906 Litchfield Way Unit L · Wilmington, NC 28405

$179,900

2 bd · 2.0 ba · 1,184 sqft · Condo public records · 201 Days on market

Built 1997 $275/mo HOA · 16% of rent

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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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.3/10.0
• Schools +4.3/10.0
• DSCR +3.5/10.0
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

Key facts

• Covered balcony
• Walk-in closet
• Stainless appliances

Tags

• TOP-FLOOR CORNER UNIT
• COVERED BALCONY
• UPDATED CABINETRY
• STAINLESS APPLIANCES
• DEFINED DINING AREA
• WALK-IN CLOSET

Property features AI

Finance

• Other: Zoning: MD-17
• Financial info: Financial details otherwise not provided
• HOA & community: Homeowners association with annual fee of $3,300 (approximately $275/month); Community pool; Tennis courts

Exterior

• Parking: Assigned paved parking on site in a parking lot
• Security: Fire sprinkler system; Smoke detectors
• Utilities: Public water; Cable available
• Home design: Condominium; Residential property; Three or more levels; Entry level on level 3; 3 total stories
• Construction: Brick veneer, fiber cement, and frame construction; Shingle roof; Slab foundation
• Exterior features: Balcony; Covered patio/porch; Has view; No fencing

Interior

• Kitchen: Range; Dishwasher; Microwave
• Bedrooms: Bedrooms not specifically enumerated in data
• Flooring: Flooring details not provided
• Bathrooms: 2 full bathrooms; Accessible full bath
• Heating & cooling: Forced air heating; Electric heating; Central air conditioning; Fireplace(s)
• Interior features: Walk-in closets; Vaulted ceilings; Ceiling fans; Gas-log fireplace
• Laundry & utility: Dedicated laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-49 ($-584/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (6.9% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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: College Park Elementary (math 23% / reading 33%, grade F, #1,022 of 1,410 statewide, top 73%, 457 students, 99% FRL); M C S Noble Middle (math 57% / reading 62%, grade B, #48 of 475 statewide, top 11%, 652 students, 32% FRL); New Hanover High (math 60% / reading 53%, grade C, #261 of 535 statewide, top 49%, 1,466 students, 100% FRL) — zoned schools average 77% FRL vs 42% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.9%/yr); 191 active listings in the ZIP; 18 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 $1k of loan paydown is wiped out by about $5k 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 201 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $30k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $158,312 (12.0% 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 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.93% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.39×
• Total profit: $-30,615
• Equity at exit: $26,824

10-year hold

• IRR: -7.1%
• Equity multiple: 0.53×
• Total profit: $-23,833
• Equity at exit: $15,554

Cash invested: $50,372 (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 28405

• Rents YoY: 3.9%
• Active inventory: 191
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$943
• Tax from tax record: −$78 /mo · $934/yr
• Insurance: −$75
• HOA: −$275
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-49

Break-even live

Break-even rent $1,736

Max offer price $171,309

Occupancy floor 98%

Sensitivity live

Price	-10% $53	-5% $2	+0% $-49	+5% $-100	+10% $-150
Rent	-10% $-181	-5% $-115	+0% $-49	+5% $17	+10% $84
Rate	-1.0pp $42	-0.5pp $-3	base $-49	+0.5pp $-95	+1.0pp $-143

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 Litchfield Way Unit 901-K Wilmington, NC	2.0	2.0	1234	$1,500	$1.22	22d	1	0.05mi
909 Litchfield Way Unit 909-H Wilmington, NC	3.0	2.0	1364	$1,800	$1.32	22d	1	0.06mi
719 Melba Ct Unit 719-I Wilmington, NC	3.0	2.0	1300	$1,800	$1.38	22d	1	0.09mi
803 Bryce Ct Unit 803-K Wilmington, NC	3.0	2.0	1364	$1,700	$1.25	22d	1	0.11mi
5002 Hunters Trl Unit 5002-10 Wilmington, NC	2.0	2.0	1297	$1,600	$1.23	22d	1	0.20mi
4711 Azalea Landing Dr Wilmington, NC	3.0	1.0–2.0	1188	$2,392	$2.01	15d	28	0.35mi
5208 Ringo Dr Wilmington, NC	1.0–2.0	1.0–2.0	700	$1,475	$2.11	22d	15	0.41mi
4633 Crawdad Ct Wilmington, NC	2.0	2.0	1383	$1,795	$1.30	15d	1	0.61mi
511 Cobblestone Dr Wilmington, NC	1.0–3.0	1.0–3.0	875	$1,360	$1.55	15d	14	0.65mi
4615 McClelland Dr Wilmington, NC	2.0	2.0	1029	$1,350	$1.31	22d	1	0.66mi
703 Grathwol Dr Wilmington, NC	1.0–2.0	1.0–2.0	726	$1,433	$1.97	15d	15	0.79mi
5034 Hunt Club Rd Wilmington, NC	1.0–2.0	1.0–1.5	845	$1,175	$1.39	22d	1	0.89mi
700 Indica Ct #302 Wilmington, NC	3.0	2.0	1300	$1,400	$1.08	22d	1	0.95mi
137 Dapple Ct Wilmington, NC	1.0–2.0	1.5–2.0	775	$1,575	$2.03	15d	14	1.08mi
245 S Kerr Ave Wilmington, NC	2.0	1.0–2.0	825	$1,399	$1.69	22d	1	1.31mi
5300 New Centre Dr Wilmington, NC	1.0–3.0	1.0–3.0	953	$1,879	$1.97	15d	49	1.43mi
4801 Kubeck Ct Unit 4849 Wilmington, NC	2.0	2.0	900	$1,150	$1.28	22d	1	1.44mi
4901 Randall Pkwy Wilmington, NC	1.0–2.0	1.0	737	$1,375	$1.86	22d	1	1.45mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   days on market $179,900 Active 201 DOM
2. 2026-06-18
   days on market $179,900 Active 198 DOM
3. 2026-06-17
   days on market $179,900 Active 197 DOM
4. 2026-06-16
   days on market $179,900 Active 196 DOM
5. 2026-06-15
   days on market $179,900 Active 195 DOM
6. 2026-06-14
   days on market $179,900 Active 193 DOM
7. 2026-06-13
   days on market $179,900 Active 192 DOM
8. 2026-06-10
   days on market $179,900 Active 190 DOM
9. 2026-06-09
   days on market $179,900 Active 189 DOM
10. 2026-06-08
    days on market $179,900 Active 188 DOM
11. 2026-06-07
    days on market $179,900 Active 187 DOM
12. 2026-06-05
    days on market $179,900 Active 184 DOM
13. 2026-06-03
    days on market $179,900 Active 183 DOM
14. 2026-06-03
    statusdays on market $179,900 Active 182 DOM
15. 2026-05-31
    days on market $179,900 Active Under Contract 180 DOM
16. 2026-05-30
    days on market $179,900 Active Under Contract 179 DOM
17. 2026-05-11
    historical Active Under Contract
18. 2026-03-26
    status Active
19. 2026-03-26
    historical
20. 2026-03-17
    price $179,900
21. 2026-02-21
    status Active
22. 2026-02-20
    historical
23. 2026-01-07
    price $199,900
24. 2025-12-15
    status Active
25. 2025-11-26
    listed $209,900 Active
26. 2023-09-27
    soldstatus $215,000 Closed 320-char remark

    Show marketing remark (320 chars)

    Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

27. 2023-09-27
    soldstatus $215,000

    Show marketing remark (320 chars)

    Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

28. 2023-08-31
    status Pending 320-char remark

    Show marketing remark (320 chars)

    Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

29. 2023-08-27
    listed $215,000 Active 320-char remark

    Show marketing remark (320 chars)

    Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

30. 2023-08-25
    historical $215,000 320-char remark

    Show marketing remark (320 chars)

    Coming Soon! 2 Bedroom 2 bath Condo in Sought After Cape Cottages. Open Floor Plan, Huge Master Suite, Walk In Closet. Freshly Painted, Some Up Dates to Kitchen 2018,Custom Built Ins Pantry Master Bedroom. Close to Wrightsville Beach, UNCW and Downtown. If you need some vitamin C the Community Pool is a short walk away

31. 2017-04-03
    soldstatus $93,000 651-char remark

    Show marketing remark (651 chars)

    Enjoy life at Cape Cottages. This extremely well maintained 3rd floor 2 bedroom 2 bath end unit offers added privacy with a split floor plan. The kitchen is open to the dining room & vaulted ceiling living area where you will notice an inviting fireplace as well as a door leading to a private balcony. Wood laminate flooring throughout the living & bedrooms. Cape Cottages offers a Community pool, Tennis, Volleyball court, car wash & boat storage area. On Site night security. The location is ideal to shopping, UNCW & Wrightsville Beach. All units have assigned parking & Sprinkler system. 2 ton HVAC replaced in 2012.

32. 2017-04-03
    soldstatus $93,000

    Show marketing remark (651 chars)

    Enjoy life at Cape Cottages. This extremely well maintained 3rd floor 2 bedroom 2 bath end unit offers added privacy with a split floor plan. The kitchen is open to the dining room & vaulted ceiling living area where you will notice an inviting fireplace as well as a door leading to a private balcony. Wood laminate flooring throughout the living & bedrooms. Cape Cottages offers a Community pool, Tennis, Volleyball court, car wash & boat storage area. On Site night security. The location is ideal to shopping, UNCW & Wrightsville Beach. All units have assigned parking & Sprinkler system. 2 ton HVAC replaced in 2012.

33. 2017-02-17
    listed $91,750 651-char remark

    Show marketing remark (651 chars)

    Enjoy life at Cape Cottages. This extremely well maintained 3rd floor 2 bedroom 2 bath end unit offers added privacy with a split floor plan. The kitchen is open to the dining room & vaulted ceiling living area where you will notice an inviting fireplace as well as a door leading to a private balcony. Wood laminate flooring throughout the living & bedrooms. Cape Cottages offers a Community pool, Tennis, Volleyball court, car wash & boat storage area. On Site night security. The location is ideal to shopping, UNCW & Wrightsville Beach. All units have assigned parking & Sprinkler system. 2 ton HVAC replaced in 2012.

34. 2012-04-25
    soldstatus $77,000
35. 2012-04-25
    soldstatus $77,000
36. 2011-11-04
    listed $75,000
37. 2007-07-05
    soldstatus $145,000
38. 2000-10-01
    soldstatus $86,000

ⓘ 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: $934 · $78/mo
• Projected year-2 tax: $1,475 · $123/mo
• Expected delta: +$541/yr (+$45/mo · 57.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,090
• − Mortgage interest: −$10,077
• − Property taxes: −$934
• − Insurance: −$900
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − HOA: −$3,300
• − Depreciation: −$5,233
• Taxable loss: −$3,569
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $273/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): 35,467
• Household income: $70,274
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 2089.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 17% Hispanic / Latino 9% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 2%

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: ▼ -446.45%
• Current HPI: 232.4987
• Rent YoY: ▲ 3.90%
• 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

+109.2% since first listed

22 events — show timeline

• 2026-05-11 Contingent — Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-17 Price Changed $179,900 Hive MLS
• 2026-02-21 Relisted — Hive MLS
• 2026-02-20 Listing Removed — Hive MLS
• 2026-01-07 Price Changed $199,900 Hive MLS
• 2025-12-15 Relisted — Hive MLS
• 2025-11-26 Listed $209,900 Hive MLS
• 2023-09-27 Sold (Public Records) $215,000 Public Records
• 2023-09-27 Sold (MLS) $215,000 Hive MLS
• 2023-08-31 Pending — Hive MLS
• 2023-08-27 Listed $215,000 Hive MLS
• 2023-08-25 Coming Soon $215,000 Hive MLS
• 2017-04-03 Sold (Public Records) $93,000 Public Records
• 2017-04-03 Sold (MLS) $93,000 Hive MLS
• 2017-02-17 Listed $91,750 Hive MLS
• 2012-04-25 Sold (Public Records) $77,000 Public Records
• 2012-04-25 Sold (MLS) $77,000 Hive MLS
• 2011-11-04 Listed $75,000 Hive MLS
• 2007-07-05 Sold (Public Records) $145,000 Public Records
• 2000-10-01 Sold (Public Records) $86,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $934 · -13.8% YoY. Source: county tax records.