713 Ann St · Wilmington, NC 28401

$159,000

2 bd · 1.0 ba · 791 sqft · SingleFamily public records · 5 Days on market

Built 1955 4,356 sqft lot Est $239k · 33% 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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.5/10.0
• 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

Great deal for first time home buyer or investor. 2 bedroom, 1 bath cottage located in the heart of Wilmington. Needs some tender loving care but has great potential. Public tennis courts, pool, and playground are only a short walk away.

Key facts

• Covered porch
• Formal dining room
• One-level living

Tags

• FORMAL DINING ROOM
• COVERED PORCH
• CRAWL SPACE FOUNDATION
• ONE-LEVEL LIVING

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Sewer connected; Cable available; Natural gas available
• Home design: Single-family residence; One story; Entry level: 1; Vinyl siding and frame construction
• Construction: Shingle roof
• Exterior features: Rear porch; Full fenced backyard; Paved road frontage on city street and state road; Level lot

Interior

• Kitchen: Electric range; Electric water heater
• Bedrooms: Total of 5 rooms (bedrooms and living spaces counted within total rooms)
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; No central cooling
• Interior features: Unfurnished; Crawl space basement; Has a view
• Laundry & utility: Utilities include water and sewer connections

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Cap rate 8.8% 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; 36 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 35% 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y ago 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; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $159,000

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.05% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $238,882
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514 S 6th St	0.27mi	2/1.0	792 (+0%)	11mo	$272,000	$343	78
119 S 12th St	0.36mi	3/1.0 (+1)	767 (-3%)	2mo	$171,500	$224	71
221 S 11th St	0.26mi	2/1.0	703 (-11%)	2mo	$140,000	$199	67
708 Chestnut St	0.39mi	2/2.0	844 (+7%)	2mo	$321,000	$380	65
1015 Shaws Aly	0.46mi	2/1.0	825 (+4%)	9mo	$245,000	$297	64
805 S 13th St	0.63mi	2/1.0	819 (+4%)	3mo	$247,500	$302	62
1005 Queen St	0.41mi	1/1.0 (-1)	828 (+5%)	11mo	$110,000	$133	59
209 Queen St	0.54mi	2/1.0	717 (-9%)	1mo	$242,000	$338	58
214 S 15th St	0.54mi	2/1.0	867 (+10%)	4mo	$312,000	$360	55
906 Rankin St	0.62mi	2/1.0	820 (+4%)	12mo	$235,000	$287	55
222 S 13th St	0.39mi	3/1.0 (+1)	880 (+11%)	10mo	$230,000	$261	49
504 Peabody Aly	0.61mi	2/2.0	900 (+14%)	4mo	$290,000	$322	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: -6.0%
• Equity multiple: 0.78×
• Total profit: $-9,627
• Equity at exit: $23,707

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-355
• Equity at exit: $13,747

Cash invested: $44,520 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$834
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $331

Break-even live

Break-even rent $1,254

Max offer price $159,000

Occupancy floor 75%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 S 8th St Wilmington, NC	2.0	1.0	873	$2,200	$2.52	13d	1	0.12mi
919 Castle St Wilmington, NC	2.0	2.0	688	$1,375	$2.00	21d	1	0.26mi
919 Castle St Wilmington, NC	1.0	1.0	578	$1,200	$2.08	13d	1	0.26mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	13d	1	0.35mi
1102 Castle St Unit 202 Wilmington, NC	1.0	1.0	587	$1,300	$2.21	21d	1	0.35mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	13d	1	0.35mi
1102 Castle St #306 Wilmington, NC	1.0	1.0	587	$1,325	$2.26	21d	1	0.35mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,425	$1.52	13d	1	0.36mi
1108 Castle St Unit C Wilmington, NC	1.0	1.0	625	$1,375	$2.20	21d	1	0.36mi
1108 Castle St #112 Wilmington, NC	1.0	1.0	750	$1,500	$2.00	21d	1	0.36mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	21d	1	0.36mi
1124 Castle St Unit 206 Wilmington, NC	1.0	1.0	598	$1,350	$2.26	21d	1	0.37mi
1124 Castle St Unit 201 Wilmington, NC	1.0	1.0	686	$1,475	$2.15	21d	1	0.37mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	13d	1	0.42mi
618 S 3rd St #2 Wilmington, NC	2.0	2.0	1000	$1,750	$1.75	21d	1	0.50mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	21d	1	0.55mi
1704 Church St Wilmington, NC	2.0	2.0	830	$1,475	$1.78	21d	1	0.72mi
1704 Church St Unit 310 Wilmington, NC	1.0	1.0	525	$1,250	$2.38	21d	1	0.72mi
1704 Church St Wilmington, NC	1.0	1.0	525	$1,275	$2.43	13d	1	0.72mi
14 Grace St Wilmington, NC	1.0–2.0	1.0–2.0	1041	$2,347	$2.25	13d	3	0.74mi
10 Grace St #302 Wilmington, NC	1.0	1.0	600	$2,200	$3.67	21d	1	0.78mi
524 N 2nd St Wilmington, NC	2.0	2.0	1000	$1,450	$1.45	21d	1	0.84mi
709 N 11th St Wilmington, NC	2.0	1.0	800	$1,475	$1.84	21d	1	0.86mi
1904 Perry Ave Wilmington, NC	2.0	1.0	1017	$2,500	$2.46	21d	1	0.90mi
301 Martin St Wilmington, NC	2.0	2.5	1036	$2,400	$2.32	21d	1	1.00mi
814 N 3rd St Wilmington, NC	2.0	2.0	1009	$1,692	$1.68	13d	3	1.00mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	13d	13	1.05mi
1519 Lake Branch Dr Wilmington, NC	1.0–3.0	1.0	720	$1,125	$1.56	21d	1	1.11mi
901 Nutt St Wilmington, NC	3.0	1.0–3.0	1112	$4,374	$3.93	13d	24	1.15mi
19 Harnett St Wilmington, NC	2.0	1.0–2.0	832	$3,709	$4.46	13d	18	1.23mi
2247 Wrightsville Ave Wilmington, NC	3.0	1.0–2.0	753	$1,363	$1.81	13d	9	1.27mi
1045 N Front St Wilmington, NC	1.0–3.0	1.0–2.0	1107	$2,190	$1.98	13d	19	1.28mi
710 Taylor St Unit D Wilmington, NC	2.0	2.0	885	$1,395	$1.58	13d	1	1.29mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	13d	29	1.32mi
505 Alpine Dr Wilmington, NC	1.0–3.0	1.0–2.0	1009	$1,454	$1.44	13d	9	1.33mi
1015 Nutt St Wilmington, NC	1.0–2.0	1.0–2.0	934	$2,150	$2.30	13d	28	1.36mi

Listing history 5 events

1. 2026-06-09
   status $159,000 Pending 5 DOM
2. 2026-06-08
   days on market $159,000 Active 5 DOM
3. 2026-06-07
   days on market $159,000 Active 4 DOM
4. 2026-06-03
   remarks 516-char remark
5. 2026-06-03
   listed $159,000 Active 1 DOM

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $1,304 · $109/mo
• Expected delta: +$212/yr (+$18/mo · 19.4%)

ⓘ 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 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: $20,082
• − Mortgage interest: −$8,906
• − Property taxes: −$1,092
• − Insurance: −$795
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − Depreciation: −$4,625
• Taxable income: $1,450
• Est. tax owed @ 24.0%: −$348
• After-tax cash flow: $3,624/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

+307.7% since first listed

8 events — show timeline

• 2026-06-03 Listed $159,000 Hive MLS
• 2019-07-12 Sold (Public Records) $130,000 Public Records
• 2015-07-15 Sold (Public Records) $67,500 Public Records
• 2012-06-01 Listing Removed — Hive MLS
• 2012-04-13 Listed $79,500 Hive MLS
• 2011-09-28 Sold (MLS) $29,900 Hive MLS
• 2011-08-26 Listed $29,900 Hive MLS
• 2002-05-01 Sold (Public Records) $39,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,092 · -2.3% YoY. Source: county tax records.