2131 Market St · Wilmington, NC 28403

$233,750

3 bd · 2.0 ba · 1,313 sqft · Townhouse public records · 79 Days on market

Built 2001 1,176 sqft lot Est $331k · 29% under $113/mo HOA · 6% of rent

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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 +15.0/15.0
• Cash flow +14.0/30.0
• Schools +4.3/10.0
• DSCR +4.2/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A rare opportunity! Both 2131 & 2133 Market Street are available for sale - two townhouses under one roof in Port City Commons. This location is fantastic! Close to downtown, ILM airport, UNCW and an easy drive to the beaches. Wallace Park is also across the street and there's a Port City Java next door. These 3-bedroom, 2-bathroom, 2-story floor plans are very livable with over 1300 square feet, primary bedroom on the main level, a vaulted living room ceiling, charming fireplace and open kitchen. Each unit also has their own private courtyard with patio. This building is tucked in the back of this quiet community for a peaceful setting. Each townhouse comes with two assigned parking

Key facts

• Charming fireplace
• Open kitchen
• $113 HOA

Tags

• PRIVATE BACK COURTYARD
• OPEN KITCHEN
• CHARMING FIREPLACE
• VAULTED LIVING ROOM CEILING
• ASSIGNED PARKING SPACES
• GUEST PARKING AVAILABLE

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $1,360 (about $113.33/month); Community sidewalks

Exterior

• Parking: Assigned off-street paved parking in a parking lot
• Utilities: Public water; Sewer connected; Natural gas connected; Water connected; Electric service
• Home design: Townhouse; Two-story; Entry on main level
• Construction: Vinyl siding with frame construction; Shingle roof; Slab foundation; Built recently (home warranty included)
• Exterior features: Patio; Back yard wood fencing; Paved roads / private road access

Interior

• Kitchen: Refrigerator; Dishwasher; Gas range
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Ceiling fan(s); Window coverings; Has a view
• Laundry & utility: Washer; Dryer; Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $234k.

Deal economics

• At list price, monthly cash flow is $30 ($360/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (15.9% below list).
• Recommended offer: $197k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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 flat; 189 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 43% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 79 days — a 6% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $130k; list at $234k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $196,631 (15.9% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $330,876
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2143 Market St	0.04mi	3/2.0	1,357 (+3%)	11mo	$239,000	$176	84
15 Saint Marys Pl	0.07mi	3/2.0	1,150 (-12%)	9mo	$290,000	$252	68

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 · 0.48% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.38×
• Total profit: $-40,858
• Equity at exit: $34,853

10-year hold

• IRR: -15.9%
• Equity multiple: 0.20×
• Total profit: $-52,202
• Equity at exit: $20,210

Cash invested: $65,450 (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 28403

• Rents YoY: 0.5%
• Active inventory: 189
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,966 high
• Mortgage (P&I): −$1,226
• Tax from tax record: −$87 /mo · $1,046/yr
• Insurance: −$97
• HOA: −$113
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $30

Break-even live

Break-even rent $1,928

Max offer price $233,750

Occupancy floor 93%

Sensitivity live

Price	-10% $162	-5% $96	+0% $30	+5% $-36	+10% $-102
Rent	-10% $-125	-5% $-48	+0% $30	+5% $108	+10% $185
Rate	-1.0pp $148	-0.5pp $89	base $30	+0.5pp $-31	+1.0pp $-92

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: $58,438
• Closing costs: $7,012
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1904 Perry Ave Wilmington, NC	2.0	1.0	1017	$2,500	$2.46	23d	1	0.30mi
505 Alpine Dr Wilmington, NC	1.0–3.0	1.0–2.0	1009	$1,810	$1.79	15d	9	0.66mi
2247 Wrightsville Ave Wilmington, NC	3.0	1.0–2.0	753	$1,520	$2.02	15d	9	0.81mi
331 S Turners Run Wilmington, NC	1.0–3.0	1.0–2.0	905	$1,279	$1.41	23d	1	0.84mi
105 Montgomery Ave Wilmington, NC	3.0	1.0	1000	$1,750	$1.75	23d	1	0.89mi
200 Henry St Wilmington, NC	3.0	2.0	1232	$1,795	$1.46	15d	1	1.05mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	23d	1	1.05mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	23d	1	1.07mi
361 Darlington Ave Wilmington, NC	1.0–3.0	1.0–3.0	1039	$1,772	$1.71	15d	21	1.08mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	15d	1	1.09mi
2603 McClammy St Unit 1 Wilmington, NC	3.0	1.0	1082	$1,900	$1.76	23d	1	1.10mi
511 S 10th St Unit 1 Wilmington, NC	3.0	2.0	1200	$2,000	$1.67	15d	1	1.12mi
1419 King St Wilmington, NC	3.0	2.5	1389	$2,200	$1.58	23d	1	1.16mi
705 Brooks Aly Wilmington, NC	2.0	3.0	1308	$1,950	$1.49	23d	1	1.22mi
1649 King St Wilmington, NC	4.0	2.5	1760	$2,275	$1.29	23d	1	1.27mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	15d	1	1.33mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	23d	1	1.33mi
816 Nixon St Apt D Wilmington, NC	3.0	2.0	1270	$1,650	$1.30	23d	1	1.35mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,500	$1.60	15d	1	1.37mi
710 Taylor St Unit D Wilmington, NC	2.0	2.0	885	$1,395	$1.58	15d	1	1.45mi
507 Bladen St Wilmington, NC	2.0	2.0	1222	$2,500	$2.05	23d	1	1.46mi

HOA detail

• Monthly dues: $113 · $1,356/yr
• Likely covers: parking

Listing history 28 events

1. 2026-06-21
   days on market $233,750 Active 79 DOM
2. 2026-06-18
   days on market $233,750 Active 76 DOM
3. 2026-06-17
   days on market $233,750 Active 75 DOM
4. 2026-06-16
   days on market $233,750 Active 74 DOM
5. 2026-06-15
   days on market $233,750 Active 73 DOM
6. 2026-06-14
   days on market $233,750 Active 71 DOM
7. 2026-06-13
   days on market $233,750 Active 70 DOM
8. 2026-06-10
   days on market $233,750 Active 68 DOM
9. 2026-06-09
   days on market $233,750 Active 67 DOM
10. 2026-06-08
    days on market $233,750 Active 66 DOM
11. 2026-06-07
    days on market $233,750 Active 65 DOM
12. 2026-06-05
    days on market $233,750 Active 62 DOM
13. 2026-06-03
    days on market $233,750 Active 61 DOM
14. 2026-06-03
    days on market $233,750 Active 60 DOM
15. 2026-05-31
    days on market $233,750 Active 58 DOM
16. 2026-05-30
    days on market $233,750 Active 57 DOM
17. 2026-04-03
    listed $233,750 Active
18. 2025-06-01
    historical $1,550
19. 2025-05-15
    price $1,550
20. 2025-04-28
    price $1,565
21. 2025-04-25
    historical
22. 2025-04-15
    listed $1,595
23. 2025-04-15
    historical $1,595
24. 2025-04-11
    listed $1,595
25. 2025-03-20
    listed $279,000 Active
26. 2023-06-17
    historical
27. 2007-12-27
    soldstatus $130,000
28. 2006-06-27
    soldstatus $2,333,500

ⓘ 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: $1,046 · $87/mo
• Projected year-2 tax: $1,917 · $160/mo
• Expected delta: +$870/yr (+$73/mo · 83.2%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $23,596
• − Mortgage interest: −$13,094
• − Property taxes: −$1,046
• − Insurance: −$1,169
• − Repairs & maintenance: −$1,888
• − Management: −$1,888
• − HOA: −$1,356
• − Depreciation: −$6,800
• Taxable loss: −$3,644
• Est. tax savings @ 24.0%: +$875
• After-tax cash flow: $1,234/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): 40,319
• Household income: $54,547
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 3893.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 12% Hispanic / Latino 8% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1% Cuban 1%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 5% Korean 1% 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: ▼ -503.72%
• Current HPI: 251.0154
• Rent YoY: ▲ 0.48%
• 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

-90.0% since first listed

12 events — show timeline

• 2026-04-03 Listed $233,750 Hive MLS
• 2025-06-01 Rental Removed $1,550 RENTLY
• 2025-05-15 Price Changed $1,550 RENTLY
• 2025-04-28 Price Changed $1,565 RENTLY
• 2025-04-25 Listing Removed — Hive MLS
• 2025-04-15 Listed for Rent $1,595 RENTLY
• 2025-04-15 Rental Removed $1,595 APPFOLIO
• 2025-04-11 Listed for Rent $1,595 APPFOLIO
• 2025-03-20 Listed $279,000 Hive MLS
• 2023-06-17 Rental Removed — APPFOLIO
• 2007-12-27 Sold (Public Records) $130,000 Public Records
• 2006-06-27 Sold (Public Records) $2,333,500 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,046 · -1.3% YoY. Source: county tax records.