224 Suburban St SW · Shallotte, NC 28470

$198,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 13 Days on market

Manufactured home Built 1989 0.34 ac lot Est $219k · 10% under

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Why this score? — see what drove the B- 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 +28.7/30.0
• ARV discount +11.9/15.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 224 Suburban Street, Shallotte, NC! This beautifully renovated 3-bedroom, 2-bathroom home is the perfect combination of comfort, convenience, and outdoor living. Features You'll Love: Fully renovated and move-in ready Spacious 3-bedroom, 2-bath floor plan Large backyard with plenty of room for entertaining, pets, or family activities Beautiful deck for relaxing, grilling, and enjoying the outdoors Convenient location just minutes from shopping, restaurants, and everyday amenities Short drive to the beautiful Brunswick County beaches Whether you're looking for a primary residence or an investment property, this home checks all the boxes. Enjoy coastal living with the conve

Key facts

• Beautiful deck
• Large backyard
• Convenient location

Tags

• LARGE BACKYARD
• BEAUTIFUL DECK
• CONVENIENT LOCATION
• SHORT DRIVE TO BEACHES

Property features AI

Finance

• Other: Pets allowed; Zoning: Sh-Ram-15

Exterior

• Parking: Other parking
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Manufactured home (residential); One story, entry level on first floor; Facing and frontage details: see remarks; Subdivision: Edgewater at Barefoot Resorts
• Construction: Vinyl siding and frame construction; Brick/mortar foundation; Shingle roof; Built as a one-level home
• Exterior features: Deck; Full chain-link fencing; Has a view; Level lot; Paved road access

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Kitchen island; Three total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $198k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Cap rate 10.3% vs local median 4.0% in Shallotte — 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 63/100 on livability (#411 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D, crime F, 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: Supply Elementary (math 46% / reading 39%, grade F, #625 of 1,410 statewide, top 45%, 539 students, 99% FRL); Shallotte Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 674 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: 384 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 42% of the median local income ($65k/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 $6k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $12k; list at $198k implies a 1550% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.23%
• DSCR: 1.63
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $219,296
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 Sherrow River Dr SW	0.55mi	4/2.0 (+1)	1,352 (+10%)	9mo	$240,000	$178	45

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: -8.4%
• Equity multiple: 0.69×
• Total profit: $-17,212
• Equity at exit: $29,522

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $4,630
• Equity at exit: $17,119

Cash invested: $55,440 (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 28470

• Home prices YoY: -34.8%
• Active inventory: 384
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$39 /mo · $463/yr
• Insurance: −$82
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $231

Break-even live

Break-even rent $2,008

Max offer price $198,000

Occupancy floor 85%

Sensitivity live

Price	-10% $343	-5% $287	+0% $231	+5% $175	+10% $119
Rent	-10% $49	-5% $140	+0% $231	+5% $322	+10% $413
Rate	-1.0pp $331	-0.5pp $281	base $231	+0.5pp $180	+1.0pp $127

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4568 Tides Way South Brunswick, NC	1.0–3.0	1.0–2.0	1187	$2,900	$2.44	25d	111	0.42mi
37 Paisley Dr SW Shallotte, NC	2.0–3.0	2.0–2.5	1286	$1,650	$1.28	25d	1	0.82mi
43 Cabrillo Rd Shallotte, NC	1.0–3.0	1.0–2.0	1016	$2,120	$2.09	16d	65	1.24mi
5000 Seaforth St Shallotte, NC	3.0	1.0–2.0	1077	$2,145	$1.99	25d	1	1.40mi

Listing history 10 events

1. 2026-06-22
   days on market $198,000 Active 13 DOM
2. 2026-06-18
   days on market $198,000 Active 10 DOM
3. 2026-06-17
   days on market $198,000 Active 9 DOM
4. 2026-06-16
   days on market $198,000 Active 8 DOM
5. 2026-06-15
   days on market $198,000 Active 7 DOM
6. 2026-06-14
   days on market $198,000 Active 5 DOM
7. 2026-06-13
   days on market $198,000 Active 4 DOM
8. 2026-06-10
   days on market $198,000 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $198,000 Active 1 DOM

ⓘ 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: $463 · $39/mo
• Projected year-2 tax: $1,624 · $135/mo
• Expected delta: +$1,161/yr (+$97/mo · 250.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 49% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 19 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: $27,597
• − Mortgage interest: −$11,091
• − Property taxes: −$463
• − Insurance: −$6,108
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$5,760
• Taxable loss: −$241
• Est. tax savings @ 24.0%: +$58
• After-tax cash flow: $2,828/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 — Shallotte

• Score: 63/100
• State rank: #411
• US rank: #15490

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 131,536 people
• City population: 11,219
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 11,219
• Household income: $65,030
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 455.0

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 (73%)
• Race & ethnicity: White 73% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 98% 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: ▼ -77.91%
• Current HPI: 146.2303
• 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

+1550.0% since first listed

2 events — show timeline

• 2026-06-08 Listed $198,000 Hive MLS
• 1989-08-01 Sold (Public Records) $12,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $463 · +4.2% YoY. Source: county tax records.