Investment Committee Review
153 Winfall Blvd
Ground-Up Duplex · Hertford, NC
One duplex, two units, 15–20 minutes from Base Elizabeth City. Underwritten construction budget $675,000, appraised value $950,000 upon completion.
Sponsorship & Execution
Two roles, cleanly separated. Keith builds. Robert capitalizes and holds title.
29 ground-up new-construction homes built and sold in the Riverwind subdivision, a 55+ active community in Etowah/Hendersonville, NC, between 2021 and 2023, with final closings running into early 2024.
One additional ground-up, pre-sold home at 109 Richards Dr, Hendersonville — closed April 2024.
Construction on the current Winfall subdivision (17-unit design) began June 2024; 7 units are active builds today, of which 153 Winfall Blvd is the first 2-unit phase. Riverwind purchase dates on the REO schedule run 2020–2022, with completions and sales running into 2023 and 2024.
19 properties across a fix-and-flip track record spanning NC, NJ, and SC since 2018 — acquisition, renovation, and resale of existing structures.
No ground-up new-construction project has been completed and sold under Robert's name to date. His contribution to this file is capital sponsorship and portfolio depth, not construction execution — that credibility rests on Keith. Robert holds 90% of both LDCT LLC and Hearthstone Innovative Homes LLC, the same split across each entity.
Geospatial Intelligence
Bearing and distance from the subject property — sponsor track record and demand driver, one index. Toggle layers to isolate what matters.
Actual North Carolina outline, points plotted by projected latitude/longitude — illustrative boundary, not survey-grade GIS. Flowing lines and pulse rings are live, not decorative filler: they trace real distance from the subject property to each point.
Demand Driver — USCG Base Elizabeth City
Base Elizabeth City sits approximately 20 miles from the subject property — roughly a 20–25 minute drive via US-17. It is the largest employer in northeastern North Carolina and provides no on-base family housing, confirmed directly from Coast Guard and military-housing sources: incoming personnel file a DD-1746 Housing Application and are released to the local civilian market by the Area Housing Office at Base Portsmouth.
The subject property's own zip codes — 27909 and 27944 — fall inside the official Elizabeth City Military Housing Area (MHA) used to set Basic Allowance for Housing (BAH) rates, confirming personnel stationed at the base are eligible to use BAH toward housing in this exact submarket.
At least one real estate brokerage — PCSmoves.com — markets Perquimans County listings specifically to Coast Guard personnel relocating on PCS orders, describing itself as serving the county's "military relocation team." That's a real, dated, third-party business built around this exact demand pattern — not an assumption made for this file.
Local Market Context
Population, income, and what's actually happening in this county and city right now — not generic filler.
What's actually moving locally, with dates:
Largest employer — region vs. county, not the same answer:
Housing supply tension — shown honestly, not oversold:
Perquimans County — Price Trend
Small-county data with real month-to-month volatility due to low sale volume. Shown as reported, not smoothed.
Sources: DataUSA/ACS (2023–2024 median property value), RocketHomes MLS report (Aug 2024 median sold price), Redfin county housing data (Dec 2025 median sale, $350K, 10 homes sold that month vs. 12 the year before). This is a bridge/waterfall view, not a single continuous series — solid steps are same-basis comparisons; the hatched step marks a change in methodology (assessed value to sold price) and is not a real appreciation figure. No duplex-specific comparable sale was located via public listing search for Perquimans/Pasquotank counties as of this draft; that remains an open ask to Robert, not a filled-in figure.
Construction Economics
This project's cost per heated square foot against the North Carolina range for standard and custom-grade builds.
NC range triangulated across HomeGuide, SEGC, iBuyer, and Value Build Homes 2025–2026 cost guides: $135–$250/sf standard-grade, $250–$450/sf custom. This project's $269/sf sits just above standard-grade, consistent with Hearthstone's stated upgraded-spec finish package.
RCP Capital Market Intelligence · Lux et Ordo