8 Sea Oats Ln

Wrightsville Beach, NC 28480

$225,000A

4 bd · 3.0 ba · 2,266 sqft · Built 1984 · SingleFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,171/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$802
• HOA: −$300
• Vac / Maint / Mgmt: −$876
• Net cashflow: $1,014/mo
• Annual: $12,165/yr
• Cap rate: 13.97%
• Cash-on-cash: 27.43%
• DSCR: 2.22
• 1% rule: 1.85%
• Cash to close: $63,000

Investor read

• This is a 4-bed/3.0-bath single-family listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• It's been on market 83 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($2k loan paydown + $14k appreciation (6.0% local appreciation)).
• Location reads 61/100 on livability (#501 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, schools B; Watch: housing C-, crime D+, health & safety D.
• 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 52 active listings in the ZIP; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 0.2% in Wrightsville Beach — 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.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.