102 Marshland Cir · Emerald Isle, NC 28570

$1,249,000

4 bd · 5.5 ba · 3,201 sqft · Land · 1 Days on market

Built 2026 5,663 sqft lot $160/mo HOA · 1% 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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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

Beautiful Cannonsgate lot that backs up to Sykes Creek. On the right side of this lot is a HOA common open space that covers the entire corner of Marshland and 75' down Cannonsgate drive so you won't have a close neighbor on the right side. Currently the adjacent lot to the left is for sale. That address is 104 Marshland---Lot 287. Great opportunity to purchase a double lot with the advantage of common open space to make your lot feel even larger.

Key facts

• Solid wood cabinetry
• New construction
• Reverse floor plan

Tags

• NEW CONSTRUCTION
• REVERSE FLOOR PLAN
• ELEVATED MAIN LIVING AREA
• VIEWS OF INTRACOASTAL WATERWAY
• SOLID WOOD CABINETRY
• DESIGNER TILE SELECTIONS

Property features AI

Finance

• Other: Private road frontage; Lot dimensions approximately 40 x 126 x 47 x 146; Zoning: Res Pud; Community features include sidewalks and street lights; Subdivision: Cannonsgate
• HOA & community: Homeowners association; Community amenities: basketball court, clubhouse, gated entry, marina, tennis courts, trails; Association fee collected annually (monthly equivalent provided)

Exterior

• Parking: 2 parking spaces total; 2-car attached garage with garage door opener, on-site parking
• Utilities: Cable available; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; Three or more levels (3 stories); Entry level: 2; New construction; Accessible features
• Construction: Brick, fiber cement and frame construction; Slab foundation
• Exterior features: Balcony; Covered patio/deck/porch areas including front and rear porches; Deck; Front porch; Rear porch; Back yard fencing; Shingle roof; On waterfront with creek view; Has view

Interior

• Kitchen: Kitchen island; Pantry
• Bedrooms: Rooms total: 9
• Bathrooms: 5 full bathrooms; 1 half bathroom; Accessible full bath
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Walk-in closets; High ceilings; Kitchen island; Elevator; Pantry; Gas log fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/5.5-bath land listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.25M).
• Cap rate 9.2% vs local median 0.1% in Emerald Isle — 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 (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living 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: 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).
• At $14,897/mo this rent would consume 255% 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 $9k of loan paydown is wiped out by about $37k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 11y ago 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.
• Current owner paid $65k; list at $1.25M implies a 1822% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,249,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• GRM: 7.0

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: -3.0%
• Equity multiple: 0.89×
• Total profit: $-39,357
• Equity at exit: $186,230

10-year hold

• IRR: 6.7%
• Equity multiple: 1.51×
• Total profit: $177,286
• Equity at exit: $107,991

Cash invested: $349,720 (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: 7.0×

Monthly cashflow live

• Estimated rent: $14,897 medium
• Mortgage (P&I): −$6,550
• Tax est. 1.5%: −$1,561 /mo · $18,735/yr
• Insurance: −$520
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$160
• Vacancy / Maint / Mgmt: −$3,128
• Net cashflow: $2,551

Break-even live

Break-even rent $11,668

Max offer price $1,249,000

Occupancy floor 78%

Sensitivity live

Price	-10% $3,414	-5% $2,982	+0% $2,551	+5% $2,119	+10% $1,687
Rent	-10% $1,374	-5% $1,962	+0% $2,551	+5% $3,139	+10% $3,727
Rate	-1.0pp $3,180	-0.5pp $2,868	base $2,551	+0.5pp $2,227	+1.0pp $1,898

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: $312,250
• Closing costs: $37,470
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $160 · $1,920/yr

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $1,249,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 21 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: $178,765
• − Mortgage interest: −$69,963
• − Property taxes: −$18,735
• − Insurance: −$11,364
• − Repairs & maintenance: −$14,301
• − Management: −$14,301
• − HOA: −$1,920
• − Depreciation: −$36,335
• Taxable income: $11,846
• Est. tax owed @ 24.0%: −$2,843
• After-tax cash flow: $27,764/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 — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• 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

+467.7% since first listed

20 events — show timeline

• 2026-06-18 Listed $1,249,000 Hive MLS
• 2024-07-18 Sold (MLS) $65,000 Hive MLS
• 2024-07-16 Sold (Public Records) $65,000 Public Records
• 2024-06-20 Pending — Hive MLS
• 2024-02-13 Price Changed $85,000 Hive MLS
• 2024-02-13 Listed $85 Hive MLS
• 2021-09-24 Sold (Public Records) $32,000 Public Records
• 2021-09-24 Sold (MLS) $32,000 Hive MLS
• 2021-05-14 Listed $37,000 Hive MLS
• 2021-04-30 Listing Removed — Hive MLS
• 2020-10-26 Listed $36,900 Hive MLS
• 2019-05-20 Sold (Public Records) $29,000 Public Records
• 2019-05-20 Sold (MLS) $29,000 Hive MLS
• 2019-04-16 Listed $29,000 Hive MLS
• 2018-07-09 Sold (Public Records) $22,000 Public Records
• 2018-07-09 Sold (MLS) $22,000 Hive MLS
• 2018-02-09 Listed $33,000 Hive MLS
• 2017-12-07 Listing Removed — Hive MLS
• 2015-11-22 Listed $33,000 Hive MLS
• 2006-10-12 Sold (Public Records) $220,000 Public Records

Property tax history

+14.2%/yr

Latest (2025): $194 · +156.1% YoY. Source: county tax records.