103 Treasure Cv · Newport, NC 28570

$279,000

2 bd · 2.0 ba · 1,569 sqft · Condo public records · 49 Days on market

Built 2006 $510/mo HOA · 5% 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 +7.5/15.0
• Schools +5.1/10.0
• 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

A GATED COMMUNITY WITH POOL AND CLUBHOUSE. 82 LUXURY CONDOS 15 MINUTES FROM THE BEACH. POPULAR A(CAPE) AND D(POINTE) FLOOR PLANS LIKE THE LANDINGS AT MITCHELL VILLAGE WITH MANY UPGRADES. ALL UNITS END UNITS, 9' CEILINGS, LARGER SINGLE GARAGE.LATE SPRING 2006 DELIVERY.

Key facts

• Gated community
• Private side yard
• Backyard area

Tags

• GATED COMMUNITY
• PRIVATE SIDE YARD
• BACKYARD AREA
• OPEN-CONCEPT FLOOR PLAN
• NEW ROOF
• NEW HVAC SYSTEM

Property features AI

Finance

• Other: PUD zoning
• HOA & community: Homeowners association (annual fee); Annual association fee: $6,120 (about $510/month); Community clubhouse; Gated community; Indoor pool; Community management; Meeting room; Cable TV; Community pool, sidewalks, and street lights

Exterior

• Parking: Attached garage (1 car); Additional on-site parking; Concrete/paved surfaces; Garage door opener
• Security: Security lights; Smoke detector(s)
• Utilities: Public water; Sewer connected; Water connected; Electric service
• Home design: Condominium; Residential property; One level / single-story; Entry level: 1
• Construction: Fiber cement and frame construction; Shingle roof; Slab foundation; Built with accessible full bath
• Exterior features: Patio; Storm door(s); Open lot; Private road frontage; Paved road; Has view

Interior

• Kitchen: Electric oven; Microwave; Dishwasher; Refrigerator; Pantry
• Bedrooms: Master on main level
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms; Accessible full bath
• Heating & cooling: Heat pump heating (electric); Central air conditioning
• Interior features: Master bedroom on main level; Walk-in closet(s); Vaulted/high ceilings; Entrance foyer; Ceiling fan(s); Pantry; Window coverings; Insulated windows
• Laundry & utility: Washer hookup; Washer included; Laundry in kitchen; Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $279k.

Deal economics

• At list price, monthly cash flow is $6k ($71k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $279k).
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#385 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Carteret County Public Schools (rural): math 59% / reading 61% proficiency, ranked #31 of 178 in NC (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Newport Elementary (math 48% / reading 45%, grade D-, #542 of 1,410 statewide, top 39%, 645 students, 100% FRL); Newport Middle (math 39% / reading 56%, grade C-, #140 of 475 statewide, top 30%, 378 students, 98% FRL); West Carteret High (math 82% / reading 71%, grade A-, #89 of 535 statewide, top 16%, 1,146 students, 40% FRL) — zoned schools average 79% FRL vs 39% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 216 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• At $10,320/mo this rent would consume 176% of the median local household income ($70k/yr) (locally 461% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $120k; list at $279k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 8→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.70% ✓
• Cap rate: 32.13%
• Cash-on-cash: 92.27%
• DSCR: 5.11
• GRM: 2.3

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: 92.0%
• Equity multiple: 5.27×
• Total profit: $333,465
• Equity at exit: $41,600

10-year hold

• IRR: 94.9%
• Equity multiple: 10.97×
• Total profit: $778,897
• Equity at exit: $24,123

Cash invested: $78,120 (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 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $10,320 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$57 /mo · $681/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$510
• Vacancy / Maint / Mgmt: −$2,167
• Net cashflow: $5,940

Break-even live

Break-even rent $2,801

Max offer price $279,000

Occupancy floor 37%

Sensitivity live

Price	-10% $6,098	-5% $6,019	+0% $5,940	+5% $5,861	+10% $5,782
Rent	-10% $5,125	-5% $5,533	+0% $5,940	+5% $6,348	+10% $6,756
Rate	-1.0pp $6,081	-0.5pp $6,011	base $5,940	+0.5pp $5,868	+1.0pp $5,795

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $510 · $6,120/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $279,000 Active 49 DOM
2. 2026-06-18
   days on market $279,000 Active 48 DOM
3. 2026-06-17
   days on market $279,000 Active 47 DOM
4. 2026-06-16
   days on market $279,000 Active 46 DOM
5. 2026-06-15
   days on market $279,000 Active 45 DOM
6. 2026-06-14
   days on market $279,000 Active 43 DOM
7. 2026-06-12
   days on market $279,000 Active 42 DOM
8. 2026-06-09
   days on market $279,000 Active 39 DOM
9. 2026-06-08
   days on market $279,000 Active 38 DOM
10. 2026-06-07
    days on market $279,000 Active 37 DOM
11. 2026-06-05
    days on market $279,000 Active 34 DOM
12. 2026-06-03
    days on market $279,000 Active 33 DOM
13. 2026-06-02
    days on market $279,000 Active 32 DOM
14. 2026-06-01
    days on market $279,000 Active 31 DOM
15. 2026-05-31
    days on market $279,000 Active 30 DOM
16. 2026-05-30
    days on market $279,000 Active 29 DOM
17. 2026-05-01
    listed $279,000 Active
18. 2014-06-20
    soldstatus $120,000
19. 2006-10-10
    soldstatus $159,900 268-char remark

    Show marketing remark (268 chars)

    A GATED COMMUNITY WITH POOL AND CLUBHOUSE. 82 LUXURY CONDOS 15 MINUTES FROM THE BEACH. POPULAR A(CAPE) AND D(POINTE) FLOOR PLANS LIKE THE LANDINGS AT MITCHELL VILLAGE WITH MANY UPGRADES. ALL UNITS END UNITS, 9' CEILINGS, LARGER SINGLE GARAGE.LATE SPRING 2006 DELIVERY.

20. 2005-06-30
    listed $159,900 268-char remark

    Show marketing remark (268 chars)

    A GATED COMMUNITY WITH POOL AND CLUBHOUSE. 82 LUXURY CONDOS 15 MINUTES FROM THE BEACH. POPULAR A(CAPE) AND D(POINTE) FLOOR PLANS LIKE THE LANDINGS AT MITCHELL VILLAGE WITH MANY UPGRADES. ALL UNITS END UNITS, 9' CEILINGS, LARGER SINGLE GARAGE.LATE SPRING 2006 DELIVERY.

ⓘ 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: $681 · $57/mo
• Projected year-2 tax: $2,288 · $191/mo
• Expected delta: +$1,606/yr (+$134/mo · 235.7%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 8 d/yr ≥103°F today · 23 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $123,842
• − Mortgage interest: −$15,628
• − Property taxes: −$681
• − Insurance: −$2,192
• − Repairs & maintenance: −$9,907
• − Management: −$9,907
• − HOA: −$6,120
• − Depreciation: −$8,116
• Taxable income: $71,289
• Est. tax owed @ 24.0%: −$17,109
• After-tax cash flow: $54,175/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: Carteret County Public Schools
• NCES district ID: 3700630
• Math proficiency: 59% ▲ 5.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $48,330
• Composite: 50.92/100
• National rank: #1786
• State rank: #31 of 178 in NC

Livability — Newport

• Score: 63/100
• State rank: #385
• US rank: #15094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, NC
• County: Carteret County · 52,389 people
• Metro: Morehead City, NC
• Population (ZIP): 22,197
• Household income: $70,229
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 461.0

Population outlook (Carteret County) Hauer SSP2

• Today (2025): 73,443 people
• By 2030: 75,344 · +2.6%
• By 2040: 78,142 · +6.4%
• By 2050: 80,091 · +9.1%
• By 2075: 86,120 · +17.3%
• By 2100: 89,408 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, Dominican Republic
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · Carteret

• 2024 margin: Solid R (+43.1) · D 28.0% · R 71.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -34.7pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+42.0 2016: R+44.5 2012: R+41.0 2008: R+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.54%
• Current HPI: 276.6589
• Rent YoY: —
• Metro: Morehead City, NC
• 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

+74.5% since first listed

4 events — show timeline

• 2026-05-01 Listed $279,000 Hive MLS
• 2014-06-20 Sold (Public Records) $120,000 Public Records
• 2006-10-10 Sold (MLS) $159,900 Hive MLS
• 2005-06-30 Listed $159,900 Hive MLS

Property tax history

+3.2%/yr

Latest (2025): $681 · +15.4% YoY. Source: county tax records.