6823 Lewis Dr SE · Boiling Spring Lakes, NC 28479

$249,900

3 bd · 2.0 ba · 1,352 sqft · SingleFamily · 150 Days on market

Built 2024 1.52 ac lot ↓ 7% since listing

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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 +9.2/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• Schools +3.9/10.0
• Livability +3.0/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Your coastal escape awaits—spacious, affordable, and completely free from HOA rules. This brand-new Champion home at 6823 Lewis Drive sits on a rare 1.5-acre lot in Lewis Acres, offering the privacy, flexibility, and freedom so many buyers are seeking. With a private well and septic, minimal monthly costs, and room for a boat, RV, or additional outbuildings, this property is perfect for those who want the coastal lifestyle without compromise. Inside, the Chapel Hill model delivers a bright, open floor plan with 3 bedrooms and 2 full bathrooms. The fully equipped kitchen features stainless steel appliances, making it move-in ready from day one. Cozy up on the front porch in the evening

Key facts

• 1.5 acre lot
• Private well
• Septic

Tags

• 1.5 ACRE LOT
• PRIVATE WELL
• SEPTIC
• ROOM FOR BOAT
• ROOM FOR RV
• OUTDOOR LIVING

Property features AI

Finance

• Other: Zoning: CO-RR; Lot is approximately 1.52 acres (irregular shape); Subdivision: Lewis Acres

Exterior

• Parking: On-site gravel parking
• Utilities: Well water; Septic tank; Other utilities
• Home design: Manufactured home; Single-story (one level); Entry on level 1
• Construction: Vinyl siding with frame construction; Shingle roof; Permanent foundation; New construction
• Exterior features: Covered porch; Porch; Wooded lot; View

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Microwave
• Bedrooms: Total of 5 rooms (bedroom count not specified)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air conditioning
• Interior features: Walk-in closets; Kitchen island; Window coverings; Unfurnished; Accessible full bath
• Laundry & utility: Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (22.1% below list).
• Recommended offer: $195k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: 191 active listings in the ZIP; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
• Brunswick County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $194,772 (22.1% 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 150 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.78% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.23%
• DSCR: 0.86
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.94×
• Total profit: $-4,427
• Equity at exit: $88,358

10-year hold

• IRR: 3.6%
• Equity multiple: 1.45×
• Total profit: $31,310
• Equity at exit: $119,813

Cash invested: $69,972 (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 28479

• Home prices YoY: 0.8%
• Active inventory: 191
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,948 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-188

Break-even live

Break-even rent $2,186

Max offer price $222,652

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-102	+0% $-188	+5% $-275	+10% $-361
Rent	-10% $-342	-5% $-265	+0% $-188	+5% $-111	+10% $-34
Rate	-1.0pp $-62	-0.5pp $-125	base $-188	+0.5pp $-253	+1.0pp $-319

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   days on market $249,900 Active 150 DOM
2. 2026-06-18
   days on market $249,900 Active 147 DOM
3. 2026-06-17
   days on market $249,900 Active 146 DOM
4. 2026-06-16
   days on market $249,900 Active 145 DOM
5. 2026-06-15
   days on market $249,900 Active 144 DOM
6. 2026-06-14
   days on market $249,900 Active 142 DOM
7. 2026-06-13
   days on market $249,900 Active 141 DOM
8. 2026-06-10
   days on market $249,900 Active 139 DOM
9. 2026-06-09
   days on market $249,900 Active 138 DOM
10. 2026-06-08
    days on market $249,900 Active 137 DOM
11. 2026-06-07
    days on market $249,900 Active 136 DOM
12. 2026-06-05
    days on market $249,900 Active 133 DOM
13. 2026-06-03
    days on market $249,900 Active 132 DOM
14. 2026-06-02
    days on market $249,900 Active 131 DOM
15. 2026-06-01
    days on market $249,900 Active 130 DOM
16. 2026-05-31
    days on market $249,900 Active 129 DOM
17. 2026-05-30
    days on market $249,900 Active 128 DOM
18. 2026-02-21
    price $249,900
19. 2026-01-22
    listed $254,900 Active
20. 2025-11-19
    historical
21. 2025-09-03
    price $265,900
22. 2025-08-07
    price $268,500
23. 2025-02-05
    listed $270,139 Active
24. 2025-01-06
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,373
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,870
• − Management: −$1,870
• − Depreciation: −$7,270
• Taxable loss: −$6,633
• Est. tax savings @ 24.0%: +$1,592
• After-tax cash flow: $-668/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

• Population (ZIP): 6,971

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 (72%)
• Race & ethnicity: White 72% Black 13% Two or more races 13% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Slovak 2% Italian 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

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: ▲ 1.23%
• Current HPI: 159.4516
• Rent YoY: —
• Metro: —
• 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

-7.5% since first listed

7 events — show timeline

• 2026-02-21 Price Changed $249,900 Hive MLS
• 2026-01-22 Listed $254,900 Hive MLS
• 2025-11-19 Listing Removed — Hive MLS
• 2025-09-03 Price Changed $265,900 Hive MLS
• 2025-08-07 Price Changed $268,500 Hive MLS
• 2025-02-05 Listed $270,139 Hive MLS
• 2025-01-06 Coming Soon — Hive MLS