Real Estate Investing in Wilmington, North Carolina (28409)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28409 (Wilmington, NC)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Wilmington, NC (28409)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 28409 Wilmington
The 28409 ZIP in Wilmington, NC is a local-operator market. Outside capital chasing a $518K entry has to pair deep knowledge with the discount.
Stepping back, the numbers look inviting — $518K purchase price, 0.0% nominal cap — the work to hit that pro forma in 28409 is substantial and deserves full respect.
Within NC, ZIP 28409 trails on several market indicators that neighboring New Hanover County submarkets outperform. The gap is real and substantial enough to shape underwriting.
Employment concentration in 28409 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 28409 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Wilmington:
Property Strategy for 28409
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $299,991 | $1,960 | 4.7% | +9.3% | $149,995 |
| 3BR | $444,959 | $2,570 | 4.2% | +9.0% | $148,320 |
| 4BR | $624,236 | $2,740 | 3.2% | +9.4% | $156,059 |
| 5BR | $861,524 | — | — | +10.1% | $172,305 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 28409 Compare?
| Metric | 28409 | Wilmington | Wilmington, NC | North Carolina |
|---|---|---|---|---|
| Home Value | $518,337 | $226,533 | N/A | $330,565 |
| 5-Year CAGR | 6.8% | 6.4% | N/A | 7.8% |
| Avg Rent | $2,389 | $1,805 | N/A | - |
| Cap Rate | 3.6% | 3.4% | - | - |
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 28409 (Wilmington, NC). Anonymous, moderated, never written by AI.
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Property managers serving New Hanover County
Manage rentals here? List your business →A1 Property Management specializes in professionally managed vacation rentals in Carolina Beach and Kure Beach on Pleasure Island. summary from their website
CAMS (Community Association Management Services) provides management and financial services for community associations, including onboarding and transition support. summary from their website
Wilmington, NC property management company offering services for homes and apartment communities, aiming to reduce owner stress and maximize earnings. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $518,337 |
| Monthly Rent | $2,389 |
| Price-to-Rent | 18.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.5% |
| Cap Rate | 3.6% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +2.7% ▲ |
| 3-Year CAGR | +3.0% ▲ |
| 5-Year CAGR | +6.8% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 Rent Trends
| 1-Year | +0.8% ▲ |
| 3-Year CAGR | +4.3% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.6%). 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 28409
Population: 35,013
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 28409
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 8,100 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What monthly rent should investors expect in Wilmington, NC?
Rental rates in Wilmington, NC average $2,389/mo. Tenant demand and $518K home values make the yield look reasonable by investor standards.
Is the tenant base reliable in Wilmington, NC?
The renter base in Wilmington, NC is reasonable for the $2,389/mo price point. Screening well and pricing to market typically yields steady tenants.
Do rentals sit vacant long in Wilmington, NC?
Rental vacancy in Wilmington, NC is elevated. Investors should budget normal turnover but not chronic empty units.
Can I house hack in Wilmington, NC?
Wilmington, NC offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $2,389/mo rent level.
Is Wilmington, NC a smart market for rental property?
With a 3.0/5 investability score, Wilmington, NC ranks as a solid market for rental property investors. Median prices of $518K and rents of $2,389/mo drive the underlying numbers.
You know 28409 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 28409 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 28409 ranks in Wilmington, NC
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