2001 Watson Ave · Newport, NC 28570

$350,000

3 bd · 2.0 ba · 1,520 sqft · SingleFamily · 86 Days on market

Built 1960 Fair condition 2.20 ac lot Est $310k · 13% over ↓ 5% since listing

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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 +30.0/30.0
• 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 +2.2/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Newport is a small coastal town in Carteret County, known for its close proximity to Morehead City, beaches, and Cherry Point Marine Corp Air Station. If you are looking for a mid-century traditional home with over two acres in a small town, this is the home for you! Property offers more outdoor space than many other homes in the area, but in the core of Newport, giving room for yard space, gardens, and outdoor living areas. This home with three bedrooms and two baths features a practical room flow, straightforward floor plan, and functional interior spaces that work for everyday living. Home was built in the 60s and has the original hardwood floors. Coming Soon!

Key facts

• 2.2 acre lot
• 2 garage spots
• Built 1960

Property features AI

Finance

• Other: Zoning: R; Lot size approximately 2.2 acres; Directions: Hwy 70 to E. Chatham Street; Not in a subdivision

Exterior

• Parking: 2 parking spaces (attached garage); 2-car attached garage; Unpaved parking
• Utilities: Public water; Public sewer; Water connected
• Home design: Single-family residence; One story; Entry level on main floor
• Construction: Block and brick construction; Block foundation; Built as a residential single-family home
• Exterior features: Shingle roof; No patio or porch; No fencing; Road frontage on city street and state road

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Total of 5 rooms; Crawl space basement; Has a view

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k. Condition is rated fair.

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 ($13k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.

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); 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 $12,549/mo this rent would consume 214% 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 $2k of loan paydown is wiped out by about $10k 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 $98k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.

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 $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.59% ✓
• Cap rate: 31.99%
• Cash-on-cash: 91.78%
• DSCR: 5.08
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $310,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Sheila Ct	0.14mi	3/2.5	1,496 (-2%)	3mo	$305,000	$204	86
2211 Park Ave	0.20mi	3/2.0	1,409 (-7%)	5mo	$300,000	$213	74
1633 New Bern St	0.26mi	3/2.5	1,485 (-2%)	19mo	$312,000	$210	66
2011 Watson Ave	0.10mi	3/2.0	1,354 (-11%)	15mo	$299,000	$221	65
1617 New Bern St	0.39mi	3/2.0	1,510 (-1%)	19mo	$305,000	$202	65
1607 New Bern St	0.47mi	3/1.5	1,477 (-3%)	14mo	$250,000	$169	59
2528 East Forest Dr E	0.61mi	2/2.0 (-1)	1,550 (+2%)	14mo	$305,000	$197	52
121 Pine Grove Rd	0.72mi	3/2.5	1,600 (+5%)	8mo	$255,000	$159	49
804 Mann St	0.61mi	3/2.0	1,382 (-9%)	13mo	$282,500	$204	46
2522 E Forest Dr Unit A	0.53mi	3/2.0	1,344 (-12%)	17mo	$295,000	$219	42
2705 Eastover Ct	0.67mi	3/2.5	1,608 (+6%)	19mo	$230,000	$143	41
107 Palmetta Dr	0.68mi	3/2.0	1,674 (+10%)	12mo	$320,000	$191	41

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: 92.5%
• Equity multiple: 5.29×
• Total profit: $420,834
• Equity at exit: $52,186

10-year hold

• IRR: 95.4%
• Equity multiple: 11.02×
• Total profit: $981,901
• Equity at exit: $30,262

Cash invested: $98,000 (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: 2.3×

Monthly cashflow live

• Estimated rent: $12,549 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,635
• Net cashflow: $7,495

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 35%

Sensitivity live

Price	-10% $7,737	-5% $7,616	+0% $7,495	+5% $7,374	+10% $7,253
Rent	-10% $6,504	-5% $6,999	+0% $7,495	+5% $7,991	+10% $8,486
Rate	-1.0pp $7,671	-0.5pp $7,584	base $7,495	+0.5pp $7,404	+1.0pp $7,312

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-16
   status $350,000 Pending 86 DOM
2. 2026-06-15
   days on market $350,000 Active 86 DOM
3. 2026-06-14
   days on market $350,000 Active 84 DOM
4. 2026-06-12
   days on market $350,000 Active 83 DOM
5. 2026-06-09
   days on market $350,000 Active 80 DOM
6. 2026-06-08
   days on market $350,000 Active 79 DOM
7. 2026-06-07
   days on market $350,000 Active 78 DOM
8. 2026-06-05
   days on market $350,000 Active 75 DOM
9. 2026-06-01
   days on market $350,000 Active 74 DOM
10. 2026-05-31
    days on market $350,000 Active 73 DOM
11. 2026-05-30
    days on market $350,000 Active 72 DOM
12. 2026-04-15
    price $350,000
13. 2026-03-19
    listed $370,000 Active
14. 2026-03-19
    price $370,000

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 20 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: $150,589
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$12,047
• − Management: −$12,047
• − Depreciation: −$10,182
• Taxable income: $89,707
• Est. tax owed @ 24.0%: −$21,530
• After-tax cash flow: $68,410/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 · 13 photos

Fair 45/100 Moderate rehab

This home requires extensive repairs and maintenance, including a new roof, exterior siding and paint, flooring, interior walls and paint, and landscaping. These updates will significantly increase its resale and rental value.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding and paint appear to be in poor condition, with peeling paint and visible wear.
• 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 appear to be in poor condition, with peeling paint and visible wear.
• Major landscaping — The landscaping and curb appeal appear to be in poor condition, with overgrown vegetation and a lack of maintenance.

Value-add opportunities

• Resale roof replacement — A new roof will significantly improve the home's curb appeal and increase its resale value.
• Resale exterior siding and paint — New siding and paint will improve the home's curb appeal and increase its resale value.
• Resale flooring — New flooring will improve the home's appearance and increase its resale value.
• Resale interior walls and paint — New interior walls and paint will improve the home's appearance and increase its resale value.
• Both landscaping — New landscaping will improve the home's curb appeal and increase its resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
exterior siding · The exterior siding and paint appear to be in poor condition, with peeling paint and visible wear.	Major	$15,000–50,000
flooring · The flooring in the interior appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
interior walls/paint · The interior walls and paint appear to be in poor condition, with peeling paint and visible wear.	Major	$15,000–50,000
landscaping · The landscaping and curb appeal appear to be in poor condition, with overgrown vegetation and a lack of maintenance.	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 will significantly improve the home's curb appeal and increase its resale value. ↑
• Resale exterior siding and paint — New siding and paint will improve the home's curb appeal and increase its resale value. ↑
• Resale flooring — New flooring will improve the home's appearance and increase its resale value. ↑
• Resale interior walls and paint — New interior walls and paint will improve the home's appearance and increase its resale value. ↑
• Both landscaping — New landscaping will improve the home's curb appeal and increase its resale and rental 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 — 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

• Census place: Newport, 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

-5.4% since first listed

3 events — show timeline

• 2026-04-15 Price Changed $350,000 Hive MLS
• 2026-03-19 Listed $370,000 Hive MLS
• 2026-03-19 Price Changed $370,000 Hive MLS