637 Magnolia Dr · Sunset Beach, NC 28468

$95,000

2 bd · 2.0 ba · 924 sqft · Manufactured · 2 Days on market

Built 1980 9,060 sqft lot Est $173k · 45% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Location, location, location! Opportunities like this are becoming increasingly difficult to find in the highly desirable Seaside Station area of Sunset Beach. Situated on a deeded lot with no HOA, this 2-bedroom, 2-bath manufactured home is being sold AS-IS. This single-wide manufactured home IS IN NEED of SUBSTANTIAL repairs and renovations, and may be best suited for an investor, handyman, or buyer looking for a potential replacement homesite (tear down). The value here is truly in the location. The property includes county water and sewer, a concrete driveway, and a storage shed. Conveniently located just minutes from Sunset Beach, golf courses, shopping, restaurants, fishing, the NC Wi

Key facts

• County water
• Deeded lot
• County sewer

Tags

• DEEDED LOT
• NO HOA
• COUNTY WATER
• COUNTY SEWER
• CONCRETE DRIVEWAY
• STORAGE SHED

Property features AI

Finance

• Other: Zoning: SB-MH-1; Subdivision: Seaside Station; Directions: HWY 179 to Sea Side Station to 637 Magnolia
• HOA & community: No association amenities

Exterior

• Parking: Concrete parking
• Utilities: Public water; Sewer connected; Water connected; Electric service
• Home design: Manufactured home; One story; Entry level: 1
• Construction: Construction materials: see remarks; Foundation: see remarks; Roof: see remarks; Built as a manufactured home
• Exterior features: Deck; Open lot; Shed(s); Has view; Paved road access; Frontage on city street and state road

Interior

• Kitchen: Electric oven; Range
• Bedrooms: Master downstairs
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Zoned heating; Central air
• Interior features: Master bedroom on main level; Ceiling fan(s); Window coverings; Unfurnished
• Laundry & utility: Washer hookup in hall; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $723 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 15.4% vs local median 2.3% in Sunset 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 66/100 on livability (#257 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B+, cost of living B; 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: 362 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $38k; list at $95k implies a 150% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,000

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: 1.72% ✓
• Cap rate: 15.42%
• Cash-on-cash: 32.61%
• DSCR: 2.45
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $172,788
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
821 Magnolia Dr	0.34mi	2/2.0	924 (0%)	1mo	$145,000	$157	83
640 Magnolia Dr	0.04mi	2/2.0	924 (0%)	19mo	$175,000	$189	82
820 Dogwood Dr	0.34mi	2/2.0	942 (+2%)	1mo	$225,000	$239	80
733 Dogwood Dr	0.19mi	2/2.0	910 (-2%)	12mo	$170,000	$187	79
724 Dogwood Dr	0.15mi	2/2.0	868 (-6%)	11mo	$240,000	$276	73
606 Magnolia Dr	0.17mi	3/2.0 (+1)	923 (-0%)	24mo	$210,000	$228	67
528 Dogwood Dr	0.29mi	2/2.0	980 (+6%)	12mo	$89,900	$92	67
7208 Banner St SW	0.73mi	2/2.0	924 (0%)	4mo	$49,500	$54	63
815 Dogwood Dr	0.32mi	3/2.0 (+1)	938 (+2%)	20mo	$160,000	$171	60
313 Dogwood Dr	0.57mi	2/2.0	901 (-2%)	12mo	$140,000	$155	59
235 Live Oak Dr	0.66mi	2/1.0	989 (+7%)	3mo	$75,000	$76	51
1727 Angier St SW	0.62mi	2/2.0	979 (+6%)	23mo	$205,000	$209	42

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: 27.7%
• Equity multiple: 2.15×
• Total profit: $30,614
• Equity at exit: $14,165

10-year hold

• IRR: 35.2%
• Equity multiple: 4.23×
• Total profit: $85,823
• Equity at exit: $8,214

Cash invested: $26,600 (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 28468

• Active inventory: 362
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,636 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$32 /mo · $387/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $723

Break-even live

Break-even rent $722

Max offer price $95,000

Occupancy floor 51%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1407 Sunset Creek Way Ocean Isle Beach, NC	1.0–2.0	1.0–2.0	872	$1,535	$1.76	14d	25	0.97mi
165 Royal Poste Rd #2912 Sunset Beach, NC	2.0	2.0	861	$1,500	$1.74	23d	1	1.03mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $95,000 Pending 2 DOM
2. 2026-06-03
   remarks 699-char remark
3. 2026-06-03
   listed $95,000 Active 1 DOM

ⓘ 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: $387 · $32/mo
• Projected year-2 tax: $779 · $65/mo
• Expected delta: +$392/yr (+$33/mo · 101.4%)

ⓘ 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 3/10 Moderate
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,638
• − Mortgage interest: −$5,321
• − Property taxes: −$387
• − Insurance: −$475
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$2,764
• Taxable income: $7,549
• Est. tax owed @ 24.0%: −$1,812
• After-tax cash flow: $6,862/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 — Sunset Beach

• Score: 66/100
• State rank: #257
• US rank: #11344

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunset Beach, NC
• County: Brunswick County · 131,536 people
• City population: 5,154
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 5,154
• Household income: $83,358
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 80.0

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 (88%)
• Race & ethnicity: White 88% Black 5% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Serbian 4% Lithuanian 4% Slovak 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 97% English-only · French/Haitian/Cajun 1% 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: ▼ -259.35%
• Current HPI: 124.6475
• 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

+150.0% since first listed

2 events — show timeline

• 2026-06-03 Listed $95,000 Hive MLS
• 1995-11-01 Sold (Public Records) $38,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $387 · -0.1% YoY. Source: county tax records.