1208 Zack St SE · Oak Island, NC 28422

$200,000

3 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 153 Days on market

Built 1998 0.35 ac lot Est $178k · 13% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +5.6/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Listing remarks

CASH BUYERS ONLY! Welcome to 1208 Zack Street in Bolivia, NC, an exceptional value-packed property priced at $225,000. This 4-bedroom, 3-bath home boasts a huge living room addition, creating an open and inviting space perfect for entertaining or relaxing. A detached studio apartment in the backyard offers endless possibilities--guest suite, rental income, home office, or creative studio. The fenced backyard provides privacy and room to enjoy outdoor living. 15 minute drive to Oak Island and minutes to the public boat ramp. Major updates include a new roof (2019), HVAC system with all new ductwork (2019), and peace of mind with the well tested and septic pumped in 2023. Conveniently locate

Key facts

• Public boat ramp
• Fenced backyard
• New roof

Tags

• HUGE LIVING ROOM ADDITION
• DETACHED STUDIO APARTMENT
• FENCED BACKYARD
• PUBLIC BOAT RAMP
• NEW ROOF
• HVAC SYSTEM WITH NEW DUCTWORK

Property features AI

Finance

• Other: Private, unimproved road frontage; Lot dimensions approximately 90 x 170 (0.35 acres); Zoned Co-R-7500; Crawl space / no full basement
• HOA & community: No association amenities

Exterior

• Parking: Carport (1 space); Gravel parking; Off-street parking
• Utilities: Well water; Septic tank; Cable available
• Home design: Manufactured home (residential); One level
• Construction: Vinyl siding; Shingle roof; Slab foundation; Built as a manufactured home
• Exterior features: Patio; Outdoor grill; Outdoor kitchen; Guest house; Workshop; Outbuilding; Back yard fencing; Has view; Storm door(s)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Pantry; Outdoor kitchen (exterior but relates to cooking)
• Bedrooms: Master downstairs
• Flooring: Carpet; Concrete; Tile; Hardwood
• Bathrooms: 3 full bathrooms; Accessible full bath
• Heating & cooling: Central air; Electric heating; Heat pump
• Interior features: Master bedroom on the main level; Walk-in closet(s); Vaulted ceilings; Ceiling fan(s); Pantry; Storm windows; Window coverings; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: 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: 575 active listings in the ZIP; 4 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 37% 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 $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

• It's been on market 153 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $71k; list at $200k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $177,744
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1209 Zack St SE	0.04mi	3/2.0	1,193 (+8%)	19mo	$196,000	$164	69
1017 Backfin Pl SE	0.71mi	3/2.0	1,246 (+13%)	4mo	$201,000	$161	42
1887 Pelican Point Ct SE	0.71mi	3/2.0	1,248 (+13%)	20mo	$199,900	$160	29

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-359
• Equity at exit: $29,821

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $40,691
• Equity at exit: $17,292

Cash invested: $56,000 (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 28422

• Home prices YoY: -23.8%
• Active inventory: 575
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,126 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$43 /mo · $515/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $505

Break-even live

Break-even rent $1,487

Max offer price $200,000

Occupancy floor 71%

Sensitivity live

Price	-10% $618	-5% $561	+0% $505	+5% $448	+10% $391
Rent	-10% $337	-5% $421	+0% $505	+5% $589	+10% $673
Rate	-1.0pp $605	-0.5pp $556	base $505	+0.5pp $453	+1.0pp $400

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2208 Lakefront Dr SE Bolivia, NC	3.0–4.0	2.0–2.5	1595	$1,825	$1.14	15d	61	0.73mi
4024 Cypress Forest Way Bolivia, NC	3.0	2.0	1256	$1,700	$1.35	25d	1	0.95mi
2157 Grande Palms Trl SE Bolivia, NC	3.0	2.0	1256	$1,850	$1.47	25d	1	1.03mi
1004 Arborside Cir Bolivia, NC	1.0–3.0	1.0–2.5	1307	$2,170	$1.66	15d	15	1.14mi

Listing history 22 events

1. 2026-06-22
   days on market $200,000 Active 153 DOM
2. 2026-06-18
   days on market $200,000 Active 150 DOM
3. 2026-06-17
   days on market $200,000 Active 149 DOM
4. 2026-06-16
   days on market $200,000 Active 148 DOM
5. 2026-06-15
   days on market $200,000 Active 147 DOM
6. 2026-06-14
   days on market $200,000 Active 145 DOM
7. 2026-06-13
   days on market $200,000 Active 144 DOM
8. 2026-06-10
   days on market $200,000 Active 142 DOM
9. 2026-06-09
   days on market $200,000 Active 141 DOM
10. 2026-06-08
    days on market $200,000 Active 140 DOM
11. 2026-06-07
    days on market $200,000 Active 139 DOM
12. 2026-06-05
    days on market $200,000 Active 136 DOM
13. 2026-06-03
    days on market $200,000 Active 135 DOM
14. 2026-06-02
    days on market $200,000 Active 134 DOM
15. 2026-06-01
    days on market $200,000 Active 133 DOM
16. 2026-05-31
    days on market $200,000 Active 132 DOM
17. 2026-05-30
    days on market $200,000 Active 131 DOM
18. 2026-02-06
    price $200,000
19. 2026-01-19
    listed $225,000 Active
20. 2007-01-19
    soldstatus $71,000
21. 2006-04-29
    historical
22. 2005-07-01
    listed $75,900

ⓘ 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: $515 · $43/mo
• Projected year-2 tax: $1,640 · $137/mo
• Expected delta: +$1,125/yr (+$94/mo · 218.4%)

ⓘ 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 · 20 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: $25,516
• − Mortgage interest: −$11,203
• − Property taxes: −$515
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,041
• − Management: −$2,041
• − Depreciation: −$5,818
• Taxable income: $2,897
• Est. tax owed @ 24.0%: −$695
• After-tax cash flow: $5,361/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

+163.5% since first listed

5 events — show timeline

• 2026-02-06 Price Changed $200,000 Hive MLS
• 2026-01-19 Listed $225,000 Hive MLS
• 2007-01-19 Sold (Public Records) $71,000 Public Records
• 2006-04-29 Listing Removed — Hive MLS
• 2005-07-01 Listed $75,900 Hive MLS

Property tax history

+3.4%/yr

Latest (2025): $515 · +0.0% YoY. Source: county tax records.