10170 Beach Dr SW Unit 3305 · Calabash, NC 28467

$159,100

2 bd · 2.0 ba · 860 sqft · Condo public records · 230 Days on market

Built 1984 $347/mo HOA · 22% of rent

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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 +12.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +3.9/10.0
• DSCR +3.6/10.0
• 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

Long term tenant in place. Ideal investment unit. One of the lowest priced condo's in beach area Seller will pay $4,000+ assessment with acceptable offer.

Key facts

• Wood breakfast bar
• Dining area
• Modern bathrooms

Tags

• MODERN BATHROOMS
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WOOD BREAKFAST BAR
• DINING AREA
• COFFEE BAR

Property features AI

Finance

• Other: Subdivision: Carolina Shores Reso; Complex located at corner of Beach Dr. and Country Club Rd.; Building 3, unit 305 (directions provided)
• HOA & community: Homeowners association with annual fee; Association provides grounds and structure maintenance; Annual association fee listed

Exterior

• Parking: Off-street paved parking; Lighted parking; Paved parking lot
• Security: Smoke detector(s)
• Utilities: Public water; Sewer available; Water available
• Home design: Condominium (residential); One level
• Construction: Fiber cement construction; Metal roof; Crawl space (no basement)
• Exterior features: Porch with screened area; Pool in community (see remarks); City street and state road frontage; Paved road access; Has view; Pets allowed

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Electric water heater
• Bedrooms: 6 total rooms (bedroom count not specified)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Has cooling
• Interior features: Ceiling fans; Wet bar; Window coverings; Furnished
• Laundry & utility: Washer; Dryer; Washer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-33 ($-397/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (3.7% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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: 691 active listings in the ZIP; 4 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 230 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $120k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $140,008 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 6.04%
• Cash-on-cash: -0.89%
• DSCR: 0.96
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.6%
• Equity multiple: 0.38×
• Total profit: $-27,737
• Equity at exit: $23,722

10-year hold

• IRR: -9.5%
• Equity multiple: 0.41×
• Total profit: $-26,255
• Equity at exit: $13,756

Cash invested: $44,548 (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: 691
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$66
• HOA: −$347
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $-33

Break-even live

Break-even rent $1,652

Max offer price $153,257

Occupancy floor 97%

Sensitivity live

Price	-10% $57	-5% $12	+0% $-33	+5% $-78	+10% $-123
Rent	-10% $-160	-5% $-97	+0% $-33	+5% $31	+10% $94
Rate	-1.0pp $47	-0.5pp $7	base $-33	+0.5pp $-74	+1.0pp $-116

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: $39,775
• Closing costs: $4,773
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10174 Beach Dr SW #206 Calabash, NC	1.0	1.0	650	$1,050	$1.62	24d	1	0.04mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	14d	69	0.38mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$345	$0.34	14d	3	0.92mi
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$1,862	$1.40	24d	1	0.93mi

HOA detail condo

• Monthly dues: $347 · $4,164/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $159,100 Active 230 DOM
2. 2026-06-17
   days on market $159,100 Active 229 DOM
3. 2026-06-16
   days on market $159,100 Active 228 DOM
4. 2026-06-15
   days on market $159,100 Active 227 DOM
5. 2026-06-14
   days on market $159,100 Active 225 DOM
6. 2026-06-13
   days on market $159,100 Active 224 DOM
7. 2026-06-10
   days on market $159,100 Active 222 DOM
8. 2026-06-09
   days on market $159,100 Active 221 DOM
9. 2026-06-08
   days on market $159,100 Active 220 DOM
10. 2026-06-07
    days on market $159,100 Active 219 DOM
11. 2026-06-05
    days on market $159,100 Active 216 DOM
12. 2026-06-03
    days on market $159,100 Active 215 DOM
13. 2026-06-02
    days on market $159,100 Active 214 DOM
14. 2026-06-01
    days on market $159,100 Active 213 DOM
15. 2026-05-31
    days on market $159,100 Active 212 DOM
16. 2026-05-30
    days on market $159,100 Active 211 DOM
17. 2026-05-16
    price $159,100
18. 2026-02-19
    price $162,900
19. 2025-10-30
    listed $164,900 Active
20. 2021-11-17
    soldstatus $120,000
21. 2021-03-25
    soldstatus $79,500
22. 2013-09-04
    historical
23. 2013-04-04
    listed $63,000
24. 2006-07-26
    soldstatus $85,000
25. 2006-07-24
    soldstatus $85,000 154-char remark

    Show marketing remark (154 chars)

    Long term tenant in place. Ideal investment unit. One of the lowest priced condo's in beach area Seller will pay $4,000+ assessment with acceptable offer.

26. 2006-06-09
    listed $89,900 154-char remark

    Show marketing remark (154 chars)

    Long term tenant in place. Ideal investment unit. One of the lowest priced condo's in beach area Seller will pay $4,000+ assessment with acceptable offer.

27. 2005-09-02
    soldstatus $69,000
28. 2005-09-01
    soldstatus $68,900
29. 2005-05-09
    listed $65,900

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $1,305 · $109/mo
• Expected delta: +$619/yr (+$52/mo · 90.4%)

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

Taxation est. · year 1

• Rental income: $19,316
• − Mortgage interest: −$8,912
• − Property taxes: −$685
• − Insurance: −$796
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − HOA: −$4,164
• − Depreciation: −$4,628
• Taxable loss: −$2,960
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $313/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

+141.4% since first listed

13 events — show timeline

• 2026-05-16 Price Changed $159,100 Hive MLS
• 2026-02-19 Price Changed $162,900 Hive MLS
• 2025-10-30 Listed $164,900 Hive MLS
• 2021-11-17 Sold (Public Records) $120,000 Public Records
• 2021-03-25 Sold (Public Records) $79,500 Public Records
• 2013-09-04 Listing Removed — Hive MLS
• 2013-04-04 Listed $63,000 Hive MLS
• 2006-07-26 Sold (Public Records) $85,000 Public Records
• 2006-07-24 Sold (MLS) $85,000 Hive MLS
• 2006-06-09 Listed $89,900 Hive MLS
• 2005-09-02 Sold (Public Records) $69,000 Public Records
• 2005-09-01 Sold (MLS) $68,900 Hive MLS
• 2005-05-09 Listed $65,900 Hive MLS

Property tax history

+5.8%/yr

Latest (2025): $685 · +2.6% YoY. Source: county tax records.