k5robnp

Does anyone here have experience owning and renting out a condo in Pirates Cove in manteo? Curious about if they rent well year round, which months would be the hottest months etc. I have noticed some come with slips in the marina and if we could come close to breaking even with renting, might be a great way to have a very "cheap" slip and some what of a long term investment. Maybe I'm way off with my thinking idk.

Lorne Greene

Maybe someone else can chime in but I have heard several times that the property management is on your ass about anything outside of their standards.

k5robnp

I could imagine, thats also what I'd like to hear folks opinions on. I have some concerns about that.

Yankees49

Everything has to be approved by property management before you do it. Usually they approve anything reasonable. If however you do something that wasn’t approved then they can be a pain. Get it approved first. Usually not a problem.
Never heard of anyone making a killing on renting a condo. Seems you make money if it is rented and no repairs are needed. Don’t think you will get rich.
slips are usually behind condo. Problem is where you put your boat if condo renter needs slip.

i never had condo in PC but lived there for 15 years and this is what I have heard.

Logan311

https://www.pirates-cove.com/

k5robnp

Thanks for the reply! Yeah really not looking to make money but I figure if I can almost break even and just basically subsidize the boat slip I'll be happy. We're in touch with a realtor there and asking him questions as well. Just wanted some first hand feedback without the salesman pitch. I was wondering if most people that rent expect a slip or not...

rtaggio

I don't know too much about the condos, but I believe the condo slips are all 25'.

Norcoastal

I’m renting now in a condo in PC. Love this place. The people are nice and they maintain the property well. Not sure about slips. I’m building a house in Manteo so this is just temporary.

Some houses come with docks and some don’t. They’re all designated. We were looking at buying at one point, but decided to build in town.

offshore3144

Dock slips are up to 35ft. Our condo dock slip is 35ft though there are not near as many as the 25 ft slips. we don't rent but I do know that the condos do seem to rent well during the in season months as well as the fall months. Be prepared for higher than normal HOA dues and assessments that might happen after a big storm. I have done a few things at the condo and haven't had any issues having things approved. There is a owner boat storage yard and I believe it runs around $300 a year, the dock slip fee varies a little. I think our 35ft dock slip in $150 a year. The slips are a assigned to the condos and some condos don't have a dock slip. I believe you can get one but you have to go on the waiting list for dock slips. Not all slips are close to your residence there so check to see where that slip might be as some are difficult access. All that being said we really enjoy PC. Be aware you cannot lease your slip as it is assigned to your boat you must have a boat for a slip. As a rental the renter can get a temp pass for their boat..

k5robnp

Great info! Thanks so much. Hopefully going to look at a couple this month and start really doing the math to see if itll be possible. What kind of depth do you have at your 35' slip? Is it a side tie up or a double sided back in kind of slip? Would be keeping my 32 albemarle there.

offshore3144

Most of them are side tieup. Never have had any issue with depth. Depth of mine is around 5-6ft. There are some back in slips but very few outside the marina. if you have a tower or a buggy top that doesn't fold down and your slip is on the north side of the main entrance rd you you will have a longer journey as you wont fit under the bridge in PC. It is no big deal. My buggy folds down so I can barely make it under the bridge which saves about 15-20 minutes of water time.I haven't seen anyone have issues with water depth,

k5robnp

I do have a tower and pretty long riggers, not sure of my exact height above the WL.

STIPulation

THT member kone had a condo there. You might reach out to him.

dlandts

Way to tall. Have to put most things down on a 27’ ob

Fishoi

Most units do not come w a slip unless owner already has one. My previous mate rented yearly from a owner. He was always getting crap about his duck boat under house. My friend owns one of the biggest condos at PC and her slip is about 25 ft of dock space in a canal that’s a fairly good walk.

offshore3144

Yeah going to be to tall for the bridge but you can go around the point to get to all the canals.

Ohanafun

i can answer this from personal experience. I own a house in PC, but the rules are the same for house and condo. I rented my house for the first eight years and kept my CC28 behind the house. I came and went to fish even when there were tenants were there but had to make the drive from Norfolk very early and late and park in common parking lot, walk to slip. We found the house would rent 100% from memorial day to labor day, after that it did not pay to make it available as you may only get one renter all off season. On the other hand May, Sept, October are some of the best fishing months. The PC HOA is very easy to work with if you keep them involved. As far as slip assignment, the house or condo you buy may or may not have a slip assigned to it. If it does not you have to apply to the HOA for assignment. As far as i can tell there are many more slips than boats, I doubt the waiting list is significant if at all. The slip rental fee is either 50, 125 or 150, I forget. It includes water on the pier and 110 elecrticity. If you need more than 110 that would be an issue, my CC28 was fine with 110, I have to have 220 two phases for my custom carolina 41, so had to run my own service (with HOA approval). Due to CV19 the rental and house market is very hot, you wont have any issue renting. You do need to look into whether the slip associated with the condo is convenient or not. Some would be easy, others would involve lugging gear qiute a ways. All the slips in the harbor are either owned or leased, a 40 foot slip is 40K. The condo fee may seem high, but painting a house every couple years is a big bill. As far as renting, people under value the sound so beach rentals command more rent. However with the weather, wind renters like the pool, board walk, amenities. Most of my renters were repeat renters after a year or two. Rough guess on financials with tax break and all and renting memorial day to Labot day you get about six mortgage payments and a tax break. Would think it would be similar house to condo but dont know. Also alot of the slips would put you where you have to go around Ballast point because of the bridge, it takes 15 minutes. There may be a few condos with slips where you exit without the bridge, these are closer to the pool, tennis courts. Love PC, have fun

k5robnp

Excellent info! Thanks so much, this really helps

k5robnp

Hoping to go look at a couple in the next couple weekends. I really appreciate the feedback. Its looking like it could work out. Especially since I can't find a slip anywhere else in the area for a reasonable price

Yacht Huckleberry

I looked at those condos a few months back. Price seemed quite reasonable. HOA fees were kind of high but that’s what comes with a planned development. Rental records on the condos I was looking at were less than ideal. They all seemed like vacation/investment properties, so I couldn’t tell entirely, but they seemed vacant a lot more than expected. I think a lot of people are really looking to rent at the beach, and those bringing their boats are either renting houses with bigger docks or just renting a proper space in the marina. Even the realities made it seem like the rental market for them isn’t great. The docks deeded to the condos are pretty small. I think 25’, but it’s parallel parking in a row of other boats along a boardwalk. I would say an 18-20’ boat with engine trimmed up would be about as big as you could reasonably fit. Overall, I was hoping to like them more. The condos were decent for the price, but the dock situation just wasn’t going to work for me. As a rental/investment, I don’t think the financials work out.

If I was gonna but in that area, I think I would buy a beach box style home closer to the beach and just rent a space at the marina.