113 Constitution Ct · Broad Creek, NC 28570

$392,900

3 bd · 2.0 ba · 2,015 sqft · SingleFamily · 60 Days on market

Built 2026 Good condition 10,019 sqft lot Est $429k · 8% under $27/mo HOA

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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 +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The Corbin is a one-story floorplan in our Carolina Series, with three bedrooms, two bathrooms and a bonus room! This home features a great room open to the kitchen, eat at the island, and dining space. The windows across the back of the great room give the perfect view of your backyard and patio. Heritage Pointe community features for this plan include a natural gas fireplace, a luxury owner's bath, and a garage service door.

Key facts

• Garage service door
• Luxury owner's bath
• Great room

Tags

• GREAT ROOM
• KITCHEN ISLAND
• BACKYARD VIEW
• NATURAL GAS FIREPLACE
• LUXURY OWNER'S BATH
• GARAGE SERVICE DOOR

Property features AI

Finance

• Other: Accessible full bathroom; Green features: energy-efficient lighting and thermostat; Improved indoor air quality with ventilation
• HOA & community: Homeowners association with annual fee of $325; Association provides management and handles taxes

Exterior

• Parking: Attached garage with 2 spaces and garage door opener; Garage faces front; Concrete driveway
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas connected; Water connected; Sewer connected; Electric service connected
• Home design: Single-family residence; One and one-half levels; Entry level: 1; New construction
• Construction: Vinyl siding with stone veneer; Frame construction; Shingle roof; Slab foundation; Built in 2015
• Exterior features: Covered front and rear porches; Front porch; Rear porch; Street lights in the community; Paved road access; Has a view

Interior

• Kitchen: Electric oven; Electric range; Dishwasher; Microwave; Garbage disposal; Tankless water heater; Gas water heater
• Bedrooms: Master on main level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating (electric); Central air conditioning
• Interior features: Master suite located on the main level; Walk-in closet(s); Vaulted ceilings; Kitchen island; Ceiling fan(s); Pantry; Insulated windows; Gas-log fireplace
• Laundry & utility: Laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $393k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $7k ($85k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $393k).
• Recommended offer: $381k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.9% vs local median 22.6% in Broad Creek — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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 $12,433/mo this rent would consume 212% 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 $3k of loan paydown is wiped out by about $12k 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 $110k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($381k) 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 $381,113 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.16% ✓
• Cap rate: 27.92%
• Cash-on-cash: 77.23%
• DSCR: 4.44
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $429,195
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Eudora Dr	0.19mi	3/2.5	2,030 (+1%)	8mo	$425,000	$209	81
183 Gales Dr	0.17mi	3/2.0	2,044 (+1%)	11mo	$435,000	$213	80
101 Eudora Dr	0.18mi	3/2.5	1,906 (-5%)	2mo	$425,000	$223	79
115 Ballantine Grove Ln	0.39mi	4/2.0 (+1)	2,016 (0%)	12mo	$405,000	$201	67
281 Bay Run	0.67mi	3/2.5	2,015 (0%)	7mo	$430,000	$213	61
265 Bay Run	0.63mi	3/2.5	2,100 (+4%)	4mo	$390,000	$186	58
110 Ballantine Grove Ln	0.35mi	4/2.0 (+1)	1,885 (-6%)	13mo	$390,000	$207	58
129 Ballantine Grove Ln	0.40mi	3/2.0	1,760 (-13%)	11mo	$387,000	$220	51
111 Whitewater Cv	0.40mi	3/2.0	1,733 (-14%)	13mo	$389,900	$225	47
111 Dixon Pond Dr Lot 96	0.37mi	4/2.0 (+1)	1,774 (-12%)	16mo	$369,999	$209	44
210 Jones Ridge Ln Lot 89	0.47mi	4/2.0 (+1)	1,774 (-12%)	13mo	$374,199	$211	42
211 Fawns Path Cir Lot 83	0.55mi	4/2.0 (+1)	1,774 (-12%)	15mo	$393,000	$222	37

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: 77.2%
• Equity multiple: 4.52×
• Total profit: $387,480
• Equity at exit: $58,583

10-year hold

• IRR: 80.8%
• Equity multiple: 9.35×
• Total profit: $918,901
• Equity at exit: $33,971

Cash invested: $110,012 (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: 2.6×

Monthly cashflow live

• Estimated rent: $12,433 medium
• Mortgage (P&I): −$2,060
• Tax est. 1.5%: −$491 /mo · $5,894/yr
• Insurance: −$164
• HOA: −$27
• Vacancy / Maint / Mgmt: −$2,611
• Net cashflow: $7,080

Break-even live

Break-even rent $3,471

Max offer price $392,900

Occupancy floor 38%

Sensitivity live

Price	-10% $7,352	-5% $7,216	+0% $7,080	+5% $6,944	+10% $6,809
Rent	-10% $6,098	-5% $6,589	+0% $7,080	+5% $7,571	+10% $8,062
Rate	-1.0pp $7,278	-0.5pp $7,180	base $7,080	+0.5pp $6,978	+1.0pp $6,875

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: $98,225
• Closing costs: $11,787
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $27 · $324/yr
• Likely covers: gas

Listing history 17 events

1. 2026-06-19
   days on market $392,900 Active 60 DOM
2. 2026-06-18
   days on market $392,900 Active 59 DOM
3. 2026-06-17
   days on market $392,900 Active 58 DOM
4. 2026-06-16
   days on market $392,900 Active 57 DOM
5. 2026-06-15
   days on market $392,900 Active 56 DOM
6. 2026-06-14
   days on market $392,900 Active 54 DOM
7. 2026-06-12
   days on market $392,900 Active 53 DOM
8. 2026-06-09
   days on market $392,900 Active 50 DOM
9. 2026-06-08
   days on market $392,900 Active 49 DOM
10. 2026-06-07
    days on market $392,900 Active 48 DOM
11. 2026-06-05
    days on market $392,900 Active 45 DOM
12. 2026-06-03
    days on market $392,900 Active 44 DOM
13. 2026-06-02
    days on market $392,900 Active 43 DOM
14. 2026-06-01
    days on market $392,900 Active 42 DOM
15. 2026-05-31
    days on market $392,900 Active 41 DOM
16. 2026-05-30
    days on market $392,900 Active 40 DOM
17. 2026-04-20
    listed $392,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,202
• − Mortgage interest: −$22,009
• − Property taxes: −$5,894
• − Insurance: −$1,964
• − Repairs & maintenance: −$11,936
• − Management: −$11,936
• − HOA: −$324
• − Depreciation: −$11,430
• Taxable income: $83,709
• Est. tax owed @ 24.0%: −$20,090
• After-tax cash flow: $64,872/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 · 3 photos

Good 75/100 Cosmetic rehab

The home is in good condition with a good exterior and interior. It has a good roof and flooring. The home is move-in ready with minor cosmetic improvements needed for the exterior and landscaping.

Value-add opportunities

• Resale Paint the exterior siding — A fresh coat of paint can enhance the curb appeal and value of the home.
• Rental Landscaping improvements — Well-maintained landscaping can attract tenants and increase rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding — A fresh coat of paint can enhance the curb appeal and value of the home. ↑
• Rental Landscaping improvements — Well-maintained landscaping can attract tenants and increase rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Broad Creek, NC
• 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

1 event — show timeline

• 2026-04-20 Listed $392,900 Hive MLS