2109 N Tanglewood Dr SW · Holden Beach, NC 28462

$129,900

2 bd · 2.0 ba · 1,064 sqft · Manufactured · 24 Days on market

Built 2005 5,227 sqft lot Est $196k · 34% under

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Why this score? — see what drove the B 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• 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

Welcome to 2109 N Tanglewood Drive, an affordable opportunity just minutes from Holden Beach! This 2 bedroom, 2 bathroom home features a screened porch perfect for relaxing and enjoying the coastal breeze, plus a storage shed for additional storage space. Being sold fully furnished, this property could make an ideal primary residence, beach getaway, or investment opportunity. Inside, the home offers a spacious primary bathroom complete with a soaking tub and separate shower. Optional membership to the Tanglewood POA provides access to the community fishing pier and waterway access. Enjoy peaceful coastal living with convenient access to beaches, boating, fishing, local seafood, and all that

Key facts

• Storage shed
• Screened porch
• Waterway access

Tags

• SCREENED PORCH
• STORAGE SHED
• COMMUNITY FISHING PIER
• WATERWAY ACCESS

Property features AI

Exterior

• Parking: On-site parking
• Utilities: Water available
• Home design: Manufactured home (Residential); One-story; Entry level: 1
• Construction: Vinyl siding; Other foundation
• Exterior features: Screened porch; Front porch; Partial chain link fencing; Shingle roof; Has view; Paved road access

Interior

• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Floor furnace and electric heating
• Interior features: Walk-in closets; Furnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.1% in Holden Beach — 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 65/100 on livability (#334 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, housing A; Watch: cost of living D, health & safety D, 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: Supply Elementary (math 46% / reading 39%, grade F, #625 of 1,410 statewide, top 45%, 539 students, 99% FRL); Cedar Grove Middle (math 30% / reading 36%, grade F, #305 of 475 statewide, top 65%, 434 students, 99% 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: 506 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 ($60k/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 $898 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.31% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $195,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2094 N Tanglewood Dr SW	0.05mi	3/2.0 (+1)	1,054 (-1%)	10mo	$203,400	$193	83
2367 Randy St SW	0.49mi	3/2.0 (+1)	1,050 (-1%)	0mo	$175,000	$167	70
2255 W Tanglewood Dr SW	0.25mi	3/2.0 (+1)	1,178 (+11%)	1mo	$255,000	$216	65
2219 Ontario St	0.18mi	3/2.0 (+1)	968 (-9%)	9mo	$115,000	$119	64
2910 Jeremy St SW	0.61mi	3/2.0 (+1)	1,080 (+2%)	2mo	$169,000	$156	62
2382 Summer Place Dr SW	0.48mi	2/2.0	1,178 (+11%)	6mo	$225,500	$191	55
2361 Lake Paula Dr SW	0.34mi	2/2.0	924 (-13%)	11mo	$188,000	$203	53
2333 Randy St SW	0.44mi	3/2.0 (+1)	990 (-7%)	20mo	$150,000	$152	46
2387 Jolly Roger Dr SW	0.68mi	2/2.0	938 (-12%)	4mo	$115,000	$123	45
2340 E Tanglewood Dr SW	0.40mi	2/2.0	952 (-10%)	23mo	$175,000	$184	45
3206 Waterview Dr SW	0.52mi	2/2.0	923 (-13%)	20mo	$224,100	$243	37
2325 Blackbeard Dr SW	0.72mi	3/2.0 (+1)	954 (-10%)	14mo	$145,000	$152	32

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: 5.3%
• Equity multiple: 1.20×
• Total profit: $7,445
• Equity at exit: $19,369

10-year hold

• IRR: 14.7%
• Equity multiple: 2.19×
• Total profit: $43,246
• Equity at exit: $11,231

Cash invested: $36,372 (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 28462

• Active inventory: 506
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,702 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $447

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 69%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2272 Dolphin Shores Dr SW Unit 404 Supply, NC	2.0	2.0	1216	$1,650	$1.36	14d	1	0.46mi

Listing history 17 events

1. 2026-06-18
   days on market $129,900 Active 24 DOM
2. 2026-06-17
   days on market $129,900 Active 23 DOM
3. 2026-06-16
   days on market $129,900 Active 22 DOM
4. 2026-06-15
   days on market $129,900 Active 21 DOM
5. 2026-06-14
   days on market $129,900 Active 19 DOM
6. 2026-06-13
   days on market $129,900 Active 18 DOM
7. 2026-06-10
   days on market $129,900 Active 16 DOM
8. 2026-06-09
   days on market $129,900 Active 15 DOM
9. 2026-06-08
   days on market $129,900 Active 14 DOM
10. 2026-06-07
    days on market $129,900 Active 13 DOM
11. 2026-06-05
    days on market $129,900 Active 10 DOM
12. 2026-06-03
    days on market $129,900 Active 9 DOM
13. 2026-06-02
    days on market $129,900 Active 8 DOM
14. 2026-06-01
    days on market $129,900 Active 7 DOM
15. 2026-05-31
    days on market $129,900 Active 6 DOM
16. 2026-05-30
    days on market $129,900 Active 5 DOM
17. 2026-05-25
    listed $129,900 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $20,426
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$3,779
• Taxable income: $3,504
• Est. tax owed @ 24.0%: −$841
• After-tax cash flow: $4,523/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 — Holden Beach

• Score: 65/100
• State rank: #334
• US rank: #13586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 131,536 people
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 12,340
• Household income: $60,349
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 269.0

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 (87%)
• Race & ethnicity: White 87% Black 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Lithuanian 4% Serbian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -259.44%
• Current HPI: 144.2462
• 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

1 event — show timeline

• 2026-05-25 Listed $129,900 Hive MLS

Property tax history

+2.4%/yr

Latest (2025): $167 · -2.4% YoY. Source: county tax records.