2224 New River Inlet Rd #238 · North Topsail Beach, NC 28460

$144,900

1 bd · 1.0 ba · 532 sqft · Condo · 10 Days on market

Built 1981 Good condition $272/sqft · 7% below area Est $156k · 7% under $647/mo HOA · 41% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +10.6/15.0
• Schools +6.1/10.0
• 1% rule +5.8/10.0
• Cash flow +3.9/30.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Wake up to the ocean from this updated second floor condo at Topsail Reef in North Topsail Beach. The sellers have watched dolphins play from the balcony, and once you see the view you will understand why they love it here. Inside you will find new LVP flooring, a tiled walk in shower with glass doors, a modern vanity, and a fireplace with a built in media unit. A built in bunk space in the hall adds extra sleeping room for guests. The condo conveys fully furnished, so it is ready for your first beach weekend or your first rental guest. HOA dues cover master insurance including flood, water, sewer, cable, trash, pest control, termite bond, and exterior maintenance.

Key facts

• Updated condo
• Tiled walk in shower
• Beach access

Tags

• UPDATED CONDO
• NEW LVP FLOORING
• TILED WALK IN SHOWER
• BUILT IN BUNK SPACE
• FULLY FURNISHED
• BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-414 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (41.4% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $85k (41.4% below list) — sets the bar for cash-flow.
• Cap rate 2.9% vs local median 0.2% 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); 734 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y ago 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.
• Current owner paid $80k; list at $145k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.

Recommended offer $84,947 (41.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.08% ✓
• Cap rate: 2.86%
• Cash-on-cash: -12.25%
• DSCR: 0.45
• GRM: 7.7

CMA / ARV

• ARV (median comp): $155,632
• List price: $144,900
• Delta: -6.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2196 New River Inlet Rd Unit 163	0.00mi	1/1.0	532 (0%)	0mo	$135,000	$254	100
2210 New River Inlet Rd Unit 353	0.03mi	1/1.0	532 (0%)	0mo	$129,900	$244	98
2250 New River Inlet Rd Unit 117	0.08mi	1/1.0	532 (0%)	0mo	$90,000	$169	96
2210 New River Inlet Rd #159	0.04mi	1/1.0	550 (+3%)	6mo	$135,000	$245	88
232 Sand Piper Dr	0.41mi	2/1.0 (+1)	532 (0%)	7mo	$300,000	$564	70
206 Sand Piper Dr	0.39mi	1/1.5	570 (+7%)	4mo	$286,000	$502	64
1866 New River Inlet Rd Unit 3101c	0.75mi	1/1.0	560 (+5%)	0mo	$250,000	$446	56
1822 New River Inlet Rd Unit 1213a	0.85mi	1/1.0	560 (+5%)	0mo	$263,000	$470	56
1822 New River Inlet Rd Unit 1304a	0.85mi	1/1.0	560 (+5%)	0mo	$265,000	$473	56
1822 New River Inlet Rd Unit 1312a	0.85mi	1/1.0	560 (+5%)	4mo	$283,000	$505	52
1840 New River Inlet Rd #2310	0.83mi	1/1.0	560 (+5%)	5mo	$265,000	$473	52
230 Sand Piper Dr	0.41mi	1/1.0	421 (-21%)	6mo	$249,000	$591	51

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 · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -32.8%
• Equity multiple: -0.11×
• Total profit: $-45,122
• Equity at exit: $21,605

10-year hold

• IRR: -20.6%
• Equity multiple: -0.30×
• Total profit: $-52,809
• Equity at exit: $12,528

Cash invested: $40,572 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28460

• Rents YoY: 5.7%
• Active inventory: 734
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,562 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,174/yr
• Insurance: −$60
• HOA: −$647
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-414

Break-even live

Break-even rent $2,087

Max offer price $84,947

Occupancy floor —

Sensitivity live

Price	-10% $-314	-5% $-364	+0% $-414	+5% $-464	+10% $-514
Rent	-10% $-538	-5% $-476	+0% $-414	+5% $-353	+10% $-291
Rate	-1.0pp $-341	-0.5pp $-377	base $-414	+0.5pp $-452	+1.0pp $-490

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: $36,225
• Closing costs: $4,347
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2224 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,500	$2.82	1d	2	0.02mi
2182 New River Inlet Rd #273 North Topsail Beach, NC	1.0	1.0	532	$1,350	$2.54	1d	1	0.10mi
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,488	$2.80	51d	2	0.10mi
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,800	$3.38	51d	1	0.10mi
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,488	$2.80	44d	2	0.10mi
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,800	$3.38	1d	1	0.10mi

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Homeowners associationBarbecueBasketball courtBeach accessCoin laundryGrounds maintenanceManagementPicnic areaTennis courtsTrash serviceWaterSidewalksStreet lightsAnnual association fee of $7,759

Exterior

• Parking: Parking lotTwo parking spaces
• Utilities: Public waterPublic sewerCable availableSewer connectedWater connected
• Home design: CondominiumAttachedOne storyEntry on the second level
• Construction: Vinyl siding and frame constructionMembrane and flat roofPillar, post, or pier foundation
• Exterior features: BalconyCovered porchOceanfrontWater view

Interior

• Kitchen: Electric ovenElectric cooktopRefrigerator
• Bathrooms: One full bathroomAccessible full bath
• Heating & cooling: Other heatingElectric heatingOther cooling
• Interior features: FurnishedHumidifierTwo rooms
• Laundry & utility: Electric water heater

HOA detail $647/mo · $7,764/yr condo

• Likely covers: watersewertrashcableexterior maint.insurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $144,900 Active 10 DOM
2. 2026-11-07
   days on market $144,900 Active 9 DOM
3. 2026-11-06
   days on market $144,900 Active 8 DOM
4. 2026-11-05
   days on market $144,900 Active 7 DOM
5. 2026-11-04
   days on market $144,900 Active 6 DOM
6. 2026-11-02
   days on market $144,900 Active 4 DOM
7. 2026-11-01
   days on market $144,900 Active 3 DOM
8. 2026-10-31
   days on market $144,900 Active 2 DOM
9. 2026-10-30
   pricedays on marketlisting id $144,900 Active 1 DOM
10. 2026-10-26
    days on market $165,000 Active 200 DOM
11. 2026-10-25
    days on market $165,000 Active 199 DOM
12. 2026-10-24
    days on market $165,000 Active 198 DOM
13. 2026-10-23
    days on market $165,000 Active 197 DOM
14. 2026-10-22
    days on market $165,000 Active 196 DOM
15. 2026-10-21
    days on market $165,000 Active 195 DOM
16. 2026-10-20
    days on market $165,000 Active 194 DOM
17. 2026-10-19
    days on market $165,000 Active 193 DOM
18. 2026-10-18
    days on market $165,000 Active 192 DOM
19. 2026-10-17
    days on market $165,000 Active 191 DOM
20. 2026-10-16
    days on market $165,000 Active 190 DOM
21. 2026-10-15
    days on market $165,000 Active 189 DOM
22. 2026-10-14
    days on market $165,000 Active 188 DOM
23. 2026-10-13
    days on market $165,000 Active 187 DOM
24. 2026-10-12
    days on market $165,000 Active 186 DOM
25. 2026-10-11
    days on market $165,000 Active 185 DOM
26. 2026-10-10
    days on market $165,000 Active 184 DOM
27. 2026-10-09
    days on market $165,000 Active 183 DOM
28. 2026-10-08
    days on market $165,000 Active 182 DOM
29. 2026-10-07
    days on market $165,000 Active 181 DOM
30. 2026-10-06
    days on market $165,000 Active 180 DOM
31. 2026-10-05
    days on market $165,000 Active 179 DOM
32. 2026-10-04
    days on market $165,000 Active 178 DOM
33. 2026-10-04
    days on market $165,000 Active 177 DOM
34. 2026-10-02
    days on market $165,000 Active 176 DOM
35. 2026-10-01
    days on market $165,000 Active 175 DOM
36. 2026-09-29
    days on market $165,000 Active 173 DOM
37. 2026-09-28
    days on market $165,000 Active 172 DOM
38. 2026-09-27
    days on market $165,000 Active 171 DOM
39. 2026-09-26
    days on market $165,000 Active 170 DOM
40. 2026-09-25
    days on market $165,000 Active 169 DOM
41. 2026-09-24
    days on market $165,000 Active 168 DOM
42. 2026-09-24
    days on market $165,000 Active 167 DOM
43. 2026-09-22
    days on market $165,000 Active 166 DOM
44. 2026-09-20
    days on market $165,000 Active 164 DOM
45. 2026-09-18
    days on market $165,000 Active 162 DOM
46. 2026-09-17
    days on market $165,000 Active 161 DOM
47. 2026-09-16
    days on market $165,000 Active 160 DOM
48. 2026-09-15
    days on market $165,000 Active 159 DOM
49. 2026-09-14
    days on market $165,000 Active 158 DOM
50. 2026-09-13
    days on market $165,000 Active 157 DOM

ⓘ 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: $18,745
• − Mortgage interest: −$8,117
• − Property taxes: −$2,174
• − Insurance: −$724
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − HOA: −$7,764
• − Depreciation: −$4,215
• Taxable loss: −$7,248
• Est. tax savings @ 24.0%: +$1,740
• After-tax cash flow: $-3,232/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 · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $2,660–$7,980 screening

This well-maintained and updated condo is in good condition and ready for immediate occupancy. It offers a modern and cozy living space with a prime beachfront location.

Value-add opportunities

• Both Painting the exterior siding and repainting the interior walls — Painting the exterior and interior will enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the flooring to a more modern style — Updating the flooring to a more modern style will enhance the overall look of the property and make it more appealing to potential buyers and renters. ↑

ⓘ 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.

C Composite school gradezoned avg 61/100

Zoned Schools

Elementary Dixon Elementary B NC #147/1,410 Nat'l #5,189/41,679 Middle Dixon Middle C NC #106/475 Nat'l #3,276/14,009 High Dixon High B NC #142/535 Nat'l #2,514/17,239

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

C Composite livability gradescore 63/100

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 · 189,789 people
• Metro: Jacksonville, NC
• Population (ZIP): 13,532
• Household income: $88,908
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 2% of renters

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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%

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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%
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

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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

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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

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Homeowners associationBarbecueBasketball courtBeach accessCoin laundryGrounds maintenanceManagementPicnic areaTennis courtsTrash serviceWaterSidewalksStreet lightsAnnual association fee of $7,759

Exterior

• Parking: Parking lotTwo parking spaces
• Utilities: Public waterPublic sewerCable availableSewer connectedWater connected
• Home design: CondominiumAttachedOne storyEntry on the second level
• Construction: Vinyl siding and frame constructionMembrane and flat roofPillar, post, or pier foundation
• Exterior features: BalconyCovered porchOceanfrontWater view

Interior

• Kitchen: Electric ovenElectric cooktopRefrigerator
• Bathrooms: One full bathroomAccessible full bath
• Heating & cooling: Other heatingElectric heatingOther cooling
• Interior features: FurnishedHumidifierTwo rooms
• Laundry & utility: Electric water heater

Price history

+82.3% since first listed

9 events — show timeline

• 2026-10-29 Listed $144,900 Hive MLS
• 2026-10-26 Listing Removed — Hive MLS
• 2026-04-09 Listed $165,000 Hive MLS
• 2026-03-04 Listing Removed — Hive MLS
• 2025-09-30 Price Changed $189,900 Hive MLS
• 2025-06-06 Price Changed $199,500 Hive MLS
• 2025-01-05 Listed $205,000 Hive MLS
• 2020-02-27 Sold (MLS) $79,500 Hive MLS
• 2019-12-16 Listed $79,500 Hive MLS