2006 Oakley Rd

Wrightsboro, NC 28429

$299,000B-

3 bd · 2.0 ba · 1,242 sqft · Built 1930 · MultiFamily · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,957/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$831
• Net cashflow: $1,060/mo
• Annual: $12,716/yr
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• 1% rule: 1.32%
• Cash to close: $83,720

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $299k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 51 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#467 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute 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: Wrightsboro Elementary (math 21% / reading 29%, grade F, #1,101 of 1,410 statewide, top 79%, 522 students, 98% FRL); Holly Shelter Middle (math 39% / reading 43%, grade F, #209 of 475 statewide, top 45%, 858 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 99% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 185 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 since 23y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $76k; list at $299k implies a 294% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 2.6% in Wrightsboro — 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 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.