218 Old Ironsides Rd · Newport, NC 28570

$599,000

4 bd · 2.0 ba · 2,317 sqft · SingleFamily public records · 62 Days on market

Built 1984 Fair condition 0.90 ac lot Garage $259/sqft · 6% below area Est $692k · 13% under $70/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
• ARV discount +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great community with Full Marina and easy access to local beaches and Cherry Point. Property sold as-is. This is a Fannie Mae Homepath property. Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage Financing. This property is approved for HomePath Renovation Mortgage Financing. www.homepath.

Key facts

• Convenient access
• Natural light
• Great outdoor space

Tags

• GREAT OUTDOOR SPACE
• NATURAL LIGHT
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $599k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7k ($84k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $599k).
• Recommended offer: $563k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 29.8% in Newport — 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 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); 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: 358 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 $4k of loan paydown is wiped out by about $18k 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 $168k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $117k; list at $599k implies a 412% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $563,060 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
8. 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.
9. 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: 2.35% ✓
• Cap rate: 21.23%
• Cash-on-cash: 53.33%
• DSCR: 3.37
• GRM: 3.6

CMA / ARV

• ARV (median comp): $691,527
• List price: $599,000
• Delta: -13.38%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
335 Country Club Ln	0.14mi	3/3.0 (-1)	2,292 (-1%)	5mo	$319,000	$139	78
108 Blue Heron Ct	1.48mi	3/2.5 (-1)	2,320 (+0%)	2mo	$775,000	$334	56
338 Country Club Ln	0.11mi	3/2.5 (-1)	1,796 (-22%)	17mo	$350,000	$195	49
1074 Sea Gate Dr	0.89mi	3/2.0 (-1)	2,101 (-9%)	7mo	$750,000	$357	38
364 Old Stanton Rd Slip A18	0.82mi	3/3.0 (-1)	2,426 (+5%)	12mo	$1,040,000	$429	38
256 Gatsey Ln	0.85mi	4/3.5	2,605 (+12%)	8mo	$749,900	$288	31

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: 48.0%
• Equity multiple: 3.09×
• Total profit: $350,710
• Equity at exit: $89,313

10-year hold

• IRR: 53.7%
• Equity multiple: 6.26×
• Total profit: $882,456
• Equity at exit: $51,791

Cash invested: $167,720 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $525,000 ($197/sqft)
• Median days on market: 177 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +51.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28570

• Home prices YoY: -16.2%
• Active inventory: 358
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $14,057 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$190 /mo · $2,281/yr
• Insurance: −$250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$70
• Vacancy / Maint / Mgmt: −$2,952
• Net cashflow: $7,028

Break-even live

Break-even rent $5,161

Max offer price $599,000

Occupancy floor 45%

Sensitivity live

Price	-10% $7,367	-5% $7,197	+0% $7,028	+5% $6,858	+10% $6,689
Rent	-10% $5,917	-5% $6,472	+0% $7,028	+5% $7,583	+10% $8,138
Rate	-1.0pp $7,329	-0.5pp $7,180	base $7,028	+0.5pp $6,873	+1.0pp $6,715

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: $149,750
• Closing costs: $17,970
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Subdivision: Sea GatePaved road accessLot is approximately 0.9 acres (200 x 200)Community features include pool and street lightsDirections available
• HOA & community: Homeowners association with annual fee (annually)Association amenities include boat dock, marina, RV/boat storage, pool, playground, park, picnic area, meeting/party room, and coin laundryDerived monthly association fee: $69.50

Exterior

• Parking: 4 parking spaces totalAttached garage with 4 garage spacesGarage faces frontGarage with workshop areaGarage door openerConcrete, paved drivewayOff-street parkingGolf cart garage
• Utilities: Cable availableWater connectedPrivate sewer (septic tank)
• Home design: Single-family residenceTwo storiesEntry level: 1st floorResidential zoning
• Construction: Frame constructionBlock foundationMetal roofBuilt as two-level home
• Exterior features: Boat slipCovered, screened porchDeckPatioPrivacy wood fencing in back yardIrrigation system

Interior

• Bedrooms: Master downstairsTotal of 8 rooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central airHeat pump for heating and coolingElectric heating
• Interior features: Master suite on main levelCeiling fansWet barWindow coverings

Listing history 50 events

1. 2026-11-08
   days on market $599,000 Active 62 DOM
2. 2026-11-07
   days on market $599,000 Active 61 DOM
3. 2026-11-06
   days on market $599,000 Active 60 DOM
4. 2026-11-05
   days on market $599,000 Active 59 DOM
5. 2026-11-04
   days on market $599,000 Active 58 DOM
6. 2026-11-02
   days on market $599,000 Active 56 DOM
7. 2026-11-01
   days on market $599,000 Active 55 DOM
8. 2026-10-31
   days on market $599,000 Active 54 DOM
9. 2026-10-30
   days on market $599,000 Active 53 DOM
10. 2026-10-29
    days on market $599,000 Active 52 DOM
11. 2026-10-28
    days on market $599,000 Active 51 DOM
12. 2026-10-27
    days on market $599,000 Active 50 DOM
13. 2026-10-26
    days on market $599,000 Active 49 DOM
14. 2026-10-25
    days on market $599,000 Active 48 DOM
15. 2026-10-24
    days on market $599,000 Active 47 DOM
16. 2026-10-23
    days on market $599,000 Active 46 DOM
17. 2026-10-22
    days on market $599,000 Active 45 DOM
18. 2026-10-21
    days on market $599,000 Active 44 DOM
19. 2026-10-20
    days on market $599,000 Active 43 DOM
20. 2026-10-19
    days on market $599,000 Active 42 DOM
21. 2026-10-18
    days on market $599,000 Active 41 DOM
22. 2026-10-17
    days on market $599,000 Active 40 DOM
23. 2026-10-16
    days on market $599,000 Active 39 DOM
24. 2026-10-15
    days on market $599,000 Active 38 DOM
25. 2026-10-14
    days on market $599,000 Active 37 DOM
26. 2026-10-13
    days on market $599,000 Active 36 DOM
27. 2026-10-12
    days on market $599,000 Active 35 DOM
28. 2026-10-11
    days on market $599,000 Active 34 DOM
29. 2026-10-10
    days on market $599,000 Active 33 DOM
30. 2026-10-09
    days on market $599,000 Active 32 DOM
31. 2026-10-08
    days on market $599,000 Active 31 DOM
32. 2026-10-07
    days on market $599,000 Active 30 DOM
33. 2026-10-06
    days on market $599,000 Active 29 DOM
34. 2026-10-05
    days on market $599,000 Active 28 DOM
35. 2026-10-04
    days on market $599,000 Active 27 DOM
36. 2026-10-03
    days on market $599,000 Active 26 DOM
37. 2026-10-02
    days on market $599,000 Active 25 DOM
38. 2026-10-01
    days on market $599,000 Active 24 DOM
39. 2026-09-30
    days on market $599,000 Active 23 DOM
40. 2026-09-29
    days on market $599,000 Active 22 DOM
41. 2026-09-28
    days on market $599,000 Active 21 DOM
42. 2026-09-27
    days on market $599,000 Active 20 DOM
43. 2026-09-26
    days on market $599,000 Active 19 DOM
44. 2026-09-25
    days on market $599,000 Active 18 DOM
45. 2026-09-24
    days on market $599,000 Active 17 DOM
46. 2026-09-24
    days on market $599,000 Active 16 DOM
47. 2026-09-22
    days on market $599,000 Active 15 DOM
48. 2026-09-20
    days on market $599,000 Active 13 DOM
49. 2026-09-19
    days on market $599,000 Active 12 DOM
50. 2026-09-18
    days on market $599,000 Active 11 DOM

ⓘ 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: $2,281 · $190/mo
• Projected year-2 tax: $4,912 · $409/mo
• Expected delta: +$2,630/yr (+$219/mo · 115.3%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 75% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 22 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: $168,686
• − Mortgage interest: −$33,553
• − Property taxes: −$2,281
• − Insurance: −$8,114
• − Repairs & maintenance: −$13,495
• − Management: −$13,495
• − HOA: −$840
• − Depreciation: −$17,425
• Taxable income: $79,483
• Est. tax owed @ 24.0%: −$19,076
• After-tax cash flow: $65,257/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $57,925–$104,265 screening

This home requires significant repairs and maintenance, including a new roof, painting, and HVAC system replacement. However, with these updates, it has the potential to be a valuable property with a high resale and rental value.

Components & finishes AI

Roof metal · good Flooring tile Counters granite Appliances stainless steel HVAC central · new lt5

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding shows signs of wear and discoloration, and the paint appears faded.
• Major flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major interior walls/paint — The interior walls and paint show signs of wear and discoloration.
• Major HVAC system — The HVAC system appears to be old and may need replacement.

Value-add opportunities

• Resale New roof — A new roof will significantly improve the home's curb appeal and increase its value. ↑
• Both Painting and landscaping — Painting the exterior and landscaping will improve the home's curb appeal and increase its value. ↑
• Resale HVAC system replacement — A new HVAC system will improve the home's comfort and energy efficiency, increasing its value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 64/100

Zoned Schools

Elementary Newport Elementary D- NC #542/1,410 Nat'l #15,452/41,679 Middle Broad Creek Middle A- NC #28/475 Nat'l #1,199/14,009 High Croatan High A NC #73/535 Nat'l #1,074/17,239

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

C Composite livability gradescore 63/100

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

• County: Carteret County · 73,443 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: 9% of renters

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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%

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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%
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

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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

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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

Property features AI

Finance

• Other: Subdivision: Sea GatePaved road accessLot is approximately 0.9 acres (200 x 200)Community features include pool and street lightsDirections available
• HOA & community: Homeowners association with annual fee (annually)Association amenities include boat dock, marina, RV/boat storage, pool, playground, park, picnic area, meeting/party room, and coin laundryDerived monthly association fee: $69.50

Exterior

• Parking: 4 parking spaces totalAttached garage with 4 garage spacesGarage faces frontGarage with workshop areaGarage door openerConcrete, paved drivewayOff-street parkingGolf cart garage
• Utilities: Cable availableWater connectedPrivate sewer (septic tank)
• Home design: Single-family residenceTwo storiesEntry level: 1st floorResidential zoning
• Construction: Frame constructionBlock foundationMetal roofBuilt as two-level home
• Exterior features: Boat slipCovered, screened porchDeckPatioPrivacy wood fencing in back yardIrrigation system

Interior

• Bedrooms: Master downstairsTotal of 8 rooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central airHeat pump for heating and coolingElectric heating
• Interior features: Master suite on main levelCeiling fansWet barWindow coverings

Price history

+433.9% since first listed

10 events — show timeline

• 2026-09-07 Listed $599,000 Hive MLS
• 2026-06-26 Price Changed $627,000 Hive MLS
• 2026-05-04 Price Changed $639,000 Hive MLS
• 2026-03-16 Price Changed $650,000 Hive MLS
• 2026-01-31 Price Changed $664,900 Hive MLS
• 2025-10-18 Listing Removed — Hive MLS
• 2025-10-14 Price Changed $675,000 Hive MLS
• 2025-09-26 Listed $699,000 Hive MLS
• 2013-04-26 Sold (MLS) $117,000 Hive MLS
• 2013-01-27 Listed $112,200 Hive MLS

Property tax history

+10.8%/yr

Latest (2025): $2,281 · +76.0% YoY. Source: county tax records.