10166 Beach Dr SW Unit 5304 · Calabash, NC 28467

$160,000

2 bd · 2.0 ba · 860 sqft · Condo public records · 38 Days on market

Built 1984 $347/mo HOA · 21% 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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• DSCR +3.9/10.0
• 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 MLS

Affordable 3rd floor 2 BR/2 Ba condo. Tenant occupied till July 31, 2021.

Key facts

• Swimming pool
• Easy access to shops
• Prime location

Tags

• PRIVATE SCREENED-IN PORCH
• SWIMMING POOL
• PRIME LOCATION
• EASY ACCESS TO SHOPS
• EASY ACCESS TO DINING

Property features AI

Finance

• Other: Zoned residential; Subdivision: Carolina Shores Resort
• HOA & community: Homeowners association with annual fee ($4,164 / $347 monthly equivalent); Community pool; Street lighting

Exterior

• Parking: On-site paved parking lot; Lighted parking
• Utilities: Sewer connected; Water connected
• Home design: Residential condominium; Three or more levels; Entry on level 3
• Construction: Wood siding and frame construction; Metal roof; Crawl space foundation; Built with three total stories
• Exterior features: Screened porch; Porch; Paved road access; Has view

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 4 total rooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air conditioning
• Interior features: Ceiling fans; Window coverings; Furnished
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-11 ($-129/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (1.2% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 38 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $82k; list at $160k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $155,200 (3.0% 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 38 days. Have you received any prior offers? Is the seller open to a 3% 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. 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?
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 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: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• 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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-26,463
• Equity at exit: $23,857

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-23,317
• Equity at exit: $13,834

Cash invested: $44,800 (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: $1,644 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$67
• HOA: −$347
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $-11

Break-even live

Break-even rent $1,658

Max offer price $158,096

Occupancy floor 96%

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: $40,000
• Closing costs: $4,800
• 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	23d	1	0.10mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	14d	69	0.32mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$345	$0.34	14d	3	0.87mi
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$1,862	$1.40	23d	1	0.91mi

HOA detail condo

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

Listing history 23 events

1. 2026-06-18
   days on market $160,000 Active 38 DOM
2. 2026-06-17
   days on market $160,000 Active 37 DOM
3. 2026-06-16
   days on market $160,000 Active 36 DOM
4. 2026-06-15
   days on market $160,000 Active 35 DOM
5. 2026-06-14
   days on market $160,000 Active 33 DOM
6. 2026-06-13
   days on market $160,000 Active 32 DOM
7. 2026-06-10
   pricedays on market $160,000 Active 30 DOM
8. 2026-06-09
   days on market $168,000 Active 29 DOM
9. 2026-06-08
   days on market $168,000 Active 28 DOM
10. 2026-06-07
    days on market $168,000 Active 27 DOM
11. 2026-06-05
    days on market $168,000 Active 24 DOM
12. 2026-06-03
    days on market $168,000 Active 23 DOM
13. 2026-06-02
    days on market $168,000 Active 22 DOM
14. 2026-06-01
    days on market $168,000 Active 21 DOM
15. 2026-05-31
    days on market $168,000 Active 20 DOM
16. 2026-05-30
    days on market $168,000 Active 19 DOM
17. 2026-05-11
    listed $168,000 Active
18. 2021-09-20
    soldstatus $82,500 73-char remark

    Show marketing remark (73 chars)

    Affordable 3rd floor 2 BR/2 Ba condo. Tenant occupied till July 31, 2021.

19. 2021-08-06
    soldstatus $148,000
20. 2021-06-17
    listed $120,000 73-char remark

    Show marketing remark (73 chars)

    Affordable 3rd floor 2 BR/2 Ba condo. Tenant occupied till July 31, 2021.

21. 2005-11-08
    soldstatus $85,000 162-char remark

    Show marketing remark (162 chars)

    3 Rd Floor Condo In Very Good Condition, Furnishedclose To Shopping, Seafood Restaurants, Beaches, Andmyrtle Beach Entertainment. Best Kept Secretin Calabash!!!!!

22. 2005-11-08
    soldstatus $85,000

    Show marketing remark (162 chars)

    3 Rd Floor Condo In Very Good Condition, Furnishedclose To Shopping, Seafood Restaurants, Beaches, Andmyrtle Beach Entertainment. Best Kept Secretin Calabash!!!!!

23. 2005-09-08
    listed $85,000 162-char remark

    Show marketing remark (162 chars)

    3 Rd Floor Condo In Very Good Condition, Furnishedclose To Shopping, Seafood Restaurants, Beaches, Andmyrtle Beach Entertainment. Best Kept Secretin Calabash!!!!!

ⓘ 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: $1,312 · $109/mo
• Expected delta: +$627/yr (+$52/mo · 91.5%)

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

Taxation est. · year 1

• Rental income: $19,732
• − Mortgage interest: −$8,962
• − Property taxes: −$685
• − Insurance: −$800
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − HOA: −$4,164
• − Depreciation: −$4,655
• Taxable loss: −$2,691
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $517/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

+97.6% since first listed

7 events — show timeline

• 2026-05-11 Listed $168,000 Hive MLS
• 2021-09-20 Sold (MLS) $82,500 Hive MLS
• 2021-08-06 Sold (Public Records) $148,000 Public Records
• 2021-06-17 Listed $120,000 Hive MLS
• 2005-11-08 Sold (Public Records) $85,000 Public Records
• 2005-11-08 Sold (MLS) $85,000 Hive MLS
• 2005-09-08 Listed $85,000 Hive MLS

Property tax history

+5.8%/yr

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