3398 Marlin Dr SE · Oak Island, NC 28422

$183,000

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 45 Days on market

Built 2003 9,583 sqft lot Est $176k · at est. $56/mo HOA · 3% 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 +26.5/30.0
• DSCR +9.1/10.0
• 1% rule +6.1/10.0
• ARV discount +5.6/15.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

Key facts

• Gated community
• Screened-in porch
• Clubhouse

Tags

• GATED COMMUNITY
• LVP FLOORING
• SCREENED-IN PORCH
• DETACHED STORAGE BUILDING
• CLUBHOUSE
• POOL

Property features AI

Finance

• Other: Zoning: Co-R-6000
• HOA & community: Homeowners association with annual fee; Annual association fee $675 (approx. $56.25/month); Community amenities: pool, street lights, barbecue, basketball court, cabana, clubhouse, management, picnic area, playground, RV/boat storage, tennis courts, trails, sport court

Exterior

• Parking: On-site parking on concrete
• Security: Smoke detector(s); Gated community (association amenity)
• Utilities: Public water and well; Water connected; Septic tank
• Home design: Manufactured home; One story; Entry level: 1
• Construction: Vinyl siding and frame construction; Block foundation
• Exterior features: Covered porch; Screened porch; Side porch; Shed(s); Shingle roof; Has view; Paved private road

Interior

• Kitchen: Electric oven; Refrigerator; Pantry; Vented exhaust fan
• Bedrooms: 3 total rooms (including bedrooms and other rooms)
• Bathrooms: 2 full bathrooms
• Interior features: Walk-in closets; Ceiling fans; Pantry; Window coverings; Vented exhaust fan; Electric oven; Refrigerator; Electric water heater
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $183k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $183k).
• Recommended offer: $178k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 2.8% in Oak Island — 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 67/100 on livability (#233 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: Virginia Williamson Elem (math 50% / reading 49%, grade D, #417 of 1,410 statewide, top 32%, 502 students, 99% FRL); Cedar Grove Middle (math 30% / reading 36%, grade F, #305 of 475 statewide, top 65%, 434 students, 99% FRL); South Brunswick High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 1,172 students, 100% FRL) — zoned schools average 99% FRL vs 53% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 569 active listings in the ZIP; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 35% of the median local income ($69k/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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $51k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $159k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $177,510 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.11% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.35%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $175,560
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3477 Tarpon Ct SE	0.19mi	3/2.0	923 (-0%)	1mo	$220,000	$238	90
644 Harbor Dr SE	0.35mi	3/2.0	923 (-0%)	3mo	$175,500	$190	81
3440 Dolphin Dr	0.14mi	3/2.0	1,015 (+10%)	1mo	$199,000	$196	76
612 Bayshore Dr SE	0.40mi	3/2.0	924 (0%)	6mo	$175,000	$189	76
3517 Tarpon Ct SE	0.26mi	2/2.0 (-1)	924 (0%)	20mo	$160,000	$173	66

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: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,166
• Equity at exit: $27,286

10-year hold

• IRR: 10.2%
• Equity multiple: 1.79×
• Total profit: $40,549
• Equity at exit: $15,822

Cash invested: $51,240 (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 28422

• Home prices YoY: -23.8%
• Active inventory: 569
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,039 medium
• Mortgage (P&I): −$960
• Tax from tax record: −$34 /mo · $406/yr
• Insurance: −$76
• HOA: −$56
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $485

Break-even live

Break-even rent $1,425

Max offer price $183,000

Occupancy floor 71%

Sensitivity live

Price	-10% $588	-5% $537	+0% $485	+5% $433	+10% $381
Rent	-10% $324	-5% $404	+0% $485	+5% $565	+10% $646
Rate	-1.0pp $577	-0.5pp $531	base $485	+0.5pp $437	+1.0pp $389

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $56 · $672/yr
• Likely covers: pool

Listing history 23 events

1. 2026-06-18
   days on market $183,000 Active 45 DOM
2. 2026-06-17
   days on market $183,000 Active 44 DOM
3. 2026-06-16
   pricedays on market $183,000 Active 43 DOM
4. 2026-06-15
   days on market $189,000 Active 42 DOM
5. 2026-06-14
   days on market $189,000 Active 40 DOM
6. 2026-06-13
   days on market $189,000 Active 39 DOM
7. 2026-06-10
   days on market $189,000 Active 37 DOM
8. 2026-06-09
   days on market $189,000 Active 36 DOM
9. 2026-06-08
   days on market $189,000 Active 35 DOM
10. 2026-06-07
    days on market $189,000 Active 34 DOM
11. 2026-06-05
    days on market $189,000 Active 31 DOM
12. 2026-06-03
    days on market $189,000 Active 30 DOM
13. 2026-06-02
    days on market $189,000 Active 29 DOM
14. 2026-06-01
    days on market $189,000 Active 28 DOM
15. 2026-05-31
    days on market $189,000 Active 27 DOM
16. 2026-05-30
    days on market $189,000 Active 26 DOM
17. 2026-05-04
    listed $189,000 Active
18. 2024-04-19
    soldstatus $159,000 Closed 1258-char remark

    Show marketing remark (1258 chars)

    Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

19. 2024-04-19
    soldstatus $159,000

    Show marketing remark (1258 chars)

    Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

20. 2024-03-12
    status Pending 1258-char remark

    Show marketing remark (1258 chars)

    Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

21. 2024-02-21
    price $169,900 1258-char remark

    Show marketing remark (1258 chars)

    Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

22. 2024-01-16
    listed $174,900 Active 1258-char remark

    Show marketing remark (1258 chars)

    Welcome to your coastal retreat at 3398 Marlin Drive SE! This well maintained home is a hidden gem in the desirable community of River Run Plantation. With 3 bedrooms and 2 bathrooms, this 2003-built home has been cherished by its single owner, primarily serving as a second home. This home has approximately 953sf with 3 bedrooms and 2 full bathrooms. The owners had a new roof installed in 2016, and a new HVAC in 2019. 3398 Marlin Drive SE has a large screened in porch, a perfect spot to enjoy your morning coffee or afternoon tea, and a storage building for all of your beach toys! River Run Plantation is an amenity rich community with a clubhouse, pool, tennis/pickle ball court, basketball court, playground, multiple catch and release ponds, a private Island with a 400' fishing pier on the Lockwood Folly River, and another dock on the river where you can launch a canoe or kayak. 3398 Marlin Drive SE is just a short drive to the beaches of Oak Island and Holden Beach, both less 16 miles away. The picturesque streets of Historic Downtown Southport are also just a quick drive. There you'll find bistros, restaurants, shopping, and local art galleries. This home is not just a property; it's a lifestyle! Don't miss the chance to make it yours!

23. 2001-09-01
    soldstatus $8,000

ⓘ 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: $406 · $34/mo
• Projected year-2 tax: $1,501 · $125/mo
• Expected delta: +$1,095/yr (+$91/mo · 269.6%)

ⓘ 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 ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $24,463
• − Mortgage interest: −$10,251
• − Property taxes: −$406
• − Insurance: −$915
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − HOA: −$672
• − Depreciation: −$5,324
• Taxable income: $2,982
• Est. tax owed @ 24.0%: −$716
• After-tax cash flow: $5,101/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 — Oak Island

• Score: 67/100
• State rank: #233
• US rank: #10757

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

• County: Brunswick County · 131,536 people
• City population: 8,756
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 10,059
• Household income: $69,412
• Rent vs Own: 13.7% rent · 86.3% own
• Severe rent burden: 243.0

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 (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 8% Hispanic / Latino 3% Native American 1%
• Common ancestry: Slovak 4% Lithuanian 3% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -44.19%
• Current HPI: 141.1956
• 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

+2262.5% since first listed

7 events — show timeline

• 2026-05-04 Listed $189,000 Hive MLS
• 2024-04-19 Sold (Public Records) $159,000 Public Records
• 2024-04-19 Sold (MLS) $159,000 Hive MLS
• 2024-03-12 Pending — Hive MLS
• 2024-02-21 Price Changed $169,900 Hive MLS
• 2024-01-16 Listed $174,900 Hive MLS
• 2001-09-01 Sold (Public Records) $8,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $406 · +2.1% YoY. Source: county tax records.