533 Leeward Way · Calabash, NC 28467

$289,000

2 bd · 2.0 ba · 1,610 sqft · SingleFamily public records · 31 Days on market

Built 1991 6,098 sqft lot Est $317k · 9% under $30/mo HOA · 2% 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).

• ARV discount +11.5/15.0
• Cash flow +9.4/30.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a fabulous stick built house in charming Saltaire Village! Enjoy the clubhouse and pool.The owners did it all including a 52 foot deep well for watering.There are automatic air vents around the foundation that open and close with the seasons.This 2 bedroom house is just over 1600 sf!You have a separate dining area from the kitchen. The living room has a wonderful gas heated fireplace. The french doors lead to the den and onto the newly added Carolina Room! Corner lot and priced to sell.

Key facts

• Huge pantry
• Corner-lot home
• Oversized porch

Tags

• CORNER-LOT HOME
• REMODELED KITCHEN
• GRANITE COUNTERTOPS
• HUGE PANTRY
• OVERSIZED PORCH
• NEW ROOF

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Annual association fee: $363 (about $30.25/month); Community clubhouse; RV/boat storage; Community pool

Exterior

• Parking: Covered carport (1 space); Concrete parking surface
• Utilities: Sewer connected; Water connected
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Vinyl siding with frame construction; Shingle roof; Crawl space foundation
• Exterior features: Front and rear porch; Porch; Corner lot; Paved road access; Has a view

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Pantry
• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms; Accessible full bath
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Walk-in closets; Ceiling fans; Pantry; Window coverings; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry located in hall; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $-207 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (32.0% below list).
• Recommended offer: $197k (32.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: 703 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 31% 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 $9k 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 31 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 $133k; list at $289k implies a 117% 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 $196,631 (32.0% 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 31 days. Have you received any prior offers? Is the seller open to a 32% 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. 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. 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?
7. 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.
8. 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.
9. 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: 0.68% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $317,170
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Calabash Ct	0.32mi	3/2.0 (+1)	1,572 (-2%)	3mo	$270,000	$172	73
1027 Harbor Dr Lot 36	0.28mi	3/2.0 (+1)	1,520 (-6%)	1mo	$292,000	$192	72
1027 Harbor Dr	0.28mi	3/2.0 (+1)	1,520 (-6%)	1mo	$292,000	$192	72
12 Carolina Shores Pkwy SW	0.40mi	2/2.0	1,703 (+6%)	4mo	$260,000	$153	68
2 Sage Ct	0.46mi	3/2.0 (+1)	1,545 (-4%)	3mo	$385,000	$249	64
19 Sand Dollar Ct	0.26mi	3/2.0 (+1)	1,781 (+11%)	2mo	$429,000	$241	64
1025 Harbor Dr Lot 37	0.28mi	3/2.0 (+1)	1,419 (-12%)	0mo	$278,865	$197	62
1017 Harbor Dr Lot 41	0.29mi	3/2.0 (+1)	1,421 (-12%)	1mo	$255,000	$179	61
5 Fairway Ct	0.70mi	3/2.0 (+1)	1,602 (-0%)	3mo	$314,900	$197	59
25 Pinewood Dr	0.50mi	3/2.0 (+1)	1,755 (+9%)	2mo	$480,000	$274	55
4 Pinebark Ct	0.48mi	3/2.0 (+1)	1,779 (+10%)	1mo	$330,000	$185	55
12 Gate 3	0.73mi	3/2.0 (+1)	1,545 (-4%)	3mo	$373,000	$241	52

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: -21.5%
• Equity multiple: 0.26×
• Total profit: $-60,135
• Equity at exit: $43,091

10-year hold

• IRR: -15.3%
• Equity multiple: 0.14×
• Total profit: $-69,817
• Equity at exit: $24,987

Cash invested: $80,920 (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: 703
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $1,966 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$94 /mo · $1,134/yr
• Insurance: −$120
• HOA: −$30
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-207

Break-even live

Break-even rent $2,228

Max offer price $252,420

Occupancy floor —

Sensitivity live

Price	-10% $-43	-5% $-125	+0% $-207	+5% $-289	+10% $-371
Rent	-10% $-362	-5% $-285	+0% $-207	+5% $-129	+10% $-52
Rate	-1.0pp $-62	-0.5pp $-134	base $-207	+0.5pp $-282	+1.0pp $-358

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$1,862	$1.40	25d	1	0.15mi
1063 Harbor Dr Calabash, NC	3.0	2.0	1421	$2,200	$1.55	23d	1	0.45mi
834 Greenwood Ct Calabash, NC	3.0	2.0	1475	$2,100	$1.42	16d	1	0.66mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	16d	69	0.73mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$345	$0.34	16d	3	0.79mi
891 Mh Marina Rd #3 Carolina Shores, NC	2.0	2.0	1250	$1,300	$1.04	16d	1	0.89mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	25d	1	1.31mi
1086 Mille Ave Calabash, NC	3.0	2.0	1232	$2,000	$1.62	25d	1	1.32mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,008	$1.42	23d	51	1.38mi

HOA detail

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

Listing history 29 events

1. 2026-06-22
   days on market $289,000 Active 31 DOM
2. 2026-06-18
   days on market $289,000 Active 28 DOM
3. 2026-06-17
   days on market $289,000 Active 27 DOM
4. 2026-06-16
   days on market $289,000 Active 26 DOM
5. 2026-06-15
   days on market $289,000 Active 25 DOM
6. 2026-06-14
   days on market $289,000 Active 23 DOM
7. 2026-06-13
   days on market $289,000 Active 22 DOM
8. 2026-06-10
   days on market $289,000 Active 20 DOM
9. 2026-06-09
   days on market $289,000 Active 19 DOM
10. 2026-06-08
    days on market $289,000 Active 18 DOM
11. 2026-06-07
    days on market $289,000 Active 17 DOM
12. 2026-06-05
    days on market $289,000 Active 14 DOM
13. 2026-06-03
    days on market $289,000 Active 13 DOM
14. 2026-06-02
    days on market $289,000 Active 12 DOM
15. 2026-06-01
    days on market $289,000 Active 11 DOM
16. 2026-05-31
    days on market $289,000 Active 10 DOM
17. 2026-05-30
    days on market $289,000 Active 9 DOM
18. 2026-05-21
    listed $289,000 Active
19. 2026-04-25
    historical
20. 2026-01-22
    price $289,000
21. 2026-01-22
    listed $285,000 Active
22. 2016-04-08
    soldstatus $133,000
23. 2009-04-13
    soldstatus $143,500 499-char remark

    Show marketing remark (499 chars)

    This is a fabulous stick built house in charming Saltaire Village! Enjoy the clubhouse and pool.The owners did it all including a 52 foot deep well for watering.There are automatic air vents around the foundation that open and close with the seasons.This 2 bedroom house is just over 1600 sf!You have a separate dining area from the kitchen. The living room has a wonderful gas heated fireplace. The french doors lead to the den and onto the newly added Carolina Room! Corner lot and priced to sell.

24. 2009-04-13
    soldstatus $143,500

    Show marketing remark (499 chars)

    This is a fabulous stick built house in charming Saltaire Village! Enjoy the clubhouse and pool.The owners did it all including a 52 foot deep well for watering.There are automatic air vents around the foundation that open and close with the seasons.This 2 bedroom house is just over 1600 sf!You have a separate dining area from the kitchen. The living room has a wonderful gas heated fireplace. The french doors lead to the den and onto the newly added Carolina Room! Corner lot and priced to sell.

25. 2009-03-02
    listed $149,449 499-char remark

    Show marketing remark (499 chars)

    This is a fabulous stick built house in charming Saltaire Village! Enjoy the clubhouse and pool.The owners did it all including a 52 foot deep well for watering.There are automatic air vents around the foundation that open and close with the seasons.This 2 bedroom house is just over 1600 sf!You have a separate dining area from the kitchen. The living room has a wonderful gas heated fireplace. The french doors lead to the den and onto the newly added Carolina Room! Corner lot and priced to sell.

26. 2008-10-21
    historical
27. 2008-04-28
    listed $159,900
28. 2008-02-24
    historical
29. 2007-08-24
    listed $192,500

ⓘ 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: $1,134 · $94/mo
• Projected year-2 tax: $2,370 · $197/mo
• Expected delta: +$1,236/yr (+$103/mo · 109.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 19 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: $23,596
• − Mortgage interest: −$16,188
• − Property taxes: −$1,134
• − Insurance: −$1,445
• − Repairs & maintenance: −$1,888
• − Management: −$1,888
• − HOA: −$360
• − Depreciation: −$8,407
• Taxable loss: −$7,714
• Est. tax savings @ 24.0%: +$1,851
• After-tax cash flow: $-633/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

+50.1% since first listed

12 events — show timeline

• 2026-05-21 Listed $289,000 Hive MLS
• 2026-04-25 Listing Removed — Hive MLS
• 2026-01-22 Price Changed $289,000 Hive MLS
• 2026-01-22 Listed $285,000 Hive MLS
• 2016-04-08 Sold (Public Records) $133,000 Public Records
• 2009-04-13 Sold (Public Records) $143,500 Public Records
• 2009-04-13 Sold (MLS) $143,500 Hive MLS
• 2009-03-02 Listed $149,449 Hive MLS
• 2008-10-21 Listing Removed — Hive MLS
• 2008-04-28 Listed $159,900 Hive MLS
• 2008-02-24 Listing Removed — Hive MLS
• 2007-08-24 Listed $192,500 Hive MLS

Property tax history

+3.5%/yr

Latest (2025): $1,134 · +2.5% YoY. Source: county tax records.