202 N Fort Fisher Blvd Unit A3 · Kure Beach, NC 28449

$1,080,000

3 bd · 3.5 ba · 2,434 sqft · Condo public records · 265 Days on market

Built 2005 $896/mo HOA · 4% of rent ↓ 6% since listing

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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 +4.3/10.0
• 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

Exceptional condo/townhouse style with 4 beds 3 1/2 baths and incredible forever ocean views. You will love all of the upgrades including hardwood and tile throughout with new matching hardwood floors in bedrooms, new roll down hurricane shutters, new decks, an elevator shaft, 2 new Trane units, new wireless thermostats, central vac connection available and it comes beautifully furnished. Master bedroom has 2 huge walk-in closets as well as a large deck to capture fantastic ocean views. In just a few feet out the door you're on the beach. There are several wonderful restaurants, Kure Beach Fishing Pier, 2 parks and disc golf all in walking distance. If you're an investor you'll love the rental income from this high demand property and it's not in a flood zone! Community Pool too!

Key facts

• Private balconies
• Updated appliances
• Private pool

Tags

• PRIVATE POOL
• EXCEPTIONAL CRAFTSMANSHIP
• HIGH-END FINISHES
• PRIVATE BALCONIES
• MODERN KITCHEN
• UPDATED APPLIANCES

Property features AI

Finance

• Financial info: Annual association fee: $10,754.88 (equates to approximately $896.24/month)
• HOA & community: Has homeowners association; Community pool; HOA covers trash and water; Annual association fee

Exterior

• Parking: 2 detached/attached garage spaces (garage faces front); Tandem garage; 1 off-street open parking space
• Security: Fire sprinkler system; Smoke detectors
• Utilities: Public water; Sewer connected; Water connected; Cable available; Underground utilities
• Home design: Residential condominium; Three or more levels; On waterfront; Accessible entrance; Exterior wheelchair lift
• Construction: Fiber cement and frame construction; Metal roof; Slab foundation; Built with accessibility features
• Exterior features: Outdoor shower; Balcony; Covered patio/porch; Wood and wrought iron fencing; In-ground pool; Oceanfront frontage; Has view; See remarks for additional lot details

Interior

• Kitchen: Electric oven; Electric cooktop; Built-in electric oven; Microwave; Dishwasher; Garbage disposal; Refrigerator; Pantry
• Bedrooms: Includes walk-in closets
• Flooring: Carpet; Concrete; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom; Accessible full bath
• Heating & cooling: Central air; Electric heating; Forced air; Heat pump
• Interior features: Walk-in closets; High ceilings; Entrance foyer; Ceiling fans; Pantry; Storm windows; Shutters; Window coverings; Furnished
• Laundry & utility: Washer; Dryer; Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $1.08M.

Deal economics

• At list price, monthly cash flow is $12k ($140k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.08M).
• Recommended offer: $950k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.2% vs local median 2.1% in Kure Beach — 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 65/100 on livability (#303 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $302k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($950k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 21y ago; this cycle's ask has dropped $120k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $696k; list at $1.08M implies a 55% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $950,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 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. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.22% ✓
• Cap rate: 19.23%
• Cash-on-cash: 46.21%
• DSCR: 3.06
• GRM: 3.8

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: 43.4%
• Equity multiple: 2.87×
• Total profit: $566,856
• Equity at exit: $161,032

10-year hold

• IRR: 49.5%
• Equity multiple: 5.79×
• Total profit: $1,449,629
• Equity at exit: $93,379

Cash invested: $302,400 (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 28449

• Active inventory: 92
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $24,000 medium
• Mortgage (P&I): −$5,664
• Tax from tax record: −$307 /mo · $3,680/yr
• Insurance: −$450
• HOA: −$896
• Vacancy / Maint / Mgmt: −$5,040
• Net cashflow: $11,644

Break-even live

Break-even rent $9,261

Max offer price $1,080,000

Occupancy floor 46%

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: $270,000
• Closing costs: $32,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1622 Swordfish Ln #1 Carolina Beach, NC	4.0	3.5	2476	$24,000	$9.69	21d	1	1.03mi

HOA detail condo

• Monthly dues: $896 · $10,752/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 45 events

1. 2026-06-18
   days on market $1,080,000 Active 265 DOM
2. 2026-06-17
   days on market $1,080,000 Active 264 DOM
3. 2026-06-16
   days on market $1,080,000 Active 263 DOM
4. 2026-06-15
   days on market $1,080,000 Active 262 DOM
5. 2026-06-14
   days on market $1,080,000 Active 260 DOM
6. 2026-06-13
   days on market $1,080,000 Active 259 DOM
7. 2026-06-10
   days on market $1,080,000 Active 257 DOM
8. 2026-06-09
   days on market $1,080,000 Active 256 DOM
9. 2026-06-08
   days on market $1,080,000 Active 255 DOM
10. 2026-06-07
    days on market $1,080,000 Active 254 DOM
11. 2026-06-05
    days on market $1,080,000 Active 251 DOM
12. 2026-06-03
    days on market $1,080,000 Active 250 DOM
13. 2026-06-03
    days on market $1,080,000 Active 249 DOM
14. 2026-05-31
    days on market $1,080,000 Active 247 DOM
15. 2026-05-30
    days on market $1,080,000 Active 246 DOM
16. 2026-04-30
    price $1,080,000
17. 2026-03-30
    price $1,100,000
18. 2026-03-26
    status Active
19. 2026-03-26
    historical
20. 2026-03-10
    status Active
21. 2026-03-10
    price $1,125,000
22. 2026-02-28
    historical
23. 2025-12-31
    price $1,150,000
24. 2025-09-16
    listed $1,200,000 Active
25. 2019-06-03
    soldstatus $695,500 790-char remark

    Show marketing remark (790 chars)

    Exceptional condo/townhouse style with 4 beds 3 1/2 baths and incredible forever ocean views. You will love all of the upgrades including hardwood and tile throughout with new matching hardwood floors in bedrooms, new roll down hurricane shutters, new decks, an elevator shaft, 2 new Trane units, new wireless thermostats, central vac connection available and it comes beautifully furnished. Master bedroom has 2 huge walk-in closets as well as a large deck to capture fantastic ocean views. In just a few feet out the door you're on the beach. There are several wonderful restaurants, Kure Beach Fishing Pier, 2 parks and disc golf all in walking distance. If you're an investor you'll love the rental income from this high demand property and it's not in a flood zone! Community Pool too!

26. 2019-06-03
    soldstatus $695,000

    Show marketing remark (790 chars)

    Exceptional condo/townhouse style with 4 beds 3 1/2 baths and incredible forever ocean views. You will love all of the upgrades including hardwood and tile throughout with new matching hardwood floors in bedrooms, new roll down hurricane shutters, new decks, an elevator shaft, 2 new Trane units, new wireless thermostats, central vac connection available and it comes beautifully furnished. Master bedroom has 2 huge walk-in closets as well as a large deck to capture fantastic ocean views. In just a few feet out the door you're on the beach. There are several wonderful restaurants, Kure Beach Fishing Pier, 2 parks and disc golf all in walking distance. If you're an investor you'll love the rental income from this high demand property and it's not in a flood zone! Community Pool too!

27. 2018-09-10
    listed $730,000 790-char remark

    Show marketing remark (790 chars)

    Exceptional condo/townhouse style with 4 beds 3 1/2 baths and incredible forever ocean views. You will love all of the upgrades including hardwood and tile throughout with new matching hardwood floors in bedrooms, new roll down hurricane shutters, new decks, an elevator shaft, 2 new Trane units, new wireless thermostats, central vac connection available and it comes beautifully furnished. Master bedroom has 2 huge walk-in closets as well as a large deck to capture fantastic ocean views. In just a few feet out the door you're on the beach. There are several wonderful restaurants, Kure Beach Fishing Pier, 2 parks and disc golf all in walking distance. If you're an investor you'll love the rental income from this high demand property and it's not in a flood zone! Community Pool too!

28. 2015-05-12
    soldstatus $522,500 458-char remark

    Show marketing remark (458 chars)

    Ocean front townhouse style condo with beautiful hardwood floors, granite and stainless in the kitchen, each of the three bedrooms has its own private bath and the downstairs has additional living area. Fabulous views from the living area and master bedrooms, spacious decks. Home overlooks ocean walkway, walking distance to the pier and restaurants. Fabulous ocean views, this would be a great home, vacation home or resort rental. Elevator shaft in place.

29. 2015-04-27
    soldstatus $522,500
30. 2015-03-09
    listed $549,000 458-char remark

    Show marketing remark (458 chars)

    Ocean front townhouse style condo with beautiful hardwood floors, granite and stainless in the kitchen, each of the three bedrooms has its own private bath and the downstairs has additional living area. Fabulous views from the living area and master bedrooms, spacious decks. Home overlooks ocean walkway, walking distance to the pier and restaurants. Fabulous ocean views, this would be a great home, vacation home or resort rental. Elevator shaft in place.

31. 2014-03-18
    historical
32. 2013-06-10
    listed $599,000
33. 2013-06-01
    historical
34. 2012-12-12
    listed $620,000
35. 2010-08-31
    historical
36. 2009-08-10
    listed $860,000
37. 2008-10-29
    historical
38. 2008-10-28
    soldstatus $770,000
39. 2007-08-21
    listed $859,000
40. 2007-08-16
    historical
41. 2007-02-01
    listed $859,000
42. 2006-08-01
    historical
43. 2006-01-17
    listed $989,000
44. 2006-01-12
    historical
45. 2005-07-12
    listed $1,150,000

ⓘ 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: $3,680 · $307/mo
• Projected year-2 tax: $8,856 · $738/mo
• Expected delta: +$5,176/yr (+$431/mo · 140.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $288,000
• − Mortgage interest: −$60,497
• − Property taxes: −$3,680
• − Insurance: −$5,400
• − Repairs & maintenance: −$23,040
• − Management: −$23,040
• − HOA: −$10,752
• − Depreciation: −$31,418
• Taxable income: $130,173
• Est. tax owed @ 24.0%: −$31,241
• After-tax cash flow: $108,483/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: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

Livability — Kure Beach

• Score: 65/100
• State rank: #303
• US rank: #12563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kure Beach, NC
• Population (ZIP): 2,017

Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 5% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.31%
• Current HPI: 246.571
• 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

-6.1% since first listed

30 events — show timeline

• 2026-04-30 Price Changed $1,080,000 Hive MLS
• 2026-03-30 Price Changed $1,100,000 Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-10 Relisted — Hive MLS
• 2026-03-10 Price Changed $1,125,000 Hive MLS
• 2026-02-28 Listing Removed — Hive MLS
• 2025-12-31 Price Changed $1,150,000 Hive MLS
• 2025-09-16 Listed $1,200,000 Hive MLS
• 2019-06-03 Sold (Public Records) $695,000 Public Records
• 2019-06-03 Sold (MLS) $695,500 Hive MLS
• 2018-09-10 Listed $730,000 Hive MLS
• 2015-05-12 Sold (MLS) $522,500 Hive MLS
• 2015-04-27 Sold (Public Records) $522,500 Public Records
• 2015-03-09 Listed $549,000 Hive MLS
• 2014-03-18 Listing Removed — Hive MLS
• 2013-06-10 Listed $599,000 Hive MLS
• 2013-06-01 Listing Removed — Hive MLS
• 2012-12-12 Listed $620,000 Hive MLS
• 2010-08-31 Listing Removed — Hive MLS
• 2009-08-10 Listed $860,000 Hive MLS
• 2008-10-29 Listing Removed — Hive MLS
• 2008-10-28 Sold (Public Records) $770,000 Public Records
• 2007-08-21 Listed $859,000 Hive MLS
• 2007-08-16 Listing Removed — Hive MLS
• 2007-02-01 Listed $859,000 Hive MLS
• 2006-08-01 Listing Removed — Hive MLS
• 2006-01-17 Listed $989,000 Hive MLS
• 2006-01-12 Listing Removed — Hive MLS
• 2005-07-12 Listed $1,150,000 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $3,680 · -36.6% YoY. Source: county tax records.