165 Hewett Burton Rd SE · Leland, NC 28451

$288,000

2 bd · 2.0 ba · 1,400 sqft · Manufactured public records · 55 Days on market

Built 2005 0.50 ac lot Est $209k · 38% over

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Why this score? — see what drove the F 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 +9.7/30.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.8/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this well maintained 2 bedroom in Leland! Home features a kitchen with a pantry, formal dining area, and breakfast nook. Resting on half an acre and with double driveway and double porches both with ceiling fans with one screened in (best of both worlds) PLUS a 11x7 deck. 2 car carport features storage in addition to your storage shed (13x6). Located near the heart of Leland where you will be minutes away from numerous dining options and only 10 miles from downtown Wilmington. Call today to view!

Key facts

• Refreshed interior
• Upgraded cabinetry
• Screened porch

Tags

• HALF ACRE LOT
• REFRESHED INTERIOR
• UPGRADED CABINETRY
• SCREENED PORCH
• DEDICATED STORAGE ROOM
• DETACHED SHED

Property features AI

Finance

• Other: Zoning: CO-RR; Lot approximately 0.5 acres (dimensions: 123' x 208' x 94' x 203'); Subdivision: Sterling Oaks
• HOA & community: No association amenities

Exterior

• Parking: Carport (2 spaces); Additional off-street parking
• Utilities: Public water; Water connected; Septic tank
• Home design: Manufactured home; Single-story (one level); Entry level: 1
• Construction: Vinyl siding and frame construction; Shingle roof; Raised foundation; Built as a manufactured home
• Exterior features: Screened porch; Front porch; Rear porch; Shed(s) / additional storage; Has view; Paved road access; Road frontage on city street and state road

Interior

• Kitchen: Range; Dishwasher; Microwave; Electric water heater
• Bedrooms: 5 total rooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Forced air; Central air conditioning
• Interior features: Walk-in closet(s); Unfurnished; No basement (crawl space)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $288k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (33.6% below list).
• Recommended offer: $191k (33.6% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: Town Creek Elementary (math 50% / reading 53%, grade C-, #392 of 1,410 statewide, top 28%, 654 students, 100% FRL); Town Creek Middle (math 35% / reading 43%, grade F, #238 of 475 statewide, top 51%, 500 students, 99% FRL); North Brunswick High (math 57% / reading 49%, grade C-, #281 of 535 statewide, top 53%, 1,450 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: Rents rising (+1.2%/yr); 1213 active listings in the ZIP; 11 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).

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 55 days — a 3% lower offer ($279k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $190k; list at $288k implies a 52% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $191,306 (33.6% 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 55 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.66% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.82%
• DSCR: 0.87
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $208,600
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7766 Little Beaver Ct SE	0.23mi	3/2.0 (+1)	1,593 (+14%)	23mo	$237,900	$149	42

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 · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.23×
• Total profit: $-62,197
• Equity at exit: $42,942

10-year hold

• IRR: -21.5%
• Equity multiple: -0.04×
• Total profit: $-83,469
• Equity at exit: $24,901

Cash invested: $80,640 (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 28451

• Rents YoY: 1.2%
• Active inventory: 1213
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,913 high
• Mortgage (P&I): −$1,510
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $-189

Break-even live

Break-even rent $2,153

Max offer price $254,579

Occupancy floor —

Sensitivity live

Price	-10% $-26	-5% $-108	+0% $-189	+5% $-271	+10% $-352
Rent	-10% $-340	-5% $-265	+0% $-189	+5% $-114	+10% $-38
Rate	-1.0pp $-44	-0.5pp $-116	base $-189	+0.5pp $-264	+1.0pp $-340

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: $72,000
• Closing costs: $8,640
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8708 Red Leaf Run Belville, NC	1.0–3.0	1.0–2.0	1063	$1,890	$1.78	15d	10	0.25mi
7111 Rock Fish Ln Leland, NC	1.0–3.0	1.0–2.0	1093	$1,680	$1.54	15d	19	0.42mi
3100 Ascend Loop Belville, NC	1.0–3.0	1.0–2.0	1077	$1,910	$1.77	15d	79	0.51mi
4118 Hobblebush Dr Leland, NC	3.0–4.0	2.0–2.5	1580	$1,995	$1.26	15d	14	0.63mi
3907 Starry Sky Rd Leland, NC	3.0	2.0	1665	$2,294	$1.38	25d	1	0.78mi
79 Stoney Creek Ln Belville, NC	3.0	2.0	1017	$1,800	$1.77	22d	1	0.79mi
3915 Starry Sky Rd Leland, NC	3.0	2.0	1708	$2,440	$1.43	22d	1	0.80mi
6146 Liberty Hall Dr Leland, NC	1.0–2.0	1.0–2.5	1184	$4,690	$3.96	15d	31	0.84mi
9060 Laurel Bay Ln Unit 1 Leland, NC	3.0	2.5	1550	$1,875	$1.21	25d	1	0.98mi
5784 Harebell Rd Leland, NC	3.0	2.5	1418	$2,095	$1.48	25d	1	1.05mi
4162 High Glen Dr Unit 4162 , NC	3.0	2.5	1418	$2,000	$1.41	25d	1	1.07mi

Listing history 31 events

1. 2026-06-18
   days on market $288,000 Active 55 DOM
2. 2026-06-17
   days on market $288,000 Active 54 DOM
3. 2026-06-16
   days on market $288,000 Active 53 DOM
4. 2026-06-15
   days on market $288,000 Active 52 DOM
5. 2026-06-14
   days on market $288,000 Active 50 DOM
6. 2026-06-13
   days on market $288,000 Active 49 DOM
7. 2026-06-10
   days on market $288,000 Active 47 DOM
8. 2026-06-09
   days on market $288,000 Active 46 DOM
9. 2026-06-08
   days on market $288,000 Active 45 DOM
10. 2026-06-07
    days on market $288,000 Active 44 DOM
11. 2026-06-05
    days on market $288,000 Active 41 DOM
12. 2026-06-03
    days on market $288,000 Active 40 DOM
13. 2026-06-03
    days on market $288,000 Active 39 DOM
14. 2026-05-31
    days on market $288,000 Active 38 DOM
15. 2026-05-30
    days on market $288,000 Active 37 DOM
16. 2026-05-14
    price $288,000
17. 2026-04-23
    listed $295,000 Active
18. 2025-08-21
    historical
19. 2025-07-18
    price $293,700
20. 2025-06-02
    listed $299,000 Active
21. 2022-08-26
    soldstatus $189,900 Closed 511-char remark

    Show marketing remark (511 chars)

    Check out this well maintained 2 bedroom in Leland! Home features a kitchen with a pantry, formal dining area, and breakfast nook. Resting on half an acre and with double driveway and double porches both with ceiling fans with one screened in (best of both worlds) PLUS a 11x7 deck. 2 car carport features storage in addition to your storage shed (13x6). Located near the heart of Leland where you will be minutes away from numerous dining options and only 10 miles from downtown Wilmington. Call today to view!

22. 2022-08-26
    soldstatus $190,000

    Show marketing remark (511 chars)

    Check out this well maintained 2 bedroom in Leland! Home features a kitchen with a pantry, formal dining area, and breakfast nook. Resting on half an acre and with double driveway and double porches both with ceiling fans with one screened in (best of both worlds) PLUS a 11x7 deck. 2 car carport features storage in addition to your storage shed (13x6). Located near the heart of Leland where you will be minutes away from numerous dining options and only 10 miles from downtown Wilmington. Call today to view!

23. 2022-07-16
    status Pending 511-char remark

    Show marketing remark (511 chars)

    Check out this well maintained 2 bedroom in Leland! Home features a kitchen with a pantry, formal dining area, and breakfast nook. Resting on half an acre and with double driveway and double porches both with ceiling fans with one screened in (best of both worlds) PLUS a 11x7 deck. 2 car carport features storage in addition to your storage shed (13x6). Located near the heart of Leland where you will be minutes away from numerous dining options and only 10 miles from downtown Wilmington. Call today to view!

24. 2022-07-15
    listed $189,900 Active 511-char remark

    Show marketing remark (511 chars)

    Check out this well maintained 2 bedroom in Leland! Home features a kitchen with a pantry, formal dining area, and breakfast nook. Resting on half an acre and with double driveway and double porches both with ceiling fans with one screened in (best of both worlds) PLUS a 11x7 deck. 2 car carport features storage in addition to your storage shed (13x6). Located near the heart of Leland where you will be minutes away from numerous dining options and only 10 miles from downtown Wilmington. Call today to view!

25. 2017-12-13
    soldstatus $92,000
26. 2017-12-12
    soldstatus $92,000
27. 2017-10-12
    listed $102,000
28. 2013-12-11
    soldstatus $62,000
29. 2013-12-11
    soldstatus $62,000
30. 2013-08-07
    listed $74,900
31. 2005-01-24
    soldstatus $95,000

ⓘ 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: $842 · $70/mo
• Projected year-2 tax: $2,362 · $197/mo
• Expected delta: +$1,519/yr (+$127/mo · 180.3%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $22,957
• − Mortgage interest: −$16,132
• − Property taxes: −$842
• − Insurance: −$1,440
• − Repairs & maintenance: −$1,837
• − Management: −$1,837
• − Depreciation: −$8,378
• Taxable loss: −$7,509
• Est. tax savings @ 24.0%: +$1,802
• After-tax cash flow: $-468/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

• County: Brunswick County · 131,536 people
• City population: 46,933
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 46,933
• Household income: $81,481
• Rent vs Own: 18.0% rent · 82.0% own
• Severe rent burden: 1049.0

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 (71%)
• Race & ethnicity: White 71% Black 12% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 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: ▼ -99.99%
• Current HPI: 148.6217
• Rent YoY: ▲ 1.24%
• 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

+203.2% since first listed

16 events — show timeline

• 2026-05-14 Price Changed $288,000 Hive MLS
• 2026-04-23 Listed $295,000 Hive MLS
• 2025-08-21 Listing Removed — Hive MLS
• 2025-07-18 Price Changed $293,700 Hive MLS
• 2025-06-02 Listed $299,000 Hive MLS
• 2022-08-26 Sold (Public Records) $190,000 Public Records
• 2022-08-26 Sold (MLS) $189,900 Hive MLS
• 2022-07-16 Pending — Hive MLS
• 2022-07-15 Listed $189,900 Hive MLS
• 2017-12-13 Sold (MLS) $92,000 Hive MLS
• 2017-12-12 Sold (Public Records) $92,000 Public Records
• 2017-10-12 Listed $102,000 Hive MLS
• 2013-12-11 Sold (Public Records) $62,000 Public Records
• 2013-12-11 Sold (MLS) $62,000 Hive MLS
• 2013-08-07 Listed $74,900 Hive MLS
• 2005-01-24 Sold (Public Records) $95,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $842 · +3.6% YoY. Source: county tax records.