104 Lower Oak St · Wilmington, DE 19805

$89,900

2 bd · 1.0 ba · 825 sqft · Townhouse public records · 92 Days on market

Built 1906 871 sqft lot $109/sqft · 14% below area Est $104k · 14% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special in a prime Wilmington location with serious upside. This shell sits just minutes from the waterfront and directly across from a major redevelopment project expected to transform the area in the near future. Whether you’re looking for your next flip or a BRRRR opportunity, this property has strong potential for both short-term profit and long-term cash flow. The current layout offers the ability to restore it as a 2 bedroom, 1 bathroom, or explore adding a second-floor addition to create a 3 bedroom, 2 bathroom layout and maximize value. Solid foundation and great opportunity for the right investor to bring this one back to life. Property is boarded up, bring a screw gun to access the front door.

Key facts

• Solid foundation
• Waterfront
• Built 1906

Tags

• PRIME WILMINGTON LOCATION
• WATERFRONT
• SOLID FOUNDATION
• SECOND-FLOOR ADDITION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $763 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.5% vs local median 5.6% in Wilmington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 64/100 on livability (#52 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, schools D, commute D.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.3%/yr); 167 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 33% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.85% ✓
• Cap rate: 16.48%
• Cash-on-cash: 36.39%
• DSCR: 2.62
• GRM: 4.5

CMA / ARV

• ARV (median comp): $104,332
• List price: $89,900
• Delta: -13.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Lower Oak St	0.05mi	2/1.0	850 (+3%)	1mo	$112,500	$132	91
2 Lower Oak St	0.06mi	2/1.5	850 (+3%)	1mo	$112,500	$132	89
1120 Beech St	0.13mi	2/1.0	825 (0%)	6mo	$112,500	$136	89
908 Marshall St	0.09mi	2/1.0	775 (-6%)	1mo	$95,000	$123	85
11 Cedar St	0.12mi	2/1.0	875 (+6%)	4mo	$110,000	$126	81
801 Wright St	0.08mi	2/1.0	750 (-9%)	8mo	$95,000	$127	74
420 S Van Buren St	0.24mi	2/1.0	875 (+6%)	7mo	$67,500	$77	73
105 Christina Lndg #704	0.64mi	1/1.0 (-1)	825 (0%)	1mo	$225,000	$273	64
105-Unit Christina Lndg #307	0.65mi	1/1.0 (-1)	825 (0%)	2mo	$225,000	$273	63
530 Harlan Blvd #510	0.35mi	1/1.0 (-1)	912 (+10%)	1mo	$282,500	$310	60
530 Harlan Blvd #522	0.35mi	1/1.0 (-1)	904 (+10%)	8mo	$245,000	$271	56
117 N Dupont St	0.69mi	2/1.0	875 (+6%)	5mo	$138,000	$158	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.35% rent growth · sell at horizon

5-year hold

• IRR: 35.7%
• Equity multiple: 2.58×
• Total profit: $39,825
• Equity at exit: $13,404

10-year hold

• IRR: 44.1%
• Equity multiple: 5.87×
• Total profit: $122,681
• Equity at exit: $7,773

Cash invested: $25,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19805

• Rents YoY: 6.3%
• Active inventory: 167
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,663 high
• Mortgage (P&I): −$471
• Tax from tax record: −$42 /mo · $501/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $763

Break-even live

Break-even rent $697

Max offer price $89,900

Occupancy floor 49%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
128 Lower Oak St Wilmington, DE	2.0	1.0	871	$1,595	$1.83	3d	1	0.01mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	0.19mi
401 Justison St Wilmington, DE	1.0	1.0	787	$1,855	$2.36	1d	13	0.28mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.29mi
1401 Maryland Ave Wilmington, DE	1.0	1.0	612	$1,275	$2.08	43d	1	0.32mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	3d	1	0.35mi
1507 Coleman St Wilmington, DE	2.0	1.0	650	$1,495	$2.30	24d	1	0.40mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	20d	1	0.43mi
1114 Lancaster Ave Wilmington, DE	2.0	1.0	775	$1,400	$1.81	24d	1	0.45mi
101 Avenue of the Arts Wilmington, DE	1.0	1.0	726	$2,195	$3.02	1d	3	0.56mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	16d	1	0.62mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	10d	1	0.62mi
545 Homestead Rd Wilmington, DE	2.0	1.0	800	$1,399	$1.75	43d	1	0.63mi
1600 Bonwood Rd Wilmington, DE	2.0	2.0	970	$1,614	$1.66	15d	1	0.64mi
1600 Bonwood Rd Wilmington, DE	1.0	1.0	702	$1,290	$1.84	2d	1	0.64mi
207 S DuPont St Wilmington, DE	1.0	1.5	1000	$1,495	$1.50	18d	1	0.65mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	1d	13	0.66mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.70mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	0.70mi
210 N Market St Wilmington, DE	1.0	1.0	746	$1,750	$2.34	2d	6	0.78mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	43d	1	0.78mi
225 W 4th St Unit 1 Wilmington, DE	1.0	1.0	750	$1,399	$1.87	43d	1	0.78mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	0.79mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	0.80mi
517 N West St Wilmington, DE	1.0	1.0	646	$1,295	$2.00	24d	1	0.82mi
2 W 4th St Wilmington, DE	1.0	1.0	623	$1,908	$3.06	3d	5	0.82mi
600 N Washington St Wilmington, DE	1.0	1.0	700	$1,275	$1.82	43d	1	0.83mi
219 S Union St Unit B Wilmington, DE	1.0	1.0	1075	$1,150	$1.07	24d	1	0.84mi
1215 W 7th St Apt 1 Wilmington, DE	1.0	1.0	1000	$1,275	$1.27	18d	1	0.84mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	24d	1	0.85mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	43d	1	0.86mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	43d	1	0.87mi
800 N Adams St Wilmington, DE	1.0	1.0	650	$1,195	$1.84	43d	1	0.89mi
1522 W 7th St Unit 1 Wilmington, DE	2.0	1.0	900	$1,800	$2.00	4d	1	0.91mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	1d	13	0.91mi
802 N Broom St Apt 2 Wilmington, DE	2.0	21.0	800	$1,695	$2.12	22d	1	0.94mi
822 N Adams St Wilmington, DE	1.0	1.0	650	$1,225	$1.88	43d	1	0.94mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	43d	1	0.95mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,211	$2.87	2d	117	1.02mi
824 N West St Wilmington, DE	1.0	1.0	700	$1,262	$1.80	43d	1	1.02mi

Listing history 27 events

1. 2026-06-18
   days on market $89,900 Active 92 DOM
2. 2026-06-17
   days on market $89,900 Active 91 DOM
3. 2026-06-16
   days on market $89,900 Active 90 DOM
4. 2026-06-15
   days on market $89,900 Active 89 DOM
5. 2026-06-13
   days on market $89,900 Active 87 DOM
6. 2026-06-13
   days on market $89,900 Active 86 DOM
7. 2026-06-09
   days on market $89,900 Active 83 DOM
8. 2026-06-08
   days on market $89,900 Active 82 DOM
9. 2026-06-07
   days on market $89,900 Active 81 DOM
10. 2026-06-04
    days on market $89,900 Active 78 DOM
11. 2026-06-03
    days on market $89,900 Active 77 DOM
12. 2026-06-02
    days on market $89,900 Active 76 DOM
13. 2026-06-01
    days on market $89,900 Active 75 DOM
14. 2026-05-31
    days on market $89,900 Active 74 DOM
15. 2026-04-15
    price $89,900 727-char remark

    Show marketing remark (727 chars)

    Investor special in a prime Wilmington location with serious upside. This shell sits just minutes from the waterfront and directly across from a major redevelopment project expected to transform the area in the near future. Whether you’re looking for your next flip or a BRRRR opportunity, this property has strong potential for both short-term profit and long-term cash flow. The current layout offers the ability to restore it as a 2 bedroom, 1 bathroom, or explore adding a second-floor addition to create a 3 bedroom, 2 bathroom layout and maximize value. Solid foundation and great opportunity for the right investor to bring this one back to life. Property is boarded up, bring a screw gun to access the front door.

16. 2026-03-18
    listed $100,000 Active 727-char remark

    Show marketing remark (727 chars)

    Investor special in a prime Wilmington location with serious upside. This shell sits just minutes from the waterfront and directly across from a major redevelopment project expected to transform the area in the near future. Whether you’re looking for your next flip or a BRRRR opportunity, this property has strong potential for both short-term profit and long-term cash flow. The current layout offers the ability to restore it as a 2 bedroom, 1 bathroom, or explore adding a second-floor addition to create a 3 bedroom, 2 bathroom layout and maximize value. Solid foundation and great opportunity for the right investor to bring this one back to life. Property is boarded up, bring a screw gun to access the front door.

17. 2024-11-01
    soldstatus $70,000
18. 2019-09-20
    soldstatus $29,900 Closed
19. 2019-09-11
    status Pending
20. 2019-09-03
    historical
21. 2019-09-02
    price $29,900
22. 2019-08-31
    status Active
23. 2019-08-27
    historical Active Under Contract
24. 2019-08-23
    status Pending
25. 2019-08-08
    historical Active Under Contract
26. 2019-06-28
    price $34,900
27. 2019-06-17
    listed $39,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $501 · $42/mo
• Projected year-2 tax: $511 · $43/mo
• Expected delta: +$10/yr (+$1/mo · 2.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,960
• − Mortgage interest: −$5,036
• − Property taxes: −$501
• − Insurance: −$450
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$2,615
• Taxable income: $8,164
• Est. tax owed @ 24.0%: −$1,959
• After-tax cash flow: $7,201/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Christina School District
• NCES district ID: 1000200
• Math proficiency: 22% ▼ -12.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $58,838
• Composite: 24.93/100
• National rank: #7567
• State rank: #18 of 26 in DE

Livability — Wilmington

• Score: 64/100
• State rank: #52
• US rank: #14251

Category grades

Amenities F Commute D Cost of living A+ Crime F Employment D+ Housing A Health & safety D- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, DE
• County: New Castle County · 483,412 people
• City population: 173,480
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 41,402
• Household income: $60,221
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1730.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 37% Black 32% Hispanic / Latino 25% Two or more races 10%
• Hispanic origin (detail): Mexican 10% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 4% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 79% English-only · Spanish 18% French/Haitian/Cajun 1% Arabic 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -291.16%
• Current HPI: 259.1455
• Rent YoY: ▲ 6.35%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+125.3% since first listed

13 events — show timeline

• 2026-04-15 Price Changed $89,900 BRIGHT MLS
• 2026-03-18 Listed $100,000 BRIGHT MLS
• 2024-11-01 Sold (Public Records) $70,000 Public Records
• 2019-09-20 Sold (MLS) $29,900 BRIGHT MLS
• 2019-09-11 Pending — BRIGHT MLS
• 2019-09-03 Listing Removed — BRIGHT MLS
• 2019-09-02 Price Changed $29,900 BRIGHT MLS
• 2019-08-31 Relisted — BRIGHT MLS
• 2019-08-27 Contingent — BRIGHT MLS
• 2019-08-23 Pending — BRIGHT MLS
• 2019-08-08 Contingent — BRIGHT MLS
• 2019-06-28 Price Changed $34,900 BRIGHT MLS
• 2019-06-17 Listed $39,900 BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2024): $501 · +2.6% YoY. Source: county tax records.