10168 Beach Dr SW Unit 4203 · Calabash, NC 28467

$156,700

2 bd · 2.0 ba · 860 sqft · Condo public records · 22 Days on market

Built 1984 $347/mo HOA · 22% of rent

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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 +12.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +3.9/10.0
• DSCR +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready, these beach condos go quickly! Beautifully renovated, 2 Bdrm 2 Bath, 2nd floor Condo boasts new hot water heater; easy care luxury vinyl plank flooring; attractively painted and decorated; with screened porch overlooking trees and picnic area to relax and enjoy the fresh air. Provided furnished, with a few exceptions (see list in Documents), perfect for vacation home, investment, or forever home. Low POA dues and nice pool area with hot tub. Located in the heart of Calabash, walking distance to area shopping and restaurants. Only 15 min. to Sunset Beach, conveniently positioned between Myrtle Beach to the south, and Wilmington to the north for your entertainment. Don't wait! This one won't last!! 1 yr Home Warranty included.

Key facts

• Picnic area
• Hot tub
• Community amenities

Tags

• SCREENED IN BALCONY
• QUIET WOODED AREA
• COMMUNITY AMENITIES
• POOL
• HOT TUB
• PICNIC AREA

Property features AI

Finance

• Other: Community pool
• HOA & community: Homeowners association; Annual association fee; Association amenities: barbecue, grounds maintenance, structure maintenance, spa/hot tub, trash service, other; Derived monthly association fee (approx.): $347

Exterior

• Parking: Parking lot
• Utilities: Public water; Water connected
• Home design: Condominium; Residential property; One level / single-story; Entry level: 2
• Construction: Wood siding/frame construction; Metal roof; Crawl space / no basement
• Exterior features: Balcony; Covered and screened porch/patio; Wooded lot; Paved road access; City street and state road frontage; Has a view

Interior

• Kitchen: Electric oven; Electric cooktop; Built-in electric oven; Electric range; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Window coverings; Furnished; See remarks
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $157k.

Deal economics

• At list price, monthly cash flow is $-19 ($-234/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (2.2% below list).
• Meets the 1% rule at list price ($2k rent vs $157k).
• Recommended offer: $153k (2.2% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $153,257 (2.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.40×
• Total profit: $-26,481
• Equity at exit: $23,364

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-24,040
• Equity at exit: $13,549

Cash invested: $43,876 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$822
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$65
• HOA: −$347
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $-19

Break-even live

Break-even rent $1,634

Max offer price $153,257

Occupancy floor 96%

Sensitivity live

Price	-10% $69	-5% $25	+0% $-19	+5% $-64	+10% $-108
Rent	-10% $-147	-5% $-83	+0% $-19	+5% $44	+10% $108
Rate	-1.0pp $59	-0.5pp $20	base $-19	+0.5pp $-60	+1.0pp $-101

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: $39,175
• Closing costs: $4,701
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10174 Beach Dr SW #206 Calabash, NC	1.0	1.0	650	$1,050	$1.62	24d	1	0.04mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	14d	69	0.38mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$345	$0.34	14d	3	0.92mi
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$1,862	$1.40	24d	1	0.93mi

HOA detail condo

• Monthly dues: $347 · $4,164/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $156,700 Active 22 DOM
2. 2026-06-17
   days on market $156,700 Active 21 DOM
3. 2026-06-16
   days on market $156,700 Active 20 DOM
4. 2026-06-15
   days on market $156,700 Active 19 DOM
5. 2026-06-14
   days on market $156,700 Active 17 DOM
6. 2026-06-13
   days on market $156,700 Active 16 DOM
7. 2026-06-10
   days on market $156,700 Active 14 DOM
8. 2026-06-09
   days on market $156,700 Active 13 DOM
9. 2026-06-08
   days on market $156,700 Active 12 DOM
10. 2026-06-07
    days on market $156,700 Active 11 DOM
11. 2026-06-05
    days on market $156,700 Active 8 DOM
12. 2026-06-03
    days on market $156,700 Active 7 DOM
13. 2026-06-02
    days on market $156,700 Active 6 DOM
14. 2026-06-01
    days on market $156,700 Active 5 DOM
15. 2026-05-31
    days on market $156,700 Active 4 DOM
16. 2026-05-30
    days on market $156,700 Active 3 DOM
17. 2026-05-27
    listed $156,700 Active
18. 2022-09-19
    soldstatus $161,000 Closed 749-char remark

    Show marketing remark (749 chars)

    Move-in ready, these beach condos go quickly! Beautifully renovated, 2 Bdrm 2 Bath, 2nd floor Condo boasts new hot water heater; easy care luxury vinyl plank flooring; attractively painted and decorated; with screened porch overlooking trees and picnic area to relax and enjoy the fresh air. Provided furnished, with a few exceptions (see list in Documents), perfect for vacation home, investment, or forever home. Low POA dues and nice pool area with hot tub. Located in the heart of Calabash, walking distance to area shopping and restaurants. Only 15 min. to Sunset Beach, conveniently positioned between Myrtle Beach to the south, and Wilmington to the north for your entertainment. Don't wait! This one won't last!! 1 yr Home Warranty included.

19. 2022-09-19
    soldstatus $161,000

    Show marketing remark (749 chars)

    Move-in ready, these beach condos go quickly! Beautifully renovated, 2 Bdrm 2 Bath, 2nd floor Condo boasts new hot water heater; easy care luxury vinyl plank flooring; attractively painted and decorated; with screened porch overlooking trees and picnic area to relax and enjoy the fresh air. Provided furnished, with a few exceptions (see list in Documents), perfect for vacation home, investment, or forever home. Low POA dues and nice pool area with hot tub. Located in the heart of Calabash, walking distance to area shopping and restaurants. Only 15 min. to Sunset Beach, conveniently positioned between Myrtle Beach to the south, and Wilmington to the north for your entertainment. Don't wait! This one won't last!! 1 yr Home Warranty included.

20. 2022-08-19
    status Pending 749-char remark

    Show marketing remark (749 chars)

    Move-in ready, these beach condos go quickly! Beautifully renovated, 2 Bdrm 2 Bath, 2nd floor Condo boasts new hot water heater; easy care luxury vinyl plank flooring; attractively painted and decorated; with screened porch overlooking trees and picnic area to relax and enjoy the fresh air. Provided furnished, with a few exceptions (see list in Documents), perfect for vacation home, investment, or forever home. Low POA dues and nice pool area with hot tub. Located in the heart of Calabash, walking distance to area shopping and restaurants. Only 15 min. to Sunset Beach, conveniently positioned between Myrtle Beach to the south, and Wilmington to the north for your entertainment. Don't wait! This one won't last!! 1 yr Home Warranty included.

21. 2022-08-16
    listed $152,900 Active 749-char remark

    Show marketing remark (749 chars)

    Move-in ready, these beach condos go quickly! Beautifully renovated, 2 Bdrm 2 Bath, 2nd floor Condo boasts new hot water heater; easy care luxury vinyl plank flooring; attractively painted and decorated; with screened porch overlooking trees and picnic area to relax and enjoy the fresh air. Provided furnished, with a few exceptions (see list in Documents), perfect for vacation home, investment, or forever home. Low POA dues and nice pool area with hot tub. Located in the heart of Calabash, walking distance to area shopping and restaurants. Only 15 min. to Sunset Beach, conveniently positioned between Myrtle Beach to the south, and Wilmington to the north for your entertainment. Don't wait! This one won't last!! 1 yr Home Warranty included.

22. 2021-09-13
    soldstatus $105,500 1015-char remark

    Show marketing remark (1015 chars)

    Calabash - Carolina Shores Resort - Best value around!! Located on the main thoroughfare in downtown Calabash this complex is in walking distance of many shops and restaurants. It is also convenient to golf and beaches in both NC and SC, with North Myrtle Beach just across the border. Adorable two bedroom two bath condo is clean and comfortable. Located on the second floor at the rear of the complex the screened porch is overlooking a wooded buffer between the condos and the homes in Carolina Shores. The condo comes furnished as seen so is ready for your enjoyment. There is a nice breakfast counter open to the kitchen and dining area. A good sized laundry room gives a little extra storage. The bedrooms are both 11.5X10.5 and they are roomy enough for queen beds. One bedroom has an en-suite bath. The grounds and pool are beautifully kept with lush mature landscaping. The Association fees and taxes are reasonable. Ample parking is available. This is the perfect place at the beach!! Take a look today.

23. 2021-08-13
    listed $100,000 1015-char remark

    Show marketing remark (1015 chars)

    Calabash - Carolina Shores Resort - Best value around!! Located on the main thoroughfare in downtown Calabash this complex is in walking distance of many shops and restaurants. It is also convenient to golf and beaches in both NC and SC, with North Myrtle Beach just across the border. Adorable two bedroom two bath condo is clean and comfortable. Located on the second floor at the rear of the complex the screened porch is overlooking a wooded buffer between the condos and the homes in Carolina Shores. The condo comes furnished as seen so is ready for your enjoyment. There is a nice breakfast counter open to the kitchen and dining area. A good sized laundry room gives a little extra storage. The bedrooms are both 11.5X10.5 and they are roomy enough for queen beds. One bedroom has an en-suite bath. The grounds and pool are beautifully kept with lush mature landscaping. The Association fees and taxes are reasonable. Ample parking is available. This is the perfect place at the beach!! Take a look today.

24. 2019-02-28
    soldstatus $69,000
25. 2019-02-28
    soldstatus $69,000
26. 2019-01-11
    listed $71,900
27. 2017-04-13
    soldstatus $56,000
28. 2000-11-01
    soldstatus $47,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $685 · $57/mo
• Projected year-2 tax: $1,285 · $107/mo
• Expected delta: +$600/yr (+$50/mo · 87.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,316
• − Mortgage interest: −$8,778
• − Property taxes: −$685
• − Insurance: −$784
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − HOA: −$4,164
• − Depreciation: −$4,559
• Taxable loss: −$2,743
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $424/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

+229.9% since first listed

12 events — show timeline

• 2026-05-27 Listed $156,700 Hive MLS
• 2022-09-19 Sold (Public Records) $161,000 Public Records
• 2022-09-19 Sold (MLS) $161,000 Hive MLS
• 2022-08-19 Pending — Hive MLS
• 2022-08-16 Listed $152,900 Hive MLS
• 2021-09-13 Sold (MLS) $105,500 Hive MLS
• 2021-08-13 Listed $100,000 Hive MLS
• 2019-02-28 Sold (Public Records) $69,000 Public Records
• 2019-02-28 Sold (MLS) $69,000 CCAR
• 2019-01-11 Listed $71,900 CCAR
• 2017-04-13 Sold (Public Records) $56,000 Public Records
• 2000-11-01 Sold (Public Records) $47,500 Public Records

Property tax history

+5.8%/yr

Latest (2025): $685 · +2.6% YoY. Source: county tax records.