119 Ships Watch Dr Lot 40 · Duck, NC 27949

$58,500

4 bd · 4.5 ba · 2,720 sqft · Condo · 426 Days on market

Built 1990

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Dorrell Shareholder #9. This oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community is perfect for the entire family and friends! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

Key facts

• Oceanfront
• Soundfront
• Sun decks

Tags

• OCEANFRONT
• SOUNDFRONT
• BEACH ACCESS
• SUN DECKS
• OPEN KITCHEN
• SPACIOUS FAMILY ROOMS

Property features AI

Finance

• HOA & community: Community pool; Boat dock; Playground; Association fees include cable TV, electricity, grounds maintenance, and water

Exterior

• Parking: Paved parking; Underground parking
• Security: Smoke detectors
• Utilities: Public water; Septic sewer
• Home design: Residential stock cooperative (co-ownership); Zoning: RS-1
• Construction: Wood siding/frame construction; Asphalt roof; Slab foundation
• Exterior features: Screened porch; Deck; Outdoor private in-ground pool (association); Has a view; Level lot; Paved roads; Private maintained road

Interior

• Kitchen: Range; Oven; Dishwasher; Disposal; Microwave; Ice maker; Wine cooler
• Flooring: Carpet; Ceramic tile; Vinyl
• Bathrooms: 4 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Central heat; Heat pump; Zoned heating; Central air; Ceiling fans; Zoned cooling
• Interior features: Wet bar; Furnished
• Laundry & utility: Washer; Dryer; Laundry located in a common area

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath condo listed at $58k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.
• Cap rate 85.5% vs local median 1.2% in Duck — 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 69/100 on livability (#162 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Dare County Schools (town): math 44% / reading 48% proficiency, ranked #77 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 371 units permitted in Dare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $404 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dare County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 426 days — a 12% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 7y ago; this cycle's ask has dropped $7k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 426 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
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. 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?
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: 9.23% ✓
• Cap rate: 85.51%
• Cash-on-cash: 282.91%
• DSCR: 13.59
• GRM: 0.9

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: —
• Equity multiple: 15.44×
• Total profit: $236,557
• Equity at exit: $8,723

10-year hold

• IRR: —
• Equity multiple: 32.93×
• Total profit: $523,027
• Equity at exit: $5,058

Cash invested: $16,380 (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 27949

• Active inventory: 126
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$307
• Tax est. 1.5%: −$73 /mo · $878/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,862

Break-even live

Break-even rent $512

Max offer price $58,500

Occupancy floor 23%

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: $14,625
• Closing costs: $1,755
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 Duck Ridge Village Ct Unit 2 Duck, NC	4.0	3.5	2700	$5,400	$2.00	21d	1	0.56mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 41 events

1. 2026-06-18
   days on market $58,500 Active 426 DOM
2. 2026-06-17
   days on market $58,500 Active 425 DOM
3. 2026-06-16
   days on market $58,500 Active 424 DOM
4. 2026-06-15
   days on market $58,500 Active 423 DOM
5. 2026-06-13
   days on market $58,500 Active 421 DOM
6. 2026-06-12
   days on market $58,500 Active 420 DOM
7. 2026-06-09
   days on market $58,500 Active 417 DOM
8. 2026-06-09
   listing id $58,500 Active 416 DOM
9. 2026-06-08
   days on market $58,500 Active 416 DOM
10. 2026-06-07
    days on market $58,500 Active 415 DOM
11. 2026-06-07
    days on market $58,500 Active 414 DOM
12. 2026-06-04
    days on market $58,500 Active 411 DOM
13. 2026-06-02
    days on market $58,500 Active 410 DOM
14. 2026-06-01
    days on market $58,500 Active 409 DOM
15. 2026-05-31
    days on market $58,500 Active 408 DOM
16. 2026-05-14
    price $58,500 1537-char remark

    Show marketing remark (1537 chars)

    The Dorrell Shareholder #9. This oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community is perfect for the entire family and friends! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

17. 2026-05-07
    historical Active Under Contract 1492-char remark

    Show marketing remark (1492 chars)

    The Dorrell Share 2. Spectacular oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

18. 2026-05-07
    soldstatus $56,500 Closed 1492-char remark

    Show marketing remark (1492 chars)

    The Dorrell Share 2. Spectacular oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

19. 2026-04-09
    price $58,500
20. 2026-04-09
    price $58,500
21. 2025-12-16
    price $58,500 1492-char remark

    Show marketing remark (1492 chars)

    The Dorrell Share 2. Spectacular oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

22. 2025-04-18
    listed $65,500 Active
23. 2025-04-18
    listed $65,500 Active
24. 2024-08-08
    listed $65,500 Active 1537-char remark

    Show marketing remark (1537 chars)

    The Dorrell Shareholder #9. This oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community is perfect for the entire family and friends! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

25. 2024-07-31
    listed $65,500 Active 1492-char remark

    Show marketing remark (1492 chars)

    The Dorrell Share 2. Spectacular oceanside 4 bedroom and 4 Bathroom home in Ships Watch Community! Why Consider Fractional Ownership? Fractional ownership allows individuals to own a vacation property for a fraction of the cost. Owners share the benefits of usage rights, income sharing, priority access, and reduced rates. Each share typically entitles the owner to 5 weeks of vacation time, rotating within the four seasons, with a double week that also rotates annually. Owners also share responsibility for the maintenance and upkeep of the property. Costs for improvements, repairs, or replacements are shared among the owners, usually through maintenance fees or assessments handled by a management company. Fractional owners are not required to use all their allotted time themselves. They can allow family members, friends, business associates, or employees to use some of their time. Additionally, they might rent out their remaining time to other owners or third parties who are not owners. This beautiful home is a perfect home for the entire family. Beautiful open kitchen and spacious family rooms, sun decks to take in the warm sunshine. The location of this home is within walking distance to all of the community amenities Pool, tennis courts, playground, beach access and soundside pier. Ships Watch community is oceanfront to soundfront in the heart of Duck. The town of Duck offers watersport activities, restaurants, shopping and so much more just within walking distance.

26. 2023-11-20
    price $65,000
27. 2023-08-21
    status Active
28. 2023-08-11
    historical
29. 2022-08-18
    listed $72,000 Active
30. 2022-03-02
    soldstatus $54,500
31. 2022-01-11
    listed $56,500
32. 2021-11-15
    soldstatus $51,500
33. 2021-08-30
    soldstatus $52,000
34. 2021-02-15
    listed $53,500
35. 2020-11-20
    listed $55,900
36. 2020-07-01
    soldstatus $22,500
37. 2020-07-01
    soldstatus $25,000
38. 2020-07-01
    soldstatus $23,000
39. 2019-09-01
    listed $28,500
40. 2019-08-19
    listed $35,000
41. 2019-07-26
    listed $25,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 21 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: $64,800
• − Mortgage interest: −$3,277
• − Property taxes: −$878
• − Insurance: −$292
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$1,702
• Taxable income: $48,283
• Est. tax owed @ 24.0%: −$11,588
• After-tax cash flow: $34,753/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: Dare County Schools
• NCES district ID: 3701110
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $54,233
• Composite: 39.86/100
• National rank: #3866
• State rank: #77 of 178 in NC

Livability — Duck

• Score: 69/100
• State rank: #162
• US rank: #8831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duck, NC
• Population (ZIP): 8,094

Population outlook (Dare County) Hauer SSP2

• Today (2025): 39,201 people
• By 2030: 40,756 · +4.0%
• By 2040: 43,015 · +9.7%
• By 2050: 44,477 · +13.5%
• By 2075: 48,522 · +23.8%
• By 2100: 50,980 · +30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 4% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Tagalog/Filipino 1%

Political lean MEDSL · Dare

• 2024 margin: R (+18.8) · D 40.1% · R 58.9%
• 2008→2024 swing: -9.5pp toward R · 2008: -9.2pp · 2024: -18.8pp
• All cycles: 2024: R+18.8 2020: R+16.5 2016: R+22.1 2012: R+16.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.21%
• Current HPI: 274.0118
• 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

+134.0% since first listed

26 events — show timeline

• 2026-05-14 Price Changed $58,500 OBMLS
• 2026-05-07 Contingent — OBMLS
• 2026-05-07 Sold (MLS) $56,500 OBMLS
• 2026-04-09 Price Changed $58,500 OBMLS
• 2026-04-09 Price Changed $58,500 OBMLS
• 2025-12-16 Price Changed $58,500 OBMLS
• 2025-04-18 Listed $65,500 OBMLS
• 2025-04-18 Listed $65,500 OBMLS
• 2024-08-08 Listed $65,500 OBMLS
• 2024-07-31 Listed $65,500 OBMLS
• 2023-11-20 Price Changed $65,000 OBMLS
• 2023-08-21 Relisted — OBMLS
• 2023-08-11 Delisted — OBMLS
• 2022-08-18 Listed $72,000 OBMLS
• 2022-03-02 Sold (MLS) $54,500 OBMLS
• 2022-01-11 Listed $56,500 OBMLS
• 2021-11-15 Sold (MLS) $51,500 OBMLS
• 2021-08-30 Sold (MLS) $52,000 OBMLS
• 2021-02-15 Listed $53,500 OBMLS
• 2020-11-20 Listed $55,900 OBMLS
• 2020-07-01 Sold (MLS) $23,000 OBMLS
• 2020-07-01 Sold (MLS) $25,000 OBMLS
• 2020-07-01 Sold (MLS) $22,500 OBMLS
• 2019-09-01 Listed $28,500 OBMLS
• 2019-08-19 Listed $35,000 OBMLS
• 2019-07-26 Listed $25,000 OBMLS