5092 Lakewood Dr SW · Shallotte, NC 28470

$189,000

3 bd · 2.0 ba · 1,620 sqft · Manufactured public records · 64 Days on market

Built 2000 0.30 ac lot Est $225k · 16% under $10/mo HOA · 1% of rent

---

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 +21.6/30.0
• ARV discount +14.7/15.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a home with a two car garage that is within your budget? Look no further, we have what you are looking for! This spacious home is located on a corner lot, and is minutes from Ocean Isle Beach. The open plan offers an island, formal dining room, and new carpet throughout. Enjoy the flexibility of having both a walk in shower and a garden tub. With a split plan, you will love having your guest rooms on the other side of the house.

Key facts

• Large front porch
• Flex space
• Two storage sheds

Tags

• CORNER LOT
• LARGE FRONT PORCH
• SCREENED IN BACK PORCH
• TWO STORAGE SHEDS
• OPEN KITCHEN
• FLEX SPACE

Property features AI

Finance

• Other: Lot approximately 0.3 acres (dimensions: 135 x 105 x 150 x 47); Zoning: Co-R-6000; Subdivision: Lakewood Estates; Directions available
• HOA & community: Homeowners association with an annual fee of $120 (about $10/month); No association amenities listed

Exterior

• Parking: On-site parking; Attached 2-car garage (2 garage spaces, 2 total parking spaces)
• Utilities: Well water; Septic tank; Water available
• Home design: Manufactured home (residential); One story; Entry level: 1
• Construction: Vinyl siding and frame construction; Shingle roof; Crawl space foundation; Built on one level
• Exterior features: Deck; Paved road access; Has a view

Interior

• Bedrooms: 5 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Walk-in closets; Ceiling fans

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $189k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (2.9% below list).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.0% in Shallotte — 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 63/100 on livability (#411 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D, crime F, amenities 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: Union Elementary (math 83% / reading 76%, grade A, #24 of 1,410 statewide, top 2%, 571 students, 100% 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.
• Zoned-school proficiency averages 59% at this address vs 46% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Brunswick County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 378 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 34% of the median local income ($65k/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 $6k 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 64 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $129k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.97% ✗
• Cap rate: 8.11%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $225,180
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
452 Hannah Dr SW	0.10mi	3/2.0	1,596 (-2%)	8mo	$222,000	$139	86
5167 Hummingbird Dr SW	0.42mi	3/2.0	1,620 (0%)	6mo	$125,000	$77	75
5069 Lakewood Dr SW	0.09mi	3/2.0	1,488 (-8%)	11mo	$222,000	$149	73
4925 Lakewood Dr SW	0.14mi	3/2.0	1,568 (-3%)	23mo	$219,000	$140	69
5066 Peregrine Dr SW	0.34mi	3/2.0	1,665 (+3%)	13mo	$225,000	$135	69
396 Red Oak Dr SW	0.61mi	3/2.0	1,731 (+7%)	2mo	$220,000	$127	58
391 Gallinule Dr SW	0.37mi	3/2.0	1,512 (-7%)	16mo	$209,000	$138	58
5313 Lakewood Dr SW	0.56mi	3/2.0	1,806 (+12%)	11mo	$325,000	$180	45

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-12,506
• Equity at exit: $28,181

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $12,277
• Equity at exit: $16,341

Cash invested: $52,920 (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 28470

• Home prices YoY: -34.8%
• Active inventory: 378
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,835 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$84 /mo · $1,010/yr
• Insurance: −$79
• HOA: −$10
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $285

Break-even live

Break-even rent $1,473

Max offer price $189,000

Occupancy floor 79%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5855 Sparkling Water Way Ocean Isle Beach, NC	1.0–3.0	1.0–2.0	1072	$2,150	$2.01	14d	149	1.34mi

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 25 events

1. 2026-06-18
   days on market $189,000 Active 64 DOM
2. 2026-06-17
   days on market $189,000 Active 63 DOM
3. 2026-06-15
   days on market $189,000 Active 62 DOM
4. 2026-06-14
   days on market $189,000 Active 60 DOM
5. 2026-06-13
   days on market $189,000 Active 59 DOM
6. 2026-06-10
   days on market $189,000 Active 57 DOM
7. 2026-06-09
   days on market $189,000 Active 56 DOM
8. 2026-06-08
   days on market $189,000 Active 55 DOM
9. 2026-06-07
   days on market $189,000 Active 54 DOM
10. 2026-06-05
    days on market $189,000 Active 51 DOM
11. 2026-06-03
    days on market $189,000 Active 50 DOM
12. 2026-06-02
    days on market $189,000 Active 49 DOM
13. 2026-06-01
    days on market $189,000 Active 48 DOM
14. 2026-05-31
    days on market $189,000 Active 47 DOM
15. 2026-05-30
    days on market $189,000 Active 46 DOM
16. 2026-05-11
    price $189,000
17. 2026-04-14
    listed $199,000 Active
18. 2019-07-03
    soldstatus $129,000 444-char remark

    Show marketing remark (444 chars)

    Looking for a home with a two car garage that is within your budget? Look no further, we have what you are looking for! This spacious home is located on a corner lot, and is minutes from Ocean Isle Beach. The open plan offers an island, formal dining room, and new carpet throughout. Enjoy the flexibility of having both a walk in shower and a garden tub. With a split plan, you will love having your guest rooms on the other side of the house.

19. 2019-07-03
    soldstatus $129,000

    Show marketing remark (444 chars)

    Looking for a home with a two car garage that is within your budget? Look no further, we have what you are looking for! This spacious home is located on a corner lot, and is minutes from Ocean Isle Beach. The open plan offers an island, formal dining room, and new carpet throughout. Enjoy the flexibility of having both a walk in shower and a garden tub. With a split plan, you will love having your guest rooms on the other side of the house.

20. 2019-05-08
    listed $129,000 444-char remark

    Show marketing remark (444 chars)

    Looking for a home with a two car garage that is within your budget? Look no further, we have what you are looking for! This spacious home is located on a corner lot, and is minutes from Ocean Isle Beach. The open plan offers an island, formal dining room, and new carpet throughout. Enjoy the flexibility of having both a walk in shower and a garden tub. With a split plan, you will love having your guest rooms on the other side of the house.

21. 2012-10-23
    historical
22. 2012-10-08
    historical
23. 2012-02-06
    listed $99,999
24. 2012-02-06
    listed $99,500
25. 2000-07-01
    soldstatus $86,500

ⓘ 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: $1,010 · $84/mo
• Projected year-2 tax: $1,550 · $129/mo
• Expected delta: +$540/yr (+$45/mo · 53.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 20 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: $22,017
• − Mortgage interest: −$10,587
• − Property taxes: −$1,010
• − Insurance: −$945
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − HOA: −$120
• − Depreciation: −$5,498
• Taxable income: $335
• Est. tax owed @ 24.0%: −$80
• After-tax cash flow: $3,345/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 — Shallotte

• Score: 63/100
• State rank: #411
• US rank: #15490

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 131,536 people
• City population: 11,219
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 11,219
• Household income: $65,030
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 455.0

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 (73%)
• Race & ethnicity: White 73% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

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: ▼ -77.91%
• Current HPI: 146.2303
• 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

+118.5% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $189,000 Hive MLS
• 2026-04-14 Listed $199,000 Hive MLS
• 2019-07-03 Sold (Public Records) $129,000 Public Records
• 2019-07-03 Sold (MLS) $129,000 Hive MLS
• 2019-05-08 Listed $129,000 Hive MLS
• 2012-10-23 Listing Removed — CCAR
• 2012-10-08 Listing Removed — Hive MLS
• 2012-02-06 Listed $99,500 Hive MLS
• 2012-02-06 Listed $99,999 CCAR
• 2000-07-01 Sold (Public Records) $86,500 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,010 · +0.0% YoY. Source: county tax records.