2264 New River Inlet Rd Unit 309 · North Topsail Beach, NC 28460

$164,900

1 bd · 1.0 ba · 532 sqft · Condo · 167 Days on market

Built 1980 Good condition $310/sqft · 6% below area Est $175k · 6% under $647/mo HOA · 41% of rent ↓ 18% since listing

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Why this score? — see what drove the F 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 +10.1/15.0
• Schools +5.9/10.0
• 1% rule +4.5/10.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Cash flow +2.8/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Unit 309 at Topsail Reef, a third level oceanfront condo located on New River Inlet Road in North Topsail Beach. This unit offers stunning ocean views and easy beach access, making it an ideal getaway, second home, or investment opportunity. This unit is fully furnished, including furniture, décor, and kitchen essentials. It is truly move in or rental ready. Enjoy waking up to the sound of the ocean and taking in the coastal scenery just steps from your door. Topsail Reef is conveniently located near local dining, shopping, and island attractions.

Key facts

• Oceanfront condo
• Beach access
• Move in ready

Tags

• OCEANFRONT CONDO
• BEACH ACCESS
• FULLY FURNISHED
• MOVE IN READY
• LOCAL DINING
• ISLAND ATTRACTIONS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-553 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (48.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (5.3% below list).
• Recommended offer: $85k (48.5% below list) — sets the bar for cash-flow.
• Cap rate 2.3% vs local median 0.1% 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: Coastal Elementary (822 students, 31% 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 59% at this address vs 46% district-wide (+14 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); 688 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: HOA is 41% of rent.

Recommended offer $84,868 (48.5% 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. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 2.27%
• Cash-on-cash: -14.37%
• DSCR: 0.36
• GRM: 8.8

CMA / ARV

• ARV (median comp): $175,066
• List price: $164,900
• Delta: -5.81%
• 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
2224 New River Inlet Rd #136	0.10mi	1/1.0	532 (0%)	8mo	$115,000	$216	89
2210 New River Inlet Rd #159	0.13mi	1/1.0	550 (+3%)	4mo	$135,000	$245	84
2174 New River Inlet Rd Unit 384	0.23mi	1/1.0	532 (0%)	7mo	$128,000	$241	84
2240 New River Inlet Rd Unit 325	0.06mi	1/1.0	489 (-8%)	6mo	$148,000	$303	78
232 Sand Piper Dr	0.50mi	2/1.0 (+1)	532 (0%)	5mo	$300,000	$564	67
206 Sand Piper Dr	0.48mi	1/1.5	570 (+7%)	3mo	$286,000	$502	61
1822 New River Inlet Rd Unit 1312a	0.95mi	1/1.0	560 (+5%)	3mo	$283,000	$505	54
1840 New River Inlet Rd #2310	0.92mi	1/1.0	560 (+5%)	4mo	$265,000	$473	53
1822 New River Inlet Rd Unit 1102a	0.95mi	1/1.0	560 (+5%)	6mo	$280,000	$500	52
1840 New River Inlet Rd Unit 2210b	0.91mi	1/1.0	560 (+5%)	7mo	$258,000	$461	50
239 Sandpiper Dr	0.52mi	2/1.5 (+1)	568 (+7%)	9mo	$310,000	$546	50
230 Sand Piper Dr	0.50mi	1/1.0	421 (-21%)	4mo	$249,000	$591	48

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: -37.6%
• Equity multiple: -0.24×
• Total profit: $-57,203
• Equity at exit: $24,587

10-year hold

• IRR: -29.4%
• Equity multiple: -0.62×
• Total profit: $-74,717
• Equity at exit: $14,258

Cash invested: $46,172 (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: 688
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,561 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$647
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-553

Break-even live

Break-even rent $2,262

Max offer price $84,868

Occupancy floor —

Sensitivity live

Price	-10% $-439	-5% $-496	+0% $-553	+5% $-610	+10% $-667
Rent	-10% $-676	-5% $-615	+0% $-553	+5% $-491	+10% $-430
Rate	-1.0pp $-470	-0.5pp $-511	base $-553	+0.5pp $-596	+1.0pp $-639

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: $41,225
• Closing costs: $4,947
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,488	$2.80	6d	2	0.04mi
2250 New River Inlet Rd N Topsail Beach, NC	1.0	1.0	532	$1,800	$3.38	6d	1	0.04mi
2210 # N Unit New River Inlet Rd unit Sneads Ferry, NC	1.0	1.0	532	$1,350	$2.54	6d	1	0.15mi

Property features AI

Finance

• Other: Zoning: R-5Subdivision: Topsail ReefDirections: From Surf City cross the Surf City Bridge onto Topsail Island and continue north on New River Inlet Road approximately 6 miles; Topsail Reef will be on the right at 2264 New River Inlet Road. Unit 309 is on the third level.
• HOA & community: Homeowners association with annual fee (annually billed)Association amenities include beach access, on-site laundry, grounds maintenance, tennis courts, trash service, and water

Exterior

• Parking: Parking lot
• Utilities: Water connectedSewer connected
• Home design: CondominiumOne storyEntry located on the 3rd level
• Construction: Vinyl siding and frame constructionMembrane flat roofPillar/post/pier foundationBuilt as residential condominium
• Exterior features: BalconyOceanfront frontage with beach and waterfront accessHas a viewPaved road access via city street and state road

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Wall/window unit coolingElectric heating and space heater
• Interior features: FurnishedTotal of 3 roomsWall/window air conditioning unitsSpace heater and electric heating

HOA detail $647/mo · $7,764/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $164,900 Active 167 DOM
2. 2026-09-24
   days on market $164,900 Active 166 DOM
3. 2026-09-22
   days on market $164,900 Active 165 DOM
4. 2026-09-20
   days on market $164,900 Active 163 DOM
5. 2026-09-18
   days on market $164,900 Active 161 DOM
6. 2026-09-17
   days on market $164,900 Active 160 DOM
7. 2026-09-16
   days on market $164,900 Active 159 DOM
8. 2026-09-15
   days on market $164,900 Active 158 DOM
9. 2026-09-14
   days on market $164,900 Active 157 DOM
10. 2026-09-13
    days on market $164,900 Active 156 DOM
11. 2026-09-12
    days on market $164,900 Active 155 DOM
12. 2026-09-11
    days on market $164,900 Active 154 DOM
13. 2026-09-05
    days on market $164,900 Active 148 DOM
14. 2026-09-04
    days on market $164,900 Active 147 DOM
15. 2026-09-03
    days on market $164,900 Active 146 DOM
16. 2026-08-31
    days on market $164,900 Active 143 DOM
17. 2026-08-30
    days on market $164,900 Active 142 DOM
18. 2026-08-29
    days on market $164,900 Active 141 DOM
19. 2026-08-28
    days on market $164,900 Active 140 DOM
20. 2026-08-27
    days on market $164,900 Active 139 DOM
21. 2026-08-26
    days on market $164,900 Active 138 DOM
22. 2026-08-25
    days on market $164,900 Active 137 DOM
23. 2026-08-24
    days on market $164,900 Active 136 DOM
24. 2026-08-23
    days on market $164,900 Active 135 DOM
25. 2026-08-22
    days on market $164,900 Active 134 DOM
26. 2026-08-21
    days on market $164,900 Active 133 DOM
27. 2026-08-20
    days on market $164,900 Active 132 DOM
28. 2026-08-19
    days on market $164,900 Active 131 DOM
29. 2026-08-18
    days on market $164,900 Active 130 DOM
30. 2026-08-17
    days on market $164,900 Active 129 DOM
31. 2026-08-16
    days on market $164,900 Active 128 DOM
32. 2026-08-15
    days on market $164,900 Active 127 DOM
33. 2026-08-14
    days on market $164,900 Active 126 DOM
34. 2026-08-13
    days on market $164,900 Active 125 DOM
35. 2026-08-12
    days on market $164,900 Active 124 DOM
36. 2026-08-11
    days on market $164,900 Active 123 DOM
37. 2026-08-10
    days on market $164,900 Active 122 DOM
38. 2026-08-09
    days on market $164,900 Active 121 DOM
39. 2026-08-08
    days on market $164,900 Active 120 DOM
40. 2026-08-07
    days on market $164,900 Active 119 DOM
41. 2026-08-06
    days on market $164,900 Active 118 DOM
42. 2026-08-05
    days on market $164,900 Active 117 DOM
43. 2026-08-04
    days on market $164,900 Active 116 DOM
44. 2026-08-03
    days on market $164,900 Active 115 DOM
45. 2026-07-31
    days on market $164,900 Active 112 DOM
46. 2026-07-29
    days on market $164,900 Active 110 DOM
47. 2026-07-27
    days on market $164,900 Active 108 DOM
48. 2026-07-25
    days on market $164,900 Active 106 DOM
49. 2026-07-23
    days on market $164,900 Active 104 DOM
50. 2026-07-22
    days on market $164,900 Active 103 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: $18,737
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − HOA: −$7,764
• − Depreciation: −$4,797
• Taxable loss: −$9,357
• Est. tax savings @ 24.0%: +$2,246
• After-tax cash flow: $-4,391/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 · 12 photos

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

This oceanfront condo is move-in ready with a good condition score and minimal repairs needed. It offers stunning views and easy beach access, making it an ideal investment opportunity.

Repairs flagged

• Minor kitchen backsplash — Worn appearance
• Minor kitchen countertops — Worn appearance
• Minor bathroom fixtures — No visible damage, but may need updating

Value-add opportunities

• Both Paint touch-ups — Enhances curb appeal and interior aesthetics ↑
• Both New backsplash and countertops — Improves functionality and aesthetics ↑
• Both New bathroom fixtures — Enhances functionality and aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and overall aesthetic ↑

ⓘ 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.

D Composite school gradezoned avg 59/100

Zoned Schools

Elementary Coastal Elementary 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%
• Common ancestry: Lithuanian 3% Romanian 2% Portuguese 2%
• Foreign-born: 3% · South Korea, Canada
• 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: Zoning: R-5Subdivision: Topsail ReefDirections: From Surf City cross the Surf City Bridge onto Topsail Island and continue north on New River Inlet Road approximately 6 miles; Topsail Reef will be on the right at 2264 New River Inlet Road. Unit 309 is on the third level.
• HOA & community: Homeowners association with annual fee (annually billed)Association amenities include beach access, on-site laundry, grounds maintenance, tennis courts, trash service, and water

Exterior

• Parking: Parking lot
• Utilities: Water connectedSewer connected
• Home design: CondominiumOne storyEntry located on the 3rd level
• Construction: Vinyl siding and frame constructionMembrane flat roofPillar/post/pier foundationBuilt as residential condominium
• Exterior features: BalconyOceanfront frontage with beach and waterfront accessHas a viewPaved road access via city street and state road

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Wall/window unit coolingElectric heating and space heater
• Interior features: FurnishedTotal of 3 roomsWall/window air conditioning unitsSpace heater and electric heating

Price history

-17.5% since first listed

3 events — show timeline

• 2026-04-10 Listed $164,900 Hive MLS
• 2025-01-31 Listing Removed — Hive MLS
• 2024-03-13 Listed $200,000 Hive MLS