134 Water Ln · Broad Creek, NC 28570

$799,900

4 bd · 4.0 ba · 2,952 sqft · Condo public records · 62 Days on market

Built 2007 $67/mo HOA

---

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 +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 MLS

Bank Owned. Great water front unit with sound view & boat slip. Open floor with wood floors, fireplace, granite counter tops and elevator - tucked away from the Rustle & Bustle, but convenient to all of Carteret County Amenities. Being ''Sold As Is''.Title transferred by special warranty deed. Possible Seller Financing available. Water: West Carteret Water

Key facts

• $67 HOA
• Built 2007
• Listed 61 days

Property features AI

Finance

• Other: Accessible kitchen, accessible full bath, accessible doors, and an installed elevator
• HOA & community: Homeowners association with boat dock; Annual association fee of $800

Exterior

• Parking: Covered on-site parking (unpaved)
• Utilities: Public water; Water available; Septic tank
• Home design: Triplex / Townhouse; Entry level on 2; Two levels; Three total stories
• Construction: Vinyl siding and frame construction; Pillar/post/pier foundation; Other foundation type
• Exterior features: Outdoor shower; Private dock; Balcony; Deck; Front porch; Storm doors; Composition roof; On waterfront; Property has a view

Interior

• Kitchen: Refrigerator; Electric range; Microwave; Electric water heater
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump heating and cooling; Electric heating; Central air
• Interior features: Elevator; Window coverings; Gas log fireplace
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath condo listed at $800k.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $800k).
• Recommended offer: $752k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 22.6% in Broad Creek — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#340 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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 $224k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask is 146% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $288k; list at $800k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $751,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.86% ✓
• Cap rate: 16.81%
• Cash-on-cash: 37.55%
• DSCR: 2.67
• GRM: 4.5

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: 30.8%
• Equity multiple: 2.29×
• Total profit: $289,570
• Equity at exit: $119,268

10-year hold

• IRR: 38.0%
• Equity multiple: 4.54×
• Total profit: $791,931
• Equity at exit: $69,161

Cash invested: $223,972 (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: 4.5×

Monthly cashflow live

• Estimated rent: $14,871 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$145 /mo · $1,738/yr
• Insurance: −$333
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$67
• Vacancy / Maint / Mgmt: −$3,123
• Net cashflow: $6,582

Break-even live

Break-even rent $6,540

Max offer price $799,900

Occupancy floor 51%

Sensitivity live

Price	-10% $7,034	-5% $6,808	+0% $6,582	+5% $6,355	+10% $5,174
Rent	-10% $5,407	-5% $5,994	+0% $6,582	+5% $7,169	+10% $7,756
Rate	-1.0pp $6,984	-0.5pp $6,785	base $6,582	+0.5pp $6,374	+1.0pp $6,163

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: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $67 · $804/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-19
   days on market $799,900 Active 62 DOM
2. 2026-06-18
   days on market $799,900 Active 61 DOM
3. 2026-06-17
   days on market $799,900 Active 60 DOM
4. 2026-06-16
   days on market $799,900 Active 59 DOM
5. 2026-06-15
   days on market $799,900 Active 58 DOM
6. 2026-06-14
   days on market $799,900 Active 56 DOM
7. 2026-06-12
   days on market $799,900 Active 55 DOM
8. 2026-06-09
   days on market $799,900 Active 52 DOM
9. 2026-06-08
   days on market $799,900 Active 51 DOM
10. 2026-06-07
    days on market $799,900 Active 50 DOM
11. 2026-06-05
    days on market $799,900 Active 47 DOM
12. 2026-06-03
    days on market $799,900 Active 46 DOM
13. 2026-06-02
    days on market $799,900 Active 45 DOM
14. 2026-06-01
    days on market $799,900 Active 44 DOM
15. 2026-05-31
    days on market $799,900 Active 43 DOM
16. 2026-05-30
    days on market $799,900 Active 42 DOM
17. 2026-05-21
    price $799,900
18. 2026-04-18
    status Active
19. 2013-06-19
    soldstatus $287,500 366-char remark

    Show marketing remark (366 chars)

    Bank Owned. Great water front unit with sound view & boat slip. Open floor with wood floors, fireplace, granite counter tops and elevator - tucked away from the Rustle & Bustle, but convenient to all of Carteret County Amenities. Being ''Sold As Is''.Title transferred by special warranty deed. Possible Seller Financing available. Water: West Carteret Water

20. 2012-08-28
    listed $325,000 366-char remark

    Show marketing remark (366 chars)

    Bank Owned. Great water front unit with sound view & boat slip. Open floor with wood floors, fireplace, granite counter tops and elevator - tucked away from the Rustle & Bustle, but convenient to all of Carteret County Amenities. Being ''Sold As Is''.Title transferred by special warranty deed. Possible Seller Financing available. Water: West Carteret Water

21. 2012-04-18
    historical
22. 2011-12-15
    listed $440,000

ⓘ 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: $1,738 · $145/mo
• Projected year-2 tax: $6,559 · $547/mo
• Expected delta: +$4,821/yr (+$402/mo · 277.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $178,451
• − Mortgage interest: −$44,807
• − Property taxes: −$1,738
• − Insurance: −$9,118
• − Repairs & maintenance: −$14,276
• − Management: −$14,276
• − HOA: −$804
• − Depreciation: −$23,270
• Taxable income: $70,162
• Est. tax owed @ 24.0%: −$16,839
• After-tax cash flow: $62,140/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 — Broad Creek

• Score: 64/100
• State rank: #340
• US rank: #13718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Broad Creek, NC
• County: Carteret County · 52,389 people
• 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

+81.8% since first listed

6 events — show timeline

• 2026-05-21 Price Changed $799,900 Hive MLS
• 2026-04-18 Relisted — Hive MLS
• 2013-06-19 Sold (MLS) $287,500 Hive MLS
• 2012-08-28 Listed $325,000 Hive MLS
• 2012-04-18 Listing Removed — Hive MLS
• 2011-12-15 Listed $440,000 Hive MLS

Property tax history

+0.5%/yr

Latest (2025): $1,738 · -16.0% YoY. Source: county tax records.