834 Palm Frond Way #35 · Calabash, NC 28467

$234,990

3 bd · 2.5 ba · 1,734 sqft · Condo · 182 Days on market

Built 2026 Excellent condition Garage $136/sqft · at area comps Est $244k · at est. $180/mo HOA · 8% of rent

---

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 +12.3/30.0
• ARV discount +9.2/15.0
• Condition / age +4.8/5.0
• Schools +4.7/10.0
• 1% rule +4.5/10.0
• DSCR +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New Open Floorplan at Calabash Palms. Interior unit, this Filmore model is a spacious townhome that has 3 Bedrooms with 2.5 baths. Primary suite is on first level with walk in closet, double vanities and a shower. A powder room and laundry are also on the first level. The living room is open to the loft upstairs. The two secondary bedrooms upstairs are both 12x14 with a full bathroom to accomadate both. Beautiful White Kitchen Cabinets with Artic White Quartz countertops. LED lighting above the kitchen island, chrome hardware and LVP floors. Quiet community that is Pet friendly. Community incudes a dog park. Ask agent when you come to visit us for our current promotions.

Key facts

• $180 HOA
• Garage
• Built 2026

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $235k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-44 ($-529/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (5.2% below list).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.9% in Calabash — 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 61/100 on livability (#487 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime 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: Jessie Mae Monroe Elementary (math 43% / reading 41%, grade F, #633 of 1,410 statewide, top 48%, 394 students, 99% 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.
• Market conditions: 972 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 35% of the median local income ($75k/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 $7k 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 182 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,791 (12.0% 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 182 days. Have you received any prior offers? Is the seller open to a 12% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 F-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: 0.95% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.80%
• DSCR: 0.96
• GRM: 8.8

CMA / ARV

• ARV (median comp): $244,049
• List price: $234,990
• Delta: -3.71%
• 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
587 Dellcastle Ct NW	0.18mi	3/2.0	1,710 (-1%)	1mo	$345,000	$202	87
13 Canal Way Ct	1.47mi	3/2.0	1,788 (+3%)	1mo	$302,000	$169	57
1136 Forest Bend Dr NW	0.60mi	3/2.0	1,604 (-8%)	1mo	$300,000	$187	57
1136 Lot 101 NW Forest Bend Dr	0.60mi	3/2.0	1,604 (-8%)	1mo	$300,000	$187	57
499 Oakwood Dr NW	0.58mi	3/2.0	1,941 (+12%)	0mo	$474,000	$244	50
550 Tullimore Ln NW	0.46mi	4/2.5 (+1)	2,143 (+24%)	0mo	$367,900	$172	48
1236 Hickmans Branch Dr NW	0.95mi	3/2.0	1,532 (-12%)	0mo	$313,000	$204	43
1280 Hickmans Branch Dr NW	1.01mi	3/2.0	1,533 (-12%)	1mo	$304,900	$199	43
3155 River Crane Loop	1.26mi	3/2.0	1,510 (-13%)	0mo	$334,900	$222	41
1618 Myrica Trl NW	0.76mi	3/2.5	2,047 (+18%)	0mo	$496,137	$242	40
11 Court 5 Northwest Dr	1.43mi	3/2.0	1,390 (-20%)	0mo	$237,000	$171	38
1014 Meadowlands Trl NW	0.84mi	3/3.0	2,141 (+24%)	1mo	$400,000	$187	37

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: -17.5%
• Equity multiple: 0.38×
• Total profit: $-40,741
• Equity at exit: $35,038

10-year hold

• IRR: -9.5%
• Equity multiple: 0.41×
• Total profit: $-38,505
• Equity at exit: $20,318

Cash invested: $65,797 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

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

ZIP-level market 28467

• Home prices YoY: -33.7%
• Active inventory: 972
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,228 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$180
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $-44

Break-even live

Break-even rent $2,283

Max offer price $228,613

Occupancy floor 97%

Sensitivity live

Price	-10% $118	-5% $37	+0% $-44	+5% $-125	+10% $-206
Rent	-10% $-220	-5% $-132	+0% $-44	+5% $44	+10% $132
Rate	-1.0pp $74	-0.5pp $16	base $-44	+0.5pp $-105	+1.0pp $-167

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: $58,748
• Closing costs: $7,050
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
495 Forthlin Dr NW Carolina Shores, NC	3.0	2.0	1818	$2,400	$1.32	6d	1	0.40mi
692 Pickering Dr NW Calabash, NC	3.0	2.0	1326	$1,900	$1.43	6d	1	0.45mi
3021 Siskin Dr NW Calabash, NC	2.0–3.0	2.0	1433	$2,314	$1.61	0d	19	0.52mi
1204 Calabash Station Blvd NW Ocean Isle Beach, NC	3.0	2.0	1811	$2,200	$1.21	119d	1	0.54mi
2042 Parow Ln NW Calabash, NC	3.0	2.5	1680	$1,800	$1.07	109d	1	1.12mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	119d	1	1.12mi
2084 Northwest Dr Unit E Carolina Shores, NC	3.0	2.5	1634	$1,850	$1.13	2d	1	1.16mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,292	$1.62	6d	41	1.46mi

Property features AI

Finance

• Financial info: For saleOwner-only pets allowed
• HOA & community: Homeowners association with a monthly fee of $180HOA covers association management, common areas, legal/accounting, maintenance of grounds, recycling and trashAssociation allows owner motorcycles; has pet restrictionsCommunity allows long-term and short-term rentals

Exterior

• Parking: Private one-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Public waterSewer availableElectricity availableUnderground utilitiesTrash collection
• Home design: Entry level: 1Under construction
• Construction: Vinyl sidingSlab foundationHas home warranty
• Exterior features: Front porchSprinkler/irrigation systemCorner lotRectangular lotOutside city limits

Interior

• Kitchen: Breakfast barKitchen islandPantryStainless steel appliances (including range and microwave)DisposalSolid surface countersDishwasher
• Bedrooms: Primary/bedroom on main levelTwo additional bedrooms on second level (each approx. 12x14)Additional bedroom/loft space
• Flooring: CarpetLuxury vinyl / luxury vinyl plank
• Bathrooms: Two full bathroomsOne half bathroomSeparate shower(s)
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Attic with pull-down and permanent stairsDual sinksLinen closetSplit bedroom planSeparate showerWalk-in closet(s)Main level primaryLoftInsulated doorsUnfurnished
• Laundry & utility: Washer hookup

HOA detail $180/mo · $2,160/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $234,990 Active 182 DOM
2. 2026-09-23
   days on market $234,990 Active 181 DOM
3. 2026-09-22
   days on market $234,990 Active 180 DOM
4. 2026-09-21
   days on market $234,990 Active 179 DOM
5. 2026-09-20
   days on market $234,990 Active 178 DOM
6. 2026-09-19
   days on market $234,990 Active 177 DOM
7. 2026-09-18
   days on market $234,990 Active 176 DOM
8. 2026-09-17
   days on market $234,990 Active 175 DOM
9. 2026-09-16
   days on market $234,990 Active 174 DOM
10. 2026-09-15
    days on market $234,990 Active 173 DOM
11. 2026-09-14
    days on market $234,990 Active 172 DOM
12. 2026-09-13
    days on market $234,990 Active 171 DOM
13. 2026-09-12
    days on market $234,990 Active 170 DOM
14. 2026-09-11
    days on market $234,990 Active 169 DOM
15. 2026-09-06
    days on market $234,990 Active 163 DOM
16. 2026-09-04
    days on market $234,990 Active 162 DOM
17. 2026-09-03
    pricedays on market $234,990 Active 161 DOM
18. 2026-08-31
    days on market $244,990 Active 158 DOM
19. 2026-08-30
    days on market $244,990 Active 157 DOM
20. 2026-08-29
    days on market $244,990 Active 156 DOM
21. 2026-08-28
    days on market $244,990 Active 155 DOM
22. 2026-08-27
    days on market $244,990 Active 154 DOM
23. 2026-08-25
    days on market $244,990 Active 152 DOM
24. 2026-08-24
    days on market $244,990 Active 151 DOM
25. 2026-08-23
    days on market $244,990 Active 150 DOM
26. 2026-08-22
    days on market $244,990 Active 149 DOM
27. 2026-08-21
    days on market $244,990 Active 148 DOM
28. 2026-08-20
    days on market $244,990 Active 147 DOM
29. 2026-08-19
    days on market $244,990 Active 146 DOM
30. 2026-08-18
    days on market $244,990 Active 145 DOM
31. 2026-08-17
    days on market $244,990 Active 144 DOM
32. 2026-08-16
    days on market $244,990 Active 143 DOM
33. 2026-08-15
    days on market $244,990 Active 142 DOM
34. 2026-08-14
    pricedays on market $244,990 Active 141 DOM
35. 2026-08-13
    days on market $247,990 Active 140 DOM
36. 2026-08-12
    days on market $247,990 Active 139 DOM
37. 2026-08-11
    days on market $247,990 Active 138 DOM
38. 2026-08-10
    days on market $247,990 Active 137 DOM
39. 2026-08-09
    days on market $247,990 Active 136 DOM
40. 2026-08-08
    days on market $247,990 Active 135 DOM
41. 2026-08-07
    days on market $247,990 Active 134 DOM
42. 2026-08-06
    days on market $247,990 Active 133 DOM
43. 2026-08-05
    days on market $247,990 Active 132 DOM
44. 2026-08-04
    days on market $247,990 Active 131 DOM
45. 2026-08-03
    days on market $247,990 Active 130 DOM
46. 2026-07-31
    days on market $247,990 Active 127 DOM
47. 2026-07-30
    pricedays on market $247,990 Active 125 DOM
48. 2026-07-27
    days on market $254,990 Active 123 DOM
49. 2026-07-25
    days on market $254,990 Active 121 DOM
50. 2026-07-24
    days on market $254,990 Active 120 DOM

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 18 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: $26,733
• − Mortgage interest: −$13,163
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,139
• − Management: −$2,139
• − HOA: −$2,160
• − Depreciation: −$6,836
• Taxable loss: −$4,404
• Est. tax savings @ 24.0%: +$1,057
• After-tax cash flow: $528/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 · 13 photos

Excellent 95/100 None rehab

This townhome is in excellent condition with no visible repairs needed. It offers a spacious floorplan, modern finishes, and a well-maintained exterior. Potential improvements include painting the exterior and landscaping to further enhance its curb appeal.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and rental value ↑
• Both Adding smart home features — Improves convenience and marketability ↑

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Jessie Mae Monroe Elementary F NC #633/1,410 Nat'l #17,861/41,679 Middle Shallotte Middle D NC #160/475 Nat'l #4,622/14,009 High West Brunswick High C- NC #281/535 Nat'l #4,893/17,239

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

C Composite livability gradescore 61/100

Livability — Calabash

• Score: 61/100
• State rank: #487
• US rank: #17866

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brunswick County · 152,111 people
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 13,313
• Household income: $75,341
• Rent vs Own: 10.4% rent · 89.6% own
• Severe rent burden: 14% of renters

---

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Slovak 5% Romanian 5% Lithuanian 3%
• Foreign-born: 3% · 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: ▼ -67.90%
• Current HPI: 133.7186
• 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

Property features AI

Finance

• Financial info: For saleOwner-only pets allowed
• HOA & community: Homeowners association with a monthly fee of $180HOA covers association management, common areas, legal/accounting, maintenance of grounds, recycling and trashAssociation allows owner motorcycles; has pet restrictionsCommunity allows long-term and short-term rentals

Exterior

• Parking: Private one-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Public waterSewer availableElectricity availableUnderground utilitiesTrash collection
• Home design: Entry level: 1Under construction
• Construction: Vinyl sidingSlab foundationHas home warranty
• Exterior features: Front porchSprinkler/irrigation systemCorner lotRectangular lotOutside city limits

Interior

• Kitchen: Breakfast barKitchen islandPantryStainless steel appliances (including range and microwave)DisposalSolid surface countersDishwasher
• Bedrooms: Primary/bedroom on main levelTwo additional bedrooms on second level (each approx. 12x14)Additional bedroom/loft space
• Flooring: CarpetLuxury vinyl / luxury vinyl plank
• Bathrooms: Two full bathroomsOne half bathroomSeparate shower(s)
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Attic with pull-down and permanent stairsDual sinksLinen closetSplit bedroom planSeparate showerWalk-in closet(s)Main level primaryLoftInsulated doorsUnfurnished
• Laundry & utility: Washer hookup

Price history

1 event — show timeline

• 2026-03-26 Listed $254,990 CCAR