465 Deer Path · Calabash, NC 28467

$245,000

3 bd · 2.0 ba · 1,735 sqft · SingleFamily public records · 103 Days on market

Built 1996 5,663 sqft lot Est $333k · 26% under $30/mo HOA · 1% of rent

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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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +4.2/10.0
• 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

The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

Key facts

• Wooded backdrop
• Outdoor pool
• Community clubhouse

Tags

• WOODED BACKDROP
• COMMUNITY RV AND BOAT STORAGE
• COMMUNITY CLUBHOUSE
• OUTDOOR POOL
• COASTAL CAROLINA LIVING

Property features AI

Finance

• Other: Subdivision: Saltaire Village; Zoning: Ca-Pud
• HOA & community: Homeowners association with an annual fee of $363 (about $30.25/month); Community pool

Exterior

• Parking: On-site attached garage with 2 garage spaces (2 total parking spaces)
• Utilities: Public sewer connected; Public water connected
• Home design: Single-family residence; One level
• Construction: Frame construction
• Exterior features: Enclosed porch and front porch; No fencing; Shingle roof; Paved road access; Has a view

Interior

• Kitchen: Gas cooktop
• Bedrooms: 4 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Ceiling fans; Window coverings

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $254 ($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 $225k (8.0% below list).
• Recommended offer: $223k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: 716 active listings in the ZIP; 10 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).
• This rent runs 36% of the median local income ($75k/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 $2k of loan paydown is wiped out by about $7k 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 103 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
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: 0.92% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $333,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Sand Dollar Ct	0.28mi	3/2.0	1,781 (+3%)	2mo	$429,000	$241	81
4 Pinebark Ct	0.42mi	3/2.0	1,779 (+2%)	1mo	$330,000	$185	76
1013 Harbor Dr	0.44mi	4/2.0 (+1)	1,779 (+2%)	3mo	$311,000	$175	68
25 Pinewood Dr	0.66mi	3/2.0	1,755 (+1%)	2mo	$480,000	$274	66
22 Calabash Dr	0.44mi	3/2.0	1,884 (+9%)	2mo	$320,000	$170	64
1027 Harbor Dr	0.46mi	3/2.0	1,520 (-12%)	1mo	$292,000	$192	57
1027 Harbor Dr Lot 36	0.46mi	3/2.0	1,520 (-12%)	1mo	$292,000	$192	57
9 Golf Crest Ct	0.51mi	3/2.0	1,927 (+11%)	2mo	$350,000	$182	56
119 Cedar Tree Ln SW	0.74mi	3/2.5	1,846 (+6%)	1mo	$335,000	$181	52
5 Fairway Ct	0.73mi	3/2.0	1,602 (-8%)	3mo	$314,900	$197	51
2 Arden Pl	0.63mi	3/3.0	1,922 (+11%)	2mo	$307,000	$160	47
12 Gate 3	0.70mi	3/2.0	1,545 (-11%)	3mo	$373,000	$241	46

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: -9.4%
• Equity multiple: 0.66×
• Total profit: $-23,566
• Equity at exit: $36,530

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $65
• Equity at exit: $21,183

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 28467

• Home prices YoY: -33.7%
• Active inventory: 716
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$109 /mo · $1,311/yr
• Insurance: −$102
• HOA: −$30
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $254

Break-even live

Break-even rent $1,932

Max offer price $245,000

Occupancy floor 84%

Sensitivity live

Price	-10% $393	-5% $324	+0% $254	+5% $185	+10% $116
Rent	-10% $76	-5% $165	+0% $254	+5% $343	+10% $432
Rate	-1.0pp $378	-0.5pp $317	base $254	+0.5pp $191	+1.0pp $126

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: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$2,145	$1.62	26d	1	0.29mi
1016 Harbor Dr Calabash, NC	4.0	2.0	1780	$2,400	$1.35	16d	1	0.48mi
1063 Harbor Dr Calabash, NC	3.0	2.0	1421	$2,200	$1.55	23d	1	0.62mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	16d	69	0.78mi
834 Greenwood Ct Calabash, NC	3.0	2.0	1475	$2,100	$1.42	16d	1	0.80mi
891 Mh Marina Rd #3 Carolina Shores, NC	2.0	2.0	1250	$1,300	$1.04	16d	1	0.90mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$770	$0.76	16d	3	0.94mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	26d	1	1.23mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,292	$1.62	23d	51	1.34mi
1086 Mille Ave Calabash, NC	3.0	2.0	1232	$2,000	$1.62	26d	1	1.46mi

HOA detail

• Monthly dues: $30 · $360/yr
• Likely covers: pool

Listing history 18 events

1. 2026-06-08
   status $245,000 Pending 103 DOM
2. 2026-06-07
   days on market $245,000 Active 103 DOM
3. 2026-06-05
   days on market $245,000 Active 100 DOM
4. 2026-06-03
   days on market $245,000 Active 99 DOM
5. 2026-06-02
   days on market $245,000 Active 98 DOM
6. 2026-06-01
   days on market $245,000 Active 97 DOM
7. 2026-05-31
   days on market $245,000 Active 96 DOM
8. 2026-05-30
   days on market $245,000 Active 95 DOM
9. 2026-03-19
   price $245,000
10. 2026-02-24
    listed $275,000 Active
11. 2023-09-05
    soldstatus $250,000 Closed 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

12. 2023-09-05
    soldstatus $250,000

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

13. 2023-07-13
    status Pending 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

14. 2023-07-06
    price $259,000 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

15. 2023-05-26
    price $269,000 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

16. 2023-04-28
    listed $279,000 Active 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

17. 2023-04-21
    historical $279,000 502-char remark

    Show marketing remark (502 chars)

    The perfect 2 bedroom 2 bath charmer is now available for purchase. Equipped with a 2 car garage, open back deck and fully enclosed screened in porch boasting EZ breeze vinyl windows. Great open floor plan with spacious galley kitchen. Located in Saltaire Village in the heart of Calabash. This would make a fantastic home, investment or vacation get away! The price is right, this is a great opportunity. HOA dues are minimal and include community pool. Close to area beaches, local food and shopping.

18. 1996-10-01
    soldstatus $130,000

ⓘ 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: $1,311 · $109/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$698/yr (+$58/mo · 53.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 18 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: $27,047
• − Mortgage interest: −$13,724
• − Property taxes: −$1,311
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − HOA: −$360
• − Depreciation: −$7,127
• Taxable loss: −$1,028
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $3,300/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

+88.5% since first listed

10 events — show timeline

• 2026-03-19 Price Changed $245,000 Hive MLS
• 2026-02-24 Listed $275,000 Hive MLS
• 2023-09-05 Sold (Public Records) $250,000 Public Records
• 2023-09-05 Sold (MLS) $250,000 Hive MLS
• 2023-07-13 Pending — Hive MLS
• 2023-07-06 Price Changed $259,000 Hive MLS
• 2023-05-26 Price Changed $269,000 Hive MLS
• 2023-04-28 Listed $279,000 Hive MLS
• 2023-04-21 Coming Soon $279,000 Hive MLS
• 1996-10-01 Sold (Public Records) $130,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,311 · +2.5% YoY. Source: county tax records.