838 Palm Frond Way NW · Calabash, NC 28467

$224,990

3 bd · 2.5 ba · 1,704 sqft · Townhouse · 157 Days on market

Built 2026 Excellent condition 2,178 sqft lot Garage $132/sqft · at area comps Est $236k · at est. $186/mo HOA · 8% 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 +13.9/30.0
• ARV discount +9.5/15.0
• 1% rule +4.9/10.0
• Condition / age +4.8/5.0
• Schools +4.7/10.0
• DSCR +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into your new Fillmore, a beautifully crafted two-story townhome designed for modern living. Offering 3 bedrooms, 2.5 bathrooms, and a one-car garage, this thoughtfully designed home blends style, comfort, and convenience. The first-floor primary suite provides a private retreat, while the open-concept living, dining, and kitchen areas create the perfect space for entertaining or everyday living. Upstairs, two additional bedrooms offer flexibility for family, guests, or a home office. A charming front porch enhances the home's curb appeal and welcomes you inside. Ideally situated toward the rear of the Calabash Palms community and directly across from the pond, this home enjoys a peaceful setting with added privacy and scenic views. Whether you're looking for a primary residence, vacation getaway, or investment opportunity, the Fillmore offers the perfect combination of low-maintenance living and modern comfort in a desirable coastal location. * Photos are representative of the Filmore floor plan.

Key facts

• Modern kitchen
• Open-concept layout
• $186 HOA

Tags

• CALABASH PALMS COMMUNITY
• OPEN-CONCEPT LAYOUT
• MODERN KITCHEN
• MAIN-LEVEL PRIMARY SUITE
• LOW-MAINTENANCE LIFESTYLE
• PROXIMITY TO LOCAL BEACHES

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $225k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $23 ($277/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 $223k (0.8% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 4.0% 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: 1083 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• This rent runs 36% 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 157 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $197,991 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.99% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 8.4

CMA / ARV

• ARV (median comp): $235,701
• List price: $224,990
• Delta: -4.54%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
832 Palm Frond Way NW	0.01mi	3/2.5	1,704 (0%)	2mo	$249,000	$146	98
832 NW Palm Frond Way #36	0.01mi	3/2.5	1,734 (+2%)	2mo	$249,000	$144	95
729 Palm Frond Way NW	0.12mi	3/2.5	1,704 (0%)	3mo	$244,990	$144	92
826 Palm Frond Way NW	0.03mi	3/3.5	1,704 (0%)	4mo	$234,990	$138	91
729 NW Palm Frond Way #12	0.12mi	3/2.5	1,734 (+2%)	3mo	$244,990	$141	89
826 NW Palm Frond Way #38	0.03mi	3/3.5	1,734 (+2%)	4mo	$234,990	$136	88
727 Palm Frond Way NW	0.12mi	3/2.5	1,734 (+2%)	5mo	$244,990	$141	87
727 Palm Frond Way #11	0.12mi	3/2.5	1,734 (+2%)	5mo	$244,990	$141	87
723 NW Palm Frond Way #9	0.13mi	3/2.5	1,734 (+2%)	5mo	$250,000	$144	86
723 Palm Frond Way NW	0.13mi	3/3.5	1,704 (0%)	5mo	$250,000	$147	85
816 Palm Frond Way NW	0.04mi	3/3.5	1,734 (+2%)	7mo	$244,990	$141	85
816 Palm Frond Way #41	0.04mi	3/3.5	1,734 (+2%)	7mo	$244,990	$141	85

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: -15.5%
• Equity multiple: 0.45×
• Total profit: $-34,841
• Equity at exit: $33,547

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-27,845
• Equity at exit: $19,453

Cash invested: $62,997 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 27 active · 8 under contract
• Months of supply: 16.2 mo (6%/mo absorbed)
• Median asking: $249,000 ($144/sqft)
• Median days on market: 99 d
• This list price: 30% of active listings are priced below it
• ARV vs active asking: -3.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28467

• Home prices YoY: -33.7%
• Active inventory: 1083
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,233 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$186
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $23

Break-even live

Break-even rent $2,204

Max offer price $224,990

Occupancy floor 94%

Sensitivity live

Price	-10% $179	-5% $101	+0% $23	+5% $-55	+10% $-132
Rent	-10% $-153	-5% $-65	+0% $23	+5% $111	+10% $199
Rate	-1.0pp $136	-0.5pp $80	base $23	+0.5pp $-35	+1.0pp $-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: $56,248
• Closing costs: $6,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
495 Forthlin Dr NW Carolina Shores, NC	3.0	2.0	1818	$2,400	$1.32	51d	1	0.36mi
692 Pickering Dr NW Calabash, NC	3.0	2.0	1326	$1,800	$1.36	41d	1	0.44mi
1204 Calabash Station Blvd NW Ocean Isle Beach, NC	3.0	2.0	1811	$2,200	$1.21	164d	1	0.48mi
3021 Siskin Dr NW Ocean Isl Bch, NC	2.0–3.0	2.0–2.5	1557	$2,455	$1.58	0d	15	0.49mi
2042 Parow Ln NW Calabash, NC	3.0	2.5	1680	$1,800	$1.07	154d	1	1.05mi
2084 Northwest Dr Unit E Carolina Shores, NC	3.0	2.5	1634	$1,795	$1.10	21d	1	1.09mi
2033 Wild Indigo CIR NW Calabash, NC	3.0	3.0	1457	$1,775	$1.22	164d	1	1.11mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,292	$1.62	36d	41	1.44mi
31 Quaker Ridge Dr Calabash, NC	2.0–3.0	2.0	1411	$2,109	$1.49	0d	10	1.44mi

Property features AI

Finance

• HOA & community: Homeowners associationAssociation amenities: dog park, grounds maintenance, management, trash serviceAssociation fee: $2,232 annually (about $186/month)

Exterior

• Parking: Attached garage facing frontOne garage spaceAdditional off-street / on-site parkingGarage door opener
• Security: Smoke detector(s)
• Utilities: Public waterUnderground utilities
• Home design: TownhouseTwo storiesEntry level: 1New constructionHas a view
• Construction: Vinyl siding and frame constructionShingle roofSlab foundationHome warranty included
• Exterior features: Covered patioFront porchPatioNo poolIrrigation equipmentKennel / dog runSee remarks frontagePaved roadPrivate road

Interior

• Kitchen: Self-cleaning ovenRange / Electric rangeDishwasherGarbage disposalElectric water heater
• Bedrooms: Master downstairs
• Flooring: Carpet
• Bathrooms: Two full bathroomsOne half bathroom
• Heating & cooling: Heat pump heating (electric)Central airZoned cooling
• Interior features: Master suite on main levelWalk-in closet(s)Kitchen islandWired for dataInsulated windowsUnfurnished
• Laundry & utility: Washer hookupLaundry closet

Listing history 50 events

1. 2026-11-08
   days on market $224,990 Active 157 DOM
2. 2026-11-07
   days on market $224,990 Active 156 DOM
3. 2026-11-06
   days on market $224,990 Active 155 DOM
4. 2026-11-05
   days on market $224,990 Active 154 DOM
5. 2026-11-04
   days on market $224,990 Active 153 DOM
6. 2026-11-02
   days on market $224,990 Active 151 DOM
7. 2026-11-01
   days on market $224,990 Active 150 DOM
8. 2026-10-31
   days on market $224,990 Active 149 DOM
9. 2026-10-30
   days on market $224,990 Active 148 DOM
10. 2026-10-29
    days on market $224,990 Active 147 DOM
11. 2026-10-28
    days on market $224,990 Active 146 DOM
12. 2026-10-27
    days on market $224,990 Active 145 DOM
13. 2026-10-26
    days on market $224,990 Active 144 DOM
14. 2026-10-26
    pricedays on market $224,990 Active 143 DOM
15. 2026-10-24
    days on market $229,990 Active 142 DOM
16. 2026-10-23
    days on market $229,990 Active 141 DOM
17. 2026-10-22
    days on market $229,990 Active 140 DOM
18. 2026-10-21
    days on market $229,990 Active 139 DOM
19. 2026-10-20
    days on market $229,990 Active 138 DOM
20. 2026-10-19
    days on market $229,990 Active 137 DOM
21. 2026-10-18
    days on market $229,990 Active 136 DOM
22. 2026-10-17
    days on market $229,990 Active 135 DOM
23. 2026-10-16
    days on market $229,990 Active 134 DOM
24. 2026-10-15
    days on market $229,990 Active 133 DOM
25. 2026-10-14
    days on market $229,990 Active 132 DOM
26. 2026-10-13
    days on market $229,990 Active 131 DOM
27. 2026-10-12
    days on market $229,990 Active 130 DOM
28. 2026-10-11
    days on market $229,990 Active 129 DOM
29. 2026-10-10
    days on market $229,990 Active 128 DOM
30. 2026-10-09
    days on market $229,990 Active 127 DOM
31. 2026-10-08
    days on market $229,990 Active 126 DOM
32. 2026-10-07
    days on market $229,990 Active 125 DOM
33. 2026-10-06
    days on market $229,990 Active 124 DOM
34. 2026-10-05
    days on market $229,990 Active 123 DOM
35. 2026-10-04
    days on market $229,990 Active 122 DOM
36. 2026-10-03
    days on market $229,990 Active 121 DOM
37. 2026-10-02
    days on market $229,990 Active 120 DOM
38. 2026-10-02
    price $229,990 Active 119 DOM
39. 2026-10-01
    days on market $246,990 Active 119 DOM
40. 2026-09-30
    days on market $246,990 Active 118 DOM
41. 2026-09-29
    days on market $246,990 Active 117 DOM
42. 2026-09-28
    days on market $246,990 Active 116 DOM
43. 2026-09-27
    days on market $246,990 Active 115 DOM
44. 2026-09-26
    days on market $246,990 Active 113 DOM
45. 2026-09-24
    days on market $246,990 Active 112 DOM
46. 2026-09-23
    days on market $246,990 Active 111 DOM
47. 2026-09-22
    days on market $246,990 Active 110 DOM
48. 2026-09-21
    days on market $246,990 Active 109 DOM
49. 2026-09-20
    days on market $246,990 Active 108 DOM
50. 2026-09-19
    days on market $246,990 Active 107 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: $26,794
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,144
• − Management: −$2,144
• − HOA: −$2,232
• − Depreciation: −$6,545
• Taxable loss: −$3,373
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $1,086/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 move-in-ready townhouse in Calabash Palms offers a blend of style and function, with a modern design and excellent condition.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances the home's aesthetic and appeal ↑
• Both Interior paint touch-ups — Maintains the home's fresh and inviting appearance ↑

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Jessie Mae Monroe Elementary F NC #633/1,410 Nat'l #17,861/41,679 Middle Shallotte Middle D NC #160/475 Nat'l #4,622/14,009 High West Brunswick High C- NC #281/535 Nat'l #4,893/17,239

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

C Composite livability gradescore 61/100

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

• County: Brunswick County · 152,111 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: 14% of renters

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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%

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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%
• Languages at home: 98% English-only · Spanish 1%

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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

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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

Property features AI

Finance

• HOA & community: Homeowners associationAssociation amenities: dog park, grounds maintenance, management, trash serviceAssociation fee: $2,232 annually (about $186/month)

Exterior

• Parking: Attached garage facing frontOne garage spaceAdditional off-street / on-site parkingGarage door opener
• Security: Smoke detector(s)
• Utilities: Public waterUnderground utilities
• Home design: TownhouseTwo storiesEntry level: 1New constructionHas a view
• Construction: Vinyl siding and frame constructionShingle roofSlab foundationHome warranty included
• Exterior features: Covered patioFront porchPatioNo poolIrrigation equipmentKennel / dog runSee remarks frontagePaved roadPrivate road

Interior

• Kitchen: Self-cleaning ovenRange / Electric rangeDishwasherGarbage disposalElectric water heater
• Bedrooms: Master downstairs
• Flooring: Carpet
• Bathrooms: Two full bathroomsOne half bathroom
• Heating & cooling: Heat pump heating (electric)Central airZoned cooling
• Interior features: Master suite on main levelWalk-in closet(s)Kitchen islandWired for dataInsulated windowsUnfurnished
• Laundry & utility: Washer hookupLaundry closet

Price history

+0.0% since first listed

6 events — show timeline

• 2026-06-05 Relisted — Zillow
• 2026-06-05 Listing Removed — Hive MLS
• 2026-06-04 Listed $259,990 Hive MLS
• 2026-05-27 Delisted — Zillow
• 2026-05-24 Listed $259,990 Zillow
• 2026-03-26 Listed $259,990 Hive MLS