422 Fort Fisher Blvd S Unit A · Kure Beach, NC 28449

$950,000

4 bd · 4.5 ba · 2,305 sqft · Condo public records · 50 Days on market

Built 2004

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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 +7.5/15.0
• 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

Best offers due by noon on Thursday, 3/24/22.. . Sweeping ocean views are on display from two large decks and rooms in this refined coastal home, located in walking distance to the Kure Beach pier and many options for shopping, dining and nightlife. Relax in the private pool in the backyard, walk to the beach and the brand new oceanfront park or visit iconic restaurants such as Freddie's, Big Daddy's or Jack Mackerel's—the options are endless. The interior is equally appealing, as it has a seamless, open floor plan and abundant natural light, brought in by French doors and large windows in most of the rooms. Separated from the living room by a breakfast bar with counter seating, the kitchen features granite counters, custom white cabinetry and high-end appliances. Generous secondary bedrooms, large bonus room a second master suite with a jetted tub, and a spacious, ocean view master suite ensure there is something for everyone. Other highlights include two large rear decks that overlook the pool, a laundry room, one car garage and off-street parking. Previously a vacation rental, the home includes fresh interior paint in the main living areas, new carpet in the bedrooms and a proven history of generating significant annual revenue grossing over 80k in 2021. Available fully furnished, with most of the furnishings replaced within the last two years, including the mattresses, and with a pool that has been grandfathered in (pools are no longer allowed with duplexes), this completely turnkey home is a rare opportunity. With many other fun areas to explore that are just a short distance away, including the NC Aquarium, Ft. Fisher historic area and Carolina Beach, the time to act is now. Ask listing agent for prior year(s) income statements and more information.

Key facts

• Garage
• Pool
• Built 2004

Property features AI

Finance

• HOA & community: Association fee paid annually

Exterior

• Parking: Attached 1-car garage; Paved on-site parking; Off-street parking
• Utilities: Public water; Sewer available; Water available
• Home design: Duplex residential condominium; Three or more levels; Entry level on level 1; Facing: (not specified)
• Construction: Vinyl siding and frame construction; Shingle roof; Foundation: slab and pier/post (other)
• Exterior features: Covered porch; Deck; Vinyl yard fencing (back yard); In-ground pool; Has view

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Garbage disposal; Refrigerator
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: Four full bathrooms; One half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Tray ceilings; Ceiling fans; Window coverings; Accessible full bathroom
• Laundry & utility: Washer; Dryer; Laundry located in hall / laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath condo listed at $950k.

Deal economics

• At list price, monthly cash flow is $12k ($143k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $950k).
• Recommended offer: $922k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% 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 $28k 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 $266k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($922k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $1k/mo.
• Climate carrying-cost: in FEMA flood zone VE (mandatory federal flood insurance); 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 $921,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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 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: 2.53% ✓
• Cap rate: 23.20%
• Cash-on-cash: 60.38%
• DSCR: 3.69
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.0%
• Equity multiple: 3.28×
• Total profit: $606,312
• Equity at exit: $141,648

10-year hold

• IRR: 57.3%
• Equity multiple: 6.67×
• Total profit: $1,508,715
• Equity at exit: $82,139

Cash invested: $266,000 (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: 3.3×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$198 /mo · $2,381/yr
• Insurance: −$396
• Flood insurance flood zone: −$1,457 /mo · $17,488/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $11,926

Break-even live

Break-even rent $8,903

Max offer price $950,000

Occupancy floor 45%

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: $237,500
• Closing costs: $28,500
• 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	20d	1	0.74mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $950,000 Active 50 DOM
2. 2026-06-17
   days on market $950,000 Active 49 DOM
3. 2026-06-16
   days on market $950,000 Active 48 DOM
4. 2026-06-15
   days on market $950,000 Active 47 DOM
5. 2026-06-14
   days on market $950,000 Active 45 DOM
6. 2026-06-13
   days on market $950,000 Active 44 DOM
7. 2026-06-10
   days on market $950,000 Active 42 DOM
8. 2026-06-09
   days on market $950,000 Active 41 DOM
9. 2026-06-08
   days on market $950,000 Active 40 DOM
10. 2026-06-07
    days on market $950,000 Active 39 DOM
11. 2026-06-05
    days on market $950,000 Active 36 DOM
12. 2026-06-03
    days on market $950,000 Active 35 DOM
13. 2026-06-03
    days on market $950,000 Active 34 DOM
14. 2026-05-31
    days on market $950,000 Active 32 DOM
15. 2026-05-30
    days on market $950,000 Active 31 DOM
16. 2026-05-11
    price $950,000
17. 2026-04-29
    listed $975,000 Active
18. 2022-05-17
    soldstatus $897,500 Closed 1791-char remark

    Show marketing remark (1791 chars)

    Best offers due by noon on Thursday, 3/24/22.. . Sweeping ocean views are on display from two large decks and rooms in this refined coastal home, located in walking distance to the Kure Beach pier and many options for shopping, dining and nightlife. Relax in the private pool in the backyard, walk to the beach and the brand new oceanfront park or visit iconic restaurants such as Freddie's, Big Daddy's or Jack Mackerel's—the options are endless. The interior is equally appealing, as it has a seamless, open floor plan and abundant natural light, brought in by French doors and large windows in most of the rooms. Separated from the living room by a breakfast bar with counter seating, the kitchen features granite counters, custom white cabinetry and high-end appliances. Generous secondary bedrooms, large bonus room a second master suite with a jetted tub, and a spacious, ocean view master suite ensure there is something for everyone. Other highlights include two large rear decks that overlook the pool, a laundry room, one car garage and off-street parking. Previously a vacation rental, the home includes fresh interior paint in the main living areas, new carpet in the bedrooms and a proven history of generating significant annual revenue grossing over 80k in 2021. Available fully furnished, with most of the furnishings replaced within the last two years, including the mattresses, and with a pool that has been grandfathered in (pools are no longer allowed with duplexes), this completely turnkey home is a rare opportunity. With many other fun areas to explore that are just a short distance away, including the NC Aquarium, Ft. Fisher historic area and Carolina Beach, the time to act is now. Ask listing agent for prior year(s) income statements and more information.

19. 2022-05-16
    soldstatus $897,500
20. 2022-03-24
    historical 1791-char remark

    Show marketing remark (1791 chars)

    Best offers due by noon on Thursday, 3/24/22.. . Sweeping ocean views are on display from two large decks and rooms in this refined coastal home, located in walking distance to the Kure Beach pier and many options for shopping, dining and nightlife. Relax in the private pool in the backyard, walk to the beach and the brand new oceanfront park or visit iconic restaurants such as Freddie's, Big Daddy's or Jack Mackerel's—the options are endless. The interior is equally appealing, as it has a seamless, open floor plan and abundant natural light, brought in by French doors and large windows in most of the rooms. Separated from the living room by a breakfast bar with counter seating, the kitchen features granite counters, custom white cabinetry and high-end appliances. Generous secondary bedrooms, large bonus room a second master suite with a jetted tub, and a spacious, ocean view master suite ensure there is something for everyone. Other highlights include two large rear decks that overlook the pool, a laundry room, one car garage and off-street parking. Previously a vacation rental, the home includes fresh interior paint in the main living areas, new carpet in the bedrooms and a proven history of generating significant annual revenue grossing over 80k in 2021. Available fully furnished, with most of the furnishings replaced within the last two years, including the mattresses, and with a pool that has been grandfathered in (pools are no longer allowed with duplexes), this completely turnkey home is a rare opportunity. With many other fun areas to explore that are just a short distance away, including the NC Aquarium, Ft. Fisher historic area and Carolina Beach, the time to act is now. Ask listing agent for prior year(s) income statements and more information.

21. 2022-03-18
    listed $895,000 1791-char remark

    Show marketing remark (1791 chars)

    Best offers due by noon on Thursday, 3/24/22.. . Sweeping ocean views are on display from two large decks and rooms in this refined coastal home, located in walking distance to the Kure Beach pier and many options for shopping, dining and nightlife. Relax in the private pool in the backyard, walk to the beach and the brand new oceanfront park or visit iconic restaurants such as Freddie's, Big Daddy's or Jack Mackerel's—the options are endless. The interior is equally appealing, as it has a seamless, open floor plan and abundant natural light, brought in by French doors and large windows in most of the rooms. Separated from the living room by a breakfast bar with counter seating, the kitchen features granite counters, custom white cabinetry and high-end appliances. Generous secondary bedrooms, large bonus room a second master suite with a jetted tub, and a spacious, ocean view master suite ensure there is something for everyone. Other highlights include two large rear decks that overlook the pool, a laundry room, one car garage and off-street parking. Previously a vacation rental, the home includes fresh interior paint in the main living areas, new carpet in the bedrooms and a proven history of generating significant annual revenue grossing over 80k in 2021. Available fully furnished, with most of the furnishings replaced within the last two years, including the mattresses, and with a pool that has been grandfathered in (pools are no longer allowed with duplexes), this completely turnkey home is a rare opportunity. With many other fun areas to explore that are just a short distance away, including the NC Aquarium, Ft. Fisher historic area and Carolina Beach, the time to act is now. Ask listing agent for prior year(s) income statements and more information.

22. 2019-11-01
    soldstatus $498,000 690-char remark

    Show marketing remark (690 chars)

    Attention Investors! Awesome 4BR/4.5BA beach condo with a terrific location across from the beach, ocean views, steps to beach access and just a few block from the pier. $46,000 booked rental income YTD (8-4-19), and $59,000+ in 2018! Very popular property. Walk to the pier, dining, oceanfront park and more! Nice ocean views! Great open floorplan with large kitchen, granite counters and stainless appliances, You also have a private pool and the home is sold fully furnished, so just bring your flip flops. Lots of decks space, garage parking and more! Great for investors too as the property is established on the rental market with professional property mngr. Call for a showing today!

23. 2019-08-03
    listed $498,000 690-char remark

    Show marketing remark (690 chars)

    Attention Investors! Awesome 4BR/4.5BA beach condo with a terrific location across from the beach, ocean views, steps to beach access and just a few block from the pier. $46,000 booked rental income YTD (8-4-19), and $59,000+ in 2018! Very popular property. Walk to the pier, dining, oceanfront park and more! Nice ocean views! Great open floorplan with large kitchen, granite counters and stainless appliances, You also have a private pool and the home is sold fully furnished, so just bring your flip flops. Lots of decks space, garage parking and more! Great for investors too as the property is established on the rental market with professional property mngr. Call for a showing today!

24. 2005-08-05
    soldstatus $549,900
25. 2004-08-23
    listed $549,900

ⓘ 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: $2,381 · $198/mo
• Projected year-2 tax: $7,790 · $649/mo
• Expected delta: +$5,409/yr (+$451/mo · 227.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone VE · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 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: −$53,215
• − Property taxes: −$2,381
• − Insurance: −$22,238
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − Depreciation: −$27,636
• Taxable income: $136,449
• Est. tax owed @ 24.0%: −$32,748
• After-tax cash flow: $110,370/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

+72.8% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $950,000 Hive MLS
• 2026-04-29 Listed $975,000 Hive MLS
• 2022-05-17 Sold (MLS) $897,500 Hive MLS
• 2022-05-16 Sold (Public Records) $897,500 Public Records
• 2022-03-24 Listing Removed — Hive MLS
• 2022-03-18 Listed $895,000 Hive MLS
• 2019-11-01 Sold (MLS) $498,000 Hive MLS
• 2019-08-03 Listed $498,000 Hive MLS
• 2005-08-05 Sold (MLS) $549,900 Hive MLS
• 2004-08-23 Listed $549,900 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $2,381 · -36.5% YoY. Source: county tax records.