390 Old Winberry Rd · Morehead City, NC 28570

$224,900

4 bd · 2.0 ba · 1,803 sqft · Other public records · 19 Days on market

Built 1981 2.89 ac lot ↓ 24% since listing

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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

Set on 2.89 acres just a short drive to the Crystal Coast's beautiful beaches, this property offers the kind of space, location, and potential that rarely come on the market. With over 1,800 square feet, this handyman special is priced significantly below tax value and is ready for someone to bring new life to it. Whether you're an investor, renovator, or buyer looking for a project in a highly sought-after school district, this is an opportunity you don't want to miss. Homes with this much land, this price point, and this location move fast. There is an in-ground pool in the backyard with a tear in the liner; the seller was unable to repair it, so it has been sitting for some time. A pump

Key facts

• 2.89 acres
• 2.89 acre lot
• Garage

Tags

• 2.89 ACRES
• SHORT DRIVE TO BEACHES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $225k.

Deal economics

• At list price, monthly cash flow is $10k ($126k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 62.2% 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: 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 $15,017/mo this rent would consume 257% 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 $7k 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 $63k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,526 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
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: 6.68% ✓
• Cap rate: 62.18%
• Cash-on-cash: 199.61%
• DSCR: 9.88
• GRM: 1.2

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: 11.02×
• Total profit: $630,828
• Equity at exit: $33,533

10-year hold

• IRR: —
• Equity multiple: 23.37×
• Total profit: $1,408,879
• Equity at exit: $19,445

Cash invested: $62,972 (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: 1.2×

Monthly cashflow live

• Estimated rent: $15,017 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$116 /mo · $1,389/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,154
• Net cashflow: $10,475

Break-even live

Break-even rent $1,758

Max offer price $224,900

Occupancy floor 25%

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-17
   days on market $224,900 Active 19 DOM
2. 2026-06-16
   days on market $224,900 Active 18 DOM
3. 2026-06-15
   days on market $224,900 Active 17 DOM
4. 2026-06-14
   days on market $224,900 Active 15 DOM
5. 2026-06-13
   status $224,900 Active 14 DOM
6. 2026-04-25
   status Pending
7. 2026-04-22
   price $224,900
8. 2026-04-13
   status Active
9. 2026-04-08
   status Pending
10. 2026-04-05
    listed $232,500 Active
11. 2026-03-09
    historical
12. 2026-02-19
    price $280,000
13. 2026-02-03
    price $285,000
14. 2026-01-27
    price $290,000
15. 2026-01-07
    listed $295,000 Active

ⓘ 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: $1,389 · $116/mo
• Projected year-2 tax: $1,844 · $154/mo
• Expected delta: +$455/yr (+$38/mo · 32.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $180,207
• − Mortgage interest: −$12,598
• − Property taxes: −$1,389
• − Insurance: −$1,124
• − Repairs & maintenance: −$14,417
• − Management: −$14,417
• − Depreciation: −$6,543
• Taxable income: $129,720
• Est. tax owed @ 24.0%: −$31,133
• After-tax cash flow: $94,565/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

• County: Carteret County · 52,389 people
• City population: 15,253
• 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

-23.8% since first listed

10 events — show timeline

• 2026-04-25 Pending — Hive MLS
• 2026-04-22 Price Changed $224,900 Hive MLS
• 2026-04-13 Relisted — Hive MLS
• 2026-04-08 Pending — Hive MLS
• 2026-04-05 Listed $232,500 Hive MLS
• 2026-03-09 Listing Removed — TMLS
• 2026-02-19 Price Changed $280,000 TMLS
• 2026-02-03 Price Changed $285,000 TMLS
• 2026-01-27 Price Changed $290,000 TMLS
• 2026-01-07 Listed $295,000 TMLS

Property tax history

+6.2%/yr

Latest (2025): $1,389 · +55.9% YoY. Source: county tax records.