1115 S 6th St · Wilmington, NC 28401

$183,900

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 382 Days on market

Built 1925 3,920 sqft lot Est $290k · 37% 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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 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

Listing remarks MLS

Head south on Market St; turn left onto S 16th St; turn right onto Wooster St; turn left onto S 6th St. Property will be on the left

Key facts

• 3,920 sq ft lot
• Built 1925
• Listed 382 days

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: On-street parking
• Utilities: Public water; Sewer available; Water available
• Home design: Single-family residence; One level
• Construction: Vinyl siding construction
• Exterior features: Front porch; Chain link fencing; Shingle roof; Has a view; Paved road access; Lot dimensions approximately 96 x 33 x 96 x 36

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: No fireplace; Crawl space basement; 5 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $184k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Recommended offer: $162k (12.0% 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); 277 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 382 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $184k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $161,832 (12.0% below list)

Questions for the listing agent

1. It's been on market 382 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.18%
• DSCR: 1.45
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $289,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1203 S 8th St	0.16mi	3/1.0	942 (-2%)	1mo	$150,000	$159	88
815 S 5th Ave	0.27mi	2/1.5 (-1)	963 (+0%)	1mo	$135,000	$140	79
1116 S 3rd St	0.27mi	2/1.0 (-1)	994 (+4%)	1mo	$297,000	$299	76
612 S 6th St	0.45mi	3/1.0	964 (+0%)	6mo	$318,000	$330	74
616 S 7th St	0.45mi	2/1.0 (-1)	995 (+4%)	0mo	$177,750	$179	68
617 S 9th St	0.49mi	3/1.5	993 (+3%)	2mo	$299,900	$302	68
1415 S 3rd St	0.34mi	2/1.0 (-1)	1,010 (+5%)	5mo	$379,900	$376	66
708 S 14th St	0.68mi	3/2.0	1,000 (+4%)	3mo	$360,000	$360	54
514 Church St	0.57mi	2/2.0 (-1)	1,030 (+7%)	2mo	$405,000	$393	50
517 S 6th St	0.52mi	3/2.0	1,043 (+9%)	9mo	$312,500	$300	50
1015 Shaws Aly	0.50mi	2/1.0 (-1)	825 (-14%)	10mo	$245,000	$297	40
805 S 13th St	0.60mi	2/1.0 (-1)	819 (-15%)	3mo	$247,500	$302	40

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: -4.2%
• Equity multiple: 0.85×
• Total profit: $-7,767
• Equity at exit: $27,420

10-year hold

• IRR: 2.1%
• Equity multiple: 1.13×
• Total profit: $6,642
• Equity at exit: $15,900

Cash invested: $51,492 (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: 277
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,956 high
• Mortgage (P&I): −$964
• Tax from tax record: −$67 /mo · $803/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $437

Break-even live

Break-even rent $1,402

Max offer price $183,900

Occupancy floor 73%

Sensitivity live

Price	-10% $541	-5% $489	+0% $437	+5% $385	+10% $333
Rent	-10% $283	-5% $360	+0% $437	+5% $514	+10% $592
Rate	-1.0pp $530	-0.5pp $484	base $437	+0.5pp $389	+1.0pp $341

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: $45,975
• Closing costs: $5,517
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Martin St Wilmington, NC	2.0	2.5	1036	$2,400	$2.32	23d	1	0.29mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	16d	13	0.38mi
1519 Lake Branch Dr Wilmington, NC	1.0–3.0	1.0	720	$1,307	$1.82	23d	1	0.42mi
618 S 3rd St #2 Wilmington, NC	2.0	2.0	1000	$1,750	$1.75	23d	1	0.51mi
919 Castle St Wilmington, NC	2.0	2.0	688	$1,375	$2.00	23d	1	0.59mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	16d	1	0.61mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	16d	1	0.62mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	23d	1	0.63mi
418 S 8th St Wilmington, NC	2.0	1.0	873	$2,200	$2.52	16d	1	0.64mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	23d	1	0.64mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	16d	1	0.66mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	16d	29	0.93mi
1704 Church St Wilmington, NC	2.0	2.0	830	$1,475	$1.78	23d	1	1.02mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,500	$1.60	16d	1	1.02mi
14 Grace St Wilmington, NC	1.0–2.0	1.0–2.0	1041	$2,347	$2.25	16d	3	1.29mi
2247 Wrightsville Ave Wilmington, NC	3.0	1.0–2.0	753	$1,520	$2.02	16d	9	1.36mi
1904 Perry Ave Wilmington, NC	2.0	1.0	1017	$2,500	$2.46	23d	1	1.39mi

Listing history 17 events

1. 2026-05-31
   days on market $183,900 Active 382 DOM
2. 2026-05-30
   days on market $183,900 Active 381 DOM
3. 2025-11-03
   price $183,900
4. 2025-09-12
   status Active
5. 2025-06-18
   status Pending
6. 2025-02-17
   listed $194,900 Active
7. 2023-11-30
   historical $1,650
8. 2023-09-30
   price $1,650
9. 2023-09-28
   listed $1,500
10. 2019-01-16
    soldstatus $70,000 132-char remark

    Show marketing remark (132 chars)

    Head south on Market St; turn left onto S 16th St; turn right onto Wooster St; turn left onto S 6th St. Property will be on the left

11. 2018-12-04
    listed $69,900 132-char remark

    Show marketing remark (132 chars)

    Head south on Market St; turn left onto S 16th St; turn right onto Wooster St; turn left onto S 6th St. Property will be on the left

12. 2015-08-31
    soldstatus $24,899 431-char remark

    Show marketing remark (431 chars)

    Three bedroom bungalow has hardwood floors, covered front porch, and fenced yard. Time Limit Bid Property. 4.5% Buyer Premium chgd buyer at closing. No contingencies accepted on TLB Properties. REO. Property sold As-Is w/o repair, warranty or Seller Disclosure. The Listing Broker & Seller assume no responsibility & make no guarantees as to the accuracy of info herein. Seller will accept cash or conventional offers only.

13. 2015-01-20
    listed $25,600 431-char remark

    Show marketing remark (431 chars)

    Three bedroom bungalow has hardwood floors, covered front porch, and fenced yard. Time Limit Bid Property. 4.5% Buyer Premium chgd buyer at closing. No contingencies accepted on TLB Properties. REO. Property sold As-Is w/o repair, warranty or Seller Disclosure. The Listing Broker & Seller assume no responsibility & make no guarantees as to the accuracy of info herein. Seller will accept cash or conventional offers only.

14. 2014-08-21
    historical
15. 2012-10-03
    listed $43,000
16. 2011-07-17
    historical
17. 2010-06-16
    listed $57,000

ⓘ 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: $803 · $67/mo
• Projected year-2 tax: $1,508 · $126/mo
• Expected delta: +$705/yr (+$59/mo · 87.9%)

ⓘ 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 · 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: $23,467
• − Mortgage interest: −$10,301
• − Property taxes: −$803
• − Insurance: −$920
• − Repairs & maintenance: −$1,877
• − Management: −$1,877
• − Depreciation: −$5,350
• Taxable income: $2,339
• Est. tax owed @ 24.0%: −$561
• After-tax cash flow: $4,683/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

+222.6% since first listed

15 events — show timeline

• 2025-11-03 Price Changed $183,900 Hive MLS
• 2025-09-12 Relisted — Hive MLS
• 2025-06-18 Pending — Hive MLS
• 2025-02-17 Listed $194,900 Hive MLS
• 2023-11-30 Rental Removed $1,650 APPFOLIO
• 2023-09-30 Price Changed $1,650 APPFOLIO
• 2023-09-28 Listed for Rent $1,500 APPFOLIO
• 2019-01-16 Sold (MLS) $70,000 Hive MLS
• 2018-12-04 Listed $69,900 Hive MLS
• 2015-08-31 Sold (MLS) $24,899 Hive MLS
• 2015-01-20 Listed $25,600 Hive MLS
• 2014-08-21 Listing Removed — Hive MLS
• 2012-10-03 Listed $43,000 Hive MLS
• 2011-07-17 Listing Removed — Hive MLS
• 2010-06-16 Listed $57,000 Hive MLS

Property tax history

-6.0%/yr

Latest (2025): $803 · -5.9% YoY. Source: county tax records.