221 Seawatch Way · Kure Beach, NC 28449

$1,050,000

4 bd · 4.0 ba · 2,477 sqft · SingleFamily public records · 90 Days on market

Built 2005 6,752 sqft lot Est $996k · 5% over $125/mo HOA · 1% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.0/15.0
• Schools +4.3/10.0
• 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

Welcome to SeaWatch! This is a special neighborhood nestled in the center of Kure beach. The homes in this community are known for their bright cheerful colors. It's a five bedroom home that has been newly renovated. This home is truly turnkey. It includes all the furniture, which most has been recently purchased. Hardwoods and luxury vinyl are throughout. The first floor is an open floor concept with the kitchen, dining room and living room open for entertainment. The master suite is just that! This room has been completely redecorated and feels like a true oasis. Huge bedroom with a private balcony and swing. The master bathroom shower is huge and amazing! It has a rain head and shower head. Just off the master suite there is a laundry hook up if you would like to add a second laundry space to the home. The secondary bedrooms are a great size as well! There are three porches on this home, the front porch, back porch and lower deck with an outdoor shower. This home is only a five minute walk to the ocean and has private beach access with a tiki bar. There are tennis courts, a community pool and a playground. This home truly feels like you are on vacation year round!

Key facts

• 6,752 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Zoning: B-4; Roads are paved; frontage and road type noted as city street/state road (see remarks)
• HOA & community: Homeowners association with annual fee (approximately $1,500); Community pool; Sidewalks and street lights; Clubhouse; Playground; Tennis courts; Trails; Sport court(s); Management

Exterior

• Parking: 2 total parking spaces; Attached 2-car garage; Off-street parking; On-site parking
• Utilities: Public water; Sewer connected; Water connected; Cable available; Underground utilities
• Home design: Single family residence; Three or more levels; 3 stories; Residential property
• Construction: Wood siding and frame construction; Metal roof; Slab and pier/pillar/post foundation; Built with other foundation components
• Exterior features: Outdoor shower; Balcony; Deck; Front porch; Rear porch; Beach access; Irrigation equipment; Accessible full bath

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Disposal; Refrigerator; Electric water heater
• Bedrooms: Total rooms: 9
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air; Electric heating; Heat pump
• Interior features: Walk-in closets; Kitchen island; Ceiling fans; Window coverings; Furnished; Gas log fireplace
• Laundry & utility: Washer; Dryer; Washer hookup; Laundry closet; Laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $13k ($151k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.05M).
• Recommended offer: $987k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.7% vs local median 2.1% in Kure 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 65/100 on livability (#303 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $294k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($987k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y 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 $685k; list at $1.05M implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $987,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.29% ✓
• Cap rate: 20.68%
• Cash-on-cash: 51.38%
• DSCR: 3.29
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $995,754
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
160 Seawatch Way	0.08mi	4/4.0	2,260 (-9%)	6mo	$1,075,000	$476	76
465 Fort Fisher Blvd N	0.18mi	5/3.0 (+1)	2,600 (+5%)	2mo	$1,057,777	$407	72
425 Sandman Dr	0.14mi	5/3.0 (+1)	2,313 (-7%)	2mo	$940,000	$406	72
737 Cutter Ct	0.26mi	4/3.5	2,548 (+3%)	12mo	$950,000	$373	71
118 Clementree Ln	0.25mi	5/3.0 (+1)	2,473 (-0%)	14mo	$918,000	$371	67
1615 Bonito Ln	0.62mi	4/3.0	2,506 (+1%)	2mo	$990,000	$395	63
1725 Spot Ln	0.52mi	4/3.5	2,603 (+5%)	3mo	$928,750	$357	63
512 Shell Dr	0.35mi	4/2.5	2,336 (-6%)	9mo	$756,000	$324	61
737 Fort Fisher Blvd N	0.29mi	4/3.0	2,176 (-12%)	2mo	$880,000	$404	60
1514 Mackerel Ln	0.74mi	4/3.0	2,490 (+0%)	4mo	$1,000,000	$402	57
118 Bluefish Ln	0.30mi	5/3.5 (+1)	2,809 (+13%)	10mo	$845,000	$301	48
205 S Sixth Ave	0.71mi	4/3.0	2,230 (-10%)	14mo	$925,000	$415	34

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: 49.2%
• Equity multiple: 3.15×
• Total profit: $631,377
• Equity at exit: $156,558

10-year hold

• IRR: 54.7%
• Equity multiple: 6.38×
• Total profit: $1,581,378
• Equity at exit: $90,785

Cash invested: $294,000 (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 28449

• Active inventory: 92
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$5,506
• Tax from tax record: −$304 /mo · $3,644/yr
• Insurance: −$438
• HOA: −$125
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $12,587

Break-even live

Break-even rent $8,066

Max offer price $1,050,000

Occupancy floor 43%

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	21d	1	0.56mi

HOA detail

• Monthly dues: $125 · $1,500/yr
• Likely covers: pool

Listing history 39 events

1. 2026-06-18
   days on market $1,050,000 Active 90 DOM
2. 2026-06-17
   days on market $1,050,000 Active 89 DOM
3. 2026-06-16
   days on market $1,050,000 Active 88 DOM
4. 2026-06-15
   days on market $1,050,000 Active 87 DOM
5. 2026-06-14
   days on market $1,050,000 Active 85 DOM
6. 2026-06-13
   days on market $1,050,000 Active 84 DOM
7. 2026-06-10
   days on market $1,050,000 Active 82 DOM
8. 2026-06-09
   days on market $1,050,000 Active 81 DOM
9. 2026-06-08
   days on market $1,050,000 Active 80 DOM
10. 2026-06-07
    days on market $1,050,000 Active 79 DOM
11. 2026-06-05
    days on market $1,050,000 Active 76 DOM
12. 2026-06-03
    days on market $1,050,000 Active 75 DOM
13. 2026-06-03
    days on market $1,050,000 Active 74 DOM
14. 2026-05-31
    days on market $1,050,000 Active 72 DOM
15. 2026-05-30
    days on market $1,050,000 Active 71 DOM
16. 2026-04-08
    price $1,050,000
17. 2026-03-20
    listed $1,095,000 Active
18. 2025-11-03
    status Active
19. 2025-09-09
    status Pending
20. 2025-09-09
    historical
21. 2025-09-04
    price $1,125,000
22. 2025-06-01
    status Active
23. 2025-05-30
    historical
24. 2025-03-03
    price $1,150,000
25. 2025-01-01
    price $1,179,000
26. 2024-11-14
    listed $1,199,000 Active
27. 2021-02-12
    soldstatus $685,000 1189-char remark

    Show marketing remark (1189 chars)

    Welcome to SeaWatch! This is a special neighborhood nestled in the center of Kure beach. The homes in this community are known for their bright cheerful colors. It's a five bedroom home that has been newly renovated. This home is truly turnkey. It includes all the furniture, which most has been recently purchased. Hardwoods and luxury vinyl are throughout. The first floor is an open floor concept with the kitchen, dining room and living room open for entertainment. The master suite is just that! This room has been completely redecorated and feels like a true oasis. Huge bedroom with a private balcony and swing. The master bathroom shower is huge and amazing! It has a rain head and shower head. Just off the master suite there is a laundry hook up if you would like to add a second laundry space to the home. The secondary bedrooms are a great size as well! There are three porches on this home, the front porch, back porch and lower deck with an outdoor shower. This home is only a five minute walk to the ocean and has private beach access with a tiki bar. There are tennis courts, a community pool and a playground. This home truly feels like you are on vacation year round!

28. 2021-02-12
    soldstatus $685,000

    Show marketing remark (1189 chars)

    Welcome to SeaWatch! This is a special neighborhood nestled in the center of Kure beach. The homes in this community are known for their bright cheerful colors. It's a five bedroom home that has been newly renovated. This home is truly turnkey. It includes all the furniture, which most has been recently purchased. Hardwoods and luxury vinyl are throughout. The first floor is an open floor concept with the kitchen, dining room and living room open for entertainment. The master suite is just that! This room has been completely redecorated and feels like a true oasis. Huge bedroom with a private balcony and swing. The master bathroom shower is huge and amazing! It has a rain head and shower head. Just off the master suite there is a laundry hook up if you would like to add a second laundry space to the home. The secondary bedrooms are a great size as well! There are three porches on this home, the front porch, back porch and lower deck with an outdoor shower. This home is only a five minute walk to the ocean and has private beach access with a tiki bar. There are tennis courts, a community pool and a playground. This home truly feels like you are on vacation year round!

29. 2020-12-10
    listed $699,900 1189-char remark

    Show marketing remark (1189 chars)

    Welcome to SeaWatch! This is a special neighborhood nestled in the center of Kure beach. The homes in this community are known for their bright cheerful colors. It's a five bedroom home that has been newly renovated. This home is truly turnkey. It includes all the furniture, which most has been recently purchased. Hardwoods and luxury vinyl are throughout. The first floor is an open floor concept with the kitchen, dining room and living room open for entertainment. The master suite is just that! This room has been completely redecorated and feels like a true oasis. Huge bedroom with a private balcony and swing. The master bathroom shower is huge and amazing! It has a rain head and shower head. Just off the master suite there is a laundry hook up if you would like to add a second laundry space to the home. The secondary bedrooms are a great size as well! There are three porches on this home, the front porch, back porch and lower deck with an outdoor shower. This home is only a five minute walk to the ocean and has private beach access with a tiki bar. There are tennis courts, a community pool and a playground. This home truly feels like you are on vacation year round!

30. 2018-06-01
    soldstatus $600,000
31. 2018-06-01
    soldstatus $600,000
32. 2018-04-06
    listed $600,000
33. 2016-08-26
    historical
34. 2016-02-10
    listed $540,000
35. 2015-06-10
    historical
36. 2014-06-13
    listed $525,000
37. 2005-12-17
    soldstatus $531,923
38. 2004-01-24
    listed $513,000
39. 2003-07-01
    soldstatus $135,000

ⓘ 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: $3,644 · $304/mo
• Projected year-2 tax: $8,610 · $718/mo
• Expected delta: +$4,966/yr (+$414/mo · 136.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $288,000
• − Mortgage interest: −$58,816
• − Property taxes: −$3,644
• − Insurance: −$5,250
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − HOA: −$1,500
• − Depreciation: −$30,545
• Taxable income: $142,164
• Est. tax owed @ 24.0%: −$34,119
• After-tax cash flow: $116,930/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: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

Livability — Kure Beach

• Score: 65/100
• State rank: #303
• US rank: #12563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kure Beach, NC
• Population (ZIP): 2,017

Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.31%
• Current HPI: 246.571
• Rent YoY: —
• Metro: —
• 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

+677.8% since first listed

24 events — show timeline

• 2026-04-08 Price Changed $1,050,000 Hive MLS
• 2026-03-20 Listed $1,095,000 Hive MLS
• 2025-11-03 Relisted — Hive MLS
• 2025-09-09 Pending — Hive MLS
• 2025-09-09 Listing Removed — Hive MLS
• 2025-09-04 Price Changed $1,125,000 Hive MLS
• 2025-06-01 Relisted — Hive MLS
• 2025-05-30 Listing Removed — Hive MLS
• 2025-03-03 Price Changed $1,150,000 Hive MLS
• 2025-01-01 Price Changed $1,179,000 Hive MLS
• 2024-11-14 Listed $1,199,000 Hive MLS
• 2021-02-12 Sold (Public Records) $685,000 Public Records
• 2021-02-12 Sold (MLS) $685,000 Hive MLS
• 2020-12-10 Listed $699,900 Hive MLS
• 2018-06-01 Sold (Public Records) $600,000 Public Records
• 2018-06-01 Sold (MLS) $600,000 Hive MLS
• 2018-04-06 Listed $600,000 Hive MLS
• 2016-08-26 Listing Removed — Hive MLS
• 2016-02-10 Listed $540,000 Hive MLS
• 2015-06-10 Listing Removed — Hive MLS
• 2014-06-13 Listed $525,000 Hive MLS
• 2005-12-17 Sold (MLS) $531,923 Hive MLS
• 2004-01-24 Listed $513,000 Hive MLS
• 2003-07-01 Sold (Public Records) $135,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $3,644 · -28.9% YoY. Source: county tax records.