9136 E Calabash Dr SW · Calabash, NC 28467

$159,900

2 bd · 1.0 ba · 744 sqft · Manufactured · 85 Days on market

Built 1982 4,792 sqft lot Est $169k · 5% under $21/mo HOA · 1% of rent

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Why this score? — see what drove the C+ 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 +26.4/30.0
• ARV discount +9.9/15.0
• DSCR +9.0/10.0
• 1% rule +7.2/10.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Own your own slice of paradise just minutes from the water. This beautifully maintained 2-bedroom, 1-bath beach home offers comfort, convenience, and an unbeatable location. Prime Location: Lot located directly across from the community pool 2.5 miles to the nearest boat ramp 4 miles to Sunset Beach access and fishing pier Less than 1 mile to Calabash city limits - dining and shopping 4 miles to Little River, SC - casino boats and commercial fishing 6 miles to North Myrtle Beach Minutes to golf courses including Sea Trail and Ocean Ridge Community Perks: Golf carts allowed throughout the neighborhood Pool, tennis courts, playground, and clubhouse Low HOA - only $250 per year Pri

Key facts

• Fishing pier
• Community pool
• Sunset beach access

Tags

• COMMUNITY POOL
• BOAT RAMP
• SUNSET BEACH ACCESS
• FISHING PIER
• CALABASH CITY LIMITS
• NORTH MYRTLE BEACH

Property features AI

Finance

• Other: Zoning: Ca-Mfh-Ii; Subdivision: Bonaparte Retreat
• HOA & community: Homeowners association with annual fee of $250 (about $20.83/month)

Exterior

• Parking: Carport with 2 spaces; Off-street parking
• Utilities: Water connected
• Home design: Manufactured home; Single-story (one level); Entry at level 1
• Construction: Metal siding and frame construction; Metal roof; Foundation details: see remarks
• Exterior features: Deck; Has a view; Paved road access

Interior

• Bedrooms: Total of 4 rooms (bedrooms/rooms count included in room total)
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (type: Other); Has cooling (type: Other)
• Interior features: See remarks (additional interior details in listing remarks)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.1% in Calabash — 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 61/100 on livability (#487 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; 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: 691 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 31% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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.
• Current owner paid $38k; list at $160k implies a 321% gain — meaningful room to come down on a strong offer.

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 $150,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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 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: 1.22% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $168,888
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9053 Townview Pl SW	0.27mi	2/1.0	770 (+4%)	9mo	$115,000	$149	74
9040 Bonaparte Dr SW	0.22mi	2/2.0	701 (-6%)	9mo	$159,225	$227	68

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: 0.4%
• Equity multiple: 1.01×
• Total profit: $663
• Equity at exit: $23,842

10-year hold

• IRR: 10.1%
• Equity multiple: 1.78×
• Total profit: $34,912
• Equity at exit: $13,825

Cash invested: $44,772 (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: 691
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,953 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$21
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $417

Break-even live

Break-even rent $1,425

Max offer price $159,900

Occupancy floor 74%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	13d	69	1.11mi
10174 Beach Dr SW #206 Calabash, NC	1.0	1.0	650	$1,050	$1.62	23d	1	1.48mi

HOA detail

• Monthly dues: $21 · $252/yr
• Likely covers: waterpool

Listing history 20 events

1. 2026-06-18
   days on market $159,900 Active 85 DOM
2. 2026-06-17
   days on market $159,900 Active 84 DOM
3. 2026-06-16
   days on market $159,900 Active 83 DOM
4. 2026-06-15
   days on market $159,900 Active 82 DOM
5. 2026-06-14
   days on market $159,900 Active 80 DOM
6. 2026-06-13
   days on market $159,900 Active 79 DOM
7. 2026-06-10
   days on market $159,900 Active 77 DOM
8. 2026-06-09
   days on market $159,900 Active 76 DOM
9. 2026-06-08
   days on market $159,900 Active 75 DOM
10. 2026-06-07
    days on market $159,900 Active 74 DOM
11. 2026-06-05
    days on market $159,900 Active 71 DOM
12. 2026-06-03
    days on market $159,900 Active 70 DOM
13. 2026-06-02
    days on market $159,900 Active 69 DOM
14. 2026-06-01
    days on market $159,900 Active 68 DOM
15. 2026-05-31
    days on market $159,900 Active 67 DOM
16. 2026-05-30
    days on market $159,900 Active 66 DOM
17. 2026-03-25
    listed $159,900 Active
18. 2004-05-14
    soldstatus $38,000
19. 2004-05-01
    soldstatus $38,000
20. 2003-08-13
    listed $47,500

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $23,432
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − HOA: −$252
• − Depreciation: −$4,652
• Taxable income: $2,624
• Est. tax owed @ 24.0%: −$630
• After-tax cash flow: $4,369/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: 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 — Calabash

• Score: 61/100
• State rank: #487
• US rank: #17866

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calabash, NC
• County: Brunswick County · 131,536 people
• 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

+236.6% since first listed

4 events — show timeline

• 2026-03-25 Listed $159,900 Hive MLS
• 2004-05-14 Sold (MLS) $38,000 Hive MLS
• 2004-05-01 Sold (Public Records) $38,000 Public Records
• 2003-08-13 Listed $47,500 Hive MLS

Property tax history

+0.7%/yr

Latest (2025): $281 · +1.8% YoY. Source: county tax records.