928 Village Rd · Leland, NC 28451

$231,000

3 bd · 1.0 ba · 1,107 sqft · SingleFamily public records · 271 Days on market

Built 1953 0.36 ac lot Est $256k · 10% under ↓ 34% since listing

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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 +14.8/30.0
• ARV discount +11.8/15.0
• DSCR +4.5/10.0
• Schools +3.9/10.0
• Livability +3.4/5.0
• 1% rule +2.9/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming Cottage-Ranch in the Heart of Leland - With Room to Grow! Welcome to this cozy cottage-ranch style home, perfectly situated in the heart of Leland. Enjoy a country-like setting while still being just minutes from shopping, dining, parks, and all your daily essentials. Set on a spacious 0.33-acre lot, the property features a large covered front porch, side decking, a fenced yard, and two storage sheds—ideal for relaxing outdoors or keeping your tools and hobbies organized. Inside, you'll find a comfortable and efficient floor plan with hardwood floors in the living room, three bedrooms, 1.5 baths, a cozy kitchen-nook combination, and a bright sunroom. The home is ready for you

Key facts

• Fenced yard
• Zoned commercial c1
• Two storage sheds

Tags

• LARGE COVERED FRONT PORCH
• FENCED YARD
• TWO STORAGE SHEDS
• ZONED COMMERCIAL C1
• MINUTES FROM SHOPPING
• MINUTES FROM DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $231k.

Deal economics

• At list price, monthly cash flow is $63 ($754/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 $183k (20.8% below list).
• Recommended offer: $183k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.2% in Leland — 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 68/100 on livability (#177 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment 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: Belville Elementary (math 51% / reading 49%, grade D+, #409 of 1,410 statewide, top 29%, 726 students, 100% FRL); Leland Middle (math 26% / reading 36%, grade F, #326 of 475 statewide, top 69%, 780 students, 100% FRL); North Brunswick High (math 57% / reading 49%, grade C-, #281 of 535 statewide, top 53%, 1,450 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 rising (+1.2%/yr); 1224 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).

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 271 days — a 12% lower offer ($203k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,021 (20.8% below list)

Questions for the listing agent

1. It's been on market 271 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — 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. 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?
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: 0.79% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $255,717
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Gardenview Ct NE	0.37mi	3/2.0	1,103 (-0%)	21mo	$235,000	$213	61
1049 Jt Westfield Dr	0.71mi	3/2.0	1,147 (+4%)	1mo	$265,000	$231	57
908 Edna Fields Dr	0.70mi	3/2.0	1,100 (-1%)	8mo	$245,000	$223	55
1047 Jt Westfield Dr	0.71mi	3/2.0	1,140 (+3%)	3mo	$262,000	$230	55
1152 Mill Creek Loop	0.24mi	3/2.0	1,261 (+14%)	8mo	$305,000	$242	55
1168 Mill Creek Loop	0.21mi	3/2.0	1,242 (+12%)	16mo	$270,000	$217	53
1510 Everett Springs Dr	0.71mi	3/2.0	1,064 (-4%)	6mo	$250,000	$235	51
2017 Welcome Ct	0.57mi	3/2.0	1,252 (+13%)	3mo	$295,000	$236	45
1007 Shandy Ct	0.60mi	3/2.0	1,233 (+11%)	7mo	$320,000	$260	43
1446 Forest Hill Dr	0.74mi	3/2.0	1,190 (+8%)	17mo	$220,000	$185	35

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 · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-36,719
• Equity at exit: $34,443

10-year hold

• IRR: -11.0%
• Equity multiple: 0.38×
• Total profit: $-39,857
• Equity at exit: $19,973

Cash invested: $64,680 (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 28451

• Rents YoY: 1.2%
• Active inventory: 1224
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,830 high
• Mortgage (P&I): −$1,211
• Tax from tax record: −$75 /mo · $905/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $63

Break-even live

Break-even rent $1,751

Max offer price $231,000

Occupancy floor 92%

Sensitivity live

Price	-10% $194	-5% $128	+0% $63	+5% $-3	+10% $-68
Rent	-10% $-82	-5% $-9	+0% $63	+5% $135	+10% $207
Rate	-1.0pp $179	-0.5pp $122	base $63	+0.5pp $3	+1.0pp $-58

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: $57,750
• Closing costs: $6,930
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5614 Lucas Ct Leland, NC	2.0	2.0	1035	$1,550	$1.50	25d	1	0.32mi
5630 Lucas Ct Leland, NC	2.0	2.0	1035	$1,550	$1.50	25d	1	0.32mi
1636 Bellamy Place Dr NE Leland, NC	2.0	2.0	1176	$1,695	$1.44	15d	1	0.52mi
1517 Everett Springs Dr Navassa, NC	3.0	2.0	1080	$1,799	$1.67	15d	1	0.67mi
1033 Masons Place Cir Leland, NC	2.0	2.5	1084	$1,750	$1.61	25d	1	0.69mi
135 Dresser Ln Leland, NC	1.0–3.0	1.0–2.0	1067	$1,849	$1.73	15d	20	1.15mi
155 Lincoln Place Cir Leland, NC	3.0	2.0	1381	$1,900	$1.38	25d	1	1.21mi
114 Parsley Ln Leland, NC	2.0	2.0	1080	$1,427	$1.32	15d	15	1.23mi
8067 Purchase Place NE Leland, NC	1.0–3.0	1.0–2.5	1319	$2,427	$1.84	15d	50	1.26mi
5214 Browning LN Leland, NC	3.0	1.0–2.0	1071	$1,865	$1.74	15d	43	1.26mi
1114 Forest Glen Dr NE Leland, NC	3.0	2.0	1343	$2,100	$1.56	25d	1	1.26mi
304 Bedstone DR Leland, NC	3.0–4.0	2.0–2.5	1669	$2,029	$1.22	15d	1	1.40mi
1300 Hidden Creek Dr NE Leland, NC	3.0	2.5	1360	$2,100	$1.54	23d	1	1.43mi

Listing history 21 events

1. 2026-06-22
   days on market $231,000 Active 271 DOM
2. 2026-06-18
   days on market $231,000 Active 268 DOM
3. 2026-06-17
   days on market $231,000 Active 267 DOM
4. 2026-06-16
   days on market $231,000 Active 266 DOM
5. 2026-06-15
   days on market $231,000 Active 265 DOM
6. 2026-06-14
   days on market $231,000 Active 263 DOM
7. 2026-06-13
   days on market $231,000 Active 262 DOM
8. 2026-06-10
   days on market $231,000 Active 260 DOM
9. 2026-06-09
   days on market $231,000 Active 259 DOM
10. 2026-06-08
    days on market $231,000 Active 258 DOM
11. 2026-06-07
    days on market $231,000 Active 257 DOM
12. 2026-06-05
    days on market $231,000 Active 254 DOM
13. 2026-06-03
    days on market $231,000 Active 253 DOM
14. 2026-06-02
    days on market $231,000 Active 252 DOM
15. 2026-06-01
    days on market $231,000 Active 251 DOM
16. 2026-05-31
    days on market $231,000 Active 250 DOM
17. 2026-05-30
    days on market $231,000 Active 249 DOM
18. 2026-05-12
    price $231,000
19. 2026-01-12
    price $250,000
20. 2025-11-11
    price $300,000
21. 2025-09-23
    listed $350,000 Active

ⓘ 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: $905 · $75/mo
• Projected year-2 tax: $1,894 · $158/mo
• Expected delta: +$990/yr (+$82/mo · 109.4%)

ⓘ 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 6/10 Major
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,963
• − Mortgage interest: −$12,940
• − Property taxes: −$905
• − Insurance: −$1,155
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − Depreciation: −$6,720
• Taxable loss: −$3,271
• Est. tax savings @ 24.0%: +$785
• After-tax cash flow: $1,539/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 — Leland

• Score: 68/100
• State rank: #177
• US rank: #9158

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leland, NC
• County: Brunswick County · 131,536 people
• City population: 46,933
• Metro: Myrtle Beach-Conway-North Myrtle Beach, SC-NC
• Population (ZIP): 46,933
• Household income: $81,481
• Rent vs Own: 18.0% rent · 82.0% own
• Severe rent burden: 1049.0

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 (71%)
• Race & ethnicity: White 71% Black 12% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 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: ▼ -99.99%
• Current HPI: 148.6217
• Rent YoY: ▲ 1.24%
• 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

-34.0% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $231,000 Hive MLS
• 2026-01-12 Price Changed $250,000 Hive MLS
• 2025-11-11 Price Changed $300,000 Hive MLS
• 2025-09-23 Listed $350,000 Hive MLS

Property tax history

+3.9%/yr

Latest (2025): $905 · +0.0% YoY. Source: county tax records.