832 Fanning St #0 · Wilmington, NC 28401

$180,000

2 bd · 1.0 ba · 736 sqft · SingleFamily public records · 108 Days on market

Built 1930 2,526 sqft lot Est $250k · 28% under

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +4.6/10.0
• 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

Fully renovated, move in ready! This 2 bedroom 1 bath home on a quiet and quaint side street is located a couple of blocks from the Brooklyn Arts District, restaurants, and all that downtown Wilmington has to offer. This home was fully remodeled in 2025. Everything is beautiful and new! Open living area with a shiplap accent wall, a brand-new modern kitchen with granite countertops, stainless steel dishwasher, stainless-steel gas oven, beautiful flooring throughout, new bathroom, new water heater, new HVAC, all new 5 panel shaker wood doors, new cabinets, new lighting fixtures and electrical outlets & switches. Separate laundry room with beautiful period perfect ceramic tile. New hardie board siding and fresh exterior paint. Newer roof installed in 2024. Nice fenced backyard.

Key facts

• 2,526 sq ft lot
• Built 1930
• Listed 108 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/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 $173k (3.7% below list).
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 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.
• Market conditions: Rents soft (-0.5%/yr); 279 active listings in the ZIP; 22 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).
• This rent runs 36% of the median local income ($58k/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 $1k of loan paydown is wiped out by about $5k 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 108 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $100k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $163,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 0.96% ✗
• Cap rate: 8.35%
• Cash-on-cash: 7.34%
• DSCR: 1.33
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $250,240
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 Swann St	0.38mi	2/1.0	744 (+1%)	1mo	$165,000	$222	80
904 Hanover St	0.09mi	2/2.0	720 (-2%)	18mo	$307,000	$426	74
811 Walnut St	0.28mi	2/2.0	704 (-4%)	12mo	$300,000	$426	65
906 Rankin St	0.23mi	2/1.0	820 (+11%)	12mo	$235,000	$287	60
608 Anderson St	0.12mi	2/1.0	838 (+14%)	14mo	$285,000	$340	60
909 N 6th St	0.29mi	2/1.0	820 (+11%)	12mo	$199,900	$244	57
506 Anderson St	0.20mi	3/1.0 (+1)	818 (+11%)	12mo	$183,000	$224	57
718 Red Cross St	0.24mi	2/1.0	822 (+12%)	16mo	$160,000	$195	56
708 Chestnut St	0.48mi	2/2.0	844 (+15%)	2mo	$321,000	$380	47
116 St James St	0.73mi	1/1.0 (-1)	736 (0%)	24mo	$280,000	$380	41

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: -8.2%
• Equity multiple: 0.71×
• Total profit: $-14,709
• Equity at exit: $26,839

10-year hold

• IRR: -2.5%
• Equity multiple: 0.85×
• Total profit: $-7,517
• Equity at exit: $15,563

Cash invested: $50,400 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,733 high
• Mortgage (P&I): −$944
• Tax from tax record: −$42 /mo · $503/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $308

Break-even live

Break-even rent $1,343

Max offer price $180,000

Occupancy floor 77%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
826 Hanover St Wilmington, NC	2.0	1.0	480	$1,500	$3.12	21d	1	0.09mi
214 Red Cross St Wilmington, NC	1.0	1.0	524	$1,198	$2.29	13d	2	0.55mi
1045 N Front St Wilmington, NC	1.0–3.0	1.0–2.0	1107	$2,190	$1.98	13d	19	0.64mi
1015 Nutt St Wilmington, NC	1.0–2.0	1.0–2.0	934	$2,150	$2.30	13d	28	0.68mi
901 Nutt St Wilmington, NC	3.0	1.0–3.0	1112	$4,374	$3.93	13d	24	0.69mi
304 N Front St Unit J Wilmington, NC	1.0	1.0	480	$1,500	$3.12	21d	1	0.70mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,425	$1.52	13d	1	0.71mi
19 Harnett St Wilmington, NC	2.0	1.0–2.0	832	$3,709	$4.46	13d	18	0.71mi
10 Grace St #302 Wilmington, NC	1.0	1.0	600	$2,200	$3.67	21d	1	0.77mi
919 Castle St Wilmington, NC	1.0	1.0	578	$1,200	$2.08	13d	1	1.11mi
919 Castle St Wilmington, NC	2.0	2.0	688	$1,375	$2.00	21d	1	1.11mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	13d	1	1.14mi
1102 Castle St Unit 202 Wilmington, NC	1.0	1.0	587	$1,300	$2.21	21d	1	1.16mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	13d	1	1.16mi
1102 Castle St #306 Wilmington, NC	1.0	1.0	587	$1,325	$2.26	21d	1	1.16mi
1108 Castle St Unit C Wilmington, NC	1.0	1.0	625	$1,375	$2.20	21d	1	1.16mi
1108 Castle St #112 Wilmington, NC	1.0	1.0	750	$1,500	$2.00	21d	1	1.16mi
1124 Castle St Unit 206 Wilmington, NC	1.0	1.0	598	$1,350	$2.26	21d	1	1.16mi
1124 Castle St Unit 201 Wilmington, NC	1.0	1.0	686	$1,475	$2.15	21d	1	1.16mi
416 S Front St #7 Wilmington, NC	1.0	1.0	425	$2,475	$5.82	21d	1	1.19mi
1704 Church St Unit 310 Wilmington, NC	1.0	1.0	525	$1,250	$2.38	21d	1	1.22mi
1704 Church St Wilmington, NC	1.0	1.0	525	$1,275	$2.43	13d	1	1.22mi

Listing history 11 events

1. 2025-12-11
   status Pending
2. 2025-07-31
   soldstatus $275,000 Closed 794-char remark

   Show marketing remark (794 chars)

   Fully renovated, move in ready! This 2 bedroom 1 bath home on a quiet and quaint side street is located a couple of blocks from the Brooklyn Arts District, restaurants, and all that downtown Wilmington has to offer. This home was fully remodeled in 2025. Everything is beautiful and new! Open living area with a shiplap accent wall, a brand-new modern kitchen with granite countertops, stainless steel dishwasher, stainless-steel gas oven, beautiful flooring throughout, new bathroom, new water heater, new HVAC, all new 5 panel shaker wood doors, new cabinets, new lighting fixtures and electrical outlets & switches. Separate laundry room with beautiful period perfect ceramic tile. New hardie board siding and fresh exterior paint. Newer roof installed in 2024. Nice fenced backyard.

3. 2025-07-31
   soldstatus $275,000

   Show marketing remark (794 chars)

   Fully renovated, move in ready! This 2 bedroom 1 bath home on a quiet and quaint side street is located a couple of blocks from the Brooklyn Arts District, restaurants, and all that downtown Wilmington has to offer. This home was fully remodeled in 2025. Everything is beautiful and new! Open living area with a shiplap accent wall, a brand-new modern kitchen with granite countertops, stainless steel dishwasher, stainless-steel gas oven, beautiful flooring throughout, new bathroom, new water heater, new HVAC, all new 5 panel shaker wood doors, new cabinets, new lighting fixtures and electrical outlets & switches. Separate laundry room with beautiful period perfect ceramic tile. New hardie board siding and fresh exterior paint. Newer roof installed in 2024. Nice fenced backyard.

4. 2025-06-30
   status Pending 794-char remark

   Show marketing remark (794 chars)

   Fully renovated, move in ready! This 2 bedroom 1 bath home on a quiet and quaint side street is located a couple of blocks from the Brooklyn Arts District, restaurants, and all that downtown Wilmington has to offer. This home was fully remodeled in 2025. Everything is beautiful and new! Open living area with a shiplap accent wall, a brand-new modern kitchen with granite countertops, stainless steel dishwasher, stainless-steel gas oven, beautiful flooring throughout, new bathroom, new water heater, new HVAC, all new 5 panel shaker wood doors, new cabinets, new lighting fixtures and electrical outlets & switches. Separate laundry room with beautiful period perfect ceramic tile. New hardie board siding and fresh exterior paint. Newer roof installed in 2024. Nice fenced backyard.

5. 2025-06-13
   listed $279,900 Active 794-char remark

   Show marketing remark (794 chars)

   Fully renovated, move in ready! This 2 bedroom 1 bath home on a quiet and quaint side street is located a couple of blocks from the Brooklyn Arts District, restaurants, and all that downtown Wilmington has to offer. This home was fully remodeled in 2025. Everything is beautiful and new! Open living area with a shiplap accent wall, a brand-new modern kitchen with granite countertops, stainless steel dishwasher, stainless-steel gas oven, beautiful flooring throughout, new bathroom, new water heater, new HVAC, all new 5 panel shaker wood doors, new cabinets, new lighting fixtures and electrical outlets & switches. Separate laundry room with beautiful period perfect ceramic tile. New hardie board siding and fresh exterior paint. Newer roof installed in 2024. Nice fenced backyard.

6. 2024-12-09
   soldstatus $142,000
7. 2024-11-29
   status Pending
8. 2024-08-13
   listed $180,000 Active
9. 2021-11-17
   soldstatus $65,000 306-char remark

   Show marketing remark (306 chars)

   Downtown Cottage!! Renovate this Cottage and live in the perfect location within minutes of the historic riverfront, steps away from the proposed Wilmington Rail Trail development and close to area shopping and micro breweries. House is being sold in as-is condition and sellers will not make any repairs.

10. 2021-11-17
    soldstatus $65,000

    Show marketing remark (306 chars)

    Downtown Cottage!! Renovate this Cottage and live in the perfect location within minutes of the historic riverfront, steps away from the proposed Wilmington Rail Trail development and close to area shopping and micro breweries. House is being sold in as-is condition and sellers will not make any repairs.

11. 2021-09-21
    listed $69,000 306-char remark

    Show marketing remark (306 chars)

    Downtown Cottage!! Renovate this Cottage and live in the perfect location within minutes of the historic riverfront, steps away from the proposed Wilmington Rail Trail development and close to area shopping and micro breweries. House is being sold in as-is condition and sellers will not make any repairs.

ⓘ 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: $503 · $42/mo
• Projected year-2 tax: $1,476 · $123/mo
• Expected delta: +$973/yr (+$81/mo · 193.4%)

ⓘ 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 3/10 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: $20,794
• − Mortgage interest: −$10,083
• − Property taxes: −$503
• − Insurance: −$900
• − Repairs & maintenance: −$1,664
• − Management: −$1,664
• − Depreciation: −$5,236
• Taxable income: $745
• Est. tax owed @ 24.0%: −$179
• After-tax cash flow: $3,518/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

+298.6% since first listed

11 events — show timeline

• 2025-12-11 Pending — Hive MLS
• 2025-07-31 Sold (Public Records) $275,000 Public Records
• 2025-07-31 Sold (MLS) $275,000 Hive MLS
• 2025-06-30 Pending — Hive MLS
• 2025-06-13 Listed $279,900 Hive MLS
• 2024-12-09 Sold (Public Records) $142,000 Public Records
• 2024-11-29 Pending — Hive MLS
• 2024-08-13 Listed $180,000 Hive MLS
• 2021-11-17 Sold (Public Records) $65,000 Public Records
• 2021-11-17 Sold (MLS) $65,000 Hive MLS
• 2021-09-21 Listed $69,000 Hive MLS

Property tax history

+0.4%/yr

Latest (2025): $503 · -24.8% YoY. Source: county tax records.