11 Constitution Ct · Broad Creek, NC 28570

$477,820

3 bd · 4.5 ba · 3,184 sqft · SingleFamily · 2 Days on market

Built 2026 Poor condition Est $535k · 11% under $25/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 +12.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Pre-Sale. No showings!! The Catherine is a two-story home with four bedrooms and three and half baths. This home features a large great room living space, formal dining room, breakfast area, and full guest suite downstairs that can double as a second owner's suite. The kitchen with bar top seating, island, and prep space is open to the dining room and spacious family room. The upstairs master bedroom includes a private bath and two large walk-in closets. Three secondary bedrooms, all with walk-in closets, are also located upstairs along with the spacious loft and laundry room. Options for this home include a fireplace in the great room, rear covered or screened back porch, Carolina Room, lu

Key facts

• Formal dining room
• Full guest suite
• Island

Tags

• GREAT ROOM LIVING SPACE
• FORMAL DINING ROOM
• BREAKFAST AREA
• FULL GUEST SUITE
• BAR TOP SEATING
• ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/4.5-bath single-family listed at $478k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $7k ($78k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $478k).

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: Newport Elementary (math 48% / reading 45%, grade D-, #542 of 1,410 statewide, top 39%, 645 students, 100% FRL); Newport Middle (math 39% / reading 56%, grade C-, #140 of 475 statewide, top 30%, 378 students, 98% FRL); West Carteret High (math 82% / reading 71%, grade A-, #89 of 535 statewide, top 16%, 1,146 students, 40% FRL) — zoned schools average 79% FRL vs 39% district-wide (40 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 $12,455/mo this rent would consume 213% 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 $3k of loan paydown is wiped out by about $14k 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 $134k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $477,820

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
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: 2.61% ✓
• Cap rate: 22.65%
• Cash-on-cash: 58.41%
• DSCR: 3.60
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $534,912
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Ballantine Grove Ln	0.37mi	4/3.0 (+1)	3,295 (+4%)	4mo	$600,000	$182	62
153 Ballantine Grove Ln	0.41mi	4/3.0 (+1)	2,746 (-14%)	11mo	$462,500	$168	38
290 Bay Run	0.68mi	3/2.5	2,718 (-15%)	17mo	$450,000	$166	21

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: 57.0%
• Equity multiple: 3.52×
• Total profit: $337,555
• Equity at exit: $71,245

10-year hold

• IRR: 61.9%
• Equity multiple: 7.20×
• Total profit: $828,857
• Equity at exit: $41,313

Cash invested: $133,790 (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: 3.2×

Monthly cashflow live

• Estimated rent: $12,455 medium
• Mortgage (P&I): −$2,506
• Tax est. 1.5%: −$597 /mo · $7,167/yr
• Insurance: −$199
• HOA: −$25
• Vacancy / Maint / Mgmt: −$2,616
• Net cashflow: $6,512

Break-even live

Break-even rent $4,212

Max offer price $477,820

Occupancy floor 43%

Sensitivity live

Price	-10% $6,843	-5% $6,678	+0% $6,512	+5% $6,347	+10% $6,182
Rent	-10% $5,528	-5% $6,020	+0% $6,512	+5% $7,004	+10% $7,496
Rate	-1.0pp $6,753	-0.5pp $6,634	base $6,512	+0.5pp $6,389	+1.0pp $6,263

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: $119,455
• Closing costs: $14,335
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 2 events

1. 2026-03-12
   status Pending
2. 2026-03-10
   listed $477,820 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 20 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: $149,461
• − Mortgage interest: −$26,765
• − Property taxes: −$7,167
• − Insurance: −$2,389
• − Repairs & maintenance: −$11,957
• − Management: −$11,957
• − HOA: −$300
• − Depreciation: −$13,900
• Taxable income: $75,025
• Est. tax owed @ 24.0%: −$18,006
• After-tax cash flow: $60,143/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 · 1 photo

Poor 20/100 Extensive rehab

This home requires extensive repairs and updates, including a new roof, exterior siding and paint, flooring, interior walls and paint, and HVAC and mechanical systems. Significant investment is needed to bring the property up to a livable condition.

Repairs flagged

• Major roof — No visible roofing material, indicating a major repair is needed.
• Major exterior — No visible siding or paint issues, but the satellite image shows a large footprint with no visible roofing material.
• Major flooring — No visible flooring issues, but the satellite image shows a large footprint with no visible roofing material.
• Major interior walls/paint — No visible interior wall or paint issues, but the satellite image shows a large footprint with no visible roofing material.
• Major systems — No visible HVAC or mechanical systems, but the satellite image shows a large footprint with no visible roofing material.

Value-add opportunities

• Resale roof replacement — A new roof would significantly improve the home's appearance and value.
• Resale exterior siding and paint — New siding and paint would enhance curb appeal and value.
• Resale flooring replacement — New flooring would improve the home's appearance and value.
• Resale interior wall and paint — New interior walls and paint would improve the home's appearance and value.
• Resale HVAC and mechanical systems — Upgrading HVAC and mechanical systems would improve the home's functionality and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roofing material, indicating a major repair is needed.	Major	$15,000–50,000
exterior · No visible siding or paint issues, but the satellite image shows a large footprint with no visible roofing material.	Major	$15,000–50,000
flooring · No visible flooring issues, but the satellite image shows a large footprint with no visible roofing material.	Major	$15,000–50,000
interior walls/paint · No visible interior wall or paint issues, but the satellite image shows a large footprint with no visible roofing material.	Major	$15,000–50,000
systems · No visible HVAC or mechanical systems, but the satellite image shows a large footprint with no visible roofing material.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale roof replacement — A new roof would significantly improve the home's appearance and value. ↑
• Resale exterior siding and paint — New siding and paint would enhance curb appeal and value. ↑
• Resale flooring replacement — New flooring would improve the home's appearance and value. ↑
• Resale interior wall and paint — New interior walls and paint would improve the home's appearance and value. ↑
• Resale HVAC and mechanical systems — Upgrading HVAC and mechanical systems would improve the home's functionality and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• 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: 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

2 events — show timeline

• 2026-03-12 Pending — Hive MLS
• 2026-03-10 Listed $477,820 Hive MLS