615 W 5th St · Wilmington, DE 19801

$159,900

5 bd · 2.0 ba · 1,775 sqft · MultiFamily public records · 128 Days on market

Built 1875 1,742 sqft lot $90/sqft · 34% below area Est $241k · 34% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Quaker Hill Area: 4 Bedroom, 1.5 Baths, 3 Story Townhouse. This home is ready for either an investor or first time home buyer now!!! All that the new owner will need to do is MOVE IN! This home is priced to SELL! Investor-ready cash-flow opportunity with proven rent at $1,700/month. This property delivers an estimated $17,400 NOI ( 10.9% cap rate) with low operating expenses. Ideal for local and out-of-state investors seeking immediate income, strong returns, and upside potential. Section 8 rentals for 4 bedrooms in this neighborhood are $2,000-$2,300/month. This property is great for investors, rental ready!!

Key facts

• Built 1875
• Listed 128 days

🏷️ Possibly a rental listed for sale. The $159,900 price doesn't fit this home's estimated sale value (~$240,746) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.6% 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 (+1.6%/yr); 75 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $5,547/mo this rent would consume 126% of the median local household income ($53k/yr) (locally 919% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 1.6% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $160k implies a 433% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1875 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.47% ✓
• Cap rate: 31.57%
• Cash-on-cash: 90.27%
• DSCR: 5.02
• GRM: 2.4

CMA / ARV

• ARV (median comp): $240,746
• List price: $159,900
• Delta: -33.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 8th St	0.20mi	4/4.0 (-1)	1,750 (-1%)	14mo	$259,900	$149	64
1302 Elm St	0.60mi	4/— (-1)	1,800 (+1%)	2mo	$210,000	$117	63
1210 N King St	0.64mi	5/—	1,930 (+9%)	1mo	$233,000	$121	54
1606 W 4th St	0.69mi	6/— (+1)	1,950 (+10%)	7mo	$225,100	$115	40

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 · 1.59% rent growth · sell at horizon

5-year hold

• IRR: 89.4%
• Equity multiple: 5.04×
• Total profit: $180,861
• Equity at exit: $23,842

10-year hold

• IRR: 92.1%
• Equity multiple: 10.00×
• Total profit: $402,857
• Equity at exit: $13,825

Cash invested: $44,772 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $5,547 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$109 /mo · $1,309/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,165
• Net cashflow: $3,368

Break-even live

Break-even rent $1,284

Max offer price $159,900

Occupancy floor 34%

Sensitivity live

Price	-10% $3,458	-5% $3,413	+0% $3,368	+5% $3,323	+10% $3,277
Rent	-10% $2,930	-5% $3,149	+0% $3,368	+5% $3,587	+10% $3,806
Rate	-1.0pp $3,448	-0.5pp $3,409	base $3,368	+0.5pp $3,326	+1.0pp $3,284

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,548
Total (4 units)			$5,547

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	0.40mi
1913 W 2nd St Unit 1913 Wilmington, DE	5.0	1.5	1675	$2,050	$1.22	44d	1	0.96mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	1.15mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	19d	1	1.16mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	1.21mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	1.29mi

Listing history 18 events

1. 2026-06-04
   days on market $159,900 Active 128 DOM
2. 2026-06-03
   days on market $159,900 Active 127 DOM
3. 2026-06-02
   days on market $159,900 Active 126 DOM
4. 2026-06-01
   days on market $159,900 Active 125 DOM
5. 2026-05-31
   days on market $159,900 Active 124 DOM
6. 2026-01-27
   listed $159,900 Active 618-char remark

   Show marketing remark (618 chars)

   Quaker Hill Area: 4 Bedroom, 1.5 Baths, 3 Story Townhouse. This home is ready for either an investor or first time home buyer now!!! All that the new owner will need to do is MOVE IN! This home is priced to SELL! Investor-ready cash-flow opportunity with proven rent at $1,700/month. This property delivers an estimated $17,400 NOI ( 10.9% cap rate) with low operating expenses. Ideal for local and out-of-state investors seeking immediate income, strong returns, and upside potential. Section 8 rentals for 4 bedrooms in this neighborhood are $2,000-$2,300/month. This property is great for investors, rental ready!!

7. 2018-03-02
   status Pending 117-char remark

   Show marketing remark (117 chars)

   Nice big 4 bedroom house. Price just reduced. Owner is motivated. Recently rented for 1400/month. Come show and sell.

8. 2018-01-11
   soldstatus $30,000
9. 2018-01-08
   soldstatus $30,000 Closed 117-char remark

   Show marketing remark (117 chars)

   Nice big 4 bedroom house. Price just reduced. Owner is motivated. Recently rented for 1400/month. Come show and sell.

10. 2018-01-05
    price $35,000 117-char remark

    Show marketing remark (117 chars)

    Nice big 4 bedroom house. Price just reduced. Owner is motivated. Recently rented for 1400/month. Come show and sell.

11. 2017-08-26
    listed $45,000 Active 117-char remark

    Show marketing remark (117 chars)

    Nice big 4 bedroom house. Price just reduced. Owner is motivated. Recently rented for 1400/month. Come show and sell.

12. 2011-09-23
    soldstatus $21,000
13. 2011-09-23
    soldstatus $21,000
14. 2011-08-25
    historical
15. 2011-07-27
    listed $26,000
16. 2011-07-27
    listed $26,000
17. 2008-07-08
    soldstatus $119,000
18. 1982-03-01
    soldstatus $35,000

ⓘ 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: $1,309 · $109/mo
• Projected year-2 tax: $1,309 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $66,564
• − Mortgage interest: −$8,957
• − Property taxes: −$1,309
• − Insurance: −$800
• − Repairs & maintenance: −$5,325
• − Management: −$5,325
• − Depreciation: −$4,652
• Taxable income: $40,197
• Est. tax owed @ 24.0%: −$9,647
• After-tax cash flow: $30,768/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): 16,327
• Household income: $52,810
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 919.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% Chinese 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: ▼ -112.65%
• Current HPI: 151.1288
• Rent YoY: ▲ 1.59%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+356.9% since first listed

13 events — show timeline

• 2026-01-27 Listed $159,900 BRIGHT MLS
• 2018-03-02 Pending — BRIGHT MLS
• 2018-01-11 Sold (Public Records) $30,000 Public Records
• 2018-01-08 Sold (MLS) $30,000 BRIGHT MLS
• 2018-01-05 Price Changed $35,000 BRIGHT MLS
• 2017-08-26 Listed $45,000 BRIGHT MLS
• 2011-09-23 Sold (MLS) $21,000 TREND
• 2011-09-23 Sold (MLS) $21,000 BRIGHT MLS
• 2011-08-25 Listing Removed — BRIGHT MLS
• 2011-07-27 Listed $26,000 TREND
• 2011-07-27 Listed $26,000 BRIGHT MLS
• 2008-07-08 Sold (Public Records) $119,000 Public Records
• 1982-03-01 Sold (Public Records) $35,000 Public Records

Property tax history

+29.5%/yr

Latest (2024): $1,309 · +2.6% YoY. Source: county tax records.