116 Hardwick Ln · Emerald Isle, NC 28570

$1,049,900

5 bd · 3.5 ba · 3,383 sqft · Land · 130 Days on market

Built 2024 0.44 ac lot $143/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 +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

THIS STUNNING 2024 Ty Gay Builders home has 4 Bedrooms and 3 1/2 Bath PLUS THE ADDITIONAL LOT at 114 Hardwick Brings this Property to . 44 ACRES. .. .. . As you enter this home through a maginifcent Mahogany double front door you are greeted by shining hardwood floors and the elevator that services all 3 levels. The Reverse Floorplan allows you to absorb the abundace of privacy of being nestled in the treeline. It was constructed with open cell insulation on the roof deck. This gorgeous home has a vaulted ceiling in the GREAT Room with Custom Wood Beams, stunning hardwood floors and a Gas Log fireplace with a custom Wood Mantle. The Chef's Kitchen Boasts a LARGE walk in pantry plus additonal storage in the oversized custom island, a Beverage Center, a Custom Hood over the LARGE Gas Range and SOOO MUCH MORE. .. . There is Golden Beach Quartz and tile throughout the kitchen and task lighting. The primary bedroom has ensuite with a large walk in closet with custom shelving, a beautiful Soaking Tub and Magnificent custom tiled shower. With Hot Water on Demand System for all your water needs you will never run out of HOT WATER!!!! On the Ground level is a spacious 2nd kitchen, living, 1/2 bath and office with direct acess to the private backyard and covered patio! The home boasts AMPLE STORAGE, Finished Garage floors and more. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

Key facts

• Security guard gated
• Reverse floorplan
• Open cell insulation

Tags

• DOUBLE LOT
• SECURITY GUARD GATED
• WATERFRONT COMMUNITY
• MAHOGANY DOUBLE FRONT DOOR
• REVERSE FLOORPLAN
• OPEN CELL INSULATION

Property features AI

Finance

• Financial info: Association fee is billed annually
• HOA & community: Homeowners association; Annual association fee; Community amenities include clubhouse, gated entry, management, marina, picnic area, playground, tennis courts, trails, and sport court

Exterior

• Parking: Attached garage with automatic opener; Two garage spaces (two total parking spaces)
• Security: Community security
• Utilities: Public water; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; Three or more levels; Three stories; Residential zoning
• Construction: Fiber cement construction; Shingle and metal roof; Slab foundation; Built with accessibility features (installed elevator)
• Exterior features: Covered patio and front porch; Patio; Porch; Cul-de-sac lot; Landscaped yard; Private road frontage; Paved road access; Has view

Interior

• Kitchen: Electric oven; Built-in electric oven; Refrigerator; Dishwasher; Microwave; Kitchen island; Pantry; Eat-in kitchen
• Bedrooms: Not specified
• Flooring: Carpet; Wood
• Bathrooms: Three full bathrooms; One half bathroom; Accessible full bath
• Heating & cooling: Central air; Zoned cooling; Electric heating; Forced air; Heat pump; Zoned heating
• Interior features: Walk-in closets; Vaulted and high ceilings; Entrance foyer; Kitchen island; Elevator; Ceiling fans; Pantry; Eat-in kitchen; Window coverings; Gas log fireplace
• Laundry & utility: Laundry located in hall; Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath land listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.05M).
• Recommended offer: $924k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 0.1% in Emerald Isle — 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 (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living 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: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 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 $16,536/mo this rent would consume 283% 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 $7k of loan paydown is wiped out by about $31k 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 $294k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($924k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $899k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $923,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.57% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.12%
• DSCR: 2.03
• GRM: 5.3

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: 16.1%
• Equity multiple: 1.65×
• Total profit: $190,984
• Equity at exit: $156,544

10-year hold

• IRR: 24.8%
• Equity multiple: 3.15×
• Total profit: $632,231
• Equity at exit: $90,776

Cash invested: $293,972 (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: 5.3×

Monthly cashflow live

• Estimated rent: $16,536 medium
• Mortgage (P&I): −$5,506
• Tax est. 1.5%: −$1,312 /mo · $15,748/yr
• Insurance: −$437
• HOA: −$143
• Vacancy / Maint / Mgmt: −$3,472
• Net cashflow: $5,665

Break-even live

Break-even rent $9,365

Max offer price $1,049,900

Occupancy floor 61%

Sensitivity live

Price	-10% $6,390	-5% $6,027	+0% $5,665	+5% $5,302	+10% $4,939
Rent	-10% $4,358	-5% $5,011	+0% $5,665	+5% $6,318	+10% $6,971
Rate	-1.0pp $6,193	-0.5pp $5,932	base $5,665	+0.5pp $5,392	+1.0pp $5,116

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: $262,475
• Closing costs: $31,497
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: watergaspoolsecurity

Listing history 32 events

1. 2026-06-19
   days on market $1,049,900 Active 130 DOM
2. 2026-06-18
   days on market $1,049,900 Active 129 DOM
3. 2026-06-17
   days on market $1,049,900 Active 128 DOM
4. 2026-06-16
   days on market $1,049,900 Active 127 DOM
5. 2026-06-15
   days on market $1,049,900 Active 126 DOM
6. 2026-06-14
   days on market $1,049,900 Active 124 DOM
7. 2026-06-12
   days on market $1,049,900 Active 123 DOM
8. 2026-06-09
   days on market $1,049,900 Active 120 DOM
9. 2026-06-08
   days on market $1,049,900 Active 119 DOM
10. 2026-06-07
    days on market $1,049,900 Active 118 DOM
11. 2026-06-05
    days on market $1,049,900 Active 115 DOM
12. 2026-06-03
    days on market $1,049,900 Active 114 DOM
13. 2026-06-02
    days on market $1,049,900 Active 113 DOM
14. 2026-06-01
    days on market $1,049,900 Active 112 DOM
15. 2026-05-31
    days on market $1,049,900 Active 111 DOM
16. 2026-05-30
    days on market $1,049,900 Active 110 DOM
17. 2026-03-14
    price $949,900 1632-char remark

    Show marketing remark (1632 chars)

    THIS STUNNING 2024 Ty Gay Builders home has 4 Bedrooms and 3 1/2 Bath PLUS THE ADDITIONAL LOT at 114 Hardwick Brings this Property to . 44 ACRES. .. .. . As you enter this home through a maginifcent Mahogany double front door you are greeted by shining hardwood floors and the elevator that services all 3 levels. The Reverse Floorplan allows you to absorb the abundace of privacy of being nestled in the treeline. It was constructed with open cell insulation on the roof deck. This gorgeous home has a vaulted ceiling in the GREAT Room with Custom Wood Beams, stunning hardwood floors and a Gas Log fireplace with a custom Wood Mantle. The Chef's Kitchen Boasts a LARGE walk in pantry plus additonal storage in the oversized custom island, a Beverage Center, a Custom Hood over the LARGE Gas Range and SOOO MUCH MORE. .. . There is Golden Beach Quartz and tile throughout the kitchen and task lighting. The primary bedroom has ensuite with a large walk in closet with custom shelving, a beautiful Soaking Tub and Magnificent custom tiled shower. With Hot Water on Demand System for all your water needs you will never run out of HOT WATER!!!! On the Ground level is a spacious 2nd kitchen, living, 1/2 bath and office with direct acess to the private backyard and covered patio! The home boasts AMPLE STORAGE, Finished Garage floors and more. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

18. 2026-03-14
    price $1,049,900

    Show marketing remark (1632 chars)

    THIS STUNNING 2024 Ty Gay Builders home has 4 Bedrooms and 3 1/2 Bath PLUS THE ADDITIONAL LOT at 114 Hardwick Brings this Property to . 44 ACRES. .. .. . As you enter this home through a maginifcent Mahogany double front door you are greeted by shining hardwood floors and the elevator that services all 3 levels. The Reverse Floorplan allows you to absorb the abundace of privacy of being nestled in the treeline. It was constructed with open cell insulation on the roof deck. This gorgeous home has a vaulted ceiling in the GREAT Room with Custom Wood Beams, stunning hardwood floors and a Gas Log fireplace with a custom Wood Mantle. The Chef's Kitchen Boasts a LARGE walk in pantry plus additonal storage in the oversized custom island, a Beverage Center, a Custom Hood over the LARGE Gas Range and SOOO MUCH MORE. .. . There is Golden Beach Quartz and tile throughout the kitchen and task lighting. The primary bedroom has ensuite with a large walk in closet with custom shelving, a beautiful Soaking Tub and Magnificent custom tiled shower. With Hot Water on Demand System for all your water needs you will never run out of HOT WATER!!!! On the Ground level is a spacious 2nd kitchen, living, 1/2 bath and office with direct acess to the private backyard and covered patio! The home boasts AMPLE STORAGE, Finished Garage floors and more. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

19. 2026-02-10
    listed $965,000 Active 1632-char remark

    Show marketing remark (1632 chars)

    THIS STUNNING 2024 Ty Gay Builders home has 4 Bedrooms and 3 1/2 Bath PLUS THE ADDITIONAL LOT at 114 Hardwick Brings this Property to . 44 ACRES. .. .. . As you enter this home through a maginifcent Mahogany double front door you are greeted by shining hardwood floors and the elevator that services all 3 levels. The Reverse Floorplan allows you to absorb the abundace of privacy of being nestled in the treeline. It was constructed with open cell insulation on the roof deck. This gorgeous home has a vaulted ceiling in the GREAT Room with Custom Wood Beams, stunning hardwood floors and a Gas Log fireplace with a custom Wood Mantle. The Chef's Kitchen Boasts a LARGE walk in pantry plus additonal storage in the oversized custom island, a Beverage Center, a Custom Hood over the LARGE Gas Range and SOOO MUCH MORE. .. . There is Golden Beach Quartz and tile throughout the kitchen and task lighting. The primary bedroom has ensuite with a large walk in closet with custom shelving, a beautiful Soaking Tub and Magnificent custom tiled shower. With Hot Water on Demand System for all your water needs you will never run out of HOT WATER!!!! On the Ground level is a spacious 2nd kitchen, living, 1/2 bath and office with direct acess to the private backyard and covered patio! The home boasts AMPLE STORAGE, Finished Garage floors and more. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

20. 2026-02-09
    listed $1,065,000 Active
21. 2025-04-01
    soldstatus $899,000 Closed 796-char remark

    Show marketing remark (796 chars)

    Beautiful NEW Construction by Ty Gay Builders Inc. 4 Bedrooms, 3 1/2 Bath, Mahogany front door, Custom Cabinets, and open cell insulation on the roof deck. Also, a convenient ELEVATOR to all floors. . This gorgeous home has a vaulted ceiling in the Family Room, fireplace, walk in pantry, large island, Golden Beach Quartz and tile throughout. The primary bedroom has ensuite with a large walk in closet with custom shelves. Also, enjoy the kitchenette on the ground floor. Too many custom extras to list. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

22. 2024-10-16
    status Pending 796-char remark

    Show marketing remark (796 chars)

    Beautiful NEW Construction by Ty Gay Builders Inc. 4 Bedrooms, 3 1/2 Bath, Mahogany front door, Custom Cabinets, and open cell insulation on the roof deck. Also, a convenient ELEVATOR to all floors. . This gorgeous home has a vaulted ceiling in the Family Room, fireplace, walk in pantry, large island, Golden Beach Quartz and tile throughout. The primary bedroom has ensuite with a large walk in closet with custom shelves. Also, enjoy the kitchenette on the ground floor. Too many custom extras to list. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

23. 2024-06-20
    listed $899,000 Active 796-char remark

    Show marketing remark (796 chars)

    Beautiful NEW Construction by Ty Gay Builders Inc. 4 Bedrooms, 3 1/2 Bath, Mahogany front door, Custom Cabinets, and open cell insulation on the roof deck. Also, a convenient ELEVATOR to all floors. . This gorgeous home has a vaulted ceiling in the Family Room, fireplace, walk in pantry, large island, Golden Beach Quartz and tile throughout. The primary bedroom has ensuite with a large walk in closet with custom shelves. Also, enjoy the kitchenette on the ground floor. Too many custom extras to list. The home is located in the resort-style subdivision of Cannonsgate nestled on a beautiful lot. Cannonsgate offers a clubhouse, community pool, tennis court , playground, fish cleaning station, kayak launch, community pier, golf cart friendly, trails, pickleball, boat launch and is gated.

24. 2021-03-25
    soldstatus $92,000
25. 2021-03-25
    soldstatus $92,000
26. 2020-04-21
    listed $110,000
27. 2019-03-03
    historical
28. 2018-03-21
    listed $150,000
29. 2010-06-06
    historical
30. 2009-06-06
    listed $350,000
31. 2009-01-14
    historical
32. 2007-07-11
    listed $359,900

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $198,427
• − Mortgage interest: −$58,811
• − Property taxes: −$15,748
• − Insurance: −$5,250
• − Repairs & maintenance: −$15,874
• − Management: −$15,874
• − HOA: −$1,716
• − Depreciation: −$30,543
• Taxable income: $54,612
• Est. tax owed @ 24.0%: −$13,107
• After-tax cash flow: $54,867/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 — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• 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

+163.9% since first listed

16 events — show timeline

• 2026-03-14 Price Changed $949,900 Hive MLS
• 2026-03-14 Price Changed $1,049,900 Hive MLS
• 2026-02-10 Listed $965,000 Hive MLS
• 2026-02-09 Listed $1,065,000 Hive MLS
• 2025-04-01 Sold (MLS) $899,000 Hive MLS
• 2024-10-16 Pending — Hive MLS
• 2024-06-20 Listed $899,000 Hive MLS
• 2021-03-25 Sold (Public Records) $92,000 Public Records
• 2021-03-25 Sold (MLS) $92,000 Hive MLS
• 2020-04-21 Listed $110,000 Hive MLS
• 2019-03-03 Listing Removed — Hive MLS
• 2018-03-21 Listed $150,000 Hive MLS
• 2010-06-06 Listing Removed — Hive MLS
• 2009-06-06 Listed $350,000 Hive MLS
• 2009-01-14 Listing Removed — Hive MLS
• 2007-07-11 Listed $359,900 Hive MLS

Property tax history

+10.1%/yr

Latest (2025): $142 · -15.5% YoY. Source: county tax records.