1219 S 4th St · Wilmington, NC 28401

$349,000

2 bd · 1.0 ba · 948 sqft · MultiFamily public records · 50 Days on market

Built 1918 4,966 sqft lot

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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 +12.9/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +3.9/10.0
• Livability +3.5/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Check out this versatile investment opportunity perfectly positioned near the vibrant South Front District. This unique property features two separate homes on one lot, offering a rare ''choose your own adventure'' setup: live in one while your neighbor pays your mortgage, or lease both for a double-stream income portfolio. Residence #1: A 2-bedroom, 1-bathroom layout with a dedicated flex space. Whether you need a bright home office, a creative studio, or a cozy nursery, this extra room provides the functional footprint modern renters and homeowners are looking for. Residence #2 A 2-bedroom, 1-bathroom home. It has been a long-term rental and ideal for those wanting to be close to South Front's trendy eateries, breweries, and nightlife.

Key facts

• Multi-unit property
• 4,966 sq ft lot
• Built 1918

Tags

• MULTI-UNIT PROPERTY
• TWO SEPARATE DETACHED HOMES
• IMMEDIATE RENTAL INCOME
• LONG-TERM FLEXIBILITY
• TWO DISTINCT ADDRESSES
• SIMPLIFIED MAINTENANCE

Property features AI

Finance

• Other: Zoning: R-5
• HOA & community: No association amenities

Exterior

• Parking: On-street parking
• Utilities: Public water; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; One story / One level; Entry level: 1
• Construction: Asbestos and frame construction; Shingle roof; Raised foundation; Built on a 0.11 acre lot (approx. 33 x 149 x 31 x 149)
• Exterior features: Front porch; Partial fencing; Has a view; Other structures: see remarks

Interior

• Kitchen: Range
• Bedrooms: Total rooms: 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating; Baseboard heating; Natural gas heating; Wall/window air conditioning unit(s)
• Interior features: Range; Electric water heater; Laundry closet; Crawl space basement; No notable built-in exterior interior features listed
• Laundry & utility: Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $-26 ($-316/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (24.8% below list).
• Recommended offer: $263k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: A H Snipes Academy of Arts/Des (math 17% / reading 22%, grade F, #1,242 of 1,410 statewide, top 90%, 377 students, 99% FRL); Williston Middle (math 17% / reading 30%, grade F, #402 of 475 statewide, top 85%, 683 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 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 50% district-wide (-17 pts) — the specific schools serving this property underperform the New Hanover County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 278 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2k of loan paydown is wiped out by about $10k 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 50 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $225k; list at $349k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — 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 $262,600 (24.8% 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 50 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.32×
• Total profit: $-66,075
• Equity at exit: $52,037

10-year hold

• IRR: -19.7%
• Equity multiple: 0.08×
• Total profit: $-90,051
• Equity at exit: $30,175

Cash invested: $97,720 (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: 278
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $2,626 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$125 /mo · $1,503/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $-26

Break-even live

Break-even rent $2,659

Max offer price $344,354

Occupancy floor 96%

Sensitivity live

Price	-10% $171	-5% $72	+0% $-26	+5% $-125	+10% $-224
Rent	-10% $-234	-5% $-130	+0% $-26	+5% $77	+10% $181
Rate	-1.0pp $149	-0.5pp $62	base $-26	+0.5pp $-117	+1.0pp $-209

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,626
Total (2 units)			$2,626

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Martin St Wilmington, NC	2.0	2.5	1036	$2,400	$2.32	22d	1	0.14mi
1400 S 2nd St Wilmington, NC	1.0–2.0	1.0–2.5	956	$2,533	$2.65	14d	13	0.21mi
618 S 3rd St #2 Wilmington, NC	2.0	2.0	1000	$1,750	$1.75	22d	1	0.50mi
1519 Lake Branch Dr Wilmington, NC	1.0–3.0	1.0	720	$1,125	$1.56	22d	1	0.50mi
422 S 3rd St Wilmington, NC	2.0	1.0	734	$1,550	$2.11	14d	1	0.67mi
919 Castle St Wilmington, NC	1.0	1.0	578	$1,200	$2.08	14d	1	0.73mi
919 Castle St Wilmington, NC	2.0	2.0	688	$1,375	$2.00	22d	1	0.73mi
418 S 8th St Wilmington, NC	2.0	1.0	873	$2,200	$2.52	14d	1	0.74mi
607 S 11th St Unit 208 Wilmington, NC	2.0	2.0	960	$1,585	$1.65	14d	1	0.77mi
1102 Castle St Unit 202 Wilmington, NC	1.0	1.0	587	$1,300	$2.21	22d	1	0.78mi
1102 Castle St #306 Wilmington, NC	1.0	1.0	587	$1,325	$2.26	22d	1	0.78mi
1102 Castle St Unit 201 Wilmington, NC	2.0	2.0	748	$1,450	$1.94	14d	1	0.78mi
1108 Castle St Unit C Wilmington, NC	1.0	1.0	625	$1,375	$2.20	22d	1	0.79mi
1108 Castle St #112 Wilmington, NC	1.0	1.0	750	$1,500	$2.00	22d	1	0.79mi
1108 Castle St #106 Wilmington, NC	2.0	2.0	900	$1,625	$1.81	22d	1	0.79mi
1124 Castle St Unit 206 Wilmington, NC	1.0	1.0	598	$1,350	$2.26	22d	1	0.80mi
1124 Castle St Unit 201 Wilmington, NC	1.0	1.0	686	$1,475	$2.15	22d	1	0.80mi
715 S 13th St Wilmington, NC	3.0	2.0	936	$2,300	$2.46	22d	1	0.82mi
420 Market St Wilmington, NC	1.0–3.0	1.0	935	$1,425	$1.52	14d	1	1.07mi
1625 S 17th St Wilmington, NC	2.0	1.0–2.0	920	$2,097	$2.28	14d	29	1.08mi
1704 Church St Wilmington, NC	1.0	1.0	525	$1,275	$2.43	14d	1	1.20mi
1704 Church St Wilmington, NC	2.0	2.0	830	$1,475	$1.78	22d	1	1.20mi
1704 Church St Unit 310 Wilmington, NC	1.0	1.0	525	$1,250	$2.38	22d	1	1.20mi
14 Grace St Wilmington, NC	1.0–2.0	1.0–2.0	1041	$2,347	$2.25	14d	3	1.29mi
10 Grace St #302 Wilmington, NC	1.0	1.0	600	$2,200	$3.67	22d	1	1.34mi

Listing history 19 events

1. 2026-06-21
   days on market $349,000 Active 50 DOM
2. 2026-06-18
   days on market $349,000 Active 47 DOM
3. 2026-06-17
   days on market $349,000 Active 46 DOM
4. 2026-06-16
   days on market $349,000 Active 45 DOM
5. 2026-06-15
   days on market $349,000 Active 44 DOM
6. 2026-06-14
   days on market $349,000 Active 42 DOM
7. 2026-06-13
   days on market $349,000 Active 41 DOM
8. 2026-06-10
   days on market $349,000 Active 39 DOM
9. 2026-06-09
   days on market $349,000 Active 38 DOM
10. 2026-06-08
    days on market $349,000 Active 37 DOM
11. 2026-06-07
    days on market $349,000 Active 36 DOM
12. 2026-06-05
    days on market $349,000 Active 33 DOM
13. 2026-06-03
    days on market $349,000 Active 32 DOM
14. 2026-06-03
    days on market $349,000 Active 31 DOM
15. 2026-05-31
    days on market $349,000 Active 29 DOM
16. 2026-05-30
    days on market $349,000 Active 28 DOM
17. 2026-05-02
    listed $349,000 Active

    Show marketing remark (750 chars)

    Check out this versatile investment opportunity perfectly positioned near the vibrant South Front District. This unique property features two separate homes on one lot, offering a rare ''choose your own adventure'' setup: live in one while your neighbor pays your mortgage, or lease both for a double-stream income portfolio. Residence #1: A 2-bedroom, 1-bathroom layout with a dedicated flex space. Whether you need a bright home office, a creative studio, or a cozy nursery, this extra room provides the functional footprint modern renters and homeowners are looking for. Residence #2 A 2-bedroom, 1-bathroom home. It has been a long-term rental and ideal for those wanting to be close to South Front's trendy eateries, breweries, and nightlife.

18. 2026-05-02
    listed $349,000 Active 750-char remark

    Show marketing remark (750 chars)

    Check out this versatile investment opportunity perfectly positioned near the vibrant South Front District. This unique property features two separate homes on one lot, offering a rare ''choose your own adventure'' setup: live in one while your neighbor pays your mortgage, or lease both for a double-stream income portfolio. Residence #1: A 2-bedroom, 1-bathroom layout with a dedicated flex space. Whether you need a bright home office, a creative studio, or a cozy nursery, this extra room provides the functional footprint modern renters and homeowners are looking for. Residence #2 A 2-bedroom, 1-bathroom home. It has been a long-term rental and ideal for those wanting to be close to South Front's trendy eateries, breweries, and nightlife.

19. 2019-07-31
    soldstatus $225,000

ⓘ 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: $1,503 · $125/mo
• Projected year-2 tax: $2,862 · $238/mo
• Expected delta: +$1,359/yr (+$113/mo · 90.4%)

ⓘ 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 ≥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: $31,512
• − Mortgage interest: −$19,549
• − Property taxes: −$1,503
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,521
• − Management: −$2,521
• − Depreciation: −$10,153
• Taxable loss: −$6,480
• Est. tax savings @ 24.0%: +$1,555
• After-tax cash flow: $1,240/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

+55.1% since first listed

3 events — show timeline

• 2026-05-02 Listed $349,000 Hive MLS
• 2026-05-02 Listed $349,000 Hive MLS
• 2019-07-31 Sold (Public Records) $225,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,503 · -2.1% YoY. Source: county tax records.