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1508 Gatlin Way
Wilmington, NC

1508 Gatlin Way

$780,900
6 bd • 4 ba • 3,090 sf

This analysis was generated by artificial intelligence on 2/5/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$780,900

Price/Sq.Ft

$253

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Sizeable Living Space: At 3,090 square feet, the property offers ample living space for a large family or those who desire extra room for guests, hobbies, or a home office. This is above the Wilmington average. • Abundant Bedrooms and Bathrooms: With 6 bedrooms and 4 bathrooms, the property can comfortably accommodate a large household or provide opportunities for rental income by renting out individual rooms. • Competitive Price per Square Foot: The price per square foot of $252.72 is attractive and suggests potential value compared to other properties in Wilmington. (This needs to be verified against comparable sales, but it presents an initial positive). • Location in Wilmington: Wilmington is a desirable coastal city in North Carolina, offering a blend of historical charm, cultural attractions, and outdoor recreation. The property benefits from its location within this appealing area, though the specific neighborhood's attributes need further investigation.

The Bad

• Unknown Construction Year: The missing construction year is a significant drawback. It makes it impossible to assess the home's condition, potential for outdated systems (plumbing, electrical, HVAC), and compliance with current building codes. This lack of information increases the risk of unexpected repairs and expenses. • Lack of Property Details: The absence of property features, descriptions, and room details makes it difficult to evaluate the home's layout, amenities, and overall suitability. Buyers must rely solely on external appearance and limited data, increasing the uncertainty of the purchase. • Potential for High Insurance Costs: Wilmington's coastal location means the property is likely subject to higher insurance premiums due to hurricane and flood risks. Without knowing the property's elevation or flood zone, it's impossible to estimate these costs accurately, but they could significantly impact affordability. • Price per Square Foot: While the price per square foot of $252.72 is relatively reasonable compared to some luxury markets, it's still crucial to compare this to similar properties in the Wilmington area to ensure the property is competitively priced. Further analysis is needed to determine if the price aligns with the property's condition and features (which are currently unknown).

The Ugly

• High Potential for Hidden Problems: The combination of an unknown construction year and lack of property details creates a high risk of encountering hidden problems, such as structural issues, outdated systems, or pest infestations. Addressing these issues could require significant investment and disrupt the homeowner's living situation. • Unpredictable Maintenance Costs: Without knowing the age or condition of the property's systems and materials, it's impossible to predict future maintenance costs. Buyers should be prepared for potentially high expenses related to repairs, replacements, and upgrades. • Insurance Affordability: The coastal location increases the likelihood of high flood insurance, wind insurance, and home insurance. These can add up to thousands of dollars per year. • Limited Investment Potential: The lack of information on the property makes it difficult to assess its true value and potential for appreciation. Buyers should proceed with caution and conduct thorough due diligence to avoid overpaying for a property with significant issues.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Large or Multi-Generational Households: The six-bedroom layout provides ample space for larger families or those who need room for guests or live-in relatives. The four bathrooms also reduce potential congestion. • Buyers Seeking Rental Income Potential: The property's size and layout could be conducive to renting out individual rooms or portions of the house, generating income to offset mortgage costs. The median rent for a four-bedroom property in Wilmington is $2,560. • Buyers Prioritizing Location and Curb Appeal: The property's location in Wilmington and its well-maintained exterior (as seen in the image) may appeal to buyers who value neighborhood aesthetics and convenient access to local amenities. • Buyers comfortable with potential renovation: The unknown year built may indicate that renovations or upgrades are needed, making it suitable for buyers looking to add value through improvements.

Not For

• Buyers Seeking Low-Maintenance Properties: The unknown construction year raises concerns about potential maintenance needs and updates, making it less suitable for those seeking a move-in-ready home. • Buyers with Strict Budget Constraints: The purchase price of $780,900, combined with the potential for high insurance costs (due to coastal risks) and unknown maintenance expenses, may strain the budgets of buyers seeking affordability. • Buyers Unwilling to Invest in Inspections and Due Diligence: The limited property information necessitates thorough inspections and research, which may deter buyers who prefer a more straightforward purchase process. • Buyers Prioritizing Modern Amenities and Energy Efficiency: Without knowing the construction year or any details about the home's systems, it's difficult to determine if it meets modern standards for energy efficiency or includes updated amenities.
Demographics
Area Median Income

$95,772

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Risk Assessment

Risk Analysis

• Hurricane and Flood Risk: Wilmington's coastal location exposes the property to potential damage from hurricanes and flooding. Insurance costs could be significant, and evacuation may be necessary during severe weather events. The flood risk should be assessed with FEMA flood maps. • Unknown Construction Year: The lack of information about the property's age makes it difficult to assess its structural integrity, potential maintenance needs, and compliance with current building codes. A detailed inspection is essential to identify any hidden issues. • Limited Property Information: The absence of property features, descriptions, and room details makes it challenging to evaluate the property's suitability for specific needs and preferences. Additional research and on-site visits are necessary to gather more information. • Coastal Environment: Salt air and humidity can accelerate corrosion and deterioration of building materials, leading to increased maintenance costs. Pest control is also a concern in coastal areas due to the favorable climate for termites and other pests. • Market Fluctuations: Wilmington's real estate market is influenced by tourism and seasonal demand, which can lead to price fluctuations. It's important to monitor market trends and consider the potential impact on property values.

Financials

Monthly Costs
Market Rent (6 bed)

$2,560

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$395,500

-49.4% below list price

Median Price

$631,000

Based on 2 recent sales

Price per Sq.Ft

$194

Comparable Properties

5925 Sweet Gum Drive, Wilmington, NC 28409
Price: $631,000
Sq.Ft: 3,246
Beds/Baths: 5/4
$/Sq.Ft:
$19423.1%
Sale Date: 11/10/2024
6023 Myrtle Grove Road, Wilmington, NC 28409
Price: $160,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 10/23/2024

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