509 Walnut St · Wilmington, NC 28401

$349,000

4 bd · 2.0 ba · 1,792 sqft · MultiFamily public records · 74 Days on market

Built 1920 3,223 sqft lot

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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 +25.5/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This prime real estate opportunity in Downtown Wilmington, NC features a duplex with 3 bedrooms and 1.5 bathrooms in one unit and 2 Bedroom and 1 bath in the other. . Located in a high-demand area, this property is ideal for investors seeking robust rental yields or owner-occupants looking to live in one unit while generating income from the other.

Key facts

• 3,223 sq ft lot
• Built 1920
• Listed 74 days

Property features AI

Finance

• Financial info: Income-producing property with multiple rented units (listed rents: 2-bed units ~$880; 3-bed units ~$1,500)

Exterior

• Parking: On-street parking
• Utilities: Public water; Electricity connected; Sewer connected; Water connected
• Home design: Duplex (residential income); Two-story
• Construction: Aluminum siding and frame construction
• Exterior features: Covered front porch; Back yard fencing; Has a view; Shingle roof

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Multiple units: 2-bedroom and 3-bedroom apartments (unfurnished)
• Flooring: Tile
• Heating & cooling: Baseboard heating (electric); Wall/window air conditioning units
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $817 ($10k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $328k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.6% in Wilmington — 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 70/100 on livability (#142 in NC) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living B+, housing B+; Watch: amenities C-, employment C-, crime 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.
• Zoned schools: A H Snipes Academy of Arts/Des (math 17% / reading 22%, grade F, #1,242 of 1,410 statewide, top 90%, 377 students, 99% FRL); Williston Middle (math 17% / reading 30%, grade F, #402 of 475 statewide, top 85%, 683 students, 100% FRL); New Hanover High (math 60% / reading 53%, grade C, #261 of 535 statewide, top 49%, 1,466 students, 100% FRL) — zoned schools average 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 50% district-wide (-17 pts) — the specific schools serving this property underperform the New Hanover County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 279 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• At $3,686/mo this rent would consume 76% of the median local household income ($58k/yr) (locally 1696% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $328,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-15,453
• Equity at exit: $52,037

10-year hold

• IRR: 1.8%
• Equity multiple: 1.12×
• Total profit: $11,244
• Equity at exit: $30,175

Cash invested: $97,720 (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 28401

• Rents YoY: -0.5%
• Active inventory: 279
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,686 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$119 /mo · $1,431/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $817

Break-even live

Break-even rent $2,652

Max offer price $349,000

Occupancy floor 73%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$3,686
Total (2 units)			$3,686

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1015 Rankin St Unit 1 Wilmington, NC	3.0	2.0	2000	$2,600	$1.30	21d	1	0.38mi
305 Harnett St Wilmington, NC	4.0	3.0	2158	$3,350	$1.55	21d	1	0.47mi
901 Nutt St Wilmington, NC	3.0	1.0–3.0	1112	$5,769	$5.19	13d	24	0.55mi
816 Nixon St Apt D Wilmington, NC	3.0	2.0	1270	$1,650	$1.30	21d	1	0.60mi
1045 N Front St Wilmington, NC	1.0–3.0	1.0–2.0	1107	$2,898	$2.62	13d	19	0.63mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	13d	1	0.82mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	21d	1	0.82mi
1419 King St Wilmington, NC	3.0	2.5	1389	$2,200	$1.58	21d	1	1.10mi
1009 S 6th St Wilmington, NC	3.0	1.0	1482	$1,650	$1.11	13d	1	1.27mi
1649 King St Wilmington, NC	4.0	2.5	1760	$2,275	$1.29	21d	1	1.28mi

Listing history 21 events

1. 2026-06-18
   days on market $349,000 Active 74 DOM
2. 2026-06-17
   days on market $349,000 Active 73 DOM
3. 2026-06-16
   days on market $349,000 Active 72 DOM
4. 2026-06-15
   days on market $349,000 Active 71 DOM
5. 2026-06-14
   days on market $349,000 Active 69 DOM
6. 2026-06-13
   days on market $349,000 Active 68 DOM
7. 2026-06-10
   days on market $349,000 Active 66 DOM
8. 2026-06-09
   days on market $349,000 Active 65 DOM
9. 2026-06-08
   days on market $349,000 Active 64 DOM
10. 2026-06-07
    days on market $349,000 Active 63 DOM
11. 2026-06-05
    days on market $349,000 Active 60 DOM
12. 2026-06-03
    days on market $349,000 Active 59 DOM
13. 2026-06-03
    days on market $349,000 Active 58 DOM
14. 2026-05-31
    days on market $349,000 Active 56 DOM
15. 2026-05-30
    days on market $349,000 Active 55 DOM
16. 2026-05-23
    status Active
17. 2026-05-08
    historical Active Under Contract
18. 2026-05-04
    price $349,000
19. 2026-04-05
    listed $364,000 Active
20. 2017-01-11
    soldstatus $2,655,000
21. 1991-11-01
    soldstatus $117,000

ⓘ 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: $1,431 · $119/mo
• Projected year-2 tax: $2,862 · $238/mo
• Expected delta: +$1,431/yr (+$119/mo · 100.0%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $44,232
• − Mortgage interest: −$19,549
• − Property taxes: −$1,431
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,539
• − Management: −$3,539
• − Depreciation: −$10,153
• Taxable income: $4,277
• Est. tax owed @ 24.0%: −$1,026
• After-tax cash flow: $8,779/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 — Wilmington

• Score: 70/100
• State rank: #142
• US rank: #8131

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, NC
• County: New Hanover County · 232,153 people
• City population: 215,355
• Metro: Wilmington, NC
• Population (ZIP): 22,007
• Household income: $57,968
• Rent vs Own: 58.9% rent · 41.1% own
• Severe rent burden: 1696.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Black 33% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Serbian 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

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: ▼ -309.34%
• Current HPI: 293.4396
• Rent YoY: ▼ -0.52%
• 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

+198.3% since first listed

6 events — show timeline

• 2026-05-23 Relisted — Hive MLS
• 2026-05-08 Contingent — Hive MLS
• 2026-05-04 Price Changed $349,000 Hive MLS
• 2026-04-05 Listed $364,000 Hive MLS
• 2017-01-11 Sold (Public Records) $2,655,000 Public Records
• 1991-11-01 Sold (Public Records) $117,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,431 · +14.7% YoY. Source: county tax records.