526 Pearson Cir · Broad Creek, NC 28570

$399,000

3 bd · 3.0 ba · 2,089 sqft · Other public records · 9 Days on market

Built 2005 0.34 ac lot

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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

New construction with community access to ICW/day dock, spacious floor plan with attention to detail. Double garage with finished playroom above. Coastal landscaping. Sq.Ft. and room sizes from spec plans - please verify. Construction: Clad detailing Water: West Carteret Water

Key facts

• Breakfast nook
• Wooded backyard
• Front porch

Tags

• FRONT PORCH
• GAS FIREPLACE
• SCREENED PORCH
• WOODED BACKYARD
• WHITE CABINETRY
• BREAKFAST NOOK

Property features AI

Exterior

• Parking: Attached garage facing front; 2 garage spaces (2 total parking spaces); Concrete, paved driveway
• Utilities: Public water; Sewer connected; Septic tank; Water connected
• Home design: Single-family residence; Two stories; Entry level: 1; Has a view
• Construction: Vinyl siding with frame construction; Shingle roof; Crawl space foundation; Built on two levels
• Exterior features: Covered front porch; Screened porch; Porch

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: Total rooms: 8
• Flooring: Carpet; Laminate; Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump (heating and cooling); Electric heating
• Interior features: Entrance foyer; Kitchen island; Pantry; Eat-in kitchen; Furnished; Gas log fireplace
• Laundry & utility: Washer; Dryer; Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $399k.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $399k).
• Cap rate 28.6% vs local median 22.6% in Broad Creek — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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 $12,400/mo this rent would consume 212% 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 $12k 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 $112k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $270k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $399,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 3.11% ✓
• Cap rate: 28.65%
• Cash-on-cash: 79.84%
• DSCR: 4.55
• GRM: 2.7

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: 80.0%
• Equity multiple: 4.66×
• Total profit: $408,700
• Equity at exit: $59,492

10-year hold

• IRR: 83.4%
• Equity multiple: 9.64×
• Total profit: $965,256
• Equity at exit: $34,498

Cash invested: $111,720 (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: 2.7×

Monthly cashflow live

• Estimated rent: $12,400 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$104 /mo · $1,252/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,604
• Net cashflow: $7,433

Break-even live

Break-even rent $2,991

Max offer price $399,000

Occupancy floor 35%

Sensitivity live

Price	-10% $7,659	-5% $7,546	+0% $7,433	+5% $7,320	+10% $7,207
Rent	-10% $6,453	-5% $6,943	+0% $7,433	+5% $7,923	+10% $8,413
Rate	-1.0pp $7,634	-0.5pp $7,534	base $7,433	+0.5pp $7,330	+1.0pp $7,224

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-10
   status Pending
2. 2026-05-01
   listed $399,000 Active
3. 2005-10-11
   soldstatus $269,900 277-char remark

   Show marketing remark (277 chars)

   New construction with community access to ICW/day dock, spacious floor plan with attention to detail. Double garage with finished playroom above. Coastal landscaping. Sq.Ft. and room sizes from spec plans - please verify. Construction: Clad detailing Water: West Carteret Water

4. 2005-05-15
   listed $274,900 277-char remark

   Show marketing remark (277 chars)

   New construction with community access to ICW/day dock, spacious floor plan with attention to detail. Double garage with finished playroom above. Coastal landscaping. Sq.Ft. and room sizes from spec plans - please verify. Construction: Clad detailing Water: West Carteret Water

5. 2005-04-07
   soldstatus $51,440 155-char remark

   Show marketing remark (155 chars)

   CURRENT 4 BR, 2.5 BATH SEPTIC PERMIT, LOCATED NEAR MARINA/BOAT RAMP. COMMUNITY PIER. 3 OTHER LOTS AVAILABLE. VERY CLOSE TO ICW @ BROAD CREEK. BROKER/OWNER.

6. 2005-04-07
   soldstatus $198,000

   Show marketing remark (155 chars)

   CURRENT 4 BR, 2.5 BATH SEPTIC PERMIT, LOCATED NEAR MARINA/BOAT RAMP. COMMUNITY PIER. 3 OTHER LOTS AVAILABLE. VERY CLOSE TO ICW @ BROAD CREEK. BROKER/OWNER.

7. 2004-09-24
   listed $52,900 155-char remark

   Show marketing remark (155 chars)

   CURRENT 4 BR, 2.5 BATH SEPTIC PERMIT, LOCATED NEAR MARINA/BOAT RAMP. COMMUNITY PIER. 3 OTHER LOTS AVAILABLE. VERY CLOSE TO ICW @ BROAD CREEK. BROKER/OWNER.

ⓘ 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: $1,252 · $104/mo
• Projected year-2 tax: $3,272 · $273/mo
• Expected delta: +$2,019/yr (+$168/mo · 161.3%)

ⓘ 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 4/10 Moderate
• 🌡 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: $148,800
• − Mortgage interest: −$22,350
• − Property taxes: −$1,252
• − Insurance: −$1,995
• − Repairs & maintenance: −$11,904
• − Management: −$11,904
• − Depreciation: −$11,607
• Taxable income: $87,787
• Est. tax owed @ 24.0%: −$21,069
• After-tax cash flow: $68,127/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 — 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

• 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

+654.3% since first listed

7 events — show timeline

• 2026-05-10 Pending — Hive MLS
• 2026-05-01 Listed $399,000 Hive MLS
• 2005-10-11 Sold (MLS) $269,900 Hive MLS
• 2005-05-15 Listed $274,900 Hive MLS
• 2005-04-07 Sold (Public Records) $198,000 Public Records
• 2005-04-07 Sold (MLS) $51,440 Hive MLS
• 2004-09-24 Listed $52,900 Hive MLS

Property tax history

+1.4%/yr

Latest (2025): $1,252 · +49.4% YoY. Source: county tax records.