148 NW 3rd St Unit Units A & B · Oak Island, NC 28465

$450,000

6 bd · 2.0 ba · 2,160 sqft · MultiFamily · 279 Days on market

Built 1972 6,534 sqft lot ↓ 27% 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 +13.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Schools +3.9/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

PHENOMENAL INVESTMENT OPPORTUNITY! This tenant occupied 6 Bedroom, 2 Full Bathroom duplex provides 3 Bedrooms and 1 Full Bathroom on each side generating steady monthly rental income for its Owner. That's right, the ready-made gross rental income currently stands at $34,200 annually with recent renovations made to the front side unit. This property is located just 0.9 miles to the beach and just three blocks from easy on and off access to the island via the newer Middleton Street bridge, and a short distance to all the island's goods and services. Come view your next great chance for a solid Oak Island beach investment! Schedule your showing today!!

Key facts

• Recent renovations
• 6,534 sq ft lot
• Built 1972

Tags

• TENANT OCCUPIED DUPLEX
• RECENT RENOVATIONS
• 0.9 MILES TO THE BEACH
• THREE BLOCKS FROM ACCESS

Property features AI

Finance

• Financial info: Multiple rental units with recorded actual rents (examples: $1,650; $1,150); Property used for residential income

Exterior

• Parking: Off-street unpaved parking
• Utilities: Public water; Electricity connected; Sewer connected
• Home design: One-level building; Residential income property (duplex)
• Construction: Vinyl siding; Shingle roof; Slab foundation; Built as multiple identical 3-bedroom units totaling 2,160 finished area
• Exterior features: Partial split-rail front yard fencing; Open front yard; Paved road frontage (city street and state road); Has view; No patio or porch

Interior

• Kitchen: Electric oven; Electric cooktop; Refrigerator
• Bedrooms: Multiple 3-bedroom units (unfurnished)
• Flooring: Carpet; Laminate
• Heating & cooling: Heat pump; Electric heating; Has cooling
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $21 ($251/yr) — positive. Per door: $10/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (11.9% below list).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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: Southport Elementary (math 59% / reading 56%, grade C+, #245 of 1,410 statewide, top 18%, 403 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: 319 active listings in the ZIP; solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• At $3,963/mo this rent would consume 55% of the median local household income ($86k/yr) (locally 169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 279 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $169k (27%) 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; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-71,527
• Equity at exit: $67,096

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-60,326
• Equity at exit: $38,908

Cash invested: $126,000 (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 28465

• Active inventory: 319
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $3,963 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$832
• Net cashflow: $21

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 94%

Sensitivity live

Price	-10% $332	-5% $176	+0% $21	+5% $-135	+10% $-290
Rent	-10% $-292	-5% $-136	+0% $21	+5% $177	+10% $334
Rate	-1.0pp $248	-0.5pp $135	base $21	+0.5pp $-96	+1.0pp $-214

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,962
Total (2 units)			$3,963

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $450,000 Active 279 DOM
2. 2026-06-17
   days on market $450,000 Active 278 DOM
3. 2026-06-16
   days on market $450,000 Active 277 DOM
4. 2026-06-15
   days on market $450,000 Active 276 DOM
5. 2026-06-14
   days on market $450,000 Active 274 DOM
6. 2026-06-13
   days on market $450,000 Active 273 DOM
7. 2026-06-10
   days on market $450,000 Active 271 DOM
8. 2026-06-09
   days on market $450,000 Active 270 DOM
9. 2026-06-08
   days on market $450,000 Active 269 DOM
10. 2026-06-07
    days on market $450,000 Active 268 DOM
11. 2026-06-05
    days on market $450,000 Active 265 DOM
12. 2026-06-03
    days on market $450,000 Active 264 DOM
13. 2026-06-02
    days on market $450,000 Active 263 DOM
14. 2026-06-01
    days on market $450,000 Active 262 DOM
15. 2026-05-31
    days on market $450,000 Active 261 DOM
16. 2026-05-30
    days on market $450,000 Active 260 DOM
17. 2026-03-26
    status Active
18. 2026-03-26
    historical
19. 2026-03-16
    status Active
20. 2026-03-15
    historical
21. 2026-03-05
    price $450,000
22. 2025-09-11
    listed $619,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°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: $47,556
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,804
• − Management: −$3,804
• − Depreciation: −$13,091
• Taxable loss: −$7,351
• Est. tax savings @ 24.0%: +$1,764
• After-tax cash flow: $2,015/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

• Census place: Oak Island, NC
• County: Brunswick County · 131,536 people
• City population: 8,756
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 8,756
• Household income: $86,194
• Rent vs Own: 8.9% rent · 91.1% own
• Severe rent burden: 169.0

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 (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Serbian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -345.27%
• Current HPI: 158.3998
• 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

-27.3% since first listed

6 events — show timeline

• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-16 Relisted — Hive MLS
• 2026-03-15 Listing Removed — Hive MLS
• 2026-03-05 Price Changed $450,000 Hive MLS
• 2025-09-11 Listed $619,000 Hive MLS