228 Mcrae Street Unit 9WilmingtonNC28401
INVESTMENT ANALYSIS
Investment Verdict
Appreciation Play228 Mcrae Street Unit 9, Wilmington, NC, 28401 in Wilmington is priced for appreciation, not yield. Rental yield 5.85%. At $407,900 with a 5.85% gross yield, the monthly income is modest, but 5% annual price growth is projected to add $112,695 in value over five years, making equity the primary return driver. Ziffy Mortgage's DSCR mortgage (1.08) can still finance this property for non-U.S. residents; a 30–35% down payment typically produces the cleanest underwriting for appreciation-focused assets. Total projected cumulative return: $111,936.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 5.9% | 5.8% |
| Monthly Cash Flow | $(674) | $1,850 |
City averages based on Wilmington market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,987 |
| Total Monthly Debt Service | $2,499 |
| DSCR Ratio | 0.80x |
Ziffy Mortgage typically prefers a DSCR of 1.0+, but in some cases you may qualify with a DSCR below 1. To explore if this deal qualifies for an investment mortgage, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 1915
1,742 sqft lot
$N/A/sqft
$2,100 annually HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 28401, Wilmington, NC area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 14,193 (100%) |
| Owner Occupied HU | 4,617 (32.5%) |
| Renter Occupied HU | 7,604 (53.6%) |
| Vacant Housing Units | 1,972 (13.9%) |
| Median Home Value | $339,503 |
| Average Home Value | $385,916 |
Housing Distribution
Address Breakdown
Residential
13,488
Single Family
10,693
Multi-Family
2,795
Businesses
2,213
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Condo
Built in 1915
1,742 sqft lot
$N/A/sqft
$2,100 annually HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 28401, Wilmington, NC area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 14,193 (100%) |
| Owner Occupied HU | 4,617 (32.5%) |
| Renter Occupied HU | 7,604 (53.6%) |
| Vacant Housing Units | 1,972 (13.9%) |
| Median Home Value | $339,503 |
| Average Home Value | $385,916 |
Housing Distribution
Address Breakdown
Residential
13,488
Single Family
10,693
Multi-Family
2,795
Businesses
2,213
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices