Updated over 4 years ago on . Most recent reply
Wilmington NC market
Looking in the Wilmington or surrounding area for possible rentals. From out of town and was looking for locals opinions on the area and where is the best place to start out
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Wilmington has become a very competitive market (for all the good reasons listed by folks above) and BRRRR deals in the neighborhoods above can be hard to find, though not impossible. Rarely will you be able to find a deal in Wilmington proper where you can be all-in for 75% LTV, so plan on slowly having your BRRRR budget chipped away with leaving 1-$15k in each deal.
The outlying areas offer better prospects, but they are increasingly competitive as well. I would suggest you look in Castle Hayne and Leland as good areas. Hampstead is too pricey for the most part as it is a wealthy bedroom community to Wilmington proper and with its fantastic schools come very high taxes in Pender County. You can also look in the Sneads Ferry and Holly Ridge/Surf City areas for some good value (though there is low inventory).
@Sean McDonnell is a great local agent who specializes in serving OOS investors and will have some good info for you as well.
Best of luck!