4080 Morning Light Dr SE · Bolivia, NC 28422

$314,999

3 bd · 2.0 ba · 1,615 sqft · SingleFamily public records · 113 Days on market

Built 2025 Good condition 6,098 sqft lot 2-car garage $195/sqft · at area comps Est $316k · at est. $58/mo HOA · 3% of rent

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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 +10.9/30.0
• ARV discount +7.6/15.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• DSCR +3.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in Bolivia, Bella Point keeps you close to everything you love while offering a peaceful, coastal lifestyle. Residents enjoy access to thoughtfully designed amenities, including a swimming pool, fitness center, and fire pit. This 1,618-square-foot home features a 3-bedroom, 2-bath open floor plan with spacious bedrooms and an attached two-car garage. Enjoy relaxing on the front porch and the added comfort of 9-foot ceilings throughout. The kitchen includes granite countertops and stainless steel appliances--range, microwave, and dishwasher--while the bathrooms feature cultured marble countertops. The home features LVP flooring throughout.

Key facts

• Fitness center
• Swimming pool
• Fire pit

Tags

• SWIMMING POOL
• FITNESS CENTER
• FIRE PIT
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• CULTURED MARBLE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $315k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (28.0% below list).
• Recommended offer: $227k (28.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.6% in Bolivia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 59/100 on livability (#549 in NC) — a working-class tenant base; expect higher turnover. Strengths: health & safety A+, cost of living B; Watch: amenities F, commute F, employment 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: 690 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 113 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.

Recommended offer $226,850 (28.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.87%
• DSCR: 0.92
• GRM: 11.6

CMA / ARV

• ARV (median comp): $315,734
• List price: $314,999
• Delta: -0.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4124 Morning Light Dr SE #310	0.14mi	3/2.0	1,618 (+0%)	2mo	$322,990	$200	91
4218 Pitcher Plant Ct SE Lot 297	0.21mi	3/2.0	1,618 (+0%)	4mo	$314,000	$194	86
4329 Bright Blossom Way SE Lot 267	0.12mi	3/2.0	1,475 (-9%)	3mo	$302,390	$205	78
4322 Bright Blossom Way SE #260	0.11mi	3/2.0	1,475 (-9%)	4mo	$290,000	$197	77
4317 Bright Blossom Way SE #264	0.14mi	3/2.0	1,475 (-9%)	4mo	$288,590	$196	76
4197 Morning Light Dr SE #286	0.20mi	3/2.0	1,475 (-9%)	1mo	$295,290	$200	75
4189 Morning Light Dr SE #284	0.21mi	3/2.0	1,475 (-9%)	4mo	$284,999	$193	72
1804 Willowtree Ct SE	0.31mi	4/2.0 (+1)	1,527 (-5%)	1mo	$246,000	$161	71
4132 Morning Light Dr SE Lot 308	0.15mi	4/2.0 (+1)	1,774 (+10%)	2mo	$336,990	$190	70
4185 Morning Light Dr SE Lot 283	0.21mi	4/2.0 (+1)	1,774 (+10%)	1mo	$329,999	$186	68
2187 Bella Point Dr SE Lot 127	0.36mi	4/2.0 (+1)	1,526 (-6%)	2mo	$248,000	$163	67
4214 Pitcher Plant Ct SE Lot 298	0.20mi	4/2.0 (+1)	1,774 (+10%)	3mo	$340,000	$192	67

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: -19.4%
• Equity multiple: 0.32×
• Total profit: $-59,918
• Equity at exit: $46,967

10-year hold

• IRR: -12.3%
• Equity multiple: 0.28×
• Total profit: $-63,930
• Equity at exit: $27,235

Cash invested: $88,200 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 22 active · 11 under contract
• Months of supply: 8.2 mo (12%/mo absorbed)
• Median asking: $309,994 ($191/sqft)
• Median days on market: 104 d
• This list price: 59% of active listings are priced below it
• ARV vs active asking: +2.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28422

• Home prices YoY: -23.8%
• Active inventory: 690
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$88 /mo · $1,062/yr
• Insurance: −$131
• HOA: −$58
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-137

Break-even live

Break-even rent $2,443

Max offer price $290,711

Occupancy floor —

Sensitivity live

Price	-10% $41	-5% $-48	+0% $-137	+5% $-227	+10% $-316
Rent	-10% $-317	-5% $-227	+0% $-137	+5% $-48	+10% $42
Rate	-1.0pp $21	-0.5pp $-57	base $-137	+0.5pp $-219	+1.0pp $-302

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: $78,750
• Closing costs: $9,450
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2140 Bella Point Dr SE Bolivia, NC	4.0	2.0	1774	$2,300	$1.30	72d	1	0.28mi
1004 Arborside Cir Bolivia, NC	1.0–3.0	1.0–2.5	1307	$2,170	$1.66	63d	15	0.83mi
2208 Lakefront Dr SE Bolivia, NC	3.0–4.0	2.0–2.5	1595	$1,825	$1.14	63d	61	0.99mi
2617 Provence Dr SE Bolivia, NC	4.0	2.0	1776	$1,920	$1.08	72d	1	1.07mi
756 Pantego Blvd SE Bolivia, NC	3.0	2.0	1506	$2,100	$1.39	72d	1	1.15mi
2537 Provence Dr SE Bolivia, NC	4.0	2.0	1607	$1,895	$1.18	72d	1	1.29mi
2502 Kenton Ct SE Bolivia, NC	4.0	2.0	1601	$1,895	$1.18	72d	1	1.37mi
4024 Cypress Forest Way Bolivia, NC	3.0	2.0	1256	$1,700	$1.35	72d	1	1.49mi

Property features AI

Finance

• Other: Subdivision: Bella PointPrivate road frontagePaved road surfaceZoning: Co-R-7500
• HOA & community: Homeowners association with annual fee (listed annually)Community poolSidewalksStreet lightsAssociation amenities include fitness center and management

Exterior

• Parking: 2 total parking spacesAttached 2-car garageGarage faces frontGarage door openerConcrete and paved surfaces
• Security: Smoke detector(s)
• Utilities: Public waterSewer connectedWater connectedElectric service
• Home design: Single-family residenceOne storyEntry level: 1
• Construction: Vinyl siding and frame constructionShingle roofSlab foundationBuilt on one level
• Exterior features: Covered patioPatioHas viewNo poolNo fencing

Interior

• Kitchen: Electric ovenElectric cooktopDishwasherMicrowaveGarbage disposalKitchen islandPantryElectric water heater
• Bedrooms: Master Downstairs
• Flooring: Carpet
• Bathrooms: 2 full bathroomsAccessible full bath
• Heating & cooling: Heat pump heatingElectric heatingCentral air conditioning
• Interior features: Master bedroom on main levelWalk-in closet(s)High ceilingsEntrance foyerKitchen islandPantryInsulated windowsWindow coverings
• Laundry & utility: Dedicated laundry room

HOA detail $58/mo · $696/yr

• Likely covers: poolgym

Listing history 50 events

1. 2026-08-08
   days on market $314,999 Active 113 DOM
2. 2026-08-07
   days on market $314,999 Active 112 DOM
3. 2026-08-06
   days on market $314,999 Active 111 DOM
4. 2026-08-05
   days on market $314,999 Active 110 DOM
5. 2026-08-04
   days on market $314,999 Active 109 DOM
6. 2026-08-03
   days on market $314,999 Active 108 DOM
7. 2026-07-31
   days on market $314,999 Active 105 DOM
8. 2026-07-30
   days on market $314,999 Active 103 DOM
9. 2026-07-27
   days on market $314,999 Active 101 DOM
10. 2026-07-25
    days on market $314,999 Active 99 DOM
11. 2026-07-24
    days on market $314,999 Active 98 DOM
12. 2026-07-23
    days on market $314,999 Active 97 DOM
13. 2026-07-22
    days on market $314,999 Active 96 DOM
14. 2026-07-21
    days on market $314,999 Active 95 DOM
15. 2026-07-18
    days on market $314,999 Active 92 DOM
16. 2026-07-16
    days on market $314,999 Active 90 DOM
17. 2026-07-16
    days on market $314,999 Active 89 DOM
18. 2026-07-14
    days on market $314,999 Active 88 DOM
19. 2026-07-13
    days on market $314,999 Active 87 DOM
20. 2026-07-12
    days on market $314,999 Active 86 DOM
21. 2026-07-11
    days on market $314,999 Active 85 DOM
22. 2026-07-10
    days on market $314,999 Active 84 DOM
23. 2026-07-09
    days on market $314,999 Active 83 DOM
24. 2026-07-08
    days on market $314,999 Active 82 DOM
25. 2026-07-07
    days on market $314,999 Active 81 DOM
26. 2026-07-06
    days on market $314,999 Active 80 DOM
27. 2026-07-05
    days on market $314,999 Active 79 DOM
28. 2026-07-04
    days on market $314,999 Active 78 DOM
29. 2026-07-03
    days on market $314,999 Active 77 DOM
30. 2026-07-02
    days on market $314,999 Active 76 DOM
31. 2026-07-01
    days on market $314,999 Active 75 DOM
32. 2026-06-30
    days on market $314,999 Active 74 DOM
33. 2026-06-29
    days on market $314,999 Active 73 DOM
34. 2026-06-28
    days on market $314,999 Active 72 DOM
35. 2026-06-28
    days on market $314,999 Active 71 DOM
36. 2026-06-27
    days on market $314,999 Active 70 DOM
37. 2026-06-25
    days on market $314,999 Active 68 DOM
38. 2026-06-23
    days on market $314,999 Active 66 DOM
39. 2026-06-22
    days on market $314,999 Active 65 DOM
40. 2026-06-18
    days on market $314,999 Active 62 DOM
41. 2026-06-17
    days on market $314,999 Active 61 DOM
42. 2026-06-16
    days on market $314,999 Active 60 DOM
43. 2026-06-15
    days on market $314,999 Active 59 DOM
44. 2026-06-14
    days on market $314,999 Active 57 DOM
45. 2026-06-13
    days on market $314,999 Active 56 DOM
46. 2026-06-10
    days on market $314,999 Active 54 DOM
47. 2026-06-09
    days on market $314,999 Active 53 DOM
48. 2026-06-08
    days on market $314,999 Active 52 DOM
49. 2026-06-07
    days on market $314,999 Active 51 DOM
50. 2026-06-05
    days on market $314,999 Active 48 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: $1,062 · $88/mo
• Projected year-2 tax: $2,583 · $215/mo
• Expected delta: +$1,521/yr (+$127/mo · 143.3%)

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

Taxation est. · year 1

• Rental income: $27,222
• − Mortgage interest: −$17,645
• − Property taxes: −$1,062
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − HOA: −$696
• − Depreciation: −$9,164
• Taxable loss: −$7,275
• Est. tax savings @ 24.0%: +$1,746
• After-tax cash flow: $96/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This home is in excellent condition with fresh paint and modern finishes. It's move-in ready and would benefit from minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace countertops in kitchen and bathrooms — Granite and cultured marble countertops are durable and add value ↑
• Both Upgrade appliances in kitchen — Stainless steel appliances are standard but could be replaced with more modern models ↑

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Virginia Williamson Elem D NC #417/1,410 Nat'l #12,785/41,679 Middle Cedar Grove Middle F NC #305/475 Nat'l #8,059/14,009 High South Brunswick High C+ NC #216/535 Nat'l #3,588/17,239

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

D Composite livability gradescore 59/100

Livability — Bolivia

• Score: 59/100
• State rank: #549
• US rank: #20206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 152,111 people
• City population: 10,059
• 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

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Subdivision: Bella PointPrivate road frontagePaved road surfaceZoning: Co-R-7500
• HOA & community: Homeowners association with annual fee (listed annually)Community poolSidewalksStreet lightsAssociation amenities include fitness center and management

Exterior

• Parking: 2 total parking spacesAttached 2-car garageGarage faces frontGarage door openerConcrete and paved surfaces
• Security: Smoke detector(s)
• Utilities: Public waterSewer connectedWater connectedElectric service
• Home design: Single-family residenceOne storyEntry level: 1
• Construction: Vinyl siding and frame constructionShingle roofSlab foundationBuilt on one level
• Exterior features: Covered patioPatioHas viewNo poolNo fencing

Interior

• Kitchen: Electric ovenElectric cooktopDishwasherMicrowaveGarbage disposalKitchen islandPantryElectric water heater
• Bedrooms: Master Downstairs
• Flooring: Carpet
• Bathrooms: 2 full bathroomsAccessible full bath
• Heating & cooling: Heat pump heatingElectric heatingCentral air conditioning
• Interior features: Master bedroom on main levelWalk-in closet(s)High ceilingsEntrance foyerKitchen islandPantryInsulated windowsWindow coverings
• Laundry & utility: Dedicated laundry room

Price history

1 event — show timeline

• 2026-04-17 Listed $314,999 Hive MLS