9366 Central Blvd SE · Leland, NC 28479

$245,000

3 bd · 2.0 ba · 1,140 sqft · Manufactured public records · 26 Days on market

Built 2024 10,454 sqft lot

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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 +14.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• DSCR +4.5/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Perfect Country Setting! Large double lot for your new home. Great location between Wilmington and Southport.

Key facts

• Cozy dining nook
• Modern kitchen
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• MODERN KITCHEN
• HIGH-PERFORMING APPLIANCES
• ABUNDANT CABINET STORAGE
• COZY DINING NOOK
• SMART SPLIT-BEDROOM FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $245k.

Deal economics

• At list price, monthly cash flow is $70 ($838/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 $191k (22.0% below list).
• Recommended offer: $191k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.2% in Leland — 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 68/100 on livability (#177 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment 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: Bolivia Elementary (math 50% / reading 43%, grade D-, #542 of 1,410 statewide, top 39%, 496 students, 99% FRL); South Brunswick Middle (math 41% / reading 49%, grade D, #160 of 475 statewide, top 35%, 572 students, 100% FRL); South Brunswick High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 1,172 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: 188 active listings in the ZIP; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
• Brunswick County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $20k; list at $245k implies a 1125% 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; major 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 $191,057 (22.0% 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. 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?
3. 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.
4. 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.
5. 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: 0.78% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.17×
• Total profit: $11,708
• Equity at exit: $86,626

10-year hold

• IRR: 7.6%
• Equity multiple: 1.95×
• Total profit: $64,903
• Equity at exit: $117,463

Cash invested: $68,600 (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 28479

• Home prices YoY: 0.8%
• Active inventory: 188
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,911 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$53 /mo · $632/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $70

Break-even live

Break-even rent $1,822

Max offer price $245,000

Occupancy floor 91%

Sensitivity live

Price	-10% $208	-5% $139	+0% $70	+5% $0	+10% $-69
Rent	-10% $-81	-5% $-6	+0% $70	+5% $145	+10% $221
Rate	-1.0pp $193	-0.5pp $132	base $70	+0.5pp $6	+1.0pp $-58

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $245,000 Active 26 DOM
2. 2026-06-17
   days on market $245,000 Active 25 DOM
3. 2026-06-16
   days on market $245,000 Active 24 DOM
4. 2026-06-15
   days on market $245,000 Active 23 DOM
5. 2026-06-14
   days on market $245,000 Active 21 DOM
6. 2026-06-13
   pricedays on market $245,000 Active 20 DOM
7. 2026-06-10
   days on market $249,000 Active 18 DOM
8. 2026-06-09
   days on market $249,000 Active 17 DOM
9. 2026-06-08
   days on market $249,000 Active 16 DOM
10. 2026-06-07
    days on market $249,000 Active 15 DOM
11. 2026-06-05
    days on market $249,000 Active 12 DOM
12. 2026-06-03
    days on market $249,000 Active 11 DOM
13. 2026-06-02
    days on market $249,000 Active 10 DOM
14. 2026-06-01
    days on market $249,000 Active 9 DOM
15. 2026-05-31
    days on market $249,000 Active 8 DOM
16. 2026-05-30
    days on market $249,000 Active 7 DOM
17. 2026-05-23
    listed $249,000 Active
18. 2025-09-01
    listed $224,000
19. 2025-09-01
    historical
20. 2018-10-22
    soldstatus $20,000 109-char remark

    Show marketing remark (109 chars)

    Perfect Country Setting! Large double lot for your new home. Great location between Wilmington and Southport.

21. 2018-03-21
    listed $30,000 109-char remark

    Show marketing remark (109 chars)

    Perfect Country Setting! Large double lot for your new home. Great location between Wilmington and Southport.

ⓘ 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: $632 · $53/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$1,377/yr (+$115/mo · 218.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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: $22,927
• − Mortgage interest: −$13,724
• − Property taxes: −$632
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$7,127
• Taxable loss: −$3,449
• Est. tax savings @ 24.0%: +$828
• After-tax cash flow: $1,666/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 — Leland

• Score: 68/100
• State rank: #177
• US rank: #9158

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 46,933
• Population (ZIP): 6,971

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 (72%)
• Race & ethnicity: White 72% Black 13% Two or more races 13% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Slovak 2% Italian 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

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: ▲ 1.23%
• Current HPI: 159.4516
• Rent YoY: —
• Metro: —
• 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

+730.0% since first listed

5 events — show timeline

• 2026-05-23 Listed $249,000 Hive MLS
• 2025-09-01 Listed $224,000 Hive MLS
• 2025-09-01 Listing Removed — Hive MLS
• 2018-10-22 Sold (MLS) $20,000 Hive MLS
• 2018-03-21 Listed $30,000 Hive MLS

Property tax history

+20.9%/yr

Latest (2025): $632 · +786.2% YoY. Source: county tax records.