1601 Midway Rd SE · Oak Island, NC 28422

$289,000

3 bd · 2.0 ba · 1,574 sqft · SingleFamily public records · 171 Days on market

Built 1965 0.45 ac lot

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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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WHAT AN INVESTMENT! Mostly renovated, needs a little TLC. Surrounded by woods, yet close to Brunswick Community College, the beach, and soon a supermarket. Classic brick ranch with beautiful stone fireplace in living room. Single car garage and outside storage shed. Large back yard with plenty of play space. Aluminum building can be removed. Bank offers special 90% financing for qualified buyers. Come See It Today!

Key facts

• Renovated bathrooms
• Updated brick ranch
• 0.45 acre lot

Tags

• UPDATED BRICK RANCH
• LUXURY VINYL PLANK FLOORING
• WOOD BURNING STONE FIREPLACE
• STAINLESS STEEL APPLIANCES
• RENOVATED BATHROOMS
• DETACHED TWO CAR GARAGE

Property features AI

Exterior

• Parking: 3 total parking spaces; Attached 3-car garage; Garage faces front; Unpaved parking areas
• Utilities: Public water; Septic tank sewer; Water connected
• Home design: Single family residence; One story
• Construction: Block, brick, brick veneer and vinyl siding construction; Shingle roof; Brick/mortar and block foundation; Built on a crawl space
• Exterior features: Covered patio; Patio; Porch; Has a view; Paved road access; No fencing

Interior

• Kitchen: Electric oven; Electric cooktop; Refrigerator; Dishwasher; Microwave
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Ceiling fan(s); Crawl space
• Laundry & utility: Laundry room; Laundry area in garage; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $63 ($755/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 $223k (22.7% below list).
• Recommended offer: $223k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: 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: 569 active listings in the ZIP; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 39% 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 $9k 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 171 days — a 12% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago 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.
• Current owner paid $130k; list at $289k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $223,388 (22.7% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 0.77% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 10.8

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: -14.9%
• Equity multiple: 0.47×
• Total profit: $-42,971
• Equity at exit: $43,091

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-32,860
• Equity at exit: $24,987

Cash invested: $80,920 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,234 medium
• Mortgage (P&I): −$1,516
• Tax from tax record: −$66 /mo · $791/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $63

Break-even live

Break-even rent $2,154

Max offer price $289,000

Occupancy floor 92%

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $289,000 Active 171 DOM
2. 2026-06-17
   days on market $289,000 Active 170 DOM
3. 2026-06-16
   days on market $289,000 Active 169 DOM
4. 2026-06-15
   days on market $289,000 Active 168 DOM
5. 2026-06-14
   days on market $289,000 Active 166 DOM
6. 2026-06-13
   days on market $289,000 Active 165 DOM
7. 2026-06-10
   statusdays on market $289,000 Active 163 DOM
8. 2026-04-30
   status Pending
9. 2026-04-02
   status Active
10. 2026-01-28
    status Active
11. 2026-01-23
    historical Active Under Contract
12. 2026-01-23
    historical
13. 2025-10-11
    price $289,000
14. 2025-09-11
    listed $299,000 Active
15. 2025-08-28
    historical
16. 2025-08-11
    price $289,000
17. 2025-07-18
    price $299,000
18. 2025-06-28
    price $302,900
19. 2025-06-20
    price $312,900
20. 2025-06-09
    listed $319,900 Active
21. 2010-04-30
    soldstatus $130,000 418-char remark

    Show marketing remark (418 chars)

    WHAT AN INVESTMENT! Mostly renovated, needs a little TLC. Surrounded by woods, yet close to Brunswick Community College, the beach, and soon a supermarket. Classic brick ranch with beautiful stone fireplace in living room. Single car garage and outside storage shed. Large back yard with plenty of play space. Aluminum building can be removed. Bank offers special 90% financing for qualified buyers. Come See It Today!

22. 2009-12-16
    listed $139,900 418-char remark

    Show marketing remark (418 chars)

    WHAT AN INVESTMENT! Mostly renovated, needs a little TLC. Surrounded by woods, yet close to Brunswick Community College, the beach, and soon a supermarket. Classic brick ranch with beautiful stone fireplace in living room. Single car garage and outside storage shed. Large back yard with plenty of play space. Aluminum building can be removed. Bank offers special 90% financing for qualified buyers. Come See It Today!

23. 2007-09-07
    soldstatus $165,000
24. 2005-07-05
    soldstatus $54,500
25. 2005-05-12
    listed $59,900

ⓘ 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: $791 · $66/mo
• Projected year-2 tax: $2,370 · $197/mo
• Expected delta: +$1,579/yr (+$132/mo · 199.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 19 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: $26,807
• − Mortgage interest: −$16,188
• − Property taxes: −$791
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,145
• − Management: −$2,145
• − Depreciation: −$8,407
• Taxable loss: −$4,314
• Est. tax savings @ 24.0%: +$1,035
• After-tax cash flow: $1,790/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

+382.5% since first listed

18 events — show timeline

• 2026-04-30 Pending — Hive MLS
• 2026-04-02 Relisted — Hive MLS
• 2026-01-28 Relisted — Hive MLS
• 2026-01-23 Contingent — Hive MLS
• 2026-01-23 Listing Removed — Hive MLS
• 2025-10-11 Price Changed $289,000 Hive MLS
• 2025-09-11 Listed $299,000 Hive MLS
• 2025-08-28 Listing Removed — TMLS
• 2025-08-11 Price Changed $289,000 TMLS
• 2025-07-18 Price Changed $299,000 TMLS
• 2025-06-28 Price Changed $302,900 TMLS
• 2025-06-20 Price Changed $312,900 TMLS
• 2025-06-09 Listed $319,900 TMLS
• 2010-04-30 Sold (MLS) $130,000 Hive MLS
• 2009-12-16 Listed $139,900 Hive MLS
• 2007-09-07 Sold (Public Records) $165,000 Public Records
• 2005-07-05 Sold (MLS) $54,500 Hive MLS
• 2005-05-12 Listed $59,900 Hive MLS

Property tax history

+2.4%/yr

Latest (2025): $791 · +0.0% YoY. Source: county tax records.