139 S Spinnaker Ct Lot 30 · Duck, NC 27949

$87,500

5 bd · 4.5 ba · 2,993 sqft · Condo · 163 Days on market

Built 1986

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to MERIMOTH- Share #3- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Decks have recently been replaced, some windows replaced, some gutters replaced, new washer, dryer, new television. Share 2 is also For Sale. Owner cannot close until after July 15, 2024.

Key facts

• Coastal backsplash
• Screened in porch
• Semi-oceanfront

Tags

• SEMI-OCEANFRONT
• NEWLY UPDATED KITCHEN
• COASTAL BACKSPLASH
• WET BAR
• SCREENED IN PORCH
• NEW DECK

Property features AI

Finance

• Other: Located in a cul-de-sac on a level lot; Paved private maintained road; Zoning: RS-1; Subdivision: Ships Watch
• Financial info: Property taxes listed (financial details provided elsewhere)
• HOA & community: Community pool; Boat dock; Playground; Association fee includes cable TV, electricity, grounds maintenance, and water

Exterior

• Parking: Off-street parking; Paved parking; Underground parking
• Security: Smoke detector(s)
• Utilities: Public water; Septic sewer
• Home design: Residential property; Stock cooperative / Co-Ownership (5 Weeks +)
• Construction: Frame construction; Wood siding; Asphalt roof
• Exterior features: Tennis courts; Screened porch; Deck; Beach access; Has a view; Smoke detectors; Therapeutic whirlpool

Interior

• Kitchen: Range; Oven; Disposal; Dishwasher; Microwave; Wine cooler
• Bedrooms: Information not provided
• Flooring: Carpet; Ceramic tile
• Bathrooms: 4 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Heat pump; Central heating; Zoned heating; Central air; Ceiling fans; Zoned cooling
• Interior features: Pantry; Wet bar; Walk-in closets; Furnished
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath condo listed at $88k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 56.5% vs local median 1.2% in Duck — 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 69/100 on livability (#162 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Dare County Schools (town): math 44% / reading 48% proficiency, ranked #77 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 371 units permitted in Dare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $605 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Dare County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 7 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $77,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 6.17% ✓
• Cap rate: 56.51%
• Cash-on-cash: 179.33%
• DSCR: 8.98
• GRM: 1.4

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: —
• Equity multiple: 9.77×
• Total profit: $214,901
• Equity at exit: $13,047

10-year hold

• IRR: —
• Equity multiple: 20.69×
• Total profit: $482,449
• Equity at exit: $7,565

Cash invested: $24,500 (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 27949

• Active inventory: 126
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$459
• Tax est. 1.5%: −$109 /mo · $1,312/yr
• Insurance: −$36
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,595

Break-even live

Break-even rent $850

Max offer price $87,500

Occupancy floor 28%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 Duck Ridge Village Ct Unit 2 Duck, NC	4.0	3.5	2700	$5,400	$2.00	21d	1	0.58mi

HOA detail condo

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

Listing history 32 events

1. 2026-06-18
   days on market $87,500 Active 163 DOM
2. 2026-06-17
   days on market $87,500 Active 162 DOM
3. 2026-06-16
   days on market $87,500 Active 161 DOM
4. 2026-06-15
   days on market $87,500 Active 160 DOM
5. 2026-06-13
   days on market $87,500 Active 158 DOM
6. 2026-06-12
   days on market $87,500 Active 157 DOM
7. 2026-06-09
   days on market $87,500 Active 154 DOM
8. 2026-06-08
   days on market $87,500 Active 153 DOM
9. 2026-06-07
   days on market $87,500 Active 152 DOM
10. 2026-06-07
    days on market $87,500 Active 151 DOM
11. 2026-06-04
    days on market $87,500 Active 148 DOM
12. 2026-06-02
    days on market $87,500 Active 147 DOM
13. 2026-06-01
    days on market $87,500 Active 146 DOM
14. 2026-05-31
    days on market $87,500 Active 145 DOM
15. 2026-01-05
    listed $87,500 Active
16. 2024-07-31
    soldstatus $85,000 Closed 886-char remark

    Show marketing remark (886 chars)

    Welcome to MERIMOTH- Share #3- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Decks have recently been replaced, some windows replaced, some gutters replaced, new washer, dryer, new television. Share 2 is also For Sale. Owner cannot close until after July 15, 2024.

17. 2024-07-17
    soldstatus $85,000 Closed 878-char remark

    Show marketing remark (878 chars)

    Welcome to MERIMOTH- Share #2- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Exterior decks recently replaced, some windows replaced, some new gutters, new washer/dryer, new television. Share 3 is also For Sale. Owner cannot close until after July 15, 2024

18. 2024-06-15
    status Pending 878-char remark

    Show marketing remark (878 chars)

    Welcome to MERIMOTH- Share #2- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Exterior decks recently replaced, some windows replaced, some new gutters, new washer/dryer, new television. Share 3 is also For Sale. Owner cannot close until after July 15, 2024

19. 2024-05-10
    status Pending 886-char remark

    Show marketing remark (886 chars)

    Welcome to MERIMOTH- Share #3- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Decks have recently been replaced, some windows replaced, some gutters replaced, new washer, dryer, new television. Share 2 is also For Sale. Owner cannot close until after July 15, 2024.

20. 2024-04-23
    listed $90,000 Active 878-char remark

    Show marketing remark (886 chars)

    Welcome to MERIMOTH- Share #3- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Decks have recently been replaced, some windows replaced, some gutters replaced, new washer, dryer, new television. Share 2 is also For Sale. Owner cannot close until after July 15, 2024.

21. 2024-04-23
    listed $90,000 Active 886-char remark

    Show marketing remark (886 chars)

    Welcome to MERIMOTH- Share #3- Co-Ownership home with ocean view- This 5-bedroom home features 4 full baths and 1 partial bath. Nicely updated kitchen. Semi-oceanfront with awesome beach access. SHIPS WATCH is an Oceanfront to Soundfront resort community in the heart of Duck. Ships Watch fractional owners purchase 10% ownership of the home and get 5 rotating weeks each year. The year round staff takes care of all maintenance and housekeeping. Ships Watch amenities include private beach access, pool and hot-tub, tennis courts, playground, soundfront pier, boat ramp, and plenty of summer activities. Ships Watch is NOT pet friendly. There is a Right of First Refusal for the remaining owners. Decks have recently been replaced, some windows replaced, some gutters replaced, new washer, dryer, new television. Share 2 is also For Sale. Owner cannot close until after July 15, 2024.

22. 2023-12-06
    soldstatus $81,000 Closed
23. 2023-11-14
    status Pending
24. 2023-10-17
    price $90,000
25. 2023-09-29
    soldstatus $78,000 Closed
26. 2023-09-06
    status Active
27. 2023-08-23
    status Pending
28. 2023-08-19
    listed $80,000 Active
29. 2023-08-11
    historical
30. 2023-06-28
    listed $98,500 Active
31. 2020-07-10
    soldstatus $48,000
32. 2019-09-10
    listed $69,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 21 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: $64,800
• − Mortgage interest: −$4,901
• − Property taxes: −$1,312
• − Insurance: −$1,235
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$2,545
• Taxable income: $44,438
• Est. tax owed @ 24.0%: −$10,665
• After-tax cash flow: $32,473/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: Dare County Schools
• NCES district ID: 3701110
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $54,233
• Composite: 39.86/100
• National rank: #3866
• State rank: #77 of 178 in NC

Livability — Duck

• Score: 69/100
• State rank: #162
• US rank: #8831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duck, NC
• Population (ZIP): 8,094

Population outlook (Dare County) Hauer SSP2

• Today (2025): 39,201 people
• By 2030: 40,756 · +4.0%
• By 2040: 43,015 · +9.7%
• By 2050: 44,477 · +13.5%
• By 2075: 48,522 · +23.8%
• By 2100: 50,980 · +30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 4% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Tagalog/Filipino 1%

Political lean MEDSL · Dare

• 2024 margin: R (+18.8) · D 40.1% · R 58.9%
• 2008→2024 swing: -9.5pp toward R · 2008: -9.2pp · 2024: -18.8pp
• All cycles: 2024: R+18.8 2020: R+16.5 2016: R+22.1 2012: R+16.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.21%
• Current HPI: 274.0118
• 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

+26.8% since first listed

18 events — show timeline

• 2026-01-05 Listed $87,500 OBMLS
• 2024-07-31 Sold (MLS) $85,000 OBMLS
• 2024-07-17 Sold (MLS) $85,000 OBMLS
• 2024-06-15 Pending — OBMLS
• 2024-05-10 Pending — OBMLS
• 2024-04-23 Listed $90,000 OBMLS
• 2024-04-23 Listed $90,000 OBMLS
• 2023-12-06 Sold (MLS) $81,000 OBMLS
• 2023-11-14 Pending — OBMLS
• 2023-10-17 Price Changed $90,000 OBMLS
• 2023-09-29 Sold (MLS) $78,000 OBMLS
• 2023-09-06 Relisted — OBMLS
• 2023-08-23 Pending — OBMLS
• 2023-08-19 Listed $80,000 OBMLS
• 2023-08-11 Delisted — OBMLS
• 2023-06-28 Listed $98,500 OBMLS
• 2020-07-10 Sold (MLS) $48,000 OBMLS
• 2019-09-10 Listed $69,000 OBMLS