When buying any investment property, it’s always best to research specific neighborhoods. In Wilmington, buying an investment property in particular neighborhood can mean the difference between a very high risk rental property and a solid performing real-estate investment. Here are the best places to find great real-estate investments in Wilmington, NC:
College Income Properties In Wilmington
- Pine Hills/College Acres
Pine Hills is the classic brick rancher neighborhood. The great thing about Pine Hills is that it is located right next to UNCW! As all investors know, college kids love to walk to campus and this can command a high premium. Most of the houses in this neighborhood are also rentals, so buying a property with a lease in place is possible. Unfortunately, investors are VERY hesitant to sell these, so when the opportunity arises strike while the iron is hot.
College Acres is VERY similar, but homes in that neighborhood tend to be larger and the subdivision overall are is far less “college”. College Acres, despite it’s close proximity to the school (and name!), is populated by professionals and retirees. If you want a bigger home for your college student (+2,500 sqft) go with college Acres.
- Rosemont/Devon Park
This neighborhood is located on the other side of College Road, but don’t let it fool you. This area is seeing massive development with a “bikeway to the sea” and road construction going on South Kerr. While I can’t predict the future, the area is seeing lots of redevelopment. This is a fantastic neighborhood for those investors that don’t want to pay +%150,000 for a property that you see in Pine Hills. More in-depth information about Devon Park
- Greenway Village
Greenway Village is one the highest performing real-estate investments in Wilmington (as of 5/26/17). These units still consistently produce an %8 cap-rate. The only downside is that they are townehomes. More in-depth information on Greenway Village.
- Units are 3 bedroom and this can really maximize income potential
- Well-landscaped and this provides great curb appeal (despite lower price range)
- Rental-income (as of 2017) still provides a great return despite large HOA dues
- “Set-it-and-forget-it” investing. No lawns, roofs, trash, etc to worry about
- Healthy number of owner occupants, so the town-home itself is not overrun with investors
2. Blue Collar Neighborhoods
- King’s Grant
King’s Grant is probably the largest brick rancher subdivision in Wilmington. Largely regarded as the place to be for those that want to live in a safe area, but without paying a huge price tag. Many great investment properties and a large amount of investor activity.
- King’s Grant is a MASSIVE subdivision
- Huge amount of brick ranchers to choose from
- Great because it’s far enough that you don’t get the blight a city can bring, but still affordable
- Ton’s of investment opportunities for house flippers and turn key investors
- Green Meadows
Far smaller then King’s Grant, Green Meadows is located conveniently off Market Street (Right across from Defy Gravity Trampoline park). Once again, a great area to invest due to the close proximity of employers. Not quite as safe an area as King’s Grant.
- Windemere/Long Leaf Acres
Top-notch investment territory. Great location, bigger houses, and low amount of investors. BUT it comes at a price… Don’t expect to pay less then $200,000 in the neighborhood.