812 S 8th St · Wilmington, NC 28401

$250,000

2 bd · 1.5 ba · 1,140 sqft · SingleFamily public records · 90 Days on market

Built 1940 5,445 sqft lot Est $326k · 23% under

---

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 +12.1/30.0
• Schools +4.3/10.0
• DSCR +3.6/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a nice , 3 bedrooms, 1.5 bath home, hardwood floors, clean and ready to move in, large lot, close to downtown Wilmington, NC

Key facts

• Stylish backsplash
• 5,445 sq ft lot
• Built 1940

Tags

• ROCKING CHAIR FRONT PORCH
• LIGHT FILLED LIVING ROOM
• STYLISH BACKSPLASH
• STAINLESS STEEL APPLIANCES
• DURABLE LUXURY VINYL FLOORING
• GENEROUSLY SIZED BEDROOM

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: On-street parking
• Utilities: Public water; Sewer connected; Water connected
• Home design: Single family residence; One story
• Construction: Vinyl siding and frame construction; Shingle roof; Built with crawl space foundation
• Exterior features: Covered patio/porch; Deck; Front porch; Partial fencing; Has a view; Paved road access

Interior

• Kitchen: Refrigerator; Range; Dishwasher; Microwave
• Bedrooms: 5 total rooms (includes bedrooms and other living spaces)
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms; Accessible full bathroom
• Heating & cooling: Heat pump; Natural gas heating; Has cooling
• Interior features: Ceiling fans; Window coverings; Crawl space basement
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-53 ($-638/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (28.5% below list).
• Recommended offer: $179k (28.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: 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); 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 38% at this address vs 50% district-wide (-13 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; 31 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 90 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $250k implies a 285% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $178,758 (28.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 0.72% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $326,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1110 Queen St	0.30mi	3/2.0 (+1)	1,117 (-2%)	1mo	$355,000	$318	75
616 S 7th St	0.18mi	2/1.0	995 (-13%)	0mo	$177,750	$179	68
317 S 15th St	0.70mi	2/1.5	1,144 (+0%)	1mo	$280,000	$245	66
1318 Church St	0.54mi	3/2.0 (+1)	1,150 (+1%)	1mo	$239,000	$208	65
514 Church St	0.34mi	2/2.0	1,030 (-10%)	2mo	$405,000	$393	64
617 S 9th St	0.19mi	3/1.5 (+1)	993 (-13%)	2mo	$299,900	$302	63
1120 S 3rd St	0.48mi	2/1.0	1,229 (+8%)	1mo	$350,000	$285	62
503 S Front St	0.59mi	2/1.5	1,219 (+7%)	3mo	$523,500	$429	58
1116 S 3rd St	0.47mi	2/1.0	994 (-13%)	1mo	$297,000	$299	54
123 S 10th St	0.60mi	3/2.0 (+1)	1,080 (-5%)	3mo	$260,000	$241	54
118 S 13th St	0.71mi	3/2.0 (+1)	1,048 (-8%)	2mo	$300,000	$286	45
311 S 15th St	0.70mi	2/1.0	970 (-15%)	1mo	$222,000	$229	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: -20.7%
• Equity multiple: 0.30×
• Total profit: $-49,268
• Equity at exit: $37,276

10-year hold

• IRR: -21.2%
• Equity multiple: 0.03×
• Total profit: $-68,050
• Equity at exit: $21,615

Cash invested: $70,000 (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: 11.7×

Monthly cashflow live

• Estimated rent: $1,788 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$50 /mo · $602/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-53

Break-even live

Break-even rent $1,855

Max offer price $240,614

Occupancy floor 98%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1009 S 6th St Wilmington, NC	3.0	1.0	1482	$1,650	$1.11	13d	1	0.20mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	13d	1	0.32mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	13d	1	0.32mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	20d	1	0.32mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	13d	1	0.33mi
511 S 10th St Unit 1 Wilmington, NC	3.0	2.0	1200	$2,000	$1.67	13d	1	0.33mi
1108 Castle St #112 Wilmington, NC	1.0	1.0	750	$1,500	$2.00	20d	1	0.34mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	20d	1	0.34mi
418 S 8th St Wilmington, NC	2.0	1.0	873	$2,200	$2.52	13d	1	0.36mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	20d	1	0.40mi
618 S 3rd St #2 Wilmington, NC	2.0	2.0	1000	$1,750	$1.75	20d	1	0.44mi
1104 S 2nd St Wilmington, NC	1.0	1.0	1200	$1,400	$1.17	20d	1	0.52mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	13d	1	0.53mi
301 Martin St Wilmington, NC	2.0	2.5	1036	$2,400	$2.32	20d	1	0.58mi
1519 Lake Branch Dr Wilmington, NC	1.0–3.0	1.0	720	$1,125	$1.56	20d	1	0.63mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	13d	13	0.65mi
208 West Dr Wilmington, NC	3.0	2.0	1293	$1,900	$1.47	20d	1	0.66mi
106 Ann St Wilmington, NC	2.0	2.5	1150	$2,450	$2.13	20d	1	0.72mi
1704 Church St Wilmington, NC	2.0	2.0	830	$1,475	$1.78	20d	1	0.76mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,425	$1.52	13d	1	0.79mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	13d	29	0.94mi
1904 Perry Ave Wilmington, NC	2.0	1.0	1017	$2,500	$2.46	20d	1	1.11mi
14 Grace St Wilmington, NC	1.0–2.0	1.0–2.0	1041	$2,347	$2.25	13d	3	1.11mi
2247 Wrightsville Ave Wilmington, NC	3.0	1.0–2.0	753	$1,363	$1.81	13d	9	1.19mi
705 Brooks Aly Wilmington, NC	2.0	3.0	1308	$1,950	$1.49	20d	1	1.21mi
524 N 2nd St Wilmington, NC	2.0	2.0	1000	$1,450	$1.45	20d	1	1.29mi
505 Alpine Dr Wilmington, NC	1.0–3.0	1.0–2.0	1009	$1,454	$1.44	13d	9	1.31mi
709 N 11th St Wilmington, NC	2.0	1.0	800	$1,475	$1.84	20d	1	1.33mi
805 N 4th St Unit 201 Wilmington, NC	2.0	2.0	1200	$2,000	$1.67	20d	1	1.45mi
814 N 3rd St Wilmington, NC	2.0	2.0	1009	$1,692	$1.68	13d	3	1.47mi
507 Bladen St Wilmington, NC	2.0	2.0	1222	$2,500	$2.05	20d	1	1.49mi

Listing history 21 events

1. 2026-06-18
   days on market $250,000 Active 90 DOM
2. 2026-06-17
   days on market $250,000 Active 89 DOM
3. 2026-06-16
   days on market $250,000 Active 88 DOM
4. 2026-06-15
   days on market $250,000 Active 87 DOM
5. 2026-06-14
   days on market $250,000 Active 85 DOM
6. 2026-06-13
   days on market $250,000 Active 84 DOM
7. 2026-06-10
   days on market $250,000 Active 82 DOM
8. 2026-06-09
   days on market $250,000 Active 81 DOM
9. 2026-06-08
   days on market $250,000 Active 80 DOM
10. 2026-06-07
    days on market $250,000 Active 79 DOM
11. 2026-06-05
    days on market $250,000 Active 76 DOM
12. 2026-06-03
    days on market $250,000 Active 75 DOM
13. 2026-06-03
    days on market $250,000 Active 74 DOM
14. 2026-05-31
    days on market $250,000 Active 72 DOM
15. 2026-05-30
    days on market $250,000 Active 71 DOM
16. 2026-05-08
    price $260,000
17. 2026-04-03
    price $270,000
18. 2026-03-20
    listed $285,000 Active
19. 2016-10-03
    soldstatus $65,000 132-char remark

    Show marketing remark (132 chars)

    This is a nice , 3 bedrooms, 1.5 bath home, hardwood floors, clean and ready to move in, large lot, close to downtown Wilmington, NC

20. 2016-10-03
    soldstatus $73,000

    Show marketing remark (132 chars)

    This is a nice , 3 bedrooms, 1.5 bath home, hardwood floors, clean and ready to move in, large lot, close to downtown Wilmington, NC

21. 2016-05-19
    listed $65,000 132-char remark

    Show marketing remark (132 chars)

    This is a nice , 3 bedrooms, 1.5 bath home, hardwood floors, clean and ready to move in, large lot, close to downtown Wilmington, NC

ⓘ 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: $602 · $50/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$1,448/yr (+$121/mo · 240.8%)

ⓘ 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 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: $21,451
• − Mortgage interest: −$14,004
• − Property taxes: −$602
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,716
• − Management: −$1,716
• − Depreciation: −$7,273
• Taxable loss: −$5,109
• Est. tax savings @ 24.0%: +$1,226
• After-tax cash flow: $589/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

+300.0% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $260,000 Hive MLS
• 2026-04-03 Price Changed $270,000 Hive MLS
• 2026-03-20 Listed $285,000 Hive MLS
• 2016-10-03 Sold (Public Records) $73,000 Public Records
• 2016-10-03 Sold (MLS) $65,000 Hive MLS
• 2016-05-19 Listed $65,000 Hive MLS

Property tax history

+0.4%/yr

Latest (2025): $602 · -55.4% YoY. Source: county tax records.