104 Croatan Dr · Newport, NC 28570

$349,000

4 bd · 3.0 ba · 2,060 sqft · Other public records · 50 Days on market

Built 1982 0.48 ac lot

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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
• Schools +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

Key facts

• 0.48 acre lot
• Garage
• Built 1982

Property features AI

Exterior

• Parking: Attached garage (1 car); Gravel/unpaved driveway; Garage faces side
• Utilities: Well water; Septic tank; Water connected; Sewer connected
• Home design: Single-family residence; Two-story; Entry level on 2
• Construction: Brick, vinyl siding, and frame construction; Brick/mortar foundation; Built with shingle roof
• Exterior features: Deck; Chain link, wood, and backyard fencing; Shingle roof; Level lot; Has a view

Interior

• Kitchen: Electric oven; Range; Refrigerator; Dishwasher; Microwave
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: High ceilings; Unfurnished
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $349k.

Deal economics

• At list price, monthly cash flow is $10k ($116k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $349k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 39.6% vs local median 31.4% in Newport — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $14,903/mo this rent would consume 255% 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 $10k 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 $98k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $180k; list at $349k implies a 94% 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; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $338,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 4.27% ✓
• Cap rate: 39.65%
• Cash-on-cash: 119.12%
• DSCR: 6.30
• GRM: 2.0

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: 6.74×
• Total profit: $561,309
• Equity at exit: $52,037

10-year hold

• IRR: —
• Equity multiple: 14.14×
• Total profit: $1,284,419
• Equity at exit: $30,175

Cash invested: $97,720 (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: 2.0×

Monthly cashflow live

• Estimated rent: $14,903 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$97 /mo · $1,165/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,130
• Net cashflow: $9,701

Break-even live

Break-even rent $2,624

Max offer price $349,000

Occupancy floor 30%

Sensitivity live

Price	-10% $9,898	-5% $9,800	+0% $9,701	+5% $9,602	+10% $9,503
Rent	-10% $8,523	-5% $9,112	+0% $9,701	+5% $10,289	+10% $10,878
Rate	-1.0pp $9,876	-0.5pp $9,790	base $9,701	+0.5pp $9,610	+1.0pp $9,518

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-19
   days on market $349,000 Active 50 DOM
2. 2026-06-18
   days on market $349,000 Active 49 DOM
3. 2026-06-17
   days on market $349,000 Active 48 DOM
4. 2026-06-16
   days on market $349,000 Active 47 DOM
5. 2026-06-15
   days on market $349,000 Active 46 DOM
6. 2026-06-14
   pricedays on market $349,000 Active 44 DOM
7. 2026-06-12
   days on market $349,500 Active 43 DOM
8. 2026-06-09
   days on market $349,500 Active 40 DOM
9. 2026-06-08
   days on market $349,500 Active 39 DOM
10. 2026-06-07
    days on market $349,500 Active 38 DOM
11. 2026-06-05
    pricedays on market $349,500 Active 35 DOM
12. 2026-06-03
    days on market $349,900 Active 34 DOM
13. 2026-06-02
    days on market $349,900 Active 33 DOM
14. 2026-06-01
    days on market $349,900 Active 32 DOM
15. 2026-05-31
    days on market $349,900 Active 31 DOM
16. 2026-05-30
    days on market $349,900 Active 30 DOM
17. 2026-05-23
    price $349,900
18. 2026-05-18
    price $350,000
19. 2026-05-10
    price $349,995
20. 2026-04-22
    historical
21. 2026-04-19
    price $349,995
22. 2026-03-26
    price $350,000
23. 2026-03-23
    price $354,987
24. 2026-02-05
    price $355,000
25. 2026-01-25
    price $359,500
26. 2026-01-08
    price $359,600
27. 2025-12-13
    status Active
28. 2025-12-12
    historical
29. 2025-12-12
    price $359,700
30. 2025-11-25
    price $359,800
31. 2025-10-31
    price $359,900
32. 2025-10-31
    price $364,000
33. 2025-10-23
    listed $350,000 Active
34. 2025-10-23
    listed $365,000 Active
35. 2025-07-22
    soldstatus $180,000 Closed 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

36. 2025-06-07
    status Pending 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

37. 2025-05-31
    price $202,700 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

38. 2025-04-29
    price $225,180 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

39. 2025-04-01
    price $250,200 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

40. 2025-02-10
    listed $278,000 Active 235-char remark

    Show marketing remark (235 chars)

    Unique 2 story home on . 44 acre lot in country area. Living room has a woodstove, the open kitchen has an island and a pantry with many cabinets. Privacy fencing, back deck and large storage area, too. Call today for more information.

41. 2018-08-16
    soldstatus $185,500
42. 2018-08-16
    soldstatus $185,500
43. 2017-10-17
    listed $183,500
44. 2017-03-10
    soldstatus $71,100
45. 2016-11-10
    listed $71,100
46. 2010-02-08
    soldstatus $110,000
47. 2009-11-09
    listed $120,900
48. 2006-06-07
    soldstatus $172,000
49. 2006-06-06
    soldstatus $172,000
50. 2006-02-24
    listed $178,000

ⓘ 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: $1,165 · $97/mo
• Projected year-2 tax: $2,862 · $238/mo
• Expected delta: +$1,697/yr (+$141/mo · 145.7%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 19 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: $178,836
• − Mortgage interest: −$19,549
• − Property taxes: −$1,165
• − Insurance: −$1,745
• − Repairs & maintenance: −$14,307
• − Management: −$14,307
• − Depreciation: −$10,153
• Taxable income: $117,611
• Est. tax owed @ 24.0%: −$28,227
• After-tax cash flow: $88,182/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

• 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

+96.6% since first listed

34 events — show timeline

• 2026-05-23 Price Changed $349,900 Hive MLS
• 2026-05-18 Price Changed $350,000 Hive MLS
• 2026-05-10 Price Changed $349,995 Hive MLS
• 2026-04-22 Listing Removed — Hive MLS
• 2026-04-19 Price Changed $349,995 Hive MLS
• 2026-03-26 Price Changed $350,000 Hive MLS
• 2026-03-23 Price Changed $354,987 Hive MLS
• 2026-02-05 Price Changed $355,000 Hive MLS
• 2026-01-25 Price Changed $359,500 Hive MLS
• 2026-01-08 Price Changed $359,600 Hive MLS
• 2025-12-13 Relisted — Hive MLS
• 2025-12-12 Listing Removed — Hive MLS
• 2025-12-12 Price Changed $359,700 Hive MLS
• 2025-11-25 Price Changed $359,800 Hive MLS
• 2025-10-31 Price Changed $359,900 Hive MLS
• 2025-10-31 Price Changed $364,000 Hive MLS
• 2025-10-23 Listed $365,000 Hive MLS
• 2025-10-23 Listed $350,000 Hive MLS
• 2025-07-22 Sold (MLS) $180,000 Hive MLS
• 2025-06-07 Pending — Hive MLS
• 2025-05-31 Price Changed $202,700 Hive MLS
• 2025-04-29 Price Changed $225,180 Hive MLS
• 2025-04-01 Price Changed $250,200 Hive MLS
• 2025-02-10 Listed $278,000 Hive MLS
• 2018-08-16 Sold (Public Records) $185,500 Public Records
• 2018-08-16 Sold (MLS) $185,500 Hive MLS
• 2017-10-17 Listed $183,500 Hive MLS
• 2017-03-10 Sold (MLS) $71,100 Hive MLS
• 2016-11-10 Listed $71,100 Hive MLS
• 2010-02-08 Sold (MLS) $110,000 Hive MLS
• 2009-11-09 Listed $120,900 Hive MLS
• 2006-06-07 Sold (MLS) $172,000 Hive MLS
• 2006-06-06 Sold (Public Records) $172,000 Public Records
• 2006-02-24 Listed $178,000 Hive MLS

Property tax history

+4.4%/yr

Latest (2025): $1,165 · +64.5% YoY. Source: county tax records.