173 Salter Dr · Broad Creek, NC 28570

$894,000

2 bd · 2.0 ba · 1,936 sqft · Other public records · 28 Days on market

Built 1950 0.34 ac lot

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Why this score? — see what drove the C+ 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 +27.5/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• 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

DIRECT WATER FRONT ON BOGUE SOUND HARDIE PLANK SIDING SWIMMING POOL AND LARGE DECK WITH VIEWS OF THE ICW REMODELED UPDATED IN 2019 NOT IN A INSURANCE REQUIRED FLOOD ZONE SCREENED IN PORCH LUXURY VINYL THROUGHOUT LIVING AREA OVER 100 FEET ON BOGUE SOUND BOAT RAMP IS LOCATED NEXT DOOR OPEN KITCHEN AND DINING AREA SIT BY THE POOL AND WATCH THE BOATS GO BY ON THE ICW

Key facts

• Spacious backyard
• Saltwater pool
• Private dock

Tags

• PRIVATE DOCK
• SALTWATER POOL
• SPACIOUS BACKYARD
• FIRE PIT
• LARGE TREX DECK
• SCREENED PORCH

Property features AI

Finance

• Other: Residential zoning
• HOA & community: No association amenities

Exterior

• Parking: On-site paved parking
• Security: Smoke detector(s)
• Utilities: Public water; Water available; Septic tank
• Home design: Single family residence; Two levels (2 stories); Entry level 1
• Construction: Frame construction; See remarks regarding construction materials; Shingle roof; Block foundation; Built on 2 stories
• Exterior features: On waterfront; Has view; Dock; Deck; Porch; Screened porch; Partial fencing; Shed(s); Open lot

Interior

• Kitchen: Electric cooktop; Refrigerator; Dishwasher; Microwave
• Bedrooms: Total rooms: 7
• Flooring: Carpet; Vinyl; See remarks
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Walk-in closet(s); Unfurnished; Smoke detector(s)
• Laundry & utility: Crawl space foundation

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $894k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $894k).
• Recommended offer: $881k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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 $250k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($881k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $516k; list at $894k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $880,590 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.68%
• DSCR: 1.56
• GRM: 7.4

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $19,009
• Equity at exit: $133,298

10-year hold

• IRR: 11.5%
• Equity multiple: 1.91×
• Total profit: $226,555
• Equity at exit: $77,297

Cash invested: $250,320 (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: 7.4×

Monthly cashflow live

• Estimated rent: $10,021 medium
• Mortgage (P&I): −$4,688
• Tax from tax record: −$211 /mo · $2,531/yr
• Insurance: −$372
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,104
• Net cashflow: $2,579

Break-even live

Break-even rent $6,757

Max offer price $894,000

Occupancy floor 69%

Sensitivity live

Price	-10% $3,085	-5% $2,832	+0% $2,579	+5% $2,326	+10% $2,073
Rent	-10% $1,787	-5% $2,183	+0% $2,579	+5% $2,975	+10% $3,370
Rate	-1.0pp $3,029	-0.5pp $2,806	base $2,579	+0.5pp $2,347	+1.0pp $2,111

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: $223,500
• Closing costs: $26,820
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-17
   status $894,000 Pending 28 DOM
2. 2026-06-16
   days on market $894,000 Active 28 DOM
3. 2026-06-15
   days on market $894,000 Active 27 DOM
4. 2026-06-14
   days on market $894,000 Active 25 DOM
5. 2026-06-12
   days on market $894,000 Active 24 DOM
6. 2026-06-09
   days on market $894,000 Active 21 DOM
7. 2026-06-08
   days on market $894,000 Active 20 DOM
8. 2026-06-07
   days on market $894,000 Active 19 DOM
9. 2026-06-05
   days on market $894,000 Active 16 DOM
10. 2026-06-03
    days on market $894,000 Active 15 DOM
11. 2026-06-02
    days on market $894,000 Active 14 DOM
12. 2026-06-01
    days on market $894,000 Active 13 DOM
13. 2026-05-31
    days on market $894,000 Active 12 DOM
14. 2026-05-30
    days on market $894,000 Active 11 DOM
15. 2026-05-19
    listed $894,000 Active
16. 2026-05-18
    historical
17. 2026-05-04
    price $899,000
18. 2026-04-03
    listed $925,000 Active
19. 2020-10-13
    soldstatus $516,500 373-char remark

    Show marketing remark (373 chars)

    DIRECT WATER FRONT ON BOGUE SOUND HARDIE PLANK SIDING SWIMMING POOL AND LARGE DECK WITH VIEWS OF THE ICW REMODELED UPDATED IN 2019 NOT IN A INSURANCE REQUIRED FLOOD ZONE SCREENED IN PORCH LUXURY VINYL THROUGHOUT LIVING AREA OVER 100 FEET ON BOGUE SOUND BOAT RAMP IS LOCATED NEXT DOOR OPEN KITCHEN AND DINING AREA SIT BY THE POOL AND WATCH THE BOATS GO BY ON THE ICW

20. 2020-10-13
    soldstatus $516,500

    Show marketing remark (373 chars)

    DIRECT WATER FRONT ON BOGUE SOUND HARDIE PLANK SIDING SWIMMING POOL AND LARGE DECK WITH VIEWS OF THE ICW REMODELED UPDATED IN 2019 NOT IN A INSURANCE REQUIRED FLOOD ZONE SCREENED IN PORCH LUXURY VINYL THROUGHOUT LIVING AREA OVER 100 FEET ON BOGUE SOUND BOAT RAMP IS LOCATED NEXT DOOR OPEN KITCHEN AND DINING AREA SIT BY THE POOL AND WATCH THE BOATS GO BY ON THE ICW

21. 2020-08-20
    listed $519,000 373-char remark

    Show marketing remark (373 chars)

    DIRECT WATER FRONT ON BOGUE SOUND HARDIE PLANK SIDING SWIMMING POOL AND LARGE DECK WITH VIEWS OF THE ICW REMODELED UPDATED IN 2019 NOT IN A INSURANCE REQUIRED FLOOD ZONE SCREENED IN PORCH LUXURY VINYL THROUGHOUT LIVING AREA OVER 100 FEET ON BOGUE SOUND BOAT RAMP IS LOCATED NEXT DOOR OPEN KITCHEN AND DINING AREA SIT BY THE POOL AND WATCH THE BOATS GO BY ON THE ICW

ⓘ 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: $2,531 · $211/mo
• Projected year-2 tax: $7,331 · $611/mo
• Expected delta: +$4,800/yr (+$400/mo · 189.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,256
• − Mortgage interest: −$50,078
• − Property taxes: −$2,531
• − Insurance: −$5,268
• − Repairs & maintenance: −$9,620
• − Management: −$9,620
• − Depreciation: −$26,007
• Taxable income: $17,131
• Est. tax owed @ 24.0%: −$4,111
• After-tax cash flow: $26,833/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

• Census place: Broad Creek, NC
• County: Carteret County · 52,389 people
• City population: 22,197
• 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

+72.3% since first listed

7 events — show timeline

• 2026-05-19 Listed $894,000 Hive MLS
• 2026-05-18 Listing Removed — Hive MLS
• 2026-05-04 Price Changed $899,000 Hive MLS
• 2026-04-03 Listed $925,000 Hive MLS
• 2020-10-13 Sold (Public Records) $516,500 Public Records
• 2020-10-13 Sold (MLS) $516,500 Hive MLS
• 2020-08-20 Listed $519,000 Hive MLS

Property tax history

+3.8%/yr

Latest (2025): $2,531 · +93.9% YoY. Source: county tax records.