515 Mulligan Way SE · Oak Island, NC 28422

$245,000

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 9 Days on market

Built 2002 0.36 ac lot Est $294k · 17% under

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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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +3.9/10.0
• 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

Discover the best of all worlds in this well-maintained 3-bed, 2-bath home set on nearly three-tenths of an acre with full wood-privacy fencing. Enjoy modern comforts like a tankless water heater, plus a detached garage, two additional storage buildings, and a concrete driveway. Ideally located just 20 minutes from the beaches of Oak Island and Holden Beach, this property offers unbeatable convenience to grocery stores, medical facilities, and everyday essentials. A rare opportunity to secure value, space, and coastal proximity in this price range.

Key facts

• Coastal proximity
• Detached garage
• Concrete driveway

Tags

• FULL WOOD-PRIVACY FENCING
• TANKLESS WATER HEATER
• DETACHED GARAGE
• ADDITIONAL STORAGE BUILDINGS
• CONCRETE DRIVEWAY
• COASTAL PROXIMITY

Property features AI

Finance

• Other: Zoning: CO-RR
• HOA & community: Homeowners association with annual fee

Exterior

• Parking: Detached garage suitable for 1 vehicle; Concrete parking; Golf cart garage; Total 1 parking space
• Security: Smoke detector(s)
• Utilities: Public water; Water connected; Septic tank
• Home design: Manufactured home (residential); One-level / single-story; Entry level: 1; Frame construction with vinyl siding; Permanent foundation
• Construction: Built with frame construction and vinyl siding; Metal roof; Permanent foundation
• Exterior features: Front porch; Patio/porch (see remarks); Privacy fencing in back yard (wood); Metal roof; Level, wooded lot; See remarks frontage; Paved road; Shed(s), storage, workshop; Has view

Interior

• Kitchen: Electric oven; Dishwasher
• Bedrooms: Total rooms: 6
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Propane heating; Electric heating; Central air; Ceiling fan(s)
• Interior features: Pantry; Partially furnished; Smoke detector(s); Accessible full bath
• Laundry & utility: Washer hookup; Laundry room; Washer; Dryer; Electric water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $245k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/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 $217k (11.4% below list).
• Recommended offer: $217k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 38% 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 $2k of loan paydown is wiped out by about $7k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: 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 $217,187 (11.4% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.89% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $294,030
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2878 Coxs Landing Rd SE	0.10mi	3/2.0	1,782 (0%)	10mo	$294,500	$165	87
2675 Mill Pond Ct SE	0.49mi	3/2.0	1,568 (-12%)	9mo	$230,000	$147	50

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-22,683
• Equity at exit: $36,530

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $1,832
• Equity at exit: $21,183

Cash invested: $68,600 (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: 9.4×

Monthly cashflow live

• Estimated rent: $2,172 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$60 /mo · $718/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $269

Break-even live

Break-even rent $1,831

Max offer price $245,000

Occupancy floor 83%

Sensitivity live

Price	-10% $408	-5% $338	+0% $269	+5% $200	+10% $130
Rent	-10% $97	-5% $183	+0% $269	+5% $355	+10% $441
Rate	-1.0pp $392	-0.5pp $331	base $269	+0.5pp $206	+1.0pp $141

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2502 Kenton Ct SE Bolivia, NC	4.0	2.0	1601	$1,895	$1.18	24d	1	0.86mi
756 Pantego Blvd SE Bolivia, NC	3.0	2.0	1506	$2,100	$1.39	24d	1	1.03mi
2537 Provence Dr SE Bolivia, NC	4.0	2.0	1607	$1,895	$1.18	24d	1	1.12mi
2617 Provence Dr SE Bolivia, NC	4.0	2.0	1776	$1,920	$1.08	24d	1	1.16mi
2157 Grande Palms Trl SE Bolivia, NC	3.0	2.0	1256	$1,850	$1.47	24d	1	1.45mi

Listing history 8 events

1. 2026-06-18
   days on market $245,000 Active 9 DOM
2. 2026-06-17
   days on market $245,000 Active 8 DOM
3. 2026-06-16
   days on market $245,000 Active 7 DOM
4. 2026-06-15
   days on market $245,000 Active 6 DOM
5. 2026-06-14
   days on market $245,000 Active 4 DOM
6. 2026-06-13
   days on market $245,000 Active 3 DOM
7. 2026-06-09
   remarks 554-char remark
8. 2026-06-09
   listed $245,000 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: $718 · $60/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$1,291/yr (+$108/mo · 179.8%)

ⓘ 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 ≥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: $26,062
• − Mortgage interest: −$13,724
• − Property taxes: −$718
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,085
• − Management: −$2,085
• − Depreciation: −$7,127
• Taxable loss: −$902
• Est. tax savings @ 24.0%: +$216
• After-tax cash flow: $3,445/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

1 event — show timeline

• 2026-06-09 Listed $245,000 Hive MLS

Property tax history

+3.2%/yr

Latest (2025): $718 · +0.0% YoY. Source: county tax records.