39 W Pioneer Way · Hampstead, NC 28443

$251,650

3 bd · 2.5 ba · 1,439 sqft · Townhouse · 1 Days on market

Built 2026 Excellent condition $175/sqft · 13% below area Est $288k · 13% under $225/mo HOA · 10% of rent

---

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 +13.2/15.0
• Cash flow +9.3/30.0
• Schools +6.5/10.0
• Condition / age +4.8/5.0
• 1% rule +4.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +2.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to the Jasmine - a beautifully crafted two-story townhome that delivers the space, style, and convenience of homeownership at an incredibly accessible price point. Three spacious bedrooms and two and a half baths give you all the room you need to live comfortably, while the smart two-story layout creates a natural separation between your main living spaces and your private retreats upstairs. The half bath on the main level is a thoughtful touch that makes everyday life and having guests over feel effortless.

Key facts

• $225 HOA
• Garage
• Built 2026

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $252k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-184 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (10.5% below list).
• Recommended offer: $225k (10.6% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 3.0% in Hampstead — 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 71/100 on livability (#109 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: health & safety D, amenities F, commute F.
• Pender County Schools (rural): math 49% / reading 50% proficiency, ranked #66 of 178 in NC (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Topsail Elementary (math 61% / reading 58%, grade B-, #205 of 1,410 statewide, top 16%, 557 students, 34% FRL); Topsail Middle (math 64% / reading 65%, grade A-, #30 of 475 statewide, top 7%, 807 students, 20% FRL); Topsail High (math 67% / reading 72%, grade B, #121 of 535 statewide, top 24%, 1,777 students, 22% FRL) — zoned schools average 25% FRL vs 47% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 50% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Pender County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.6%/yr); 673 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 943 units permitted in Pender County in 2024 (0 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.
• Pender County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $224,969 (10.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.14%
• DSCR: 0.86
• GRM: 9.3

CMA / ARV

• ARV (median comp): $287,927
• List price: $251,650
• Delta: -12.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 W Pioneer Way #108	0.02mi	3/2.5	1,439 (0%)	2mo	$279,860	$194	97
57 W Pioneer Way #109	0.02mi	3/2.5	1,439 (0%)	2mo	$282,930	$197	97
65 W Pioneer Way #107	0.03mi	3/2.5	1,431 (-1%)	2mo	$286,680	$200	96
36 W Pioneer Way #127	0.02mi	3/2.5	1,439 (0%)	4mo	$259,900	$181	96
44 W Pioneer Way #125	0.02mi	3/2.5	1,431 (-1%)	3mo	$259,900	$182	96
43 W Pioneer Way #112	0.00mi	3/2.5	1,431 (-1%)	4mo	$259,900	$182	95
58 W Farley Dr #91	0.05mi	3/2.5	1,431 (-1%)	3mo	$270,220	$189	94
75 W Pioneer Way #105	0.02mi	3/2.5	1,592 (+11%)	1mo	$302,740	$190	80
83 W Pioneer Way #103	0.02mi	3/2.5	1,592 (+11%)	1mo	$307,550	$193	80
48 W Pioneer Way #124	0.02mi	3/2.5	1,592 (+11%)	2mo	$311,050	$195	79
53 W Pioneer Way #110	0.01mi	3/2.5	1,592 (+11%)	3mo	$298,348	$187	79
69 W Pioneer Way #106	0.03mi	3/2.5	1,588 (+10%)	3mo	$325,378	$205	79

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 · 4.57% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.31×
• Total profit: $-48,735
• Equity at exit: $37,522

10-year hold

• IRR: -8.8%
• Equity multiple: 0.41×
• Total profit: $-41,546
• Equity at exit: $21,758

Cash invested: $70,462 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 16 active · 22 under contract
• Months of supply: 5.1 mo (20%/mo absorbed)
• Median asking: $280,750 ($194/sqft)
• Median days on market: 38 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +2.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28443

• Rents YoY: 4.6%
• Active inventory: 673
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,253 high
• Mortgage (P&I): −$1,320
• Tax est. 1.5%: −$315 /mo · $3,775/yr
• Insurance: −$105
• HOA: −$225
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-184

Break-even live

Break-even rent $2,486

Max offer price $224,969

Occupancy floor —

Sensitivity live

Price	-10% $-10	-5% $-97	+0% $-184	+5% $-271	+10% $-358
Rent	-10% $-362	-5% $-273	+0% $-184	+5% $-95	+10% $-6
Rate	-1.0pp $-58	-0.5pp $-120	base $-184	+0.5pp $-250	+1.0pp $-316

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: $62,912
• Closing costs: $7,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 W Pioneer Way Hampstead, NC	3.0	2.5	1592	$2,250	$1.41	51d	1	0.05mi
371 Thrush Trl Hampstead, NC	4.0	2.5	1620	$2,600	$1.60	10d	1	0.28mi
359 Thrush Trl Hampstead, NC	3.0	2.0	1276	$2,350	$1.84	10d	1	0.29mi
409 Thrush Trl Hampstead, NC	3.0	2.0	1247	$2,350	$1.88	10d	1	0.29mi
75 Siskin Cir Hampstead, NC	1.0–3.0	1.0–2.0	986	$1,843	$1.87	2d	11	0.72mi
15841 U.S. 17 Unit 158411-L Hampstead, NC	2.0	1.0	917	$1,250	$1.36	51d	1	0.86mi
937 Saint Johns Church Rd Hampstead, NC	2.0	1.0	928	$1,500	$1.62	51d	1	1.17mi
49 Lania Shore WAY Hampstead, NC	1.0–2.0	1.0–2.0	974	$1,707	$1.75	6d	5	1.41mi

Listing history 2 events

1. 2026-06-03
   remarks 699-char remark
2. 2026-06-03
   listed $251,650 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,034
• − Mortgage interest: −$14,096
• − Property taxes: −$3,775
• − Insurance: −$1,258
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − HOA: −$2,700
• − Depreciation: −$7,321
• Taxable loss: −$6,442
• Est. tax savings @ 24.0%: +$1,546
• After-tax cash flow: $-667/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This townhouse is in excellent condition with no visible repairs needed. It's move-in ready and would benefit from a fresh coat of paint and some landscaping to enhance its curb appeal and value.

Value-add opportunities

• Resale Painting exterior siding — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and enhances property value ↑
• Both Add a small outdoor seating area — Enhances curb appeal and provides a relaxing space ↑

C Composite school gradezoned avg 64/100

Zoned Schools

Elementary South Topsail Elementary B- NC #205/1,410 Nat'l #7,252/41,679 Middle Topsail Middle A- NC #30/475 Nat'l #1,272/14,009 High Topsail High B NC #121/535 Nat'l #2,167/17,239

Schools (NCES district)

• District: Pender County Schools
• NCES district ID: 3703570
• Math proficiency: 49% ▲ 3.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $45,792
• Composite: 41.97/100
• National rank: #3342
• State rank: #66 of 178 in NC

B Composite livability gradescore 71/100

Livability — Hampstead

• Score: 71/100
• State rank: #109
• US rank: #6880

Category grades

Amenities F Commute F Cost of living B- Crime A+ Employment A Housing A+ Health & safety D User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hampstead, NC
• County: Pender County · 69,295 people
• City population: 28,416
• Metro: Wilmington, NC
• Population (ZIP): 28,416
• Household income: $90,477
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 10% of renters

---

Population outlook (Pender County) Hauer SSP2

• Today (2025): 69,295 people
• By 2030: 74,990 · +8.2%
• By 2040: 85,954 · +24.0%
• By 2050: 95,925 · +38.4%
• By 2075: 117,525 · +69.6%
• By 2100: 129,074 · +86.3%

---

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 5% Hispanic / Latino 5% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

---

Political lean MEDSL · Pender

• 2024 margin: Solid R (+35.0) · D 32.1% · R 67.0%
• 2008→2024 swing: -19.4pp toward R · 2008: -15.6pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+29.9 2016: R+30.4 2012: R+20.4 2008: R+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.51%
• Current HPI: 188.426
• Rent YoY: ▲ 4.57%
• 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