185 Seawatch Way · Kure Beach, NC 28449

$1,495,000

5 bd · 4.5 ba · 3,360 sqft · SingleFamily public records · 26 Days on market

Built 2007 6,360 sqft lot Est $1425k · at est. $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 +5.3/15.0
• 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

Awesome 5 bedroom, 4.5 bath custom built home. Large open floor plan with top-notch finishes. Gourmet kitchen includes Viking gas cook top with grill, 2 self cleaning convection ovens, large refrigerator and a 13'x4' pantry. There is a beautiful kitchen island, granite counters, granite wet bar, wine cooler, gas fireplace, custom trey ceilings, hi-gloss pine flooring and more! The master bedroom has a vaulted ceiling, wet bar, large walk-in closet, and lavish master bath. Mechanical features include dual HVACs, tank-less water heater, a generator system, propane tank, audio system, alarm system and more. Home has an elevator for easy access to all three levels. Ocean view and sunrises are beautiful. Home sits outside the flood zone. Located in Seawatch, which is a popular

Key facts

• 6,360 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Has homeowners association; Annual association fee of $1,500 (about $125/month); Community pool; Sidewalks and street lights; Beach access and beach rights; Clubhouse, party room, picnic area, playground; Tennis court(s) and sport court

Exterior

• Parking: 2 parking spaces on site; Attached 2-car garage; Community parking
• Security: Security system
• Utilities: Public water; Sewer connected; Water connected; Cable available; Generator for electric
• Home design: Single family residence; Three or more levels; Entry level: 1; 3 stories total; Facing: See remarks
• Construction: Wood siding/frame construction; Metal roof; Foundation: slab and pillar/post/pier/other; Built as residential single family
• Exterior features: Outdoor shower; Covered patio/porch; Deck; Porch; Has view; Irrigation system; Generator

Interior

• Kitchen: Gas cooktop; Built-in electric oven; Refrigerator; Ice maker; Dishwasher; Disposal
• Bedrooms: Total rooms: 8
• Flooring: Carpet; Tile; Wood
• Bathrooms: 4 full bathrooms; 1 half bathroom; Accessible full bath
• Heating & cooling: Forced air heating; Electric heating; Central air conditioning; Fireplace(s)
• Interior features: Walk-in closets; Tray ceilings; Entrance foyer; Kitchen island; Elevator; Ceiling fans; Pantry; Wet bar; Built-in features; Window coverings; Gas log fireplace
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath single-family listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $10k ($120k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.50M).
• Recommended offer: $1.47M (1.5% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: 94 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 $10k of loan paydown is wiped out by about $45k 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 $419k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($1.47M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $550k; list at $1.50M implies a 172% 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 $1,472,575 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.61% ✓
• Cap rate: 14.31%
• Cash-on-cash: 28.63%
• DSCR: 2.27
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $1,424,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
434 Settlers Ln	0.16mi	5/5.5	3,257 (-3%)	4mo	$1,675,000	$514	80
240 Seawatch Way	0.15mi	5/3.5	3,318 (-1%)	9mo	$1,375,000	$414	80
316 Kure Dunes Ln	0.02mi	4/4.0 (-1)	3,194 (-5%)	14mo	$1,425,000	$446	72
130 Heather Ln	0.30mi	5/4.5	3,052 (-9%)	1mo	$1,293,300	$424	70
249 Seawatch Way	0.16mi	5/4.0	2,913 (-13%)	3mo	$1,325,000	$455	65
438 Sandman Dr	0.10mi	4/4.0 (-1)	3,741 (+11%)	6mo	$1,125,000	$301	64
813 Cutter Ct	0.43mi	5/4.0	3,549 (+6%)	8mo	$1,150,000	$324	62
810 Ketch Ct	0.48mi	4/4.0 (-1)	3,550 (+6%)	12mo	$980,000	$276	51
302 S Fourth Ave	0.69mi	4/4.0 (-1)	3,578 (+6%)	10mo	$1,700,000	$475	41
1613 Bowfin Ln	0.71mi	4/5.0 (-1)	2,973 (-12%)	2mo	$1,195,000	$402	38
317 Sixth Ave S	0.74mi	5/4.0	2,900 (-14%)	7mo	$1,425,000	$491	35
1717 Pinfish Ln Unit 1 & 2	0.61mi	6/4.0 (+1)	2,937 (-13%)	14mo	$975,000	$332	32

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: 22.9%
• Equity multiple: 1.94×
• Total profit: $393,265
• Equity at exit: $222,909

10-year hold

• IRR: 30.8%
• Equity multiple: 3.77×
• Total profit: $1,159,472
• Equity at exit: $129,260

Cash invested: $418,600 (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: 94
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$7,840
• Tax from tax record: −$386 /mo · $4,638/yr
• Insurance: −$623
• HOA: −$125
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $9,986

Break-even live

Break-even rent $11,360

Max offer price $1,495,000

Occupancy floor 53%

Sensitivity live

Price	-10% $10,832	-5% $10,409	+0% $9,986	+5% $9,563	+10% $9,139
Rent	-10% $8,090	-5% $9,038	+0% $9,986	+5% $10,934	+10% $11,882
Rate	-1.0pp $10,739	-0.5pp $10,366	base $9,986	+0.5pp $9,598	+1.0pp $9,204

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: $373,750
• Closing costs: $44,850
• 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	22d	1	0.70mi

HOA detail

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

Listing history 30 events

1. 2026-06-21
   days on market $1,495,000 Active 26 DOM
2. 2026-06-18
   days on market $1,495,000 Active 23 DOM
3. 2026-06-17
   days on market $1,495,000 Active 22 DOM
4. 2026-06-16
   days on market $1,495,000 Active 21 DOM
5. 2026-06-15
   days on market $1,495,000 Active 20 DOM
6. 2026-06-14
   days on market $1,495,000 Active 18 DOM
7. 2026-06-13
   days on market $1,495,000 Active 17 DOM
8. 2026-06-10
   days on market $1,495,000 Active 15 DOM
9. 2026-06-09
   days on market $1,495,000 Active 14 DOM
10. 2026-06-08
    days on market $1,495,000 Active 13 DOM
11. 2026-06-07
    days on market $1,495,000 Active 12 DOM
12. 2026-06-05
    days on market $1,495,000 Active 9 DOM
13. 2026-06-03
    days on market $1,495,000 Active 8 DOM
14. 2026-06-03
    days on market $1,495,000 Active 7 DOM
15. 2026-06-01
    days on market $1,495,000 Active 6 DOM
16. 2026-05-31
    days on market $1,495,000 Active 5 DOM
17. 2026-05-30
    days on market $1,495,000 Active 4 DOM
18. 2026-05-26
    listed $1,495,000 Active
19. 2016-07-08
    soldstatus $550,000
20. 2016-05-27
    soldstatus $735,000 782-char remark

    Show marketing remark (782 chars)

    Awesome 5 bedroom, 4.5 bath custom built home. Large open floor plan with top-notch finishes. Gourmet kitchen includes Viking gas cook top with grill, 2 self cleaning convection ovens, large refrigerator and a 13'x4' pantry. There is a beautiful kitchen island, granite counters, granite wet bar, wine cooler, gas fireplace, custom trey ceilings, hi-gloss pine flooring and more! The master bedroom has a vaulted ceiling, wet bar, large walk-in closet, and lavish master bath. Mechanical features include dual HVACs, tank-less water heater, a generator system, propane tank, audio system, alarm system and more. Home has an elevator for easy access to all three levels. Ocean view and sunrises are beautiful. Home sits outside the flood zone. Located in Seawatch, which is a popular

21. 2016-01-05
    listed $749,000 782-char remark

    Show marketing remark (782 chars)

    Awesome 5 bedroom, 4.5 bath custom built home. Large open floor plan with top-notch finishes. Gourmet kitchen includes Viking gas cook top with grill, 2 self cleaning convection ovens, large refrigerator and a 13'x4' pantry. There is a beautiful kitchen island, granite counters, granite wet bar, wine cooler, gas fireplace, custom trey ceilings, hi-gloss pine flooring and more! The master bedroom has a vaulted ceiling, wet bar, large walk-in closet, and lavish master bath. Mechanical features include dual HVACs, tank-less water heater, a generator system, propane tank, audio system, alarm system and more. Home has an elevator for easy access to all three levels. Ocean view and sunrises are beautiful. Home sits outside the flood zone. Located in Seawatch, which is a popular

22. 2015-12-03
    historical
23. 2015-03-24
    listed $750,000
24. 2008-05-30
    soldstatus $858,333
25. 2008-05-30
    soldstatus $858,500
26. 2007-10-10
    listed $889,900
27. 2006-09-12
    soldstatus $400,000
28. 2006-09-11
    soldstatus $400,000
29. 2006-04-15
    listed $449,500
30. 2002-09-01
    soldstatus $83,000

ⓘ 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: $4,638 · $386/mo
• Projected year-2 tax: $12,259 · $1,022/mo
• Expected delta: +$7,621/yr (+$635/mo · 164.3%)

ⓘ 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: −$83,743
• − Property taxes: −$4,638
• − Insurance: −$7,475
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − HOA: −$1,500
• − Depreciation: −$43,491
• Taxable income: $101,073
• Est. tax owed @ 24.0%: −$24,258
• After-tax cash flow: $95,570/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

+1701.2% since first listed

13 events — show timeline

• 2026-05-26 Listed $1,495,000 Hive MLS
• 2016-07-08 Sold (Public Records) $550,000 Public Records
• 2016-05-27 Sold (MLS) $735,000 Hive MLS
• 2016-01-05 Listed $749,000 Hive MLS
• 2015-12-03 Listing Removed — Hive MLS
• 2015-03-24 Listed $750,000 Hive MLS
• 2008-05-30 Sold (Public Records) $858,500 Public Records
• 2008-05-30 Sold (MLS) $858,333 Hive MLS
• 2007-10-10 Listed $889,900 Hive MLS
• 2006-09-12 Sold (Public Records) $400,000 Public Records
• 2006-09-11 Sold (MLS) $400,000 Hive MLS
• 2006-04-15 Listed $449,500 Hive MLS
• 2002-09-01 Sold (Public Records) $83,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $4,638 · -25.5% YoY. Source: county tax records.