218 Old Ironsides Rd · Beaufort, NC 28570

$639,000

4 bd · 2.0 ba · 2,317 sqft · Other public records · 237 Days on market

Built 1984 0.91 ac lot $54/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
• 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

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.com

Key facts

• Outdoor pool
• Raised garden area
• Hot tub

Tags

• OUTDOOR POOL
• HOT TUB
• RAISED GARDEN AREA
• SPACIOUS PATIO
• MOVIE ROOM
• CUSTOM ADIRONDACK WOOD WET BAR

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $650; Community pool; Street lights; Association amenities include basketball court, boat dock, playground, and RV/boat storage

Exterior

• Parking: Attached garage with 4 spaces; Total of 4 parking spaces; On-site paved parking; Off-street parking; Unpaved parking area
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Single family residence; Two levels; Frame construction
• Construction: Metal roof; Block foundation; Built with frame construction
• Exterior features: Outdoor shower; Deck; Enclosed deck/porch area; Patio; Porch; Privacy fencing in backyard; Above-ground pool; Pool house; Outdoor kitchen; Workshop; Second garage; Irrigation system; Has view

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: Ceiling fans; Wet bar; Window coverings
• Laundry & utility: Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $639k.

Deal economics

• At list price, monthly cash flow is $7k ($90k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $639k).
• Recommended offer: $562k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 0.6% in Beaufort — 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 (#397 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: housing 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: Beaufort Elementary (math 57% / reading 56%, grade C+, #280 of 1,410 statewide, top 20%, 378 students, 99% FRL); Beaufort Middle (math 42% / reading 55%, grade C-, #127 of 475 statewide, top 28%, 258 students, 99% FRL); East Carteret High (math 82% / reading 62%, grade B+, #107 of 535 statewide, top 21%, 530 students, 45% FRL) — zoned schools average 81% FRL vs 39% district-wide (42 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 $4k of loan paydown is wiped out by about $19k 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 $179k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 237 days — a 12% lower offer ($562k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $60k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $639k implies a 446% 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 $562,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 237 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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.
7. 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.
8. 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: 2.33% ✓
• Cap rate: 21.11%
• Cash-on-cash: 52.91%
• DSCR: 3.35
• GRM: 3.6

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: 47.8%
• Equity multiple: 3.08×
• Total profit: $371,891
• Equity at exit: $95,277

10-year hold

• IRR: 53.4%
• Equity multiple: 6.23×
• Total profit: $936,441
• Equity at exit: $55,249

Cash invested: $178,920 (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: 3.6×

Monthly cashflow live

• Estimated rent: $14,874 medium
• Mortgage (P&I): −$3,351
• Tax from tax record: −$190 /mo · $2,281/yr
• Insurance: −$266
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$54
• Vacancy / Maint / Mgmt: −$3,124
• Net cashflow: $7,463

Break-even live

Break-even rent $5,428

Max offer price $639,000

Occupancy floor 45%

Sensitivity live

Price	-10% $7,824	-5% $7,643	+0% $7,463	+5% $7,282	+10% $7,101
Rent	-10% $6,287	-5% $6,875	+0% $7,463	+5% $8,050	+10% $8,638
Rate	-1.0pp $7,784	-0.5pp $7,625	base $7,463	+0.5pp $7,297	+1.0pp $7,128

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: $159,750
• Closing costs: $19,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $54 · $648/yr

Listing history 25 events

1. 2026-06-19
   days on market $639,000 Active 237 DOM
2. 2026-06-18
   days on market $639,000 Active 236 DOM
3. 2026-06-17
   days on market $639,000 Active 235 DOM
4. 2026-06-16
   days on market $639,000 Active 234 DOM
5. 2026-06-15
   days on market $639,000 Active 233 DOM
6. 2026-06-14
   days on market $639,000 Active 231 DOM
7. 2026-06-12
   days on market $639,000 Active 230 DOM
8. 2026-06-09
   days on market $639,000 Active 227 DOM
9. 2026-06-08
   days on market $639,000 Active 226 DOM
10. 2026-06-07
    days on market $639,000 Active 225 DOM
11. 2026-06-05
    days on market $639,000 Active 222 DOM
12. 2026-06-03
    days on market $639,000 Active 221 DOM
13. 2026-06-02
    days on market $639,000 Active 220 DOM
14. 2026-06-01
    days on market $639,000 Active 219 DOM
15. 2026-05-31
    days on market $639,000 Active 218 DOM
16. 2026-05-30
    days on market $639,000 Active 217 DOM
17. 2026-05-04
    price $639,000
18. 2026-03-16
    price $650,000
19. 2026-01-31
    price $664,900
20. 2025-11-16
    status Active
21. 2025-10-18
    status Pending
22. 2025-10-14
    price $675,000
23. 2025-09-26
    listed $699,000 Active
24. 2013-04-26
    soldstatus $117,000 339-char remark

    Show marketing remark (339 chars)

    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.com

25. 2013-01-27
    listed $112,200 339-char remark

    Show marketing remark (339 chars)

    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.com

ⓘ 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: $5,240 · $437/mo
• Expected delta: +$2,958/yr (+$247/mo · 129.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% 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: $178,487
• − Mortgage interest: −$35,794
• − Property taxes: −$2,281
• − Insurance: −$8,314
• − Repairs & maintenance: −$14,279
• − Management: −$14,279
• − HOA: −$648
• − Depreciation: −$18,589
• Taxable income: $84,303
• Est. tax owed @ 24.0%: −$20,233
• After-tax cash flow: $69,317/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 — Beaufort

• Score: 63/100
• State rank: #397
• US rank: #15252

Category grades

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

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

+469.5% since first listed

9 events — show timeline

• 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
• 2025-11-16 Relisted — Hive MLS
• 2025-10-18 Pending — 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.