Real Estate Investing in Warsaw, North Carolina (28398)
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Should you buy in 28398 (Warsaw, NC)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 17.7% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Warsaw, NC (28398)?
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Market Analysis: 28398 Warsaw
In practical terms, ZIP 28398 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $149K median. It rewards specialists, not generalists.
The investment case in 28398 is healthy only for operators who understand what they are buying. A $149K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
In the broader NC picture, 28398 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Demographically, 28398 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Warsaw:
Property Strategy for 28398
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $104,304 | $1,010 | 7.0% | +10.5% | $52,152 |
| 3BR | $172,470 | $1,210 | 5.1% | +9.3% | $57,490 |
| 4BR | $228,795 | $1,420 | 4.5% | +7.3% | $57,199 |
Market Trends
Home Value History (with trend line)
📊 How Does 28398 Compare?
| Metric | 28398 | Warsaw | North Carolina |
|---|---|---|---|
| Home Value | $149,251 | $149,251 | $330,565 |
| 5-Year CAGR | 4.8% | 4.8% | 7.8% |
| Avg Rent | $909 | $909 | - |
| Cap Rate | 4.8% | 4.8% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 28398 (Warsaw, NC). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $149,251 |
| Monthly Rent | $909 |
| Price-to-Rent | 13.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.3% |
| Cap Rate | 4.8% |
| 5-Year IRR | 9.6% |
📈 Home Appreciation
| 1-Year | +1.0% ▲ |
| 3-Year CAGR | +1.9% ▲ |
| 5-Year CAGR | +4.8% ▲ |
| 10-Year CAGR | +6.1% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 28398
Population: 6,084
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 28398
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 550 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Warsaw, NC a good place for real estate investing?
The 3.0/5 investability rating in Warsaw, NC reflects its $149K prices and $909/mo rents. Investors generally consider it a solid option within NC.
How do home values compare in Warsaw, NC?
The median home value in Warsaw, NC is roughly $149K. That puts it reasonable relative to the NC statewide average.
What strategy should investors use in Warsaw, NC?
In Warsaw, NC the robust play is typically careful cash-flow rentals with hands-on management. The combination of $149K prices and $909/mo rents suits that approach.
What kind of vacancy should I budget for in Warsaw, NC?
Expect elevated vacancy in Warsaw, NC. Rents at $909/mo are absorbed by the tenant base without meaningful lag.
Can I live-in-and-rent in Warsaw, NC?
Warsaw, NC is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $149K price point reasonable to enter.
You know 28398 now. You don’t know where it ranks.
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