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

$72,500

2 bd · 2.0 ba · 750 sqft · SingleFamily · 188 Days on market

Built 1994 0.26 ac lot Est $57k · 27% over $365/mo HOA · 25% of rent

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Why this score? — see what drove the C+ 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
• Schools +3.9/10.0
• Livability +2.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

FRACTIONAL - 4 WEEKS ownership per year - 2 Bedroom (Bunkroom) plus 2 Full Baths plus a Queen Sleeper Sofa in Great Room - enjoy a dining set for 4, a full refrigerator, built-in microwave, stove top, sink, & stocked cabinets for your cooking enjoyment. Great views - outside porch/deck. furnished with cart, bicycles, housekeeping, 50 lb. pet allowed by OWNERS - you can also rent your ownership for revenue - great way to own on beautiful Bald Head Island. Shoals Club Access if available. An Additional kitchen and dining downstairs and lovely sitting areas thru-out 6/4-6/11; 9/3-9/10; 12/3-12/10; 3/11-3/18; 6/17-6/24; 9/16-9/23; 3/16-3/23/28

Key facts

• Additional kitchen
• Lovely kitchen
• Outside porch

Tags

• LOVELY KITCHEN
• GREAT VIEWS
• OUTSIDE PORCH
• ADDITIONAL KITCHEN
• SITTING AREAS

Property features AI

Finance

• Other: Road frontage on city street and state road; Bay/harbor frontage; Lot is irregular, approximately 0.26 acres; Zoning: Bh-Pd-3; Directions: Around the Harbour onto 21 Keelson - Marsh Harbour is on right - on the Marsh
• HOA & community: Homeowners association with laundry amenity; Annual association fee of $4,376 (approximately $364.67/month); Subdivision: BHI Harbour Village

Exterior

• Parking: 6 parking spaces total; 6-car garage; Shared driveway
• Security: Smoke detector(s)
• Utilities: Public water; Sewer available; Water available; Underground utilities
• Home design: Residential timeshare (fractional); Three or more levels; 3 stories total
• Construction: Frame construction; Pillar/post/pier foundation; Tile and wood roof
• Exterior features: Balcony; Porch; On waterfront; Has view; Smoke detector(s); Pets allowed; Sidewalks

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bedrooms: 3 total rooms (includes bedrooms and living spaces)
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Zoned heating; Central air conditioning; Heat pump cooling
• Interior features: High ceilings; Window coverings; Furnished
• Laundry & utility: Electric water heater; Laundry available through association

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $64k (12.0% 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 $501 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 $20k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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

• Watch-outs: HOA is 25% of rent.

Recommended offer $63,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 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. 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: 2.01% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.02%
• DSCR: 1.76
• GRM: 4.1

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: 4.7%
• Equity multiple: 1.18×
• Total profit: $3,593
• Equity at exit: $10,810

10-year hold

• IRR: 11.0%
• Equity multiple: 1.74×
• Total profit: $15,009
• Equity at exit: $6,268

Cash invested: $20,300 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,461 medium
• Mortgage (P&I): −$380
• Tax est. 1.5%: −$91 /mo · $1,088/yr
• Insurance: −$30
• HOA: −$365
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $288

Break-even live

Break-even rent $1,096

Max offer price $72,500

Occupancy floor 75%

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $365 · $4,380/yr

Listing history 23 events

1. 2026-06-18
   days on market $72,500 Active 188 DOM
2. 2026-06-17
   days on market $72,500 Active 187 DOM
3. 2026-06-16
   days on market $72,500 Active 186 DOM
4. 2026-06-15
   days on market $72,500 Active 185 DOM
5. 2026-06-14
   days on market $72,500 Active 183 DOM
6. 2026-06-13
   days on market $72,500 Active 182 DOM
7. 2026-06-10
   days on market $72,500 Active 180 DOM
8. 2026-06-09
   days on market $72,500 Active 179 DOM
9. 2026-06-08
   days on market $72,500 Active 178 DOM
10. 2026-06-07
    days on market $72,500 Active 177 DOM
11. 2026-06-05
    days on market $72,500 Active 174 DOM
12. 2026-06-03
    days on market $72,500 Active 173 DOM
13. 2026-06-02
    days on market $72,500 Active 172 DOM
14. 2026-06-01
    days on market $72,500 Active 171 DOM
15. 2026-05-31
    days on market $72,500 Active 170 DOM
16. 2026-05-30
    days on market $72,500 Active 169 DOM
17. 2026-03-26
    status Active
18. 2026-03-26
    historical
19. 2026-03-13
    status Active
20. 2026-03-12
    historical
21. 2025-03-17
    listed $72,500 Active
22. 2025-03-11
    historical
23. 2024-09-11
    listed $61,900

ⓘ 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: −$4,061
• − Property taxes: −$1,088
• − Insurance: −$362
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − HOA: −$4,380
• − Depreciation: −$2,109
• Taxable income: $2,725
• Est. tax owed @ 24.0%: −$654
• After-tax cash flow: $2,802/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 — 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

+17.1% since first listed

7 events — show timeline

• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-13 Relisted — Hive MLS
• 2026-03-12 Listing Removed — Hive MLS
• 2025-03-17 Listed $72,500 Hive MLS
• 2025-03-11 Listing Removed — Hive MLS
• 2024-09-11 Listed $61,900 Hive MLS