21 Keelson Row Unit Yachtmaster 8i · Bald Head Island, NC 28461

$63,000

2 bd · 2.0 ba · 750 sqft · SingleFamily · 75 Days on market

Built 1994 Excellent condition Est $57k · 11% over $365/mo HOA · 25% of rent

---

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
• Condition / age +4.8/5.0
• Schools +3.9/10.0
• Livability +2.9/5.0
• ARV discount +2.8/15.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the ease of island living through fractional ownership at the Marsh Harbour Inn on Bald Head Island! This penthouse suite captures breathtaking water views in every direction. From your private balcony, take in sweeping vistas of the marsh, marina, river, and Atlantic Ocean--a truly remarkable perspective that makes every stay feel like an escape. Designed to comfortably sleep six, the suite offers two bedrooms, two full baths, and a thoughtfully equipped kitchenette with a full-size refrigerator, cooktop, microwave, toaster oven, and sink for effortless meal preparation. Fractional ownership at Marsh Harbour Inn provides a simple, turnkey, and affordable way to enjoy four wee

Key facts

• Private balcony
• Built 1994
• Listed 75 days

Tags

• BREATHTAKING WATER VIEWS
• PRIVATE BALCONY

Property features AI

Finance

• Other: Zoned Bh-Pd-3; Located in BHI Harbour Village; directions: from the ferry, left over the bridge into the Marina Village
• HOA & community: Homeowners association with annual fee; Association amenities include cable TV, laundry, grounds and structure maintenance, management, taxes, and water; Association fee paid annually

Exterior

• Parking: On-site parking (no garage)
• Utilities: Paved road access; City street and state road frontage
• Home design: Residential timeshare (fractional); Three or more levels (3 stories); Entry faces marina village area directions
• Construction: Frame construction; Shingle roof; Pillar/post/pier foundation; Built with accessible features
• Exterior features: Balcony; Covered deck, patio, porch and screened porch; Wood fencing; On waterfront with a view

Interior

• Kitchen: Electric cooktop; Refrigerator
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with zoned controls
• Interior features: Window coverings; Accessible hallways, entrance, and approach with ramp
• Laundry & utility: Laundry available through association

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $63k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $59k (6.0% 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.
• Market conditions: Rents flat; 877 active listings in the ZIP; 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 $436 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $59,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. 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.
6. 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.
7. 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: 2.32% ✓
• Cap rate: 13.03%
• Cash-on-cash: 24.06%
• DSCR: 2.07
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $57,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Keelson Row Unit Pinnacle-F	0.00mi	2/2.0	750 (0%)	3mo	$55,000	$73	98
21 Keelson Row Unit 3c	0.00mi	2/2.0	800 (+7%)	6mo	$61,000	$76	84

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: 13.7%
• Equity multiple: 1.53×
• Total profit: $9,313
• Equity at exit: $9,394

10-year hold

• IRR: 20.0%
• Equity multiple: 2.44×
• Total profit: $25,375
• Equity at exit: $5,447

Cash invested: $17,640 (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: 877
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,461 medium
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $945/yr
• Insurance: −$26
• HOA: −$365
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $354

Break-even live

Break-even rent $1,013

Max offer price $63,000

Occupancy floor 71%

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: $15,750
• Closing costs: $1,890
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $365 · $4,380/yr
• Likely covers: water

Listing history 17 events

1. 2026-06-18
   days on market $63,000 Active 75 DOM
2. 2026-06-17
   days on market $63,000 Active 74 DOM
3. 2026-06-16
   days on market $63,000 Active 73 DOM
4. 2026-06-15
   days on market $63,000 Active 72 DOM
5. 2026-06-14
   days on market $63,000 Active 70 DOM
6. 2026-06-13
   days on market $63,000 Active 69 DOM
7. 2026-06-10
   days on market $63,000 Active 67 DOM
8. 2026-06-09
   days on market $63,000 Active 66 DOM
9. 2026-06-08
   days on market $63,000 Active 65 DOM
10. 2026-06-07
    days on market $63,000 Active 64 DOM
11. 2026-06-05
    days on market $63,000 Active 61 DOM
12. 2026-06-03
    days on market $63,000 Active 60 DOM
13. 2026-06-02
    days on market $63,000 Active 59 DOM
14. 2026-06-01
    days on market $63,000 Active 58 DOM
15. 2026-05-31
    days on market $63,000 Active 57 DOM
16. 2026-05-30
    days on market $63,000 Active 56 DOM
17. 2026-04-02
    listed $63,000 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: $17,530
• − Mortgage interest: −$3,529
• − Property taxes: −$945
• − Insurance: −$315
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − HOA: −$4,380
• − Depreciation: −$1,833
• Taxable income: $3,723
• Est. tax owed @ 24.0%: −$894
• After-tax cash flow: $3,350/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 · 12 photos

Excellent 95/100 None rehab

This well-maintained penthouse suite offers stunning water views and is move-in ready with minimal updates needed to enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior trim — Enhances curb appeal and value
• Both Landscaping and plant maintenance — Improves curb appeal and enhances property value
• Both Interior touch-up painting — Maintains and enhances interior aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior trim — Enhances curb appeal and value ↑
• Both Landscaping and plant maintenance — Improves curb appeal and enhances property value ↑
• Both Interior touch-up painting — Maintains and enhances interior aesthetics ↑

ⓘ 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

1 event — show timeline

• 2026-04-02 Listed $63,000 Hive MLS