Grandfathered short-term rental rights in downtown Southport -- the one thing investors can't buy anymore, and this five-unit has it. Four bright 2BR/2BA units built in 2019 plus a private cottage, set on a quarter-acre pond-front lot three blocks from the shops, restaurants, and waterfront of one of North Carolina's most beloved coastal towns. The opportunity pencils two ways: projected at $150,000 gross on all annual leases, or blend in short-term rentals on two units and the pro forma reaches $181,250 gross -- roughly a 7.2% projected cap at asking. Newer construction keeps maintenance light, tenants pay their own utilities, and Oak Island's beaches are minutes away. A walkable, water-view income property with a licensing moat around it -- the kind of Southport offering that comes along once a cycle. Pro forma projections available; buyers to verify all figures and rental permissions. Offered at $1,699,900.