3309 Bridges St · Morehead City, NC 28557

$134,000

2 bd · 1.0 ba · 836 sqft · Condo public records · 128 Days on market

Built 1986 $250/mo HOA · 16% of rent

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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 +18.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +5.7/10.0
• Schools +5.1/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment property, starter home, or someone wanting first floor living. This 2 bedroom 1 bath condo has a remodeled bathroom, separate laundry room, and walk in closet in main bedroom. Conveniently located near the Hospital, Community College, Shopping, and just 1 Mile to the Atlantic Beach Bridge for the beach lover in you!

Key facts

• Remodeled bathroom
• Walk in closet
• $250 HOA

Tags

• REMODELED BATHROOM
• SEPARATE LAUNDRY ROOM
• WALK IN CLOSET

Property features AI

Finance

• Other: Subdivision: The Bridges Condominium; Zoning: Residential; Directions: Hwy 70 or Hwy 24 to Bridges St.; complex on right just past Boys and Girls Club.
• HOA & community: Homeowners association with annual fee of $3,000 (about $250/month); HOA provides grounds and structure maintenance, management, and trash service

Exterior

• Parking: Paved parking lot with assigned spaces
• Utilities: Public water; Public sewer; Sewer connected; Water connected; Cable available
• Home design: Residential condominium; One level entry; Two-story building
• Construction: Wood siding and frame construction; Slab foundation
• Exterior features: Patio; No fencing; Shingle roof; Has view; Paved road access; City street and state road frontage; Sidewalks (community)

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher; Electric water heater
• Bedrooms: Total rooms: 4
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump; Electric heating; Has cooling
• Interior features: Walk-in closet(s); Eat-in kitchen; Window coverings
• Laundry & utility: Washer; Dryer; Laundry room and in-hall laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $134k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.0% in Morehead City — 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 63/100 on livability (#412 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A-, housing B; Watch: employment D+, crime D-, amenities 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: Morehead City Primary (math 62% / reading 57%, grade B-, #205 of 1,410 statewide, top 16%, 545 students, 98% FRL); Morehead City Middle (math 53% / reading 63%, grade B, #59 of 475 statewide, top 13%, 482 students, 99% 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: Rents rising fast (+4.8%/yr); 141 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 $926 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.13% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.8% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.70×
• Total profit: $-11,268
• Equity at exit: $19,980

10-year hold

• IRR: 4.1%
• Equity multiple: 1.33×
• Total profit: $12,268
• Equity at exit: $11,586

Cash invested: $37,520 (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 28557

• Home prices YoY: -33.2%
• Rents YoY: 4.8%
• Active inventory: 141
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,517 medium
• Mortgage (P&I): −$703
• Tax from tax record: −$72 /mo · $858/yr
• Insurance: −$56
• HOA: −$250
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $118

Break-even live

Break-even rent $1,367

Max offer price $134,000

Occupancy floor 87%

Sensitivity live

Price	-10% $194	-5% $156	+0% $118	+5% $80	+10% $42
Rent	-10% $-2	-5% $58	+0% $118	+5% $178	+10% $238
Rate	-1.0pp $186	-0.5pp $152	base $118	+0.5pp $84	+1.0pp $48

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $134,000 Active 128 DOM
2. 2026-06-18
   days on market $134,000 Active 127 DOM
3. 2026-06-17
   days on market $134,000 Active 126 DOM
4. 2026-06-16
   days on market $134,000 Active 125 DOM
5. 2026-06-15
   days on market $134,000 Active 124 DOM
6. 2026-06-14
   days on market $134,000 Active 122 DOM
7. 2026-06-12
   days on market $134,000 Active 121 DOM
8. 2026-06-09
   days on market $134,000 Active 118 DOM
9. 2026-06-08
   days on market $134,000 Active 117 DOM
10. 2026-06-07
    days on market $134,000 Active 116 DOM
11. 2026-06-05
    days on market $134,000 Active 113 DOM
12. 2026-06-03
    days on market $134,000 Active 112 DOM
13. 2026-06-02
    days on market $134,000 Active 111 DOM
14. 2026-06-01
    days on market $134,000 Active 110 DOM
15. 2026-05-31
    days on market $134,000 Active 109 DOM
16. 2026-05-30
    days on market $134,000 Active 108 DOM
17. 2026-05-12
    price $136,000
18. 2026-03-17
    price $139,000
19. 2026-02-11
    listed $145,000 Active
20. 2025-05-22
    soldstatus $125,000

ⓘ 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: $858 · $72/mo
• Projected year-2 tax: $1,099 · $92/mo
• Expected delta: +$240/yr (+$20/mo · 28.0%)

ⓘ 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 ≥103°F today · 23 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: $18,203
• − Mortgage interest: −$7,506
• − Property taxes: −$858
• − Insurance: −$670
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − HOA: −$3,000
• − Depreciation: −$3,898
• Taxable loss: −$643
• Est. tax savings @ 24.0%: +$154
• After-tax cash flow: $1,573/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 — Morehead City

• Score: 63/100
• State rank: #412
• US rank: #15497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morehead City, NC
• County: Carteret County · 52,389 people
• City population: 15,253
• Metro: Morehead City, NC
• Population (ZIP): 15,253
• Household income: $68,528
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 535.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Serbian 3% Italian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -135.51%
• Current HPI: 272.1497
• Rent YoY: ▲ 4.80%
• 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

+8.8% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $136,000 Hive MLS
• 2026-03-17 Price Changed $139,000 Hive MLS
• 2026-02-11 Listed $145,000 Hive MLS
• 2025-05-22 Sold (Public Records) $125,000 Public Records

Property tax history

+11.7%/yr

Latest (2025): $858 · +186.6% YoY. Source: county tax records.