5347 Lakewood Dr SW · Shallotte, NC 28470

$158,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 174 Days on market

Built 1979 9,191 sqft lot Est $214k · 26% under

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Why this score? — see what drove the B 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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.8/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

LOCATION! Just minutes from Ocean Isle Beach. Perfect for investment or a beach getaway! 3 bedroom 2 bath with some remodeling such as new flooring & subflooring, new baths, new deck & recent pumping of septic tank. Within minutes of Ocean Isle Beach & Sunset Beach. Explore coastal living with seasonal markets & concerts, shopping, dining, golfing, kayaking and boating!

Key facts

• New baths
• New flooring
• New deck

Tags

• NEW FLOORING
• NEW BATHS
• NEW DECK
• RECENT PUMPING OF SEPTIC TANK

Property features AI

Exterior

• Parking: On-site parking
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Shingle roof
• Exterior features: Front porch; Fenced (other); Has a view; Paved road access

Interior

• Kitchen: Refrigerator; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: Refrigerator; Range; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $158k.

Deal economics

• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $158k).
• Recommended offer: $139k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.0% in Shallotte — 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 63/100 on livability (#411 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D, crime F, 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: Union Elementary (math 83% / reading 76%, grade A, #24 of 1,410 statewide, top 2%, 571 students, 100% FRL); Shallotte Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 674 students, 100% FRL); West Brunswick High (math 50% / reading 56%, grade C-, #281 of 535 statewide, top 53%, 1,526 students, 100% FRL) — zoned schools average 100% FRL vs 53% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 46% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Brunswick County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 378 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 34% of the median local income ($65k/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 $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $44k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $47k; list at $158k implies a 236% 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; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.18% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.49%
• DSCR: 1.64
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $213,840
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5328 Kingfisher Dr SW	0.09mi	2/2.0 (-1)	1,058 (-2%)	13mo	$230,000	$217	76
420 Red Oak Dr SW	0.07mi	3/2.0	1,216 (+13%)	11mo	$215,000	$177	67
266 Laughing Gull Ct SW	0.50mi	3/2.0	1,016 (-6%)	12mo	$210,000	$207	57
267 Laughing Gull Ct SW	0.47mi	3/2.0	1,200 (+11%)	7mo	$212,000	$177	54
5185 Lakewood Dr SW	0.47mi	3/2.0	931 (-14%)	24mo	$184,000	$198	35
322 Kestrel Dr SW	0.37mi	2/2.0 (-1)	924 (-14%)	23mo	$155,000	$168	34
4997 Peregrine Dr SW	0.73mi	2/2.0 (-1)	920 (-15%)	19mo	$195,000	$212	20

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: 4.9%
• Equity multiple: 1.19×
• Total profit: $8,350
• Equity at exit: $23,558

10-year hold

• IRR: 14.3%
• Equity multiple: 2.15×
• Total profit: $50,798
• Equity at exit: $13,661

Cash invested: $44,240 (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 28470

• Home prices YoY: -34.8%
• Active inventory: 378
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,858 medium
• Mortgage (P&I): −$829
• Tax from tax record: −$39 /mo · $466/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $534

Break-even live

Break-even rent $1,181

Max offer price $158,000

Occupancy floor 66%

Sensitivity live

Price	-10% $624	-5% $579	+0% $534	+5% $489	+10% $445
Rent	-10% $387	-5% $461	+0% $534	+5% $608	+10% $681
Rate	-1.0pp $614	-0.5pp $574	base $534	+0.5pp $493	+1.0pp $452

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: $39,500
• Closing costs: $4,740
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5855 Sparkling Water Way Ocean Isle Beach, NC	1.0–3.0	1.0–2.0	1072	$2,150	$2.01	14d	149	0.82mi

Listing history 7 events

1. 2026-06-01
   days on market $158,000 Active 174 DOM
2. 2026-05-31
   days on market $158,000 Active 173 DOM
3. 2026-05-30
   days on market $158,000 Active 172 DOM
4. 2026-05-14
   price $158,000
5. 2026-02-28
   price $175,000
6. 2025-12-09
   listed $185,000 Active
7. 2004-06-01
   soldstatus $47,000

ⓘ 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: $466 · $39/mo
• Projected year-2 tax: $1,296 · $108/mo
• Expected delta: +$829/yr (+$69/mo · 177.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $22,290
• − Mortgage interest: −$8,850
• − Property taxes: −$466
• − Insurance: −$790
• − Repairs & maintenance: −$1,783
• − Management: −$1,783
• − Depreciation: −$4,596
• Taxable income: $4,021
• Est. tax owed @ 24.0%: −$965
• After-tax cash flow: $5,445/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 — Shallotte

• Score: 63/100
• State rank: #411
• US rank: #15490

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment B Housing A+ Health & safety D User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 131,536 people
• City population: 11,219
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 11,219
• Household income: $65,030
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 455.0

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 (73%)
• Race & ethnicity: White 73% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

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: ▼ -77.91%
• Current HPI: 146.2303
• 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

+236.2% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $158,000 Hive MLS
• 2026-02-28 Price Changed $175,000 Hive MLS
• 2025-12-09 Listed $185,000 Hive MLS
• 2004-06-01 Sold (Public Records) $47,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $466 · +0.0% YoY. Source: county tax records.