Reese Plan · Bolivia, NC 28422

$249,990

3 bd · 2.5 ba · 1,224 sqft · Townhouse · 108 Days on market

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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 +13.2/30.0
• ARV discount +7.5/15.0
• DSCR +3.9/10.0
• Schools +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wake up to coastal charm and everyday convenience at Middle Creek Village Coastal Cottages, where life moves at a more relaxed pace just minutes from the Shallotte Riverwalk and the shores of Oak Island. Here, everyday life feels like a getaway-and The Reese floorplan makes it easy to enjoy every moment. This thoughtfully designed home offers the convenience of first-floor living paired with flexible space for family and guests. Start your day on the inviting front porch, then step into an open-concept layout where the great room flows seamlessly into a gourmet kitchen with a center island-perfect for gathering, dining, and entertaining. Tucked at the back of the home, the private owner's s

Key facts

• Main level living
• Gourmet kitchen
• Walk in closet

Tags

• MAIN LEVEL LIVING
• OUTDOOR LIVING SPACE
• OPEN CONCEPT FLOOR PLAN
• GOURMET KITCHEN
• FIRST FLOOR MASTER SUITE
• WALK IN CLOSET

Property features AI

Finance

• Other: Address: 1508 Pine Log Trl NE, Bolivia NC 28422
• Financial info: List price $254,990

Exterior

• Home design: Single-family plan home; Listed as Active
• Construction: New construction (Plan)
• Exterior features: Living area approximately 1,224 (listed)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms, 1 half bathroom (2.5 total)
• Interior features: Plan: Reese (new construction plan)

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $250k.

Deal economics

• At list price, monthly cash flow is $-7 ($-79/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (12.9% below list).
• Recommended offer: $218k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.8% in Bolivia — 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 59/100 on livability (#549 in NC) — a working-class tenant base; expect higher turnover. Strengths: health & safety A+, cost of living B; Watch: schools 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.
• Market conditions: 569 active listings in the ZIP; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 38% 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 $8k 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 108 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.

Recommended offer $217,853 (12.9% 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 108 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
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 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?
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: 0.87% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.42×
• Total profit: $-40,896
• Equity at exit: $37,274

10-year hold

• IRR: -8.2%
• Equity multiple: 0.49×
• Total profit: $-36,018
• Equity at exit: $21,615

Cash invested: $69,997 (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 28422

• Home prices YoY: -23.8%
• Active inventory: 569
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,179 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $-7

Break-even live

Break-even rent $2,187

Max offer price $249,037

Occupancy floor 95%

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: $62,498
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $249,990 Active 108 DOM
2. 2026-06-17
   days on market $249,990 Active 107 DOM
3. 2026-06-16
   days on market $249,990 Active 106 DOM
4. 2026-06-15
   days on market $249,990 Active 105 DOM
5. 2026-06-14
   days on market $249,990 Active 103 DOM
6. 2026-06-13
   days on market $249,990 Active 102 DOM
7. 2026-06-10
   days on market $249,990 Active 100 DOM
8. 2026-06-09
   days on market $249,990 Active 99 DOM
9. 2026-06-08
   days on market $249,990 Active 98 DOM
10. 2026-06-07
    days on market $249,990 Active 97 DOM
11. 2026-06-05
    days on market $249,990 Active 94 DOM
12. 2026-06-02
    days on market $249,990 Active 92 DOM
13. 2026-06-01
    days on market $249,990 Active 91 DOM
14. 2026-05-31
    days on market $249,990 Active 90 DOM
15. 2026-05-30
    days on market $249,990 Active 89 DOM

ⓘ 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: $26,142
• − Mortgage interest: −$14,003
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − Depreciation: −$7,272
• Taxable loss: −$4,316
• Est. tax savings @ 24.0%: +$1,036
• After-tax cash flow: $957/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 — 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 · 131,536 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
• Severe rent burden: 243.0

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 (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%

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

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