21 Keelson Row Unit Cape Fear Grand- M · Bald Head Island, NC 28461

$78,500

2 bd · 2.0 ba · 700 sqft · SingleFamily · 97 Days on market

Built 1994 Excellent condition 0.26 ac lot Est $53k · 48% 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 +27.5/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• Condition / age +4.8/5.0
• Schools +3.9/10.0
• Livability +2.9/5.0
• Rent growth +2.7/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Unique opportunity to own a True 2-bedroom, 2-bath suite at Marsh Harbour Inn. This enchanting suite is your perfect gateway to Bald Head Island. The décor is pure Nantucket in style and relaxed comfort with all new furnishing to include a queen sleeper sofa, 3-flat panel televisions, hardwoods throughout. This suite has been completely remodeled top to bottom. Each bedroom has access to a private balcony overlooking the harbor & marina The kitchen has all that you need for the perfect week getaway. The suites are connected by a walk-in closet. You have the availability to use either suite and rent the other if you would like to. A bonus is access to Shoals club during your tim

Key facts

• Completely remodeled
• 0.26 acre lot
• Garage

Tags

• COMPLETELY REMODELED

Property features AI

Finance

• Other: Community features include sidewalks and street lights
• Financial info: Association fee paid annually (amount provided separately)
• HOA & community: Has homeowners association; Association provides beach rights, dog park, laundry, grounds maintenance, structure maintenance, management, storage, trash, and water; Annual association fee

Exterior

• Parking: Detached parking on-site with paved surface
• Utilities: Public water
• Home design: Residential timeshare (fractional); One level; Irregular lot shape
• Construction: Shingle roof; Pillar/post/pier foundation
• Exterior features: Covered porch; Outdoor kitchen; Porch; Corner lot; Bay/Harbor frontage; On waterfront; Has view; Pets allowed

Interior

• Kitchen: Electric cooktop; Refrigerator; Outdoor kitchen (exterior)
• Bedrooms: 4 total rooms (bedrooms/rooms count provided in rooms total)
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Heat pump; Electric heating; Has heating and cooling
• Interior features: Ceiling fans; Window coverings; Furnished
• Laundry & utility: Tankless water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $78k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $71k (9.0% 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 $543 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.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($71k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $71,435 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.84% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.72%
• DSCR: 1.57
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $53,200
• 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 (+7%)	3mo	$55,000	$73	86
21 Keelson Row Unit 3c	0.00mi	2/2.0	800 (+14%)	6mo	$61,000	$76	71

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-850
• Equity at exit: $11,705

10-year hold

• IRR: 4.9%
• Equity multiple: 1.31×
• Total profit: $6,773
• Equity at exit: $6,787

Cash invested: $21,980 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$412
• Tax est. 1.5%: −$98 /mo · $1,178/yr
• Insurance: −$33
• HOA: −$365
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $233

Break-even live

Break-even rent $1,149

Max offer price $78,500

Occupancy floor 79%

Sensitivity live

Price	-10% $287	-5% $260	+0% $233	+5% $206	+10% $179
Rent	-10% $119	-5% $176	+0% $233	+5% $290	+10% $347
Rate	-1.0pp $272	-0.5pp $253	base $233	+0.5pp $213	+1.0pp $192

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: $19,625
• Closing costs: $2,355
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $365 · $4,380/yr

Listing history 17 events

1. 2026-06-18
   days on market $78,500 Active 97 DOM
2. 2026-06-17
   days on market $78,500 Active 96 DOM
3. 2026-06-16
   days on market $78,500 Active 95 DOM
4. 2026-06-15
   days on market $78,500 Active 94 DOM
5. 2026-06-14
   days on market $78,500 Active 92 DOM
6. 2026-06-13
   days on market $78,500 Active 91 DOM
7. 2026-06-10
   days on market $78,500 Active 89 DOM
8. 2026-06-09
   days on market $78,500 Active 88 DOM
9. 2026-06-08
   days on market $78,500 Active 87 DOM
10. 2026-06-07
    days on market $78,500 Active 86 DOM
11. 2026-06-05
    days on market $78,500 Active 83 DOM
12. 2026-06-03
    days on market $78,500 Active 82 DOM
13. 2026-06-02
    days on market $78,500 Active 81 DOM
14. 2026-06-01
    days on market $78,500 Active 80 DOM
15. 2026-05-31
    days on market $78,500 Active 79 DOM
16. 2026-05-30
    days on market $78,500 Active 78 DOM
17. 2026-03-13
    listed $78,500 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: $17,323
• − Mortgage interest: −$4,397
• − Property taxes: −$1,178
• − Insurance: −$392
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − HOA: −$4,380
• − Depreciation: −$2,284
• Taxable income: $1,920
• Est. tax owed @ 24.0%: −$461
• After-tax cash flow: $2,334/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 home is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and would benefit from a fresh coat of paint and landscaping improvements to further enhance its value.

Value-add opportunities

• Both Painting the exterior siding and trim — A fresh coat of paint can enhance the curb appeal and increase the home's value.
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and increase its value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding and trim — A fresh coat of paint can enhance the curb appeal and increase the home's value. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and increase its value. ↑

ⓘ 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

• 2026-03-13 Listed $78,500 Hive MLS