826 Palm Frond Way NW · Carolina Shores, NC 28467

$234,990

3 bd · 3.5 ba · 1,704 sqft · Townhouse · 140 Days on market

Built 2025 Excellent condition 2,004 sqft lot Est $240k · at est. $180/mo HOA · 8% of rent ↓ 5% since listing

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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 +12.1/30.0
• ARV discount +8.5/15.0
• Condition / age +5.0/5.0
• 1% rule +4.4/10.0
• Schools +3.9/10.0
• DSCR +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Filmore plan in the desirable Calabash Palms community, perfectly situated in scenic Calabash, North Carolina. This thoughtfully designed 2-story townhouse offers a comfortable blend of style and function with 3 bedrooms, including a main-level primary suite, 3.5 baths, and a 1-car garage — all for an amazing price! Step inside to discover an open-concept layout ideal for both relaxing and entertaining. The primary suite on the main floor provides added convenience and privacy, while two additional bedrooms and a 2 full baths upstairs offer space for family or guests. A modern kitchen flows seamlessly into the living and dining areas, and a half bath on the main level

Key facts

• Modern kitchen
• Open-concept layout
• $180 HOA

Tags

• CALABASH PALMS COMMUNITY
• OPEN-CONCEPT LAYOUT
• MODERN KITCHEN
• MAIN-LEVEL PRIMARY SUITE
• LOW-MAINTENANCE LIFESTYLE
• PROXIMITY TO LOCAL BEACHES

Property features AI

Finance

• HOA & community: Homeowners association; HOA amenities include dog park, grounds maintenance, management, and trash service; HOA fee $2,160 annually (approx. $180/month)

Exterior

• Parking: Attached garage (1 car); Additional on-site and off-street parking; Garage faces front
• Utilities: Public water; Cable available; Underground utilities
• Home design: Townhouse; Two-story; Entry level on main floor; Facing information not provided
• Construction: Vinyl siding and frame construction; Shingle roof; Slab foundation; Home warranty included; Built as new construction
• Exterior features: Patio; Porch; Interior lot with wooded setting; Paved private road; Irrigation equipment; Has a view; New construction

Interior

• Kitchen: Self-cleaning oven; Range; Dishwasher; Disposal; Electric water heater
• Bedrooms: Master located downstairs
• Flooring: Carpet
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central air; Heat pump (heating and cooling); Electric heating
• Interior features: Master suite on the main level; Walk-in closet(s); High ceilings; Pantry; Insulated windows; Unfurnished
• Laundry & utility: Washer hookup; Laundry located in hall; Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath townhouse listed at $235k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-51 ($-615/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (5.6% below list).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.9% in Carolina Shores — 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 64/100 on livability (#352 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: health & safety D, amenities F, commute F.
• Brunswick County Schools (rural): math 45% / reading 47% proficiency, ranked #82 of 178 in NC (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jessie Mae Monroe Elementary (math 43% / reading 41%, grade F, #633 of 1,410 statewide, top 48%, 394 students, 99% FRL); Shallotte Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 674 students, 100% FRL); West Brunswick High (math 50% / reading 56%, grade C-, #281 of 535 statewide, top 53%, 1,526 students, 100% FRL) — zoned schools average 100% FRL vs 53% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 703 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 35% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Brunswick County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($207k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,791 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.94% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $240,264
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 Palm Frond Way NW	0.01mi	3/3.5	1,704 (0%)	3mo	$250,000	$147	97
814 Palm Frond Way NW	0.03mi	3/3.5	1,704 (0%)	2mo	$244,990	$144	97
806 Palm Frond Way NW	0.04mi	3/3.5	1,704 (0%)	5mo	$239,880	$141	94
816 Palm Frond Way NW	0.02mi	3/3.5	1,734 (+2%)	2mo	$244,990	$141	94
816 Palm Frond Way #41	0.02mi	3/3.5	1,734 (+2%)	2mo	$244,990	$141	94
824 NW Palm Frond Way #39	0.01mi	3/3.5	1,734 (+2%)	3mo	$250,000	$144	94
814 NW Palm Frond Way #42	0.03mi	3/3.5	1,734 (+2%)	2mo	$244,991	$141	94
723 Palm Frond Way NW	0.16mi	3/3.5	1,704 (0%)	1mo	$250,000	$147	92
806 NW Palm Frond Way #44	0.04mi	3/3.5	1,734 (+2%)	5mo	$239,880	$138	91
796 Palm Frond Way #47	0.03mi	3/2.5	1,697 (-0%)	4mo	$229,990	$136	91
796 Palm Frond Way NW	0.04mi	3/2.5	1,697 (-0%)	4mo	$229,990	$136	90
723 NW Palm Frond Way #9	0.16mi	3/2.5	1,734 (+2%)	1mo	$250,000	$144	85

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: -17.8%
• Equity multiple: 0.37×
• Total profit: $-41,200
• Equity at exit: $35,038

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-39,496
• Equity at exit: $20,318

Cash invested: $65,797 (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 28467

• Home prices YoY: -33.7%
• Active inventory: 703
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$180
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-51

Break-even live

Break-even rent $2,283

Max offer price $227,570

Occupancy floor 97%

Sensitivity live

Price	-10% $111	-5% $30	+0% $-51	+5% $-132	+10% $-214
Rent	-10% $-227	-5% $-139	+0% $-51	+5% $36	+10% $124
Rate	-1.0pp $67	-0.5pp $8	base $-51	+0.5pp $-112	+1.0pp $-174

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: $58,748
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3021 Siskin Dr NW Calabash, NC	2.0–3.0	2.0–2.5	1557	$2,279	$1.46	15d	46	0.52mi
1204 Calabash Station Blvd NW Ocean Isle Beach, NC	3.0	2.0	1811	$2,200	$1.21	25d	1	0.54mi
2042 Parow Ln NW Calabash, NC	3.0	2.5	1680	$1,800	$1.07	15d	1	1.12mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	25d	1	1.12mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,292	$1.62	23d	51	1.46mi

HOA detail

• Monthly dues: $180 · $2,160/yr

Listing history 5 events

1. 2026-05-23
   status Pending
2. 2026-05-11
   price $234,990
3. 2026-03-18
   price $239,990
4. 2026-03-11
   price $244,990
5. 2026-01-03
   listed $247,990 Active

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $26,623
• − Mortgage interest: −$13,163
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − HOA: −$2,160
• − Depreciation: −$6,836
• Taxable loss: −$4,496
• Est. tax savings @ 24.0%: +$1,079
• After-tax cash flow: $464/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

Excellent 100/100 None rehab

This townhouse is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and has a great location in a desirable community.

Value-add opportunities

• Both Painting the exterior siding and trim — Painting the exterior can enhance the curb appeal and increase the home's value.
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and increase the home's value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding and trim — Painting the exterior can enhance the curb appeal and increase the home's value. ↑
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and increase the home's 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: Brunswick County Schools
• NCES district ID: 3700420
• Math proficiency: 45% ▲ 4.00%
• Reading proficiency: 47% ▲ 4.00%
• Median HH income: $47,494
• Composite: 39.23/100
• National rank: #4011
• State rank: #82 of 178 in NC

Livability — Carolina Shores

• Score: 64/100
• State rank: #352
• US rank: #13907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 131,536 people
• City population: 13,313
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 13,313
• Household income: $75,341
• Rent vs Own: 10.4% rent · 89.6% own
• Severe rent burden: 81.0

Population outlook (Brunswick County) Hauer SSP2

• Today (2025): 152,111 people
• By 2030: 165,705 · +8.9%
• By 2040: 188,494 · +23.9%
• By 2050: 206,228 · +35.6%
• By 2075: 237,876 · +56.4%
• By 2100: 251,451 · +65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Slovak 5% Romanian 5% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Brunswick

• 2024 margin: Strong R (+24.9) · D 37.2% · R 62.0%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.9pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+25.0 2016: R+28.7 2012: R+22.2 2008: R+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.90%
• Current HPI: 133.7186
• Rent YoY: —
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-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

-5.2% since first listed

5 events — show timeline

• 2026-05-23 Pending — Hive MLS
• 2026-05-11 Price Changed $234,990 Hive MLS
• 2026-03-18 Price Changed $239,990 Hive MLS
• 2026-03-11 Price Changed $244,990 Hive MLS
• 2026-01-03 Listed $247,990 Hive MLS