1020 S 8th St · Wilmington, NC 28401

$234,000

2 bd · 1.0 ba · 1,203 sqft · SingleFamily public records · 230 Days on market

Built 1922 7,275 sqft lot Est $343k · 32% 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 +12.3/30.0
• Schools +4.3/10.0
• DSCR +3.6/10.0
• Livability +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained brick home located close to downtown with oversized detached garage and covered front porch.

Key facts

• No hoa
• Conveniently located
• 7,275 sq ft lot

Tags

• NO HOA
• CONVENIENTLY LOCATED
• 5 MINUTES FROM DOWNTOWN

Property features AI

Exterior

• Parking: Off-street parking on site; Detached garage with 1 garage space (1 total parking space)
• Utilities: Public water; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; One story
• Construction: Brick veneer and frame construction; Slab foundation; Built as residential single-family
• Exterior features: Covered porch; Back yard fencing; Shingle roof; Paved road frontage; Road fronted by city street and state road

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: 5 total rooms; Has view

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $234k.

Deal economics

• At list price, monthly cash flow is $-43 ($-521/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (23.9% below list).
• Recommended offer: $178k (23.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Forest Hills Global Elementary (math 12% / reading 20%, grade F, #1,313 of 1,410 statewide, top 93%, 338 students, 99% FRL); Myrtle Grove Middle (math 40% / reading 49%, grade D, #169 of 475 statewide, top 37%, 645 students, 56% 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 62% FRL vs 42% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 279 active listings in the ZIP; 27 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 37% 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 $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 230 days — a 12% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $178,070 (23.9% 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 230 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1922 — 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: 0.76% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.80%
• DSCR: 0.96
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $342,855
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 S 3rd St	0.40mi	2/1.0	1,229 (+2%)	1mo	$350,000	$285	77
602 Wright St	0.14mi	3/1.5 (+1)	1,310 (+9%)	4mo	$264,450	$202	69
735 S 12th St	0.43mi	3/2.0 (+1)	1,225 (+2%)	7mo	$332,500	$271	62
503 S Front St	0.71mi	2/1.5	1,219 (+1%)	3mo	$523,500	$429	60
1008 S 10th St	0.16mi	3/2.0 (+1)	1,350 (+12%)	4mo	$250,000	$185	60
1110 Queen St	0.42mi	3/2.0 (+1)	1,117 (-7%)	1mo	$355,000	$318	58
111 Meares St	0.49mi	3/1.0 (+1)	1,299 (+8%)	8mo	$240,000	$185	52
1016 S 12th St	0.30mi	3/2.0 (+1)	1,377 (+14%)	2mo	$360,000	$261	52
1318 Church St	0.67mi	3/2.0 (+1)	1,150 (-4%)	1mo	$239,000	$208	51
617 S 2nd St	0.56mi	2/2.0	1,302 (+8%)	8mo	$417,500	$321	49
514 Church St	0.52mi	2/2.0	1,030 (-14%)	2mo	$405,000	$393	46
1412 Church St	0.71mi	3/2.0 (+1)	1,023 (-15%)	4mo	$382,000	$373	30

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: $-45,980
• Equity at exit: $34,890

10-year hold

• IRR: -21.6%
• Equity multiple: 0.02×
• Total profit: $-64,077
• Equity at exit: $20,232

Cash invested: $65,520 (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: 11.0×

Monthly cashflow live

• Estimated rent: $1,781 high
• Mortgage (P&I): −$1,227
• Tax from tax record: −$126 /mo · $1,507/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-43

Break-even live

Break-even rent $1,836

Max offer price $226,325

Occupancy floor 97%

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: $58,500
• Closing costs: $7,020
• Reserves months: —
• Total cash needed: —

Rent comps 27 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	14d	1	0.13mi
301 Martin St Wilmington, NC	2.0	2.5	1036	$2,400	$2.32	21d	1	0.42mi
1519 Lake Branch Dr Wilmington, NC	1.0–3.0	1.0	720	$1,125	$1.56	21d	1	0.43mi
1104 S 2nd St Wilmington, NC	1.0	1.0	1200	$1,400	$1.17	21d	1	0.46mi
208 West Dr Wilmington, NC	3.0	2.0	1293	$1,900	$1.47	21d	1	0.48mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	14d	1	0.50mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	14d	1	0.51mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	14d	13	0.51mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	21d	1	0.51mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	21d	1	0.52mi
1108 Castle St #112 Wilmington, NC	1.0	1.0	750	$1,500	$2.00	21d	1	0.52mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	21d	1	0.52mi
506 S 7th St Wilmington, NC	3.0	1.0	1250	$1,800	$1.44	14d	1	0.52mi
511 S 10th St Unit 1 Wilmington, NC	3.0	2.0	1200	$2,000	$1.67	14d	1	0.53mi
618 S 3rd St #2 Wilmington, NC	2.0	2.0	1000	$1,750	$1.75	21d	1	0.54mi
418 S 8th St Wilmington, NC	2.0	1.0	873	$2,200	$2.52	14d	1	0.57mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	14d	1	0.67mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	14d	29	0.84mi
106 Ann St Wilmington, NC	2.0	2.5	1150	$2,450	$2.13	21d	1	0.86mi
1704 Church St Wilmington, NC	2.0	2.0	830	$1,475	$1.78	21d	1	0.89mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,425	$1.52	14d	1	0.99mi
2247 Wrightsville Ave Wilmington, NC	3.0	1.0–2.0	753	$1,363	$1.81	14d	9	1.23mi
1904 Perry Ave Wilmington, NC	2.0	1.0	1017	$2,500	$2.46	21d	1	1.27mi
14 Grace St Wilmington, NC	1.0–2.0	1.0–2.0	1041	$2,347	$2.25	14d	3	1.29mi
505 Alpine Dr Wilmington, NC	1.0–3.0	1.0–2.0	1009	$1,454	$1.44	14d	9	1.38mi
705 Brooks Aly Wilmington, NC	2.0	3.0	1308	$1,950	$1.49	21d	1	1.41mi
524 N 2nd St Wilmington, NC	2.0	2.0	1000	$1,450	$1.45	21d	1	1.48mi

Listing history 23 events

1. 2026-06-18
   days on market $234,000 Active 230 DOM
2. 2026-06-17
   days on market $234,000 Active 229 DOM
3. 2026-06-16
   days on market $234,000 Active 228 DOM
4. 2026-06-15
   days on market $234,000 Active 227 DOM
5. 2026-06-14
   days on market $234,000 Active 225 DOM
6. 2026-06-13
   days on market $234,000 Active 224 DOM
7. 2026-06-10
   days on market $234,000 Active 222 DOM
8. 2026-06-09
   days on market $234,000 Active 221 DOM
9. 2026-06-08
   days on market $234,000 Active 220 DOM
10. 2026-06-07
    days on market $234,000 Active 219 DOM
11. 2026-06-05
    days on market $234,000 Active 216 DOM
12. 2026-06-03
    days on market $234,000 Active 215 DOM
13. 2026-06-03
    days on market $234,000 Active 214 DOM
14. 2026-05-31
    days on market $234,000 Active 212 DOM
15. 2026-05-30
    days on market $234,000 Active 211 DOM
16. 2025-10-31
    listed $234,000 Active
17. 2024-12-30
    soldstatus $213,000
18. 2021-07-26
    soldstatus $1,575,000
19. 2018-08-10
    soldstatus $105,000 108-char remark

    Show marketing remark (108 chars)

    Well maintained brick home located close to downtown with oversized detached garage and covered front porch.

20. 2018-08-10
    soldstatus $105,000

    Show marketing remark (108 chars)

    Well maintained brick home located close to downtown with oversized detached garage and covered front porch.

21. 2018-03-05
    listed $119,900 108-char remark

    Show marketing remark (108 chars)

    Well maintained brick home located close to downtown with oversized detached garage and covered front porch.

22. 2008-09-30
    historical
23. 2007-05-04
    listed $131,000

ⓘ 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: $1,507 · $126/mo
• Projected year-2 tax: $1,919 · $160/mo
• Expected delta: +$412/yr (+$34/mo · 27.3%)

ⓘ 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: $21,368
• − Mortgage interest: −$13,108
• − Property taxes: −$1,507
• − Insurance: −$1,170
• − Repairs & maintenance: −$1,709
• − Management: −$1,709
• − Depreciation: −$6,807
• Taxable loss: −$4,642
• Est. tax savings @ 24.0%: +$1,114
• After-tax cash flow: $593/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

+78.6% since first listed

8 events — show timeline

• 2025-10-31 Listed $234,000 Hive MLS
• 2024-12-30 Sold (Public Records) $213,000 Public Records
• 2021-07-26 Sold (Public Records) $1,575,000 Public Records
• 2018-08-10 Sold (Public Records) $105,000 Public Records
• 2018-08-10 Sold (MLS) $105,000 Hive MLS
• 2018-03-05 Listed $119,900 Hive MLS
• 2008-09-30 Listing Removed — Hive MLS
• 2007-05-04 Listed $131,000 Hive MLS

Property tax history

+0.4%/yr

Latest (2025): $1,507 · +30.2% YoY. Source: county tax records.