102 Delaware Dr · Newport, NC 28570

$409,625

3 bd · 2.0 ba · 2,142 sqft · SingleFamily · 1 Days on market

Built 2026 0.29 ac lot Est $405k · at est. $27/mo HOA

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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 +7.0/15.0
• 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

PRE SALE. NO SHOWINGS! The one-story Chatham is a classic to the JC Jackson's Carolina Series. With three bedrooms and two bathrooms this split bedroom home features an impressive entry that showcases your dining room and study just inside the front door, then leads you to the expansive great room open to the breakfast area, and kitchen with a center island. With tall cathedral ceilings and windows across the back of the home that provide views of the backyard, this home was built for entertaining! The owner's bedroom is separate from the secondary bedrooms with easy access to the garage through the conveniently located laundry room.

Key facts

• One story
• Expansive great room
• Impressive entry

Tags

• ONE STORY
• SPLIT BEDROOM
• IMPRESSIVE ENTRY
• EXPANSIVE GREAT ROOM
• TALL CATHEDRAL CEILINGS
• VIEWS OF THE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $410k.

Deal economics

• At list price, monthly cash flow is $7k ($83k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $410k).

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 $12,408/mo this rent would consume 212% 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 $3k of loan paydown is wiped out by about $12k 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 $115k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $409,625

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 3.03% ✓
• Cap rate: 26.64%
• Cash-on-cash: 72.66%
• DSCR: 4.23
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $404,838
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 Duncan Ln	0.07mi	3/2.0	2,014 (-6%)	0mo	$381,560	$189	86
113 Duncan Ln	0.10mi	3/2.0	2,054 (-4%)	7mo	$387,420	$189	82
125 Tradition Trl	0.17mi	3/2.0	2,054 (-4%)	5mo	$395,000	$192	81
330 Independence Blvd	0.18mi	3/2.0	2,075 (-3%)	12mo	$385,000	$186	77
102 Duncan Ln	0.20mi	3/2.0	2,054 (-4%)	11mo	$389,115	$189	75
140 Tradition Trl	0.23mi	3/2.0	2,054 (-4%)	14mo	$389,244	$190	71
258 Independence Blvd	0.26mi	4/2.5 (+1)	2,274 (+6%)	3mo	$395,000	$174	68
178 Patriot Dr	0.16mi	4/2.0 (+1)	2,241 (+5%)	14mo	$395,780	$177	68
318 Independence Blvd	0.16mi	4/2.0 (+1)	1,870 (-13%)	3mo	$370,000	$198	64
230 Legacy Ln	0.31mi	4/3.0 (+1)	2,074 (-3%)	13mo	$380,000	$183	60
198 Patriot Dr	0.20mi	3/2.0	1,896 (-12%)	14mo	$399,000	$210	60
231 Independence Blvd	0.30mi	3/2.0	1,870 (-13%)	9mo	$375,000	$201	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 72.4%
• Equity multiple: 4.28×
• Total profit: $376,145
• Equity at exit: $61,076

10-year hold

• IRR: 76.3%
• Equity multiple: 8.83×
• Total profit: $897,924
• Equity at exit: $35,417

Cash invested: $114,695 (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: 2.8×

Monthly cashflow live

• Estimated rent: $12,408 medium
• Mortgage (P&I): −$2,148
• Tax est. 1.5%: −$512 /mo · $6,144/yr
• Insurance: −$171
• HOA: −$27
• Vacancy / Maint / Mgmt: −$2,606
• Net cashflow: $6,945

Break-even live

Break-even rent $3,618

Max offer price $409,625

Occupancy floor 39%

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: $102,406
• Closing costs: $12,289
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $27 · $324/yr

Listing history 2 events

1. 2026-02-13
   status Pending
2. 2026-02-11
   listed $409,625 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $148,901
• − Mortgage interest: −$22,945
• − Property taxes: −$6,144
• − Insurance: −$2,048
• − Repairs & maintenance: −$11,912
• − Management: −$11,912
• − HOA: −$324
• − Depreciation: −$11,916
• Taxable income: $81,698
• Est. tax owed @ 24.0%: −$19,608
• After-tax cash flow: $63,730/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

• Census place: Newport, 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

2 events — show timeline

• 2026-02-13 Pending — Hive MLS
• 2026-02-11 Listed $409,625 Hive MLS