21 Keelson Row Unit Cape Fear-C · Bald Head Island, NC 28461

$36,500

1 bd · 1.0 ba · 450 sqft · SingleFamily · 127 Days on market

Built 1994 Excellent condition 0.26 ac lot Est $36k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.9/15.0
• Condition / age +4.8/5.0
• Schools +3.9/10.0
• Livability +2.9/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

The Cape Fear Suite offers front-row views of the Bald Head Island Marina and the charm of island life. The expansive 30-foot covered veranda extends the living space outdoors creating an inviting setting to enjoy morning coffee and sunset harbor views. Beautifully renovated, this three-room suite has a full kitchen and offers plenty of space to relax! The spacious primary bedroom has private veranda access and the den has a new queen sleeper sofa to accommodate guests with ease. The well-equipped kitchen makes extended stays effortless and convenient. Ownership at Marsh Harbour Inn provides a true lock-and leave lifestyle with four designated weeks each year, allowing you to enjoy Bald Hea

Key facts

• Full kitchen
• Oceanfront dining
• Dedicated golf cart

Tags

• 30-FOOT COVERED VERANDA
• FULL KITCHEN
• PRIVATE VERANDA ACCESS
• DEDICATED GOLF CART
• SHOALS CLUB MEMBERSHIP
• OCEANFRONT DINING

Property features AI

Finance

• Other: Property zoned Bh-Pd-3
• HOA & community: Homeowners association with annual fees; Association provides grounds and structure maintenance, management, tax handling, and trash service

Exterior

• Parking: Shared driveway
• Utilities: Water, sewer, and power information not provided
• Home design: Residential timeshare (fractional); Two levels; Facing information not provided
• Construction: Shingle roof; Pillar/post/pier foundation; Built with wood fencing in front yard
• Exterior features: Balcony; Deck; Front yard; Bay/Harbor frontage; On waterfront; Has view

Interior

• Kitchen: Electric cooktop; Refrigerator; Microwave
• Bedrooms: 3 rooms total (includes bedrooms and other living spaces)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Window coverings; Furnished
• Laundry & utility: Laundry room; Tankless water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $36k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $32k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#597 in NC) — a working-class tenant base; expect higher turnover. Strengths: employment 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: Southport Elementary (math 59% / reading 56%, grade C+, #245 of 1,410 statewide, top 18%, 403 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: Rents flat; 884 active listings in the ZIP; solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent is only 18% of the median local income ($83k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $252 of loan paydown is wiped out by about $1k 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 + 0.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $32,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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. 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.
5. 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.
6. 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: 3.32% ✓
• Cap rate: 29.48%
• Cash-on-cash: 82.80%
• DSCR: 4.68
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $36,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Keelson Row Unit 9j (Captains Quarters)	0.00mi	1/1.0	450 (0%)	2mo	$36,000	$80	99

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 · 0.74% rent growth · sell at horizon

5-year hold

• IRR: 80.5%
• Equity multiple: 4.55×
• Total profit: $36,323
• Equity at exit: $5,442

10-year hold

• IRR: 83.4%
• Equity multiple: 8.73×
• Total profit: $78,969
• Equity at exit: $3,156

Cash invested: $10,220 (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 28461

• Rents YoY: 0.7%
• Active inventory: 884
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,212 medium
• Mortgage (P&I): −$191
• Tax est. 1.5%: −$46 /mo · $548/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $705

Break-even live

Break-even rent $319

Max offer price $36,500

Occupancy floor 37%

Sensitivity live

Price	-10% $730	-5% $718	+0% $705	+5% $693	+10% $680
Rent	-10% $609	-5% $657	+0% $705	+5% $753	+10% $801
Rate	-1.0pp $724	-0.5pp $714	base $705	+0.5pp $696	+1.0pp $686

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $36,500 Active 127 DOM
2. 2026-06-18
   days on market $36,500 Active 124 DOM
3. 2026-06-17
   days on market $36,500 Active 123 DOM
4. 2026-06-16
   days on market $36,500 Active 122 DOM
5. 2026-06-15
   days on market $36,500 Active 121 DOM
6. 2026-06-14
   days on market $36,500 Active 119 DOM
7. 2026-06-13
   days on market $36,500 Active 118 DOM
8. 2026-06-10
   days on market $36,500 Active 116 DOM
9. 2026-06-09
   days on market $36,500 Active 115 DOM
10. 2026-06-08
    days on market $36,500 Active 114 DOM
11. 2026-06-07
    days on market $36,500 Active 113 DOM
12. 2026-06-05
    days on market $36,500 Active 110 DOM
13. 2026-06-03
    days on market $36,500 Active 109 DOM
14. 2026-06-02
    days on market $36,500 Active 108 DOM
15. 2026-06-01
    days on market $36,500 Active 107 DOM
16. 2026-05-31
    days on market $36,500 Active 106 DOM
17. 2026-05-30
    days on market $36,500 Active 105 DOM
18. 2026-03-26
    status Active
19. 2026-03-26
    historical
20. 2026-02-25
    listed $36,500 Active
21. 2026-02-24
    soldstatus Closed
22. 2026-02-13
    listed $36,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,544
• − Mortgage interest: −$2,045
• − Property taxes: −$548
• − Insurance: −$182
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$1,062
• Taxable income: $8,380
• Est. tax owed @ 24.0%: −$2,011
• After-tax cash flow: $6,451/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 beautifully renovated home offers stunning views and a lock-and-leave lifestyle. With no visible repairs or maintenance needed, it's move-in ready and ready to appreciate in value.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances the home's appeal and could attract more buyers or renters
• Both Add smart home features — Improves convenience and could increase the home's value
• Both Upgrade appliances — Modernizes the kitchen and could increase the home's value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances the home's appeal and could attract more buyers or renters ↑
• Both Add smart home features — Improves convenience and could increase the home's value ↑
• Both Upgrade appliances — Modernizes the kitchen and could increase the home's value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Bald Head Island

• Score: 57/100
• State rank: #597
• US rank: #21745

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bald Head Island, NC
• County: Brunswick County · 131,536 people
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 23,762
• Household income: $82,692
• Rent vs Own: 12.8% rent · 87.2% own
• Severe rent burden: 161.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% 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: ▼ -195.19%
• Current HPI: 142.5667
• Rent YoY: ▲ 0.74%
• 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

+0.0% since first listed

5 events — show timeline

• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-02-25 Listed $36,500 Hive MLS
• 2026-02-24 Sold (MLS) — Hive MLS
• 2026-02-13 Listed $36,500 Hive MLS