123 Foresail Ct Lot 38 · Duck, NC 27949

$62,000

4 bd · 3.5 ba · 2,818 sqft · Condo · 143 Days on market

Built 1988

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Myllet - Share #7. This is a 4 bedroom / 3.5 bath Fractional ownership home that is tastefully decorated and offers plenty of room for the entire family. The top level features an elegant great room with beamed-cathedral ceilings and a completely open floorplan. The renovated kitchen is light and bright and features tiled floors, granite counters and all new appliances. This home also has updated all bathrooms with new flooring, tiled showers, and new fixtures. Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

Key facts

• Tiled floors
• Open floorplan
• Renovated kitchen

Tags

• BEAMED-CATHEDRAL CEILINGS
• OPEN FLOORPLAN
• RENOVATED KITCHEN
• TILED FLOORS
• GRANITE COUNTERS
• UPDATED BATHROOMS

Property features AI

Finance

• HOA & community: Community pool; Boat dock; Playground; Association fees include cable TV, electricity, grounds maintenance, and water

Exterior

• Parking: Off-street parking; Paved parking; Underground parking
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank
• Home design: Residential stock cooperative (co-ownership, 5 weeks+)
• Construction: Frame construction; Wood siding; Asphalt roof
• Exterior features: Screened porch; Deck; Beach access; Level lot; Paved road; Private maintained road; Has view; Smoke detectors; Therapeutic whirlpool

Interior

• Kitchen: Range; Oven; Disposal; Dishwasher; Microwave; Wine cooler
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom; 1 partial bathroom
• Heating & cooling: Heat pump; Central heating; Zoned heating; Central air conditioning; Ceiling fans; Zoned cooling
• Interior features: Beamed ceilings; Cathedral ceilings; Wet bar; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 80.6% vs local median 1.2% in Duck — 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 69/100 on livability (#162 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Dare County Schools (town): math 44% / reading 48% proficiency, ranked #77 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 127 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 371 units permitted in Dare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dare County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 8.71% ✓
• Cap rate: 80.57%
• Cash-on-cash: 265.27%
• DSCR: 12.80
• GRM: 1.0

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: —
• Equity multiple: 14.51×
• Total profit: $234,449
• Equity at exit: $9,244

10-year hold

• IRR: —
• Equity multiple: 30.91×
• Total profit: $519,208
• Equity at exit: $5,361

Cash invested: $17,360 (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 27949

• Active inventory: 127
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$325
• Tax est. 1.5%: −$78 /mo · $930/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $3,838

Break-even live

Break-even rent $542

Max offer price $62,000

Occupancy floor 24%

Sensitivity live

Price	-10% $3,880	-5% $3,859	+0% $3,838	+5% $3,816	+10% $3,795
Rent	-10% $3,411	-5% $3,624	+0% $3,838	+5% $4,051	+10% $4,264
Rate	-1.0pp $3,869	-0.5pp $3,853	base $3,838	+0.5pp $3,821	+1.0pp $3,805

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 Duck Ridge Village Ct Unit 2 Duck, NC	4.0	3.5	2700	$5,400	$2.00	22d	1	0.56mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: exterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   days on market $62,000 Active 143 DOM
2. 2026-06-18
   days on market $62,000 Active 141 DOM
3. 2026-06-17
   days on market $62,000 Active 140 DOM
4. 2026-06-16
   days on market $62,000 Active 139 DOM
5. 2026-06-15
   days on market $62,000 Active 138 DOM
6. 2026-06-13
   days on market $62,000 Active 136 DOM
7. 2026-06-12
   days on market $62,000 Active 135 DOM
8. 2026-06-09
   days on market $62,000 Active 132 DOM
9. 2026-06-08
   days on market $62,000 Active 131 DOM
10. 2026-06-07
    days on market $62,000 Active 130 DOM
11. 2026-06-07
    days on market $62,000 Active 129 DOM
12. 2026-06-04
    days on market $62,000 Active 126 DOM
13. 2026-06-02
    days on market $62,000 Active 125 DOM
14. 2026-06-01
    days on market $62,000 Active 124 DOM
15. 2026-05-31
    days on market $62,000 Active 123 DOM
16. 2026-01-28
    listed $62,000 Active
17. 2026-01-12
    price $62,000
18. 2026-01-09
    soldstatus $57,500 Closed 1268-char remark

    Show marketing remark (1268 chars)

    Welcome to the Myllet - Share #7. This is a 4 bedroom / 3.5 bath Fractional ownership home that is tastefully decorated and offers plenty of room for the entire family. The top level features an elegant great room with beamed-cathedral ceilings and a completely open floorplan. The renovated kitchen is light and bright and features tiled floors, granite counters and all new appliances. This home also has updated all bathrooms with new flooring, tiled showers, and new fixtures. Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

19. 2025-12-15
    historical Active Under Contract 1268-char remark

    Show marketing remark (1268 chars)

    Welcome to the Myllet - Share #7. This is a 4 bedroom / 3.5 bath Fractional ownership home that is tastefully decorated and offers plenty of room for the entire family. The top level features an elegant great room with beamed-cathedral ceilings and a completely open floorplan. The renovated kitchen is light and bright and features tiled floors, granite counters and all new appliances. This home also has updated all bathrooms with new flooring, tiled showers, and new fixtures. Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

20. 2025-08-15
    price $57,500
21. 2025-07-30
    listed $62,000 Active 1268-char remark

    Show marketing remark (1268 chars)

    Welcome to the Myllet - Share #7. This is a 4 bedroom / 3.5 bath Fractional ownership home that is tastefully decorated and offers plenty of room for the entire family. The top level features an elegant great room with beamed-cathedral ceilings and a completely open floorplan. The renovated kitchen is light and bright and features tiled floors, granite counters and all new appliances. This home also has updated all bathrooms with new flooring, tiled showers, and new fixtures. Immerse yourself in the renowned beach-town of Duck for 5 weeks a year and experience all the seasons in the beautiful Outer Banks! As a fractional owner at Ships Watch, you'll enjoy 10% ownership of a stunning home and get to use it for 5 weeks each year. The best part? Ownership is deeded and lasts beyond your lifetime! Say goodbye to unexpected expenses, because the monthly HOA dues cover everything from interior and exterior maintenance to utilities, taxes, insurance, and weekly cleanings. And that's not all - community amenities like an Olympic-sized pool with lap lanes and breathtaking sound views, a boardwalk to the beach, a soundfront pier, and tennis courts are all included! Don't miss out on this incredible opportunity to own a piece of paradise in the Outer Banks!

22. 2025-04-16
    soldstatus $57,500 Closed
23. 2025-04-16
    soldstatus $57,500 Closed
24. 2025-03-19
    historical Active Under Contract
25. 2025-03-19
    historical Active Under Contract
26. 2024-10-18
    soldstatus $62,000 Closed
27. 2024-10-16
    historical Active Under Contract
28. 2024-09-19
    status Pending
29. 2024-07-13
    listed $62,000 Active
30. 2024-07-13
    listed $62,000 Active
31. 2024-07-13
    listed $62,000 Active
32. 2021-08-18
    soldstatus $55,000
33. 2021-06-15
    listed $62,500

ⓘ 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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,800
• − Mortgage interest: −$3,473
• − Property taxes: −$930
• − Insurance: −$310
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$1,804
• Taxable income: $47,915
• Est. tax owed @ 24.0%: −$11,500
• After-tax cash flow: $34,551/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: Dare County Schools
• NCES district ID: 3701110
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $54,233
• Composite: 39.86/100
• National rank: #3866
• State rank: #77 of 178 in NC

Livability — Duck

• Score: 69/100
• State rank: #162
• US rank: #8831

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duck, NC
• Population (ZIP): 8,094

Population outlook (Dare County) Hauer SSP2

• Today (2025): 39,201 people
• By 2030: 40,756 · +4.0%
• By 2040: 43,015 · +9.7%
• By 2050: 44,477 · +13.5%
• By 2075: 48,522 · +23.8%
• By 2100: 50,980 · +30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 4% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Tagalog/Filipino 1%

Political lean MEDSL · Dare

• 2024 margin: R (+18.8) · D 40.1% · R 58.9%
• 2008→2024 swing: -9.5pp toward R · 2008: -9.2pp · 2024: -18.8pp
• All cycles: 2024: R+18.8 2020: R+16.5 2016: R+22.1 2012: R+16.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.21%
• Current HPI: 274.0118
• Rent YoY: —
• Metro: —
• 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

-0.8% since first listed

18 events — show timeline

• 2026-01-28 Listed $62,000 OBMLS
• 2026-01-12 Price Changed $62,000 OBMLS
• 2026-01-09 Sold (MLS) $57,500 OBMLS
• 2025-12-15 Contingent — OBMLS
• 2025-08-15 Price Changed $57,500 OBMLS
• 2025-07-30 Listed $62,000 OBMLS
• 2025-04-16 Sold (MLS) $57,500 OBMLS
• 2025-04-16 Sold (MLS) $57,500 OBMLS
• 2025-03-19 Contingent — OBMLS
• 2025-03-19 Contingent — OBMLS
• 2024-10-18 Sold (MLS) $62,000 OBMLS
• 2024-10-16 Contingent — OBMLS
• 2024-09-19 Pending — OBMLS
• 2024-07-13 Listed $62,000 OBMLS
• 2024-07-13 Listed $62,000 OBMLS
• 2024-07-13 Listed $62,000 OBMLS
• 2021-08-18 Sold (MLS) $55,000 OBMLS
• 2021-06-15 Listed $62,500 OBMLS