We have investigated single crystals and polycrystals from the series Nb1−yFe2+y, −0.004 ≤ y ≤ 0.018 by electron spin resonance, muon spin relaxation and Mössbauer spectroscopy. Our data establish that at lowest temperatures all samples exhibit bulk magnetic order. Slight Feexcess induces low-moment ferromagnetism, consistent with bulk magnetometry, while Nb-rich and stoichiometric NbFe2 display spin density wave order with small magnetic moment amplitudes of the order ∼ 0.001 − 0.01µB /Fe. This provides microscopic evidence for a modulated magnetic state on the border of ferromagnetism in NbFe2.