371 Pine Lake Rd · Boiling Spring Lakes, NC 28461

$255,000

3 bd · 2.0 ba · 1,371 sqft · SingleFamily public records · 148 Days on market

Built 2003 10,454 sqft lot Est $298k · 14% under

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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 +14.6/30.0
• ARV discount +13.9/15.0
• DSCR +4.5/10.0
• Schools +3.9/10.0
• 1% rule +3.2/10.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Time to visit this lovely, well-maintained, 3 bedroom, 2-bath, home in Boiling Spring Lakes. Approx. 9 miles from the heart of Southport's shopping, dining, and tourist district. Newer appliances make this home move-in ready, complete with washer and dryer. Tile and hardwood floors, no vinyl. Split floor plan with owners' suite on the back of the house for privacy, complete with large walk-in closet, soaking tub, step-in shower. Inviting front porch to welcome you into an open concept living area with dining options being kitchen bar, dedicated dining space or exit out to the large back deck with access to the back yard for grilling and enjoying the night sounds of this quiet community. Low-traffic area just minutes from shopping, Spring Lake park, and area beaches at Oak Island. Room to park your boat or rv , no Owners' Association rules or regs nor dues.

Key facts

• Quartz countertops
• Brand-new roof
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• BRAND-NEW ROOF
• BACKUP GENERATOR
• OWNER'S EN SUITE

Property features AI

Finance

• Other: Zoning: Bs-R-2
• HOA & community: No association amenities

Exterior

• Parking: Off-street unpaved parking; No garage
• Utilities: Public water; Septic tank sewer; Generator for electric; Water connected
• Home design: Single-family residence; One story; Entry level: 1; Vinyl siding
• Construction: Frame construction; Shingle roof; Crawl space foundation; Built: year not specified
• Exterior features: Deck; Privacy wood fencing; Outbuilding; Has a view; Interior lot; Paved road access; Road frontage on city street and state road

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Bedrooms: Bedrooms: information not specified
• Flooring: Carpet; Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Walk-in closets; Ceiling fans; Pantry; Eat-in kitchen; Accessible full bathroom
• Laundry & utility: Washer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $61 ($728/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 $210k (17.7% below list).
• Recommended offer: $210k (17.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.1% in Boiling Spring Lakes — 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 59/100 on livability (#542 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, amenities 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: Bolivia Elementary (math 50% / reading 43%, grade D-, #542 of 1,410 statewide, top 39%, 496 students, 99% FRL); South Brunswick Middle (math 41% / reading 49%, grade D, #160 of 475 statewide, top 35%, 572 students, 100% FRL); South Brunswick High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 1,172 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 flat; 884 active listings in the ZIP; solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 30% of the median local income ($83k/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 $8k 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 148 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $41k (14%) 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; 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 $209,807 (17.7% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $297,507
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
536 Edgewood Rd	0.52mi	3/2.0	1,342 (-2%)	1mo	$291,000	$217	71
498 Edgewood Rd	0.49mi	3/2.0	1,356 (-1%)	11mo	$280,000	$206	66
80 Turner Rd	0.62mi	3/2.0	1,374 (+0%)	9mo	$279,000	$203	63
558 Prospect Rd	0.45mi	3/2.0	1,248 (-9%)	1mo	$320,000	$256	63
649 Prospect Rd	0.55mi	3/2.0	1,290 (-6%)	3mo	$263,000	$204	62
584 Prospect Rd	0.49mi	3/2.0	1,288 (-6%)	7mo	$275,000	$214	61
416 Edgewood Rd	0.43mi	3/2.0	1,258 (-8%)	8mo	$295,000	$234	60
585 Mission Rd	0.45mi	3/2.0	1,234 (-10%)	5mo	$271,000	$220	58
440 Edgewood Rd	0.45mi	3/2.0	1,554 (+13%)	2mo	$255,000	$164	55
1 Willetts Dr	0.60mi	3/2.0	1,482 (+8%)	9mo	$270,000	$182	51
191 Crystal Rd	0.61mi	3/2.0	1,223 (-11%)	7mo	$273,000	$223	48
73 Windover Dr	0.66mi	3/2.0	1,571 (+15%)	8mo	$360,000	$229	38

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 · 0.74% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.41×
• Total profit: $-42,194
• Equity at exit: $38,021

10-year hold

• IRR: -13.3%
• Equity multiple: 0.29×
• Total profit: $-50,350
• Equity at exit: $22,048

Cash invested: $71,400 (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 28461

• Rents YoY: 0.7%
• Active inventory: 884
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,098 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$153 /mo · $1,840/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $61

Break-even live

Break-even rent $2,021

Max offer price $255,000

Occupancy floor 92%

Sensitivity live

Price	-10% $205	-5% $133	+0% $61	+5% $-12	+10% $-84
Rent	-10% $-105	-5% $-22	+0% $61	+5% $144	+10% $226
Rate	-1.0pp $189	-0.5pp $126	base $61	+0.5pp $-5	+1.0pp $-73

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-22
   days on market $255,000 Active 148 DOM
2. 2026-06-18
   days on market $255,000 Active 145 DOM
3. 2026-06-17
   days on market $255,000 Active 144 DOM
4. 2026-06-16
   days on market $255,000 Active 143 DOM
5. 2026-06-15
   days on market $255,000 Active 142 DOM
6. 2026-06-14
   days on market $255,000 Active 140 DOM
7. 2026-06-13
   days on market $255,000 Active 139 DOM
8. 2026-06-10
   days on market $255,000 Active 137 DOM
9. 2026-06-09
   days on market $255,000 Active 136 DOM
10. 2026-06-08
    days on market $255,000 Active 135 DOM
11. 2026-06-07
    pricedays on market $255,000 Active 134 DOM
12. 2026-06-05
    days on market $265,000 Active 131 DOM
13. 2026-06-03
    days on market $265,000 Active 130 DOM
14. 2026-06-02
    days on market $265,000 Active 129 DOM
15. 2026-06-01
    days on market $265,000 Active 128 DOM
16. 2026-05-31
    days on market $265,000 Active 127 DOM
17. 2026-05-30
    days on market $265,000 Active 126 DOM
18. 2026-05-19
    status Active
19. 2026-04-29
    historical Active Under Contract
20. 2026-04-01
    price $265,000
21. 2026-03-19
    price $279,000
22. 2026-02-24
    price $290,900
23. 2026-01-24
    listed $295,900 Active
24. 2021-12-06
    soldstatus $225,000 870-char remark

    Show marketing remark (870 chars)

    Time to visit this lovely, well-maintained, 3 bedroom, 2-bath, home in Boiling Spring Lakes. Approx. 9 miles from the heart of Southport's shopping, dining, and tourist district. Newer appliances make this home move-in ready, complete with washer and dryer. Tile and hardwood floors, no vinyl. Split floor plan with owners' suite on the back of the house for privacy, complete with large walk-in closet, soaking tub, step-in shower. Inviting front porch to welcome you into an open concept living area with dining options being kitchen bar, dedicated dining space or exit out to the large back deck with access to the back yard for grilling and enjoying the night sounds of this quiet community. Low-traffic area just minutes from shopping, Spring Lake park, and area beaches at Oak Island. Room to park your boat or rv , no Owners' Association rules or regs nor dues.

25. 2021-12-06
    soldstatus $225,000

    Show marketing remark (870 chars)

    Time to visit this lovely, well-maintained, 3 bedroom, 2-bath, home in Boiling Spring Lakes. Approx. 9 miles from the heart of Southport's shopping, dining, and tourist district. Newer appliances make this home move-in ready, complete with washer and dryer. Tile and hardwood floors, no vinyl. Split floor plan with owners' suite on the back of the house for privacy, complete with large walk-in closet, soaking tub, step-in shower. Inviting front porch to welcome you into an open concept living area with dining options being kitchen bar, dedicated dining space or exit out to the large back deck with access to the back yard for grilling and enjoying the night sounds of this quiet community. Low-traffic area just minutes from shopping, Spring Lake park, and area beaches at Oak Island. Room to park your boat or rv , no Owners' Association rules or regs nor dues.

26. 2021-10-13
    listed $235,000 870-char remark

    Show marketing remark (870 chars)

    Time to visit this lovely, well-maintained, 3 bedroom, 2-bath, home in Boiling Spring Lakes. Approx. 9 miles from the heart of Southport's shopping, dining, and tourist district. Newer appliances make this home move-in ready, complete with washer and dryer. Tile and hardwood floors, no vinyl. Split floor plan with owners' suite on the back of the house for privacy, complete with large walk-in closet, soaking tub, step-in shower. Inviting front porch to welcome you into an open concept living area with dining options being kitchen bar, dedicated dining space or exit out to the large back deck with access to the back yard for grilling and enjoying the night sounds of this quiet community. Low-traffic area just minutes from shopping, Spring Lake park, and area beaches at Oak Island. Room to park your boat or rv , no Owners' Association rules or regs nor dues.

27. 2007-01-04
    soldstatus $168,000
28. 2006-01-15
    historical
29. 2006-01-03
    soldstatus $120,500
30. 2006-01-03
    soldstatus $120,500
31. 2005-10-28
    listed $149,000
32. 2005-10-27
    listed $149,000

ⓘ 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: $1,840 · $153/mo
• Projected year-2 tax: $2,091 · $174/mo
• Expected delta: +$251/yr (+$21/mo · 13.6%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $25,177
• − Mortgage interest: −$14,284
• − Property taxes: −$1,840
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,014
• − Management: −$2,014
• − Depreciation: −$7,418
• Taxable loss: −$3,669
• Est. tax savings @ 24.0%: +$880
• After-tax cash flow: $1,608/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 — Boiling Spring Lakes

• Score: 59/100
• State rank: #542
• US rank: #19781

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C- Housing A+ Health & safety D User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boiling Spring Lakes, NC
• County: Brunswick County · 131,536 people
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 23,762
• Household income: $82,692
• Rent vs Own: 12.8% rent · 87.2% own
• Severe rent burden: 161.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -195.19%
• Current HPI: 142.5667
• Rent YoY: ▲ 0.74%
• 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

+77.9% since first listed

15 events — show timeline

• 2026-05-19 Relisted — Hive MLS
• 2026-04-29 Contingent — Hive MLS
• 2026-04-01 Price Changed $265,000 Hive MLS
• 2026-03-19 Price Changed $279,000 Hive MLS
• 2026-02-24 Price Changed $290,900 Hive MLS
• 2026-01-24 Listed $295,900 Hive MLS
• 2021-12-06 Sold (Public Records) $225,000 Public Records
• 2021-12-06 Sold (MLS) $225,000 Hive MLS
• 2021-10-13 Listed $235,000 Hive MLS
• 2007-01-04 Sold (Public Records) $168,000 Public Records
• 2006-01-15 Listing Removed — Hive MLS
• 2006-01-03 Sold (Public Records) $120,500 Public Records
• 2006-01-03 Sold (MLS) $120,500 Hive MLS
• 2005-10-28 Listed $149,000 Hive MLS
• 2005-10-27 Listed $149,000 Hive MLS

Property tax history

+7.5%/yr

Latest (2025): $1,840 · +13.2% YoY. Source: county tax records.