409 Monroe Ave · Carolina Beach, NC 28428

$800,000

7 bd · 3.0 ba · 2,607 sqft · MultiFamily public records · 417 Days on market

Built 1966 4,792 sqft lot Est $912k · 12% under

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Why this score? — see what drove the C 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 +21.7/30.0
• ARV discount +13.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.3/10.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

Key facts

• Off street parking
• Updated triplex
• Large backyard

Tags

• UPDATED TRIPLEX
• FULLY FURNISHED PROPERTY
• OFF STREET PARKING
• LARGE BACKYARD
• PRIVATE ENTRANCES

Property features AI

Exterior

• Parking: Off-street parking
• Security: Smoke detector(s)
• Home design: Residential income property — triplex; Two-level building
• Construction: Vinyl siding with frame construction; Shingle roof; Slab foundation; Built on a 0.11-acre lot
• Exterior features: Balcony; Partial fencing in the backyard

Interior

• Bedrooms: Multiple furnished 2-bedroom and 3-bedroom units (various unit layouts)
• Heating & cooling: Baseboard heating (electric); Wall/window cooling units
• Interior features: Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $412/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $747k (6.6% below list).
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 1.4% in Carolina 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.

Location & tenants

• Location reads 73/100 on livability (#74 in NC) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-; Watch: crime C-, cost of living D+, amenities 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.
• Zoned schools: Carolina Beach Elementary (math 55% / reading 59%, grade C+, #249 of 1,410 statewide, top 20%, 431 students, 32% FRL); Charles P Murray Middle (math 59% / reading 59%, grade B, #54 of 475 statewide, top 12%, 882 students, 34% FRL); Eugene Ashley High (math 48% / reading 68%, grade C, #243 of 535 statewide, top 46%, 1,975 students, 34% FRL).
• Market conditions: 296 active listings in the ZIP; solid renter incomes; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• At $7,473/mo this rent would consume 96% of the median local household income ($93k/yr) (locally 154% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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 417 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 24y ago; this cycle's ask has dropped $60k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $704,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 417 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $912,450
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Greenville Ave	0.73mi	6/4.0 (-1)	2,284 (-12%)	5mo	$799,000	$350	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-51,314
• Equity at exit: $119,283

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $55,011
• Equity at exit: $69,169

Cash invested: $224,000 (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 28428

• Active inventory: 296
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $7,473 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$139 /mo · $1,666/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,569
• Net cashflow: $1,236

Break-even live

Break-even rent $5,908

Max offer price $800,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,689	-5% $1,463	+0% $1,236	+5% $99	+10% $-178
Rent	-10% $646	-5% $941	+0% $1,236	+5% $1,531	+10% $1,827
Rate	-1.0pp $1,639	-0.5pp $1,440	base $1,236	+0.5pp $1,029	+1.0pp $818

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,473
Total (3 units)			$7,473

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $800,000 Active 417 DOM
2. 2026-06-17
   days on market $800,000 Active 416 DOM
3. 2026-06-16
   days on market $800,000 Active 415 DOM
4. 2026-06-15
   days on market $800,000 Active 414 DOM
5. 2026-06-14
   days on market $800,000 Active 412 DOM
6. 2026-06-13
   days on market $800,000 Active 411 DOM
7. 2026-06-10
   days on market $800,000 Active 409 DOM
8. 2026-06-09
   days on market $800,000 Active 408 DOM
9. 2026-06-08
   days on market $800,000 Active 407 DOM
10. 2026-06-07
    days on market $800,000 Active 406 DOM
11. 2026-06-05
    days on market $800,000 Active 403 DOM
12. 2026-06-03
    days on market $800,000 Active 402 DOM
13. 2026-06-03
    days on market $800,000 Active 401 DOM
14. 2026-05-31
    days on market $800,000 Active 399 DOM
15. 2026-05-30
    days on market $800,000 Active 398 DOM
16. 2026-05-19
    price $800,000
17. 2026-04-01
    price $810,000
18. 2026-03-26
    status Active
19. 2026-03-26
    historical
20. 2026-02-21
    status Active
21. 2026-02-20
    historical
22. 2026-01-19
    price $815,000
23. 2026-01-03
    status Active
24. 2025-12-31
    historical
25. 2025-10-02
    price $820,000
26. 2025-08-01
    price $825,000
27. 2025-05-30
    price $849,000
28. 2025-04-23
    listed $860,000 Active
29. 2024-12-09
    historical
30. 2024-10-21
    price $860,000
31. 2024-09-26
    listed $875,000 Active
32. 2024-09-25
    historical
33. 2023-07-18
    soldstatus $797,000 Closed 735-char remark

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

34. 2023-07-18
    soldstatus $797,000

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

35. 2023-06-16
    status Pending 735-char remark

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

36. 2023-06-15
    status Active 735-char remark

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

37. 2023-06-06
    status Pending 735-char remark

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

38. 2023-06-02
    listed $800,000 Active 735-char remark

    Show marketing remark (735 chars)

    Welcome to the heart of Carolina Beach! This exceptional triplex vacation rental presents a remarkable investment opportunity. This property comes fully furnished and ready for immediate occupancy with a robust rental history spanning three years. Upgrades include a new roof installed in 2023 and three new mini-split systems in 2021. Situated just three and a half blocks away from the renowned Carolina Beach boardwalk, this triplex is perfect for both residents and vacationers alike. Take advantage of the possibilities by living in one unit while renting out the others, or continue reaping the benefits as a successful vacation rental operation. Don't miss out on this fantastic chance to make the most of Carolina Beach living!

39. 2019-06-11
    soldstatus $385,000
40. 2019-06-10
    soldstatus $385,000
41. 2019-05-14
    listed $385,000
42. 2013-10-23
    historical
43. 2013-03-04
    listed $249,000
44. 2011-10-03
    historical
45. 2011-08-04
    listed $174,900
46. 2010-02-03
    historical
47. 2009-08-03
    listed $299,900
48. 2009-07-24
    historical
49. 2008-09-23
    listed $324,900
50. 2007-10-23
    historical

ⓘ 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: $1,666 · $139/mo
• Projected year-2 tax: $6,560 · $547/mo
• Expected delta: +$4,894/yr (+$408/mo · 293.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 51% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $89,676
• − Mortgage interest: −$44,812
• − Property taxes: −$1,666
• − Insurance: −$4,000
• − Repairs & maintenance: −$7,174
• − Management: −$7,174
• − Depreciation: −$23,273
• Taxable income: $1,577
• Est. tax owed @ 24.0%: −$378
• After-tax cash flow: $14,456/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 — Carolina Beach

• Score: 73/100
• State rank: #74
• US rank: #5510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carolina Beach, NC
• County: New Hanover County · 232,153 people
• City population: 7,136
• Metro: Wilmington, NC
• Population (ZIP): 7,136
• Household income: $93,241
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 154.0

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 5% Serbian 4% Italian 3%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 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: ▼ -303.24%
• Current HPI: 305.2957
• Rent YoY: —
• 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

+385.1% since first listed

45 events — show timeline

• 2026-05-19 Price Changed $800,000 Hive MLS
• 2026-04-01 Price Changed $810,000 Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-02-21 Relisted — Hive MLS
• 2026-02-20 Listing Removed — Hive MLS
• 2026-01-19 Price Changed $815,000 Hive MLS
• 2026-01-03 Relisted — Hive MLS
• 2025-12-31 Listing Removed — Hive MLS
• 2025-10-02 Price Changed $820,000 Hive MLS
• 2025-08-01 Price Changed $825,000 Hive MLS
• 2025-05-30 Price Changed $849,000 Hive MLS
• 2025-04-23 Listed $860,000 Hive MLS
• 2024-12-09 Listing Removed — Hive MLS
• 2024-10-21 Price Changed $860,000 Hive MLS
• 2024-09-26 Listed $875,000 Hive MLS
• 2024-09-25 Coming Soon — Hive MLS
• 2023-07-18 Sold (Public Records) $797,000 Public Records
• 2023-07-18 Sold (MLS) $797,000 Hive MLS
• 2023-06-16 Pending — Hive MLS
• 2023-06-15 Relisted — Hive MLS
• 2023-06-06 Pending — Hive MLS
• 2023-06-02 Listed $800,000 Hive MLS
• 2019-06-11 Sold (Public Records) $385,000 Public Records
• 2019-06-10 Sold (MLS) $385,000 Hive MLS
• 2019-05-14 Listed $385,000 Hive MLS
• 2013-10-23 Listing Removed — Hive MLS
• 2013-03-04 Listed $249,000 Hive MLS
• 2011-10-03 Listing Removed — Hive MLS
• 2011-08-04 Listed $174,900 Hive MLS
• 2010-02-03 Listing Removed — Hive MLS
• 2009-08-03 Listed $299,900 Hive MLS
• 2009-07-24 Listing Removed — Hive MLS
• 2008-09-23 Listed $324,900 Hive MLS
• 2007-10-23 Listing Removed — Hive MLS
• 2007-10-23 Listing Removed — Hive MLS
• 2007-06-20 Listed $349,900 Hive MLS
• 2007-04-23 Listed $374,900 Hive MLS
• 2005-08-22 Listing Removed — Hive MLS
• 2005-08-05 Listed $425,000 Hive MLS
• 2005-07-08 Sold (Public Records) $275,000 Public Records
• 2005-07-08 Sold (MLS) $275,000 Hive MLS
• 2004-08-11 Listed $399,000 Hive MLS
• 2003-06-19 Listing Removed — Hive MLS
• 2002-11-25 Listed $164,900 Hive MLS

Property tax history

+0.2%/yr

Latest (2025): $1,666 · -29.2% YoY. Source: county tax records.