138 Yacht Club Dr · Broad Creek, NC 28570

$779,000

4 bd · 3.0 ba · 3,000 sqft · Other public records · 22 Days on market

Built 1996 0.46 ac lot $88/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

Great opportunity to own this beautiful 2-Story home in Bogue Sound Yacht Club that offers assigned Boat Slip #3 with a lift in the Marina (see documents) -- complete the interior to your own liking and put your design stamp on this home which offers fabulous spaces inside and out! The floor plan is over 3,000 square feet of living area and is available under documents so that you can see the layout. The photos (coming soon) will illustrate the interior work needed to complete your dream. The large covered front porch welcomes you into the spacious interior of the first floor which features: an entry foyer, open living area, formal dining space, kitchen with a breakfast nook, 1/2 bath for guests, and a den or home office. The second floor offers the large master bedroom suite with private bath, 3 guest bedrooms, a full bath in the hall and a bonus room. Attached two-car garage is oversized and provides easy access into the interior. Bogue Sound Yacht Club provides a community marina that provides access to Bogue Sound and the ICW. Bring your vision to this soundside home and make it your own today!

Key facts

• Community gazebo
• Huge new deck
• Assigned boat slip

Tags

• ASSIGNED BOAT SLIP
• ACCESS TO MARINA
• BOAT RAMP
• COMMUNITY GAZEBO
• OVERSIZED FENCED BACKYARD
• HUGE NEW DECK

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $1,060 (approx. $88.33/month); Association amenities: Marina, maintenance of grounds, management, gated community

Exterior

• Parking: Attached garage (oversized) with 2 garage spaces; Garage faces front; Concrete, paved on-site parking
• Security: Gated community
• Utilities: Public water (connected/available); Septic tank sewer; Natural gas connected; Electric service
• Home design: Single-family residence; Two stories; Entry level: 1st floor; Interior lot; Rectangular lot; Has a view
• Construction: Brick veneer and vinyl siding with frame construction; Crawl space foundation; Built as residential single-family
• Exterior features: Boat slip; Covered deck; Front porch; Wood fence in back yard; Shingle/composition roof

Interior

• Kitchen: Gas range; Dishwasher; Microwave; Refrigerator
• Bedrooms: Total rooms: 10
• Flooring: Hardwood flooring; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump; Electric heating; Central air conditioning; Fireplace heating
• Interior features: Kitchen island; Ceiling fans; Window coverings; Gas-log fireplace
• Laundry & utility: Washer; Dryer; Laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $779k.

Deal economics

• At list price, monthly cash flow is $7k ($85k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $779k).
• Recommended offer: $767k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 22.6% in Broad Creek — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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 $14,876/mo this rent would consume 254% 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 $5k of loan paydown is wiped out by about $23k 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 $218k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($767k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 $395k; list at $779k implies a 97% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $767,315 (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 F-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: 1.91% ✓
• Cap rate: 17.18%
• Cash-on-cash: 38.89%
• DSCR: 2.73
• GRM: 4.4

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: 35.1%
• Equity multiple: 2.48×
• Total profit: $323,781
• Equity at exit: $116,151

10-year hold

• IRR: 41.8%
• Equity multiple: 4.95×
• Total profit: $860,834
• Equity at exit: $67,354

Cash invested: $218,120 (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: 4.4×

Monthly cashflow live

• Estimated rent: $14,876 medium
• Mortgage (P&I): −$4,085
• Tax from tax record: −$185 /mo · $2,225/yr
• Insurance: −$325
• HOA: −$88
• Vacancy / Maint / Mgmt: −$3,124
• Net cashflow: $7,069

Break-even live

Break-even rent $5,928

Max offer price $779,000

Occupancy floor 47%

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: $194,750
• Closing costs: $23,370
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $88 · $1,056/yr

Listing history 27 events

1. 2026-06-19
   days on market $779,000 Active 22 DOM
2. 2026-06-18
   days on market $779,000 Active 21 DOM
3. 2026-06-17
   days on market $779,000 Active 20 DOM
4. 2026-06-16
   days on market $779,000 Active 19 DOM
5. 2026-06-15
   days on market $779,000 Active 18 DOM
6. 2026-06-14
   days on market $779,000 Active 16 DOM
7. 2026-06-12
   days on market $779,000 Active 15 DOM
8. 2026-06-09
   days on market $779,000 Active 12 DOM
9. 2026-06-08
   days on market $779,000 Active 11 DOM
10. 2026-06-07
    days on market $779,000 Active 10 DOM
11. 2026-06-05
    days on market $779,000 Active 7 DOM
12. 2026-06-03
    days on market $779,000 Active 6 DOM
13. 2026-06-02
    days on market $779,000 Active 5 DOM
14. 2026-06-01
    days on market $779,000 Active 4 DOM
15. 2026-05-31
    days on market $779,000 Active 3 DOM
16. 2026-05-30
    days on market $779,000 Active 2 DOM
17. 2026-05-28
    listed $779,000 Active
18. 2021-09-07
    soldstatus $395,000 1115-char remark

    Show marketing remark (1115 chars)

    Great opportunity to own this beautiful 2-Story home in Bogue Sound Yacht Club that offers assigned Boat Slip #3 with a lift in the Marina (see documents) -- complete the interior to your own liking and put your design stamp on this home which offers fabulous spaces inside and out! The floor plan is over 3,000 square feet of living area and is available under documents so that you can see the layout. The photos (coming soon) will illustrate the interior work needed to complete your dream. The large covered front porch welcomes you into the spacious interior of the first floor which features: an entry foyer, open living area, formal dining space, kitchen with a breakfast nook, 1/2 bath for guests, and a den or home office. The second floor offers the large master bedroom suite with private bath, 3 guest bedrooms, a full bath in the hall and a bonus room. Attached two-car garage is oversized and provides easy access into the interior. Bogue Sound Yacht Club provides a community marina that provides access to Bogue Sound and the ICW. Bring your vision to this soundside home and make it your own today!

19. 2021-09-07
    soldstatus $395,000

    Show marketing remark (1115 chars)

    Great opportunity to own this beautiful 2-Story home in Bogue Sound Yacht Club that offers assigned Boat Slip #3 with a lift in the Marina (see documents) -- complete the interior to your own liking and put your design stamp on this home which offers fabulous spaces inside and out! The floor plan is over 3,000 square feet of living area and is available under documents so that you can see the layout. The photos (coming soon) will illustrate the interior work needed to complete your dream. The large covered front porch welcomes you into the spacious interior of the first floor which features: an entry foyer, open living area, formal dining space, kitchen with a breakfast nook, 1/2 bath for guests, and a den or home office. The second floor offers the large master bedroom suite with private bath, 3 guest bedrooms, a full bath in the hall and a bonus room. Attached two-car garage is oversized and provides easy access into the interior. Bogue Sound Yacht Club provides a community marina that provides access to Bogue Sound and the ICW. Bring your vision to this soundside home and make it your own today!

20. 2021-05-30
    listed $399,900 1115-char remark

    Show marketing remark (1115 chars)

    Great opportunity to own this beautiful 2-Story home in Bogue Sound Yacht Club that offers assigned Boat Slip #3 with a lift in the Marina (see documents) -- complete the interior to your own liking and put your design stamp on this home which offers fabulous spaces inside and out! The floor plan is over 3,000 square feet of living area and is available under documents so that you can see the layout. The photos (coming soon) will illustrate the interior work needed to complete your dream. The large covered front porch welcomes you into the spacious interior of the first floor which features: an entry foyer, open living area, formal dining space, kitchen with a breakfast nook, 1/2 bath for guests, and a den or home office. The second floor offers the large master bedroom suite with private bath, 3 guest bedrooms, a full bath in the hall and a bonus room. Attached two-car garage is oversized and provides easy access into the interior. Bogue Sound Yacht Club provides a community marina that provides access to Bogue Sound and the ICW. Bring your vision to this soundside home and make it your own today!

21. 2011-11-18
    soldstatus $318,000 69-char remark

    Show marketing remark (69 chars)

    Four bedroom home with swimming pool and boat lift at slip in marina.

22. 2011-11-18
    soldstatus $318,000

    Show marketing remark (69 chars)

    Four bedroom home with swimming pool and boat lift at slip in marina.

23. 2011-08-13
    listed $318,000 69-char remark

    Show marketing remark (69 chars)

    Four bedroom home with swimming pool and boat lift at slip in marina.

24. 2011-06-21
    historical
25. 2010-06-23
    listed $345,900
26. 2008-10-05
    historical
27. 2007-03-19
    listed $469,000

ⓘ 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: $2,225 · $185/mo
• Projected year-2 tax: $6,388 · $532/mo
• Expected delta: +$4,163/yr (+$347/mo · 187.1%)

ⓘ 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 9/10 Extreme 7 d/yr ≥102°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: $178,511
• − Mortgage interest: −$43,636
• − Property taxes: −$2,225
• − Insurance: −$3,895
• − Repairs & maintenance: −$14,281
• − Management: −$14,281
• − HOA: −$1,056
• − Depreciation: −$22,662
• Taxable income: $76,476
• Est. tax owed @ 24.0%: −$18,354
• After-tax cash flow: $66,472/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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment C+ 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

+66.1% since first listed

11 events — show timeline

• 2026-05-28 Listed $779,000 Hive MLS
• 2021-09-07 Sold (Public Records) $395,000 Public Records
• 2021-09-07 Sold (MLS) $395,000 Hive MLS
• 2021-05-30 Listed $399,900 Hive MLS
• 2011-11-18 Sold (Public Records) $318,000 Public Records
• 2011-11-18 Sold (MLS) $318,000 Hive MLS
• 2011-08-13 Listed $318,000 Hive MLS
• 2011-06-21 Listing Removed — Hive MLS
• 2010-06-23 Listed $345,900 Hive MLS
• 2008-10-05 Listing Removed — Hive MLS
• 2007-03-19 Listed $469,000 Hive MLS

Property tax history

+4.4%/yr

Latest (2025): $2,225 · +26.0% YoY. Source: county tax records.