489 Pepper Breeze Ave SW · Calabash, NC 28467

$249,900

2 bd · 2.0 ba · 1,266 sqft · SingleFamily public records · 81 Days on market

Built 1997 4,443 sqft lot Est $260k · at est. $30/mo HOA · 2% 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 +13.4/30.0
• ARV discount +9.2/15.0
• DSCR +4.0/10.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

Key facts

• Open floor plan
• Community pool
• Community clubhouse

Tags

• COMMUNITY CLUBHOUSE
• COMMUNITY POOL
• LVP FLOORING
• OPEN FLOOR PLAN
• AMPLE CABINET SPACE
• WALK IN SHOWER

Property features AI

Finance

• HOA & community: Homeowners association with clubhouse and storage; Annual association fee of $363 (about $30.25/month); Community pool

Exterior

• Parking: Attached garage (1 garage space); Garage faces front; On-site concrete parking; Total 1 parking space
• Utilities: Sewer connected; Water connected
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Vinyl siding and frame construction; Shingle roof; Crawl space / no basement; Built as residential single family
• Exterior features: Covered porch/patio; No fencing; Has a view

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: Total rooms: 6
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating (electric); Central air conditioning
• Interior features: Ceiling fan(s); Window coverings; Accessible full bath
• Laundry & utility: Washer; Dryer; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $6 ($70/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (21.6% below list).
• Recommended offer: $196k (21.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.1% 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: 691 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 31% 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 81 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $129k; list at $250k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,932 (21.6% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $259,530
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 Crooked Pine Pl SW	0.04mi	2/2.0	1,316 (+4%)	1mo	$226,000	$172	91
528 Leeward Way	0.04mi	3/2.0 (+1)	1,221 (-4%)	14mo	$249,900	$205	76
13 Calabash Dr	0.53mi	2/2.0	1,256 (-1%)	8mo	$266,000	$212	67
4 Sage Ct	0.42mi	3/2.0 (+1)	1,292 (+2%)	9mo	$151,276	$117	64
1025 Harbor Dr Lot 37	0.32mi	3/2.0 (+1)	1,419 (+12%)	0mo	$278,865	$197	60
1017 Harbor Dr Lot 41	0.31mi	3/2.0 (+1)	1,421 (+12%)	1mo	$255,000	$179	60
1 Deer Run Rd	0.59mi	3/2.0 (+1)	1,217 (-4%)	13mo	$240,000	$197	50
7 Gate 11 SW	0.55mi	2/2.0	1,122 (-11%)	8mo	$265,000	$236	49
25 Gate 6	0.65mi	3/2.0 (+1)	1,356 (+7%)	8mo	$285,000	$210	46
1089 Harbor Dr SW Lot 5 Albany	0.74mi	3/2.0 (+1)	1,249 (-1%)	16mo	$268,365	$215	45
1089 Albany C6 - Lot 5 Harbor Dr	0.74mi	3/2.0 (+1)	1,249 (-1%)	16mo	$268,365	$215	45
4 Court 1 Northwest Dr	0.63mi	2/2.0	1,096 (-13%)	15mo	$200,000	$182	36

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: -16.2%
• Equity multiple: 0.43×
• Total profit: $-40,207
• Equity at exit: $37,261

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-34,875
• Equity at exit: $21,607

Cash invested: $69,972 (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 28467

• Home prices YoY: -33.7%
• Active inventory: 691
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,959 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$97 /mo · $1,169/yr
• Insurance: −$104
• HOA: −$30
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $6

Break-even live

Break-even rent $1,952

Max offer price $249,900

Occupancy floor 95%

Sensitivity live

Price	-10% $147	-5% $77	+0% $6	+5% $-65	+10% $-136
Rent	-10% $-149	-5% $-72	+0% $6	+5% $83	+10% $161
Rate	-1.0pp $132	-0.5pp $69	base $6	+0.5pp $-59	+1.0pp $-125

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Brightwater Way Calabash, NC	1.0–3.0	1.0–2.5	1327	$1,862	$1.40	24d	1	0.16mi
1063 Harbor Dr Calabash, NC	3.0	2.0	1421	$2,200	$1.55	22d	1	0.53mi
834 Greenwood Ct Calabash, NC	3.0	2.0	1475	$2,100	$1.42	15d	1	0.75mi
660 Aubrey Ln Calabash, NC	1.0–2.0	1.0–2.0	1081	$2,870	$2.65	15d	69	0.81mi
1420 Sherman Dr Calabash, NC	2.0–3.0	1.0–2.0	1011	$345	$0.34	15d	3	0.88mi
891 Mh Marina Rd #3 Carolina Shores, NC	2.0	2.0	1250	$1,300	$1.04	15d	1	0.96mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	24d	1	1.22mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,008	$1.42	22d	51	1.30mi
1086 Mille Ave Calabash, NC	3.0	2.0	1232	$2,000	$1.62	24d	1	1.41mi

HOA detail

• Monthly dues: $30 · $360/yr
• Likely covers: pool

Listing history 27 events

1. 2026-06-18
   days on market $249,900 Active 81 DOM
2. 2026-06-17
   days on market $249,900 Active 80 DOM
3. 2026-06-16
   days on market $249,900 Active 79 DOM
4. 2026-06-15
   days on market $249,900 Active 78 DOM
5. 2026-06-14
   days on market $249,900 Active 76 DOM
6. 2026-06-13
   days on market $249,900 Active 75 DOM
7. 2026-06-10
   days on market $249,900 Active 73 DOM
8. 2026-06-09
   days on market $249,900 Active 72 DOM
9. 2026-06-08
   days on market $249,900 Active 71 DOM
10. 2026-06-07
    days on market $249,900 Active 70 DOM
11. 2026-06-05
    days on market $249,900 Active 67 DOM
12. 2026-06-03
    days on market $249,900 Active 66 DOM
13. 2026-06-02
    days on market $249,900 Active 65 DOM
14. 2026-06-01
    days on market $249,900 Active 64 DOM
15. 2026-05-31
    days on market $249,900 Active 63 DOM
16. 2026-05-30
    days on market $249,900 Active 62 DOM
17. 2026-05-20
    price $249,900
18. 2026-03-29
    listed $275,000 Active
19. 2013-10-23
    soldstatus $129,000 538-char remark

    Show marketing remark (538 chars)

    Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

20. 2013-10-23
    soldstatus $129,000 538-char remark

    Show marketing remark (538 chars)

    Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

21. 2013-10-23
    soldstatus $129,000

    Show marketing remark (538 chars)

    Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

22. 2013-01-22
    listed $139,900 538-char remark

    Show marketing remark (538 chars)

    Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

23. 2013-01-22
    listed $139,900 538-char remark

    Show marketing remark (538 chars)

    Take a look at this well maintained and clean home in the popular and desirable Saltaire Village community. Located in the quaint little town of Calabash, NC this home has vaulted ceilings, an open floor plan, tile and lamited wood flooring, plenty of cupboards and counter space, kitchen skylight, relaxing sunroom, 1 car garage, double glass door entry into 3rd bedroom and a back deck for grilling. Community amenities include an outdoor swimming pool, bocce ball court, RV/boat storage area, clubhouse with full kitchen and a library.

24. 2012-10-24
    historical
25. 2012-10-24
    historical
26. 2012-07-19
    listed $139,900
27. 2012-07-19
    listed $139,900

ⓘ 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: $1,169 · $97/mo
• Projected year-2 tax: $2,049 · $171/mo
• Expected delta: +$880/yr (+$73/mo · 75.3%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 19 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: $23,512
• − Mortgage interest: −$13,998
• − Property taxes: −$1,169
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − HOA: −$360
• − Depreciation: −$7,270
• Taxable loss: −$4,296
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $1,101/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 — 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

• Census place: Calabash, NC
• County: Brunswick County · 131,536 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: 81.0

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 (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

Price history

+78.6% since first listed

11 events — show timeline

• 2026-05-20 Price Changed $249,900 Hive MLS
• 2026-03-29 Listed $275,000 Hive MLS
• 2013-10-23 Sold (Public Records) $129,000 Public Records
• 2013-10-23 Sold (MLS) $129,000 Hive MLS
• 2013-10-23 Sold (MLS) $129,000 CCAR
• 2013-01-22 Listed $139,900 Hive MLS
• 2013-01-22 Listed $139,900 CCAR
• 2012-10-24 Listing Removed — Hive MLS
• 2012-10-24 Listing Removed — CCAR
• 2012-07-19 Listed $139,900 Hive MLS
• 2012-07-19 Listed $139,900 CCAR

Property tax history

+3.7%/yr

Latest (2025): $1,169 · +2.5% YoY. Source: county tax records.