817 S 11th St · Wilmington, NC 28401

$299,000

3 bd · 3.0 ba · 1,884 sqft · MultiFamily public records · 213 Days on market

Built 1920 6,055 sqft lot Est $426k · 30% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• 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 MLS

Fabulous investment! Many updates in this up and down duplex. Two bedrooms, two baths downstairs and one bedroom, one bath up. . Decks, covered porches and a carport makes this a perfect home to live in half and rent out half or to add to your portfolio! This one will bring in a great return.

Key facts

• Strong rental demand
• New hvac
• Newer metal roof

Tags

• NEWER METAL ROOF
• COVERED TWO-CAR CARPORT
• NEW HVAC
• STRONG RENTAL DEMAND
• GROWING WILMINGTON HOTSPOTS

Property features AI

Finance

• Financial info: Income-producing duplex with multiple rented units (unit rents listed in Unit breakdown)

Exterior

• Parking: Shared driveway; Carport (2 spaces); Unpaved off-street parking
• Utilities: City street and state road frontage
• Home design: Residential income property (duplex); Two stories
• Construction: Metal siding and frame construction
• Exterior features: Balcony; Covered patio/porch; Deck; Porch; Partial chain link fencing; Metal roof; Has a view

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Multiple one-bedroom and two-bedroom units (see Unit breakdown)
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Window coverings; Unfurnished; Electric water heater; Crawl space (no full basement)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $586/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: Forest Hills Global Elementary (math 12% / reading 20%, grade F, #1,313 of 1,410 statewide, top 93%, 338 students, 99% FRL); Williston Middle (math 17% / reading 30%, grade F, #402 of 475 statewide, top 85%, 683 students, 100% FRL); John T Hoggard High (math 66% / reading 75%, grade B+, #117 of 535 statewide, top 22%, 2,226 students, 30% FRL) — zoned schools average 76% FRL vs 42% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-14 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 leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.24% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.79%
• DSCR: 1.75
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $425,784
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 S 4th St	0.66mi	3/2.0	2,115 (+12%)	1mo	$557,000	$263	44
1002 S 4th St	0.57mi	4/3.0 (+1)	1,994 (+6%)	22mo	$450,000	$226	40
814 S 4th St	0.56mi	3/2.0	1,722 (-9%)	23mo	$390,000	$226	36

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.18×
• Total profit: $15,126
• Equity at exit: $44,582

10-year hold

• IRR: 11.6%
• Equity multiple: 1.80×
• Total profit: $66,638
• Equity at exit: $25,852

Cash invested: $83,720 (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: 13.4×

Monthly cashflow live

• Estimated rent: $3,712 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$69 /mo · $826/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $1,171

Break-even live

Break-even rent $2,230

Max offer price $299,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,712
Total (2 units)			$3,712

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	21d	1	0.42mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	13d	1	0.42mi
1009 S 6th St Wilmington, NC	3.0	1.0	1482	$1,650	$1.11	13d	1	0.42mi
208 West Dr Wilmington, NC	3.0	2.0	1293	$1,900	$1.47	21d	1	0.67mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	13d	29	0.82mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	13d	13	0.86mi
505 Alpine Dr Wilmington, NC	1.0–3.0	1.0–2.0	1009	$1,810	$1.79	13d	9	1.07mi
1015 Rankin St Unit 1 Wilmington, NC	3.0	2.0	2000	$2,600	$1.30	21d	1	1.09mi
705 Brooks Aly Wilmington, NC	2.0	3.0	1308	$1,950	$1.49	21d	1	1.20mi
23 Colonial Dr Wilmington, NC	3.0	2.5	2430	$2,400	$0.99	13d	1	1.49mi

Listing history 34 events

1. 2026-06-18
   days on market $299,000 Active 213 DOM
2. 2026-06-17
   days on market $299,000 Active 212 DOM
3. 2026-06-16
   days on market $299,000 Active 211 DOM
4. 2026-06-15
   days on market $299,000 Active 210 DOM
5. 2026-06-14
   days on market $299,000 Active 208 DOM
6. 2026-06-13
   days on market $299,000 Active 207 DOM
7. 2026-06-10
   days on market $299,000 Active 205 DOM
8. 2026-06-09
   days on market $299,000 Active 204 DOM
9. 2026-06-08
   days on market $299,000 Active 203 DOM
10. 2026-06-07
    days on market $299,000 Active 202 DOM
11. 2026-06-05
    pricedays on market $299,000 Active 199 DOM
12. 2026-06-03
    days on market $309,000 Active 198 DOM
13. 2026-06-03
    days on market $309,000 Active 197 DOM
14. 2026-05-31
    days on market $309,000 Active 195 DOM
15. 2026-05-30
    days on market $309,000 Active 194 DOM
16. 2026-05-15
    status Active
17. 2026-05-15
    price $309,000
18. 2026-04-07
    price $339,500
19. 2026-03-25
    price $344,500
20. 2025-11-05
    listed $349,000 Active
21. 2023-10-29
    historical $950
22. 2023-09-28
    listed $950
23. 2021-08-11
    soldstatus $300,000
24. 2021-08-10
    soldstatus $300,000 294-char remark

    Show marketing remark (294 chars)

    Fabulous investment! Many updates in this up and down duplex. Two bedrooms, two baths downstairs and one bedroom, one bath up. . Decks, covered porches and a carport makes this a perfect home to live in half and rent out half or to add to your portfolio! This one will bring in a great return.

25. 2021-07-07
    listed $300,000 294-char remark

    Show marketing remark (294 chars)

    Fabulous investment! Many updates in this up and down duplex. Two bedrooms, two baths downstairs and one bedroom, one bath up. . Decks, covered porches and a carport makes this a perfect home to live in half and rent out half or to add to your portfolio! This one will bring in a great return.

26. 2016-10-31
    soldstatus $130,000
27. 2014-06-16
    soldstatus $57,000 405-char remark

    Show marketing remark (405 chars)

    This fantastic duplex home is nestled on a large, private lot in the center of town. The vacant first floor's kitchen and bathrooms have just been remodeled including new appliances. The usptairs unit has a tenant in place through May 2014. This is a must see! This property is eligible under the Freddie Mac First Look Initiative through 11/15/13. Owner Occupants only can submit offers during this time.

28. 2013-10-31
    listed $64,900 405-char remark

    Show marketing remark (405 chars)

    This fantastic duplex home is nestled on a large, private lot in the center of town. The vacant first floor's kitchen and bathrooms have just been remodeled including new appliances. The usptairs unit has a tenant in place through May 2014. This is a must see! This property is eligible under the Freddie Mac First Look Initiative through 11/15/13. Owner Occupants only can submit offers during this time.

29. 2007-12-31
    historical
30. 2007-09-05
    historical
31. 2007-06-21
    listed $142,500
32. 2006-05-31
    listed $142,500
33. 2003-07-25
    soldstatus $105,000
34. 2003-05-02
    listed $112,950

ⓘ 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: $826 · $69/mo
• Projected year-2 tax: $2,452 · $204/mo
• Expected delta: +$1,626/yr (+$135/mo · 196.8%)

ⓘ 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 2/10 Low
• 🌡 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: $44,544
• − Mortgage interest: −$16,749
• − Property taxes: −$826
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,564
• − Management: −$3,564
• − Depreciation: −$8,698
• Taxable income: $9,649
• Est. tax owed @ 24.0%: −$2,316
• After-tax cash flow: $11,737/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

+173.6% since first listed

19 events — show timeline

• 2026-05-15 Relisted — Hive MLS
• 2026-05-15 Price Changed $309,000 Hive MLS
• 2026-04-07 Price Changed $339,500 Hive MLS
• 2026-03-25 Price Changed $344,500 Hive MLS
• 2025-11-05 Listed $349,000 Hive MLS
• 2023-10-29 Rental Removed $950 APPFOLIO
• 2023-09-28 Listed for Rent $950 APPFOLIO
• 2021-08-11 Sold (Public Records) $300,000 Public Records
• 2021-08-10 Sold (MLS) $300,000 Hive MLS
• 2021-07-07 Listed $300,000 Hive MLS
• 2016-10-31 Sold (Public Records) $130,000 Public Records
• 2014-06-16 Sold (MLS) $57,000 Hive MLS
• 2013-10-31 Listed $64,900 Hive MLS
• 2007-12-31 Listing Removed — Hive MLS
• 2007-09-05 Listing Removed — Hive MLS
• 2007-06-21 Listed $142,500 Hive MLS
• 2006-05-31 Listed $142,500 Hive MLS
• 2003-07-25 Sold (MLS) $105,000 Hive MLS
• 2003-05-02 Listed $112,950 Hive MLS

Property tax history

+0.4%/yr

Latest (2025): $826 · -58.2% YoY. Source: county tax records.