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5 Beds
5.5 Baths
2,686 sqft

$899,999

1131 Gray Court, Corolla NC, 27927

Price per sqft$335.07
Built in2004
Property size2,686 sqft
Property typeResidential

Overview

Active

(10) Active - Active

Listed Aug 6, 2026

Updated Sep 14

Just a five-minute walk to the beach. No need to cross a busy highway or take the trolley—you’ll enjoy effortless access to the sand and surf, while also being a short stroll to shops, dining, and the iconic Currituck Beach Lighthouse, visible from the decks, living room, and primary bedroom. This property is located in an X flood zone and does not require flood insurance. The ability to walk to a different restaurant each night, including some of the freshest seafood and finest dining on the Outer Banks, makes this property even more marketable for rentals. Generating nearly $60,000 in rental income for 2025, plus additional revenue from pool heat fees, this home is a consistent performer. While the current owners use the property for personal use—meaning a buyer could unlock even higher annual income by opening the full calendar. With consistent bookings, excellent guest reviews, and true turnkey condition, this is an outstanding opportunity for buyers focused on ROI. Recent upgrades include: Fortified roof (2024), composite pool decking (2023), hot tub (2022), pool heater (2021), new flooring (2025), dual water heaters (2024), and a mid-level workspace addition (2025). Painted front porch (2026). The private backyard is a standout feature, complete with pool, expansive composite decking, generous seating, hot tub, and outdoor shower—perfect for hosting gatherings or unwinding after the beach. The lower level is built for entertainment, with a game room, wet bar with second fridge, bunk room, full bath, and laundry. The mid-level offers three well-appointed bedrooms, flexible sleeping arrangements, and a private workspace—plus access to decks and screened porches with partial lighthouse views. Upstairs, the light-filled great room showcases cherry hardwood floors and an open-concept layout ideal for gathering. The kitchen features a large island, modern appliances, and ample seating, while the en suite bedroom provides a private retreat. Whether you’re seeking a high-performing rental, a second home, or both, this property stands out with its proven income, upside potential, loving long-term care, and unbeatable location in Corolla Light. Why pay rent?

$5,988/mo

Est. mortgage payment based on a $899,999 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
133650

Interior Features

Bedrooms
5
Bathrooms
5.5
Cooling
Yes
Heating
Yes
Basement
No

Exterior Features

Lot Size
0.14 Acres

Other Property Details

Taxes
$4,892
Tax Frequency
Annually
Pool
Yes
MLS provider logo

Courtesy of Coldwell Banker Seaside Realty KH, Brook R Sparks,
Listing Contact:  

Based on information from Outer Banks Association of REALTORS® as of 9/14/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated on 9/14/2026 at 8:36 AM UTC

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