1826 Waddell St · Wilmington, NC 28401

$425,000

4 bd · 2.0 ba · 1,764 sqft · MultiFamily public records · 80 Days on market

Built 1940 6,534 sqft lot

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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).

• Cash flow +15.4/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Like two houses in one! Front half of the home is a two bedroom, one bath home, back half is also two bedroom, one bath. Beautifully updated in last few years, like new inside. Framing, plumbing, electrical updated, new kitchen cabinets, new appliances, new hvac units with 10 year warranties. Many recent improvements in the area.

Key facts

• Screened front porch
• 6,534 sq ft lot
• Built 1940

Tags

• FULL ATTIC WITH A WINDOW
• FULLY RENOVATED BATHROOM
• SEPARATE STORAGE SHEDS
• EXTERIOR SECURITY LIGHTING
• SCREENED FRONT PORCH
• LARGE FENCED BACKYARD

Property features AI

Finance

• Other: Zoning: R-7
• HOA & community: No association amenities

Exterior

• Parking: Off-street parking; On-site parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Sewer and water connected
• Home design: Duplex; Single-story; Entry level: One
• Construction: Vinyl siding and frame construction; Shingle roof; Crawl space foundation; Built as a single-family residence (duplex structure)
• Exterior features: Front porch; Patio; Wood fencing; Shed(s) and storage; Has a view

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Master downstairs
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced-air heating (electric); Central air conditioning
• Interior features: Master bedroom on the ground floor; Walk-in closet(s); Ceiling fan(s); Window coverings
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $338k (20.5% below list).
• Recommended offer: $338k (20.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Sunset Park Elementary (math 22% / reading 27%, grade F, #1,112 of 1,410 statewide, top 82%, 409 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 35% at this address vs 50% district-wide (-16 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); 278 active listings in the ZIP; 4 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 80 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $75k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $270k; list at $425k implies a 57% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $338,000 (20.5% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.43×
• Total profit: $-68,412
• Equity at exit: $63,369

10-year hold

• IRR: -14.0%
• Equity multiple: 0.28×
• Total profit: $-85,108
• Equity at exit: $36,746

Cash invested: $119,000 (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: 278
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $3,380 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$98 /mo · $1,180/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $166

Break-even live

Break-even rent $3,170

Max offer price $425,000

Occupancy floor 90%

Sensitivity live

Price	-10% $407	-5% $286	+0% $166	+5% $46	+10% $-75
Rent	-10% $-101	-5% $33	+0% $166	+5% $300	+10% $433
Rate	-1.0pp $380	-0.5pp $274	base $166	+0.5pp $56	+1.0pp $-56

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,380
Total (2 units)			$3,380

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Bordeaux Ave Wilmington, NC	4.0	2.0	1650	$1,975	$1.20	22d	1	0.74mi
208 West Dr Wilmington, NC	3.0	2.0	1293	$1,900	$1.47	22d	1	1.20mi
1009 S 6th St Wilmington, NC	3.0	1.0	1482	$1,650	$1.11	15d	1	1.28mi
1518 Village Dr Wilmington, NC	1.0–3.0	1.0–2.0	1000	$1,619	$1.62	22d	7	1.44mi

Listing history 29 events

1. 2026-06-21
   pricedays on market $425,000 Active 80 DOM
2. 2026-06-18
   days on market $440,000 Active 77 DOM
3. 2026-06-17
   days on market $440,000 Active 76 DOM
4. 2026-06-16
   days on market $440,000 Active 75 DOM
5. 2026-06-15
   days on market $440,000 Active 74 DOM
6. 2026-06-14
   days on market $440,000 Active 72 DOM
7. 2026-06-13
   days on market $440,000 Active 71 DOM
8. 2026-06-10
   days on market $440,000 Active 69 DOM
9. 2026-06-09
   days on market $440,000 Active 68 DOM
10. 2026-06-08
    days on market $440,000 Active 67 DOM
11. 2026-06-07
    days on market $440,000 Active 66 DOM
12. 2026-06-05
    days on market $440,000 Active 63 DOM
13. 2026-06-03
    days on market $440,000 Active 62 DOM
14. 2026-06-03
    days on market $440,000 Active 61 DOM
15. 2026-05-31
    days on market $440,000 Active 59 DOM
16. 2026-05-30
    days on market $440,000 Active 58 DOM
17. 2026-05-20
    price $440,000
18. 2026-05-20
    price $450,000
19. 2026-05-11
    price $460,000
20. 2026-04-10
    price $475,000
21. 2026-04-02
    listed $500,000 Active
22. 2020-11-06
    soldstatus $270,000 332-char remark

    Show marketing remark (332 chars)

    Like two houses in one! Front half of the home is a two bedroom, one bath home, back half is also two bedroom, one bath. Beautifully updated in last few years, like new inside. Framing, plumbing, electrical updated, new kitchen cabinets, new appliances, new hvac units with 10 year warranties. Many recent improvements in the area.

23. 2020-11-06
    soldstatus $270,000

    Show marketing remark (332 chars)

    Like two houses in one! Front half of the home is a two bedroom, one bath home, back half is also two bedroom, one bath. Beautifully updated in last few years, like new inside. Framing, plumbing, electrical updated, new kitchen cabinets, new appliances, new hvac units with 10 year warranties. Many recent improvements in the area.

24. 2020-09-19
    listed $279,000 332-char remark

    Show marketing remark (332 chars)

    Like two houses in one! Front half of the home is a two bedroom, one bath home, back half is also two bedroom, one bath. Beautifully updated in last few years, like new inside. Framing, plumbing, electrical updated, new kitchen cabinets, new appliances, new hvac units with 10 year warranties. Many recent improvements in the area.

25. 2018-10-10
    soldstatus $111,200 467-char remark

    Show marketing remark (467 chars)

    Sample the warmth in this rewarding Bungalow on a large, level lot near schools. Settle down happily here, ready to enjoy the covered porch, main-level master bedroom and wood flooring. 3 bedrooms, 2 baths. Ideal for entertaining, this one takes advantage of the large rooms. The convenience of having all outdoor equipment neatly out of sight is managed with the storage shed. All the comforts of home--and much more: namely, a comfortable price. See it and love it!

26. 2018-03-26
    listed $109,900 467-char remark

    Show marketing remark (467 chars)

    Sample the warmth in this rewarding Bungalow on a large, level lot near schools. Settle down happily here, ready to enjoy the covered porch, main-level master bedroom and wood flooring. 3 bedrooms, 2 baths. Ideal for entertaining, this one takes advantage of the large rooms. The convenience of having all outdoor equipment neatly out of sight is managed with the storage shed. All the comforts of home--and much more: namely, a comfortable price. See it and love it!

27. 2004-05-11
    soldstatus $69,500
28. 2004-05-01
    soldstatus $69,500
29. 2003-11-17
    listed $69,500

ⓘ 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: $1,180 · $98/mo
• Projected year-2 tax: $3,485 · $290/mo
• Expected delta: +$2,305/yr (+$192/mo · 195.4%)

ⓘ 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 · 18 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: $40,560
• − Mortgage interest: −$23,807
• − Property taxes: −$1,180
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,245
• − Management: −$3,245
• − Depreciation: −$12,364
• Taxable loss: −$5,405
• Est. tax savings @ 24.0%: +$1,297
• After-tax cash flow: $3,290/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

+533.1% since first listed

13 events — show timeline

• 2026-05-20 Price Changed $440,000 Hive MLS
• 2026-05-20 Price Changed $450,000 Hive MLS
• 2026-05-11 Price Changed $460,000 Hive MLS
• 2026-04-10 Price Changed $475,000 Hive MLS
• 2026-04-02 Listed $500,000 Hive MLS
• 2020-11-06 Sold (Public Records) $270,000 Public Records
• 2020-11-06 Sold (MLS) $270,000 Hive MLS
• 2020-09-19 Listed $279,000 Hive MLS
• 2018-10-10 Sold (MLS) $111,200 Hive MLS
• 2018-03-26 Listed $109,900 Hive MLS
• 2004-05-11 Sold (MLS) $69,500 Hive MLS
• 2004-05-01 Sold (Public Records) $69,500 Public Records
• 2003-11-17 Listed $69,500 Hive MLS

Property tax history

+0.4%/yr

Latest (2025): $1,180 · -51.6% YoY. Source: county tax records.