Is 3563 Wigeon Way in Leland, NC a good investment?

CashFlowRE grades it D+ with a 5.6% cap rate and $-185/mo modeled cash flow at a $310,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 3563 Wigeon Way?

The modeled cap rate is 5.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $2,339/month, from CashFlowRE's rent model.

D+ Composite 48.48

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).

ARV discount +13.0/15.0
Cash flow +10.0/30.0
Appreciation +5.6/10.0
Schools +4.5/10.0
Condition / age +4.0/5.0
Livability +3.4/5.0
DSCR +2.9/10.0
1% rule +2.5/10.0
Rent growth +2.5/5.0

$310,000

3563 Wigeon Way · Leland, NC 28479

3 bd · 2.0 ba · 1,481 sqft · SingleFamily public records · 139 Days on market

Built 2023 Good condition 6,490 sqft lot Garage $209/sqft · 13% below area Est $353k · 12% under $90/mo HOA · 4% of rent ↓ 6% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

YES THE PRICE WENT UP. Welcome home to 3563 Wigeon Way -- and yes, you're reading this right. We were sitting as one of the lowest price-per-square-foot homes in the entire Leland area at $315,000. The market didn't blink, so we bumped it to $317,000. Bold move? Maybe. But this one's worth it. Here's what you get: a sharp 3BD/2BA, 1,475 SF home with a 2-car garage, open-concept living, a stainless steel kitchen, and an owner's suite with a walk-in closet and oversized shower. Add top-tier community amenities (pools, clubhouse, playground, trails) and you've got a home that's honestly too good to rent out. But that's exactly where it's headed. Come July 1st, it hits the rental market.

Key facts

Walk-in closet
Community amenities
Oversized shower

What this means for you Summary

Snapshot

This is a 3-bed/2.0-bath single-family listed at $310k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
To cash-flow at today's rent, offer at most $277k (10.5% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (24.5% below list).
Recommended offer: $234k (24.5% below list) — sets the bar for 1% rule.
Cap rate 5.6% vs local median 3.1% in Leland — 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 68/100 on livability (#177 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment 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: Town Creek Elementary (math 50% / reading 53%, grade C-, #392 of 1,410 statewide, top 28%, 654 students, 100% FRL); Leland Middle (math 26% / reading 36%, grade F, #326 of 475 statewide, top 69%, 780 students, 100% FRL); North Brunswick High (math 57% / reading 49%, grade C-, #281 of 535 statewide, top 53%, 1,450 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: 245 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 42% 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 ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

In year one you build about $6k of equity ($2k loan paydown + $4k appreciation (1.2% local appreciation)).
Brunswick County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 139 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $233,896 (24.5% below list)

Questions for the listing agent

What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
It's been on market 139 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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.
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.
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: 0.75% ✗
Cap rate: 5.58%
Cash-on-cash: -2.55%
DSCR: 0.89
GRM: 11.0

CMA / ARV

ARV (median comp): $353,079
List price: $310,000
Delta: -12.20%
Verdict: UNDERPRICED
Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6488 Pinnacle Pt	0.26mi	3/2.0	1,507 (+2%)	5mo	$335,000	$222	80
4165 Yellow Flag Iris St	0.41mi	3/2.0	1,403 (-5%)	2mo	$402,000	$287	71
2672 Silverweed Ct	0.25mi	2/2.0 (-1)	1,549 (+5%)	6mo	$380,000	$245	71
5015 Meadow Buttercup Ct	0.39mi	2/2.0 (-1)	1,403 (-5%)	2mo	$399,990	$285	66
342 Heartwood Dr #2	0.47mi	2/2.0 (-1)	1,492 (+1%)	8mo	$404,843	$271	65
2664 Silverweed Ct	0.25mi	2/2.0 (-1)	1,345 (-9%)	6mo	$411,760	$306	63
9634 Large Oak Ct	0.57mi	3/2.0	1,416 (-4%)	4mo	$335,000	$237	63
9638 Large Oak Ct Lot 71	0.58mi	3/2.0	1,618 (+9%)	4mo	$347,500	$215	54
5308 Black Oak Ct	0.61mi	3/2.0	1,359 (-8%)	6mo	$324,000	$238	53
350 Heartwood Dr #4	0.48mi	2/2.0 (-1)	1,345 (-9%)	8mo	$375,000	$279	51
1319 Star Grass Way	0.69mi	2/2.0 (-1)	1,404 (-5%)	4mo	$445,000	$317	51
8311 Slippery Elm Ct	0.73mi	3/2.0	1,353 (-9%)	3mo	$325,000	$240	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

IRR: -0.5%
Equity multiple: 0.97×
Total profit: $-2,442
Equity at exit: $109,608

10-year hold

IRR: 4.2%
Equity multiple: 1.52×
Total profit: $45,232
Equity at exit: $148,627

Cash invested: $86,800 (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: 25 active · 28 under contract
Months of supply: 7.5 mo (13%/mo absorbed)
Median asking: $364,900 ($247/sqft)
Median days on market: 65 d
This list price: 8% of active listings are priced below it
ARV vs active asking: -3.6% vs current asking $/sqft

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

ZIP-level market 28479

Home prices YoY: 0.8%
Active inventory: 245
Price-to-rent: 11.0×

Monthly cashflow live

Estimated rent: $2,339 high interval (Pro) →
Mortgage (P&I): −$1,626
Tax from tax record: −$188 /mo · $2,251/yr
Insurance: −$129
HOA: −$90
Lot rent: −$0
Vacancy / Maint / Mgmt: −$491
Net cashflow: $-185

Break-even live

Break-even rent $2,573

Max offer price $277,385

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-97	+0% $-185	+5% $-272	+10% $-360
Rent	-10% $-369	-5% $-277	+0% $-185	+5% $-92	+10% $0
Rate	-1.0pp $-29	-0.5pp $-106	base $-185	+0.5pp $-265	+1.0pp $-347

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: $77,500
Closing costs: $9,300
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1167 King Eider Way Winnabow, NC	3.0	2.0	1475	$1,995	$1.35	6d	1	0.11mi
4756 Scaup Way Winnabow, NC	3.0	2.0	1618	$3,500	$2.16	109d	1	0.19mi
4784 Scaup Way Winnabow, NC	4.0	2.0	1774	$2,395	$1.35	6d	1	0.24mi
2822 Southern Magnolia Dr Winnabow, NC	3.0	2.0	1504	$2,295	$1.53	5d	1	0.41mi
8381 Paramount Pt Unit P8381 Winnabow, NC	3.0	3.0	1652	$1,800	$1.09	6d	1	0.43mi
819 Meadowsweet Ln Leland, NC	2.0	2.0	1011	$2,300	$2.27	119d	1	1.09mi
136 N Palm Dr Winnabow, NC	3.0	2.0	1235	$1,850	$1.50	109d	1	1.34mi
136 N Palm Dr Winnabow, NC	3.0	2.0	1235	$1,850	$1.50	119d	1	1.34mi
1036 Tideline Dr Leland, NC	3.0	3.0	1400	$1,900	$1.36	6d	1	1.39mi
1001 Hunterstone Dr Leland, NC	1.0–3.0	1.0–2.0	850	$1,482	$1.74	109d	29	1.40mi
2108 Silty Soil Ct Leland, NC	2.0–3.0	2.5	1442	$2,124	$1.47	5d	30	1.40mi
129 S Palm Dr Winnabow, NC	4.0	2.5	1650	$2,100	$1.27	6d	1	1.47mi

Property features AI

Finance

Other: Zoning: Le-Pud
HOA & community: Homeowners association with clubhouse, playground, and managementAnnual association fee: $1,080 (approximately $90/month)Community features include pool, sidewalks, and street lights

Exterior

Parking: Attached garageGarage faces frontConcrete driveway2 garage spaces (2 total parking spaces)
Security: Smoke detector(s)
Utilities: Public waterSewer availableWater available
Home design: Single-family residenceOne storyEntry level: 1Vinyl siding and frame construction
Construction: Shingle roofSlab foundationBuilt with vinyl siding and frame
Exterior features: Covered patioPatioInterior lotPaved road frontageCity street and state road accessHas a view

Interior

Kitchen: Electric ovenDishwasherMicrowaveDisposal
Bedrooms: Total rooms: 5 (includes bedrooms and living spaces)
Flooring: CarpetVinyl
Bathrooms: 2 full bathrooms
Heating & cooling: Heat pump heatingElectric heatingCentral air conditioningHeat pump cooling
Interior features: Walk-in closetsKitchen islandPantryAccessible full bathroomSmoke detectorsEnergy-efficient lighting and thermostat
Laundry & utility: Dedicated laundry roomElectric water heater

HOA detail $90/mo · $1,080/yr

Likely covers: pool

Listing history 50 events

2026-09-24

days on market $310,000 Active 139 DOM
2026-09-23

days on market $310,000 Active 138 DOM
2026-09-22

days on market $310,000 Active 137 DOM
2026-09-21

days on market $310,000 Active 136 DOM
2026-09-20

days on market $310,000 Active 135 DOM
2026-09-19

days on market $310,000 Active 134 DOM
2026-09-18

days on market $310,000 Active 133 DOM
2026-09-17

days on market $310,000 Active 132 DOM
2026-09-16

days on market $310,000 Active 131 DOM
2026-09-15

days on market $310,000 Active 130 DOM
2026-09-14

days on market $310,000 Active 129 DOM
2026-09-13

days on market $310,000 Active 128 DOM
2026-09-12

days on market $310,000 Active 127 DOM
2026-09-11

days on market $310,000 Active 126 DOM
2026-09-05

days on market $310,000 Active 120 DOM
2026-09-04

days on market $310,000 Active 119 DOM
2026-09-03

days on market $310,000 Active 118 DOM
2026-08-31

days on market $310,000 Active 115 DOM
2026-08-30

days on market $310,000 Active 114 DOM
2026-08-29

days on market $310,000 Active 113 DOM
2026-08-28

days on market $310,000 Active 112 DOM
2026-08-27

days on market $310,000 Active 111 DOM
2026-08-25

days on market $310,000 Active 109 DOM
2026-08-24

days on market $310,000 Active 108 DOM
2026-08-23

days on market $310,000 Active 107 DOM
2026-08-22

days on market $310,000 Active 106 DOM
2026-08-21

days on market $310,000 Active 105 DOM
2026-08-20

days on market $310,000 Active 104 DOM
2026-08-19

days on market $310,000 Active 103 DOM
2026-08-18

days on market $310,000 Active 102 DOM
2026-08-17

days on market $310,000 Active 101 DOM
2026-08-16

days on market $310,000 Active 100 DOM
2026-08-15

days on market $310,000 Active 99 DOM
2026-08-14

days on market $310,000 Active 98 DOM
2026-08-13

days on market $310,000 Active 97 DOM
2026-08-12

days on market $310,000 Active 96 DOM
2026-08-11

days on market $310,000 Active 95 DOM
2026-08-10

days on market $310,000 Active 94 DOM
2026-08-09

days on market $310,000 Active 93 DOM
2026-08-08

days on market $310,000 Active 92 DOM
2026-08-07

days on market $310,000 Active 91 DOM
2026-08-06

days on market $310,000 Active 90 DOM
2026-08-05

price $310,000 Active 89 DOM
2026-08-05

days on market $317,000 Active 89 DOM
2026-08-04

days on market $317,000 Active 88 DOM
2026-08-03

days on market $317,000 Active 87 DOM
2026-07-31

days on market $317,000 Active 84 DOM
2026-07-30

days on market $317,000 Active 82 DOM
2026-07-27

days on market $317,000 Active 80 DOM
2026-07-25

days on market $317,000 Active 78 DOM

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

Tax reassessment forecast NC · Resets to sale price

Current annual tax: $2,251 · $188/mo
Projected year-2 tax: $2,542 · $212/mo
Expected delta: +$291/yr (+$24/mo · 12.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥105°F today · 18 d/yr by 30 yrs out
💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $28,068
− Mortgage interest: −$17,365
− Property taxes: −$2,251
− Insurance: −$1,550
− Repairs & maintenance: −$2,245
− Management: −$2,245
− HOA: −$1,080
− Depreciation: −$9,018
Taxable loss: −$7,687

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$1,845
After-tax cash flow: $-371/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $7,405–$22,215 screening

This home is in good condition with a good condition score of 80. It has a modern kitchen, two bathrooms, and a well-maintained exterior. The home is move-in ready and has a good resale and rental value. Consider painting the exterior and interior walls, updating the flooring, and adding smart home features to further increase its value.

Value-add opportunities

Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
Both Updating the flooring in the living areas — New flooring can improve the overall look and feel of the home. ↑
Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and functionality. ↑
Both Adding smart home features — Smart home features can increase convenience and add value to the home. ↑
Both Landscaping improvements — Enhanced landscaping can improve curb appeal and add value to the home. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Town Creek Elementary C- NC #392/1,410 Nat'l #12,137/41,679 Middle Leland Middle F NC #326/475 Nat'l #8,646/14,009 High North 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 68/100

Livability — Leland

Score: 68/100
State rank: #177
US rank: #9158

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Leland, NC
County: Brunswick · 152,111 people
City population: 46,933
Metro: Wilmington, NC
Population (ZIP): 6,971
Household income: $77,708
Rent vs Own: 18.1% rent · 81.9% own
Severe rent burden: 3% of renters

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 (72%)
Race & ethnicity: White 72% Black 13% Two or more races 13% Hispanic / Latino 3%
Common ancestry: Serbian 2% Slovak 2% Italian 2%
Foreign-born: 0%
Languages at home: 97% English-only · Spanish 3%

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: ▲ 1.23%
Current HPI: 159.4516
Rent YoY: —
Metro: —
State GDP YoY: ▲ 3.28%
F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
Financial Services	2	$213B
#17 Bank of America Charlotte $192.4B #166 Truist Financial Charlotte $20.5B
Retail	2	$95B
#52 Lowe's Mooresville $83.7B #337 Advance Auto Parts Raleigh $11.2B
Industrial Conglomerate	1	$38B
#114 Honeywell International Charlotte $37.9B
Metals / Steel	1	$35B
#121 Nucor Charlotte $35.4B
Utilities	1	$30B
#133 Duke Energy Charlotte $29.9B
Industrial Machinery	1	$19B
#182 Trane Technologies Davidson $18.9B

Price history

-6.5% since first listed

4 events — show timeline

2026-06-16 Price Changed $317,000 Hive MLS
2026-06-01 Price Changed $315,000 Hive MLS
2026-05-12 Price Changed $330,000 Hive MLS
2026-05-08 Listed $339,000 Hive MLS

Property tax history

+0.0%/yr

Latest (2025): $2,251 · +0.0% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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