133 Fourth Ave N · Kure Beach, NC 28449

$747,500

3 bd · 2.0 ba · 1,694 sqft · SingleFamily public records · 152 Days on market

Built 1965 5,009 sqft lot Est $579k · 29% over

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Why this score? — see what drove the F 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).

• Schools +4.3/10.0
• Livability +3.2/5.0
• Cash flow +3.1/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location in in.Old Kure Beach in., walk 3 blocks to Downtown. Or enjoy pier/ocean views from rooftop deck! Multi-family potential with 2 existing kitchens. Nice remodel - add a floor for ocean views, has existing elevator. Lush landscaping, private back yard. Not in Flood Zone.

Key facts

• 5,009 sq ft lot
• Garage
• Built 1965

Property features AI

Finance

• Other: Zoning: RA-2

Exterior

• Parking: Attached covered parking/garage
• Security: Smoke detector(s)
• Utilities: Sewer connected; Water connected
• Home design: Residential single-family home; Two levels
• Construction: Built with block, asbestos, wood siding, and frame materials; Shingle roof; Block/raised/pillar-post-pier foundation
• Exterior features: Covered, enclosed, and screened patio; Patio; Interior lot; City street and state road frontage; Has view

Interior

• Kitchen: Electric oven; Electric cooktop; Refrigerator
• Bedrooms: Total rooms: 8
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Baseboard heating; Electric heating; Cooling via heat pump and other systems
• Interior features: Elevator installed; Ceiling fan(s); Window coverings; Negotiable furnished status; Smoke detector(s)
• Laundry & utility: Washer (hookup available); Dryer; Electric water heater; Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $748k.

Deal economics

• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $324k (56.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (66.6% below list).
• Recommended offer: $250k (66.6% below list) — sets the bar for 1% rule.

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: 94 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 $5k of loan paydown is wiped out by about $22k 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.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($658k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $48k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $295k; list at $748k implies a 153% 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 $250,000 (66.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 67% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.33% ✗
• Cap rate: 2.45%
• Cash-on-cash: -13.74%
• DSCR: 0.39
• GRM: 24.9

CMA / ARV

• ARV (on-the-fly): $579,348
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 K Ave	0.12mi	3/2.0	1,637 (-3%)	17mo	$560,000	$342	74
516 N Fifth Ave N	0.23mi	3/2.0	1,901 (+12%)	16mo	$650,000	$342	56
417 Settlers Ln	0.34mi	3/2.0	1,485 (-12%)	10mo	$578,000	$389	55
734 Sloop Pointe Ln	0.70mi	3/2.0	1,523 (-10%)	6mo	$515,000	$338	46
630 S Fourth Ave	0.71mi	4/2.0 (+1)	1,815 (+7%)	7mo	$765,000	$421	44

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: -42.4%
• Equity multiple: -0.31×
• Total profit: $-274,165
• Equity at exit: $111,455

10-year hold

• IRR: -73.3%
• Equity multiple: -1.09×
• Total profit: $-437,049
• Equity at exit: $64,630

Cash invested: $209,300 (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: 94
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$3,920
• Tax from tax record: −$139 /mo · $1,672/yr
• Insurance: −$311
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-2,396

Break-even live

Break-even rent $5,533

Max offer price $324,281

Occupancy floor —

Sensitivity live

Price	-10% $-1,973	-5% $-2,184	+0% $-2,396	+5% $-2,607	+10% $-2,819
Rent	-10% $-2,593	-5% $-2,494	+0% $-2,396	+5% $-2,297	+10% $-2,198
Rate	-1.0pp $-2,019	-0.5pp $-2,206	base $-2,396	+0.5pp $-2,589	+1.0pp $-2,786

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: $186,875
• Closing costs: $22,425
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1606 Bonito Ln Carolina Beach, NC	3.0	2.0	1100	$2,500	$2.27	22d	1	1.13mi

Listing history 29 events

1. 2026-06-21
   days on market $747,500 Active 152 DOM
2. 2026-06-18
   days on market $747,500 Active 149 DOM
3. 2026-06-17
   days on market $747,500 Active 148 DOM
4. 2026-06-16
   days on market $747,500 Active 147 DOM
5. 2026-06-15
   days on market $747,500 Active 146 DOM
6. 2026-06-14
   days on market $747,500 Active 144 DOM
7. 2026-06-13
   days on market $747,500 Active 143 DOM
8. 2026-06-10
   days on market $747,500 Active 141 DOM
9. 2026-06-09
   days on market $747,500 Active 140 DOM
10. 2026-06-08
    days on market $747,500 Active 139 DOM
11. 2026-06-07
    days on market $747,500 Active 138 DOM
12. 2026-06-05
    days on market $747,500 Active 135 DOM
13. 2026-06-03
    days on market $747,500 Active 134 DOM
14. 2026-06-03
    days on market $747,500 Active 133 DOM
15. 2026-05-31
    days on market $747,500 Active 131 DOM
16. 2026-05-30
    days on market $747,500 Active 130 DOM
17. 2026-04-29
    price $747,500
18. 2026-02-16
    price $765,000
19. 2026-01-20
    listed $795,000 Active
20. 2020-07-22
    soldstatus $295,000
21. 2009-08-12
    soldstatus $240,000
22. 2009-08-07
    soldstatus $240,000 284-char remark

    Show marketing remark (284 chars)

    Great location in in.Old Kure Beach in., walk 3 blocks to Downtown. Or enjoy pier/ocean views from rooftop deck! Multi-family potential with 2 existing kitchens. Nice remodel - add a floor for ocean views, has existing elevator. Lush landscaping, private back yard. Not in Flood Zone.

23. 2008-11-17
    listed $274,900 284-char remark

    Show marketing remark (284 chars)

    Great location in in.Old Kure Beach in., walk 3 blocks to Downtown. Or enjoy pier/ocean views from rooftop deck! Multi-family potential with 2 existing kitchens. Nice remodel - add a floor for ocean views, has existing elevator. Lush landscaping, private back yard. Not in Flood Zone.

24. 2008-11-17
    historical

    Show marketing remark (284 chars)

    Great location in in.Old Kure Beach in., walk 3 blocks to Downtown. Or enjoy pier/ocean views from rooftop deck! Multi-family potential with 2 existing kitchens. Nice remodel - add a floor for ocean views, has existing elevator. Lush landscaping, private back yard. Not in Flood Zone.

25. 2008-05-20
    listed $329,900
26. 2006-08-12
    historical
27. 2006-08-12
    historical
28. 2006-06-25
    listed $449,000
29. 2006-06-25
    listed $449,000

ⓘ 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: $1,672 · $139/mo
• Projected year-2 tax: $6,130 · $511/mo
• Expected delta: +$4,458/yr (+$371/mo · 266.6%)

ⓘ 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: $30,000
• − Mortgage interest: −$41,872
• − Property taxes: −$1,672
• − Insurance: −$3,738
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − Depreciation: −$21,745
• Taxable loss: −$43,826
• Est. tax savings @ 24.0%: +$10,518
• After-tax cash flow: $-18,231/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

+66.5% since first listed

13 events — show timeline

• 2026-04-29 Price Changed $747,500 Hive MLS
• 2026-02-16 Price Changed $765,000 Hive MLS
• 2026-01-20 Listed $795,000 Hive MLS
• 2020-07-22 Sold (Public Records) $295,000 Public Records
• 2009-08-12 Sold (Public Records) $240,000 Public Records
• 2009-08-07 Sold (MLS) $240,000 Hive MLS
• 2008-11-17 Listing Removed — Hive MLS
• 2008-11-17 Listed $274,900 Hive MLS
• 2008-05-20 Listed $329,900 Hive MLS
• 2006-08-12 Listing Removed — Hive MLS
• 2006-08-12 Listing Removed — Hive MLS
• 2006-06-25 Listed $449,000 Hive MLS
• 2006-06-25 Listed $449,000 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $1,672 · -36.7% YoY. Source: county tax records.