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $120,000 Active 208 DOM
2. 2026-06-18
   days on market $120,000 Active 207 DOM
3. 2026-06-17
   days on market $120,000 Active 206 DOM
4. 2026-06-16
   days on market $120,000 Active 205 DOM
5. 2026-06-15
   days on market $120,000 Active 204 DOM
6. 2026-06-14
   days on market $120,000 Active 202 DOM
7. 2026-06-12
   days on market $120,000 Active 201 DOM
8. 2026-06-09
   days on market $120,000 Active 198 DOM
9. 2026-06-08
   days on market $120,000 Active 197 DOM
10. 2026-06-07
    days on market $120,000 Active 196 DOM
11. 2026-06-05
    days on market $120,000 Active 193 DOM
12. 2026-06-03
    days on market $120,000 Active 192 DOM
13. 2026-06-02
    days on market $120,000 Active 191 DOM
14. 2026-06-01
    days on market $120,000 Active 190 DOM
15. 2026-05-31
    days on market $120,000 Active 189 DOM
16. 2026-05-30
    days on market $120,000 Active 188 DOM
17. 2026-01-29
    status Active
18. 2025-12-11
    historical Active Under Contract
19. 2025-10-27
    status Pending
20. 2025-10-09
    listed $120,000 Active

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 21 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: $21,515
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,721
• − Management: −$1,721
• − Depreciation: −$3,491
• Taxable income: $5,459
• Est. tax owed @ 24.0%: −$1,310
• After-tax cash flow: $5,735/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 — Morehead City

• Score: 63/100
• State rank: #412
• US rank: #15497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• City population: 15,253
• Metro: Morehead City, NC
• Population (ZIP): 15,253
• Household income: $68,528
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 535.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Serbian 3% Italian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -135.51%
• Current HPI: 272.1497
• Rent YoY: ▲ 4.80%
• 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

4 events — show timeline

• 2026-01-29 Relisted — Hive MLS
• 2025-12-11 Contingent — Hive MLS
• 2025-10-27 Pending — Hive MLS
• 2025-10-09 Listed $120,000 Hive MLS