5227 Marina Club Dr · Myrtle Grove, NC 28409

$20,000

3 bd · 2.5 ba · 2,309 sqft · SingleFamily public records · 1 Days on market

Built 1992

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.3/5.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A fabulous lifestyle awaits you with this lovely contemporary home nestled in a waterfront community peppered with live oaks and Spanish Moss. Bring balance to your work life by going for a boat ride from your 30 ft boat slip in the protected marina or enjoying the community amenities - swimming in the pool, enjoying a round of tennis, or playing with your children on the playground. Open living, easy flow, a large deck, covered porch and an updated kitchen, master bath and half bath make this home a pleasure to come home to or for entertaining. Numerous refurbishments have been completed to make this home move-in ready - roof, exterior paint, front door, front porch tile, lighting, fans, interior paint, under house insulation, Sentricon termite protection, refinished floors, and

Key facts

• Large deck
• 30 ft boat slip
• Tennis

Tags

• 30 FT BOAT SLIP
• COMMUNITY AMENITIES
• SWIMMING POOL
• TENNIS
• PLAYGROUND
• LARGE DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Cap rate 113.1% vs local median 2.5% in Myrtle Grove — 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 69/100 on livability (#147 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D+, health & safety D, amenities F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.1%/yr); 242 active listings in the ZIP; high-income renter base; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: 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 $20,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 12.14% ✓
• Cap rate: 113.09%
• Cash-on-cash: 381.42%
• DSCR: 17.97
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $759,661
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5301 Peden Point Rd	0.30mi	3/2.0	2,313 (+0%)	19mo	$880,000	$380	68
5205 Leisure Circle Cir	0.38mi	3/3.5	2,432 (+5%)	14mo	$869,000	$357	58
5425 Saltwater Run	0.41mi	4/3.5 (+1)	2,303 (-0%)	20mo	$860,000	$373	55
5418 Saltwater Run	0.38mi	3/3.5	2,629 (+14%)	0mo	$865,000	$329	54
1202 Beresford Ct	0.56mi	4/2.5 (+1)	2,128 (-8%)	7mo	$517,000	$243	50
4719 Marshwood Dr	0.58mi	4/3.0 (+1)	2,055 (-11%)	1mo	$458,000	$223	46
5618 Pinecone Pl	0.69mi	4/3.0 (+1)	2,589 (+12%)	5mo	$649,900	$251	36
1839 Newkirk Rd	0.65mi	4/3.0 (+1)	2,547 (+10%)	12mo	$2,000,000	$785	36
5404 Sharp Acorn Ct	0.43mi	4/3.5 (+1)	2,635 (+14%)	20mo	$650,000	$247	30
5613 Brown Pelican Ln	0.70mi	4/4.5 (+1)	2,648 (+15%)	20mo	$665,000	$251	14

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 · 7.09% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 22.53×
• Total profit: $120,565
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 54.14×
• Total profit: $297,561
• Equity at exit: $1,729

Cash invested: $5,600 (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 28409

• Rents YoY: 7.1%
• Active inventory: 242
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $2,428 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $1,780

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 22%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-26
   listed $20,000 Active
2. 2016-02-08
   soldstatus $357,000
3. 2016-02-05
   soldstatus $357,000 790-char remark

   Show marketing remark (790 chars)

   A fabulous lifestyle awaits you with this lovely contemporary home nestled in a waterfront community peppered with live oaks and Spanish Moss. Bring balance to your work life by going for a boat ride from your 30 ft boat slip in the protected marina or enjoying the community amenities - swimming in the pool, enjoying a round of tennis, or playing with your children on the playground. Open living, easy flow, a large deck, covered porch and an updated kitchen, master bath and half bath make this home a pleasure to come home to or for entertaining. Numerous refurbishments have been completed to make this home move-in ready - roof, exterior paint, front door, front porch tile, lighting, fans, interior paint, under house insulation, Sentricon termite protection, refinished floors, and

4. 2014-09-22
   listed $399,000 790-char remark

   Show marketing remark (790 chars)

   A fabulous lifestyle awaits you with this lovely contemporary home nestled in a waterfront community peppered with live oaks and Spanish Moss. Bring balance to your work life by going for a boat ride from your 30 ft boat slip in the protected marina or enjoying the community amenities - swimming in the pool, enjoying a round of tennis, or playing with your children on the playground. Open living, easy flow, a large deck, covered porch and an updated kitchen, master bath and half bath make this home a pleasure to come home to or for entertaining. Numerous refurbishments have been completed to make this home move-in ready - roof, exterior paint, front door, front porch tile, lighting, fans, interior paint, under house insulation, Sentricon termite protection, refinished floors, and

5. 2006-07-21
   soldstatus $525,000 270-char remark

   Show marketing remark (270 chars)

   Well maintained contemporary home w/30' boatslip. Nice cherry floors in LR, DR, and den. Screened porch (12x11), deck (30x12), w/built-in seating, MBR w/vaulted ceiling and 7.5x11 walk-in closet, kitchen is open to breakfast room and den. Great floorplan. Boatslip # 34.

6. 2006-07-21
   soldstatus $525,000

   Show marketing remark (270 chars)

   Well maintained contemporary home w/30' boatslip. Nice cherry floors in LR, DR, and den. Screened porch (12x11), deck (30x12), w/built-in seating, MBR w/vaulted ceiling and 7.5x11 walk-in closet, kitchen is open to breakfast room and den. Great floorplan. Boatslip # 34.

7. 2006-02-13
   listed $549,000 270-char remark

   Show marketing remark (270 chars)

   Well maintained contemporary home w/30' boatslip. Nice cherry floors in LR, DR, and den. Screened porch (12x11), deck (30x12), w/built-in seating, MBR w/vaulted ceiling and 7.5x11 walk-in closet, kitchen is open to breakfast room and den. Great floorplan. Boatslip # 34.

8. 2004-03-15
   historical
9. 2003-05-06
   listed $334,900
10. 1994-07-01
    soldstatus $200,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $29,137
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$2,331
• − Management: −$2,331
• − Depreciation: −$582
• Taxable income: $22,373
• Est. tax owed @ 24.0%: −$5,369
• After-tax cash flow: $15,990/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: New Hanover County Schools
• NCES district ID: 3703330
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $49,406
• Composite: 43.13/100
• National rank: #3081
• State rank: #61 of 178 in NC

Livability — Myrtle Grove

• Score: 69/100
• State rank: #147
• US rank: #8212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Myrtle Grove, NC
• County: New Hanover County · 232,153 people
• Metro: Wilmington, NC
• Population (ZIP): 36,163
• Household income: $111,048
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 452.0

Population outlook (New Hanover County) Hauer SSP2

• Today (2025): 259,517 people
• By 2030: 279,586 · +7.7%
• By 2040: 318,223 · +22.6%
• By 2050: 354,831 · +36.7%
• By 2075: 437,158 · +68.5%
• By 2100: 486,769 · +87.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 5% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Slovak 3% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · New Hanover

• 2024 margin: Toss-up / Even · D 49.8% · R 49.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: -1.4pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.1 2016: R+4.1 2012: R+4.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -378.14%
• Current HPI: 246.8527
• Rent YoY: ▲ 7.09%
• Metro: Wilmington, 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

-90.0% since first listed

10 events — show timeline

• 2026-05-26 Listed $20,000 FSBO.com
• 2016-02-08 Sold (Public Records) $357,000 Public Records
• 2016-02-05 Sold (MLS) $357,000 Hive MLS
• 2014-09-22 Listed $399,000 Hive MLS
• 2006-07-21 Sold (Public Records) $525,000 Public Records
• 2006-07-21 Sold (MLS) $525,000 Hive MLS
• 2006-02-13 Listed $549,000 Hive MLS
• 2004-03-15 Listing Removed — Hive MLS
• 2003-05-06 Listed $334,900 Hive MLS
• 1994-07-01 Sold (Public Records) $200,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $1,916 · -9.3% YoY. Source: county tax records.