2407 Lamotte St · Wilmington, DE 19802

$165,000

3 bd · 1.0 ba · 574 sqft · Townhouse public records · 46 Days on market

Built 1925 1,307 sqft lot $287/sqft · 177% above area Est $119k · 38% over

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Why this score? — see what drove the C 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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +6.3/10.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Updated income-producing property with a reliable tenant already in place paying $1,750/month. This well-maintained home offers an excellent opportunity for both first-time home buyers and investors seeking immediate cash flow. Recent updates include a NEW BOILER (2024) & HOT WATER HEATER (2024) that provides modern comfort and peace of mind, while the strong rental history adds value and stability. Conveniently located near shopping, dining, and major routes, this property is ideal for building equity or expanding your investment portfolio. Don’t miss this turnkey opportunity with built-in income potential.

Key facts

• Built 1925
• Listed 45 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick construction; Concrete perimeter foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 14.70 x 80.00; Property located within city limits

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Hot water heating; Natural gas available; Electric hot water
• Interior features: Unfinished basement with sump pump; Living area reported as estimated

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 5.7% 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.
• Brandywine School District (suburban): math 28% / reading 40% proficiency, ranked #11 of 26 in DE (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.7%/yr); 129 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 42% of the median local income ($54k/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 $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 + 5.7% rent growth), your $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.61%
• DSCR: 1.56
• GRM: 7.4

CMA / ARV

• ARV (median comp): $119,183
• List price: $165,000
• Delta: 38.44%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.72% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $9,376
• Equity at exit: $24,602

10-year hold

• IRR: 16.7%
• Equity multiple: 2.53×
• Total profit: $70,523
• Equity at exit: $14,266

Cash invested: $46,200 (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 19802

• Rents YoY: 5.7%
• Active inventory: 129
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,869 high
• Mortgage (P&I): −$865
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $486

Break-even live

Break-even rent $1,255

Max offer price $165,000

Occupancy floor 69%

Sensitivity live

Price	-10% $579	-5% $532	+0% $486	+5% $439	+10% $392
Rent	-10% $338	-5% $412	+0% $486	+5% $559	+10% $633
Rate	-1.0pp $569	-0.5pp $527	base $486	+0.5pp $443	+1.0pp $399

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 W 20th St Wilmington, DE	2.0	1.0	650	$1,395	$2.15	44d	1	0.35mi
312 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	700	$1,295	$1.85	25d	1	0.39mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	2d	62	0.82mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.85mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	0.93mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	6d	1	0.95mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	3d	117	0.96mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	44d	1	1.04mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	1.10mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	44d	4	1.18mi

Listing history 19 events

1. 2026-06-21
   days on market $165,000 Active 46 DOM
2. 2026-06-18
   days on market $165,000 Active 43 DOM
3. 2026-06-17
   days on market $165,000 Active 42 DOM
4. 2026-06-16
   days on market $165,000 Active 41 DOM
5. 2026-06-15
   days on market $165,000 Active 40 DOM
6. 2026-06-13
   days on market $165,000 Active 38 DOM
7. 2026-06-09
   days on market $165,000 Active 34 DOM
8. 2026-06-08
   days on market $165,000 Active 33 DOM
9. 2026-06-07
   days on market $165,000 Active 32 DOM
10. 2026-06-04
    days on market $165,000 Active 29 DOM
11. 2026-06-03
    days on market $165,000 Active 28 DOM
12. 2026-06-02
    days on market $165,000 Active 27 DOM
13. 2026-06-01
    days on market $165,000 Active 26 DOM
14. 2026-05-31
    days on market $165,000 Active 25 DOM
15. 2026-05-06
    listed $170,000 Active 627-char remark
16. 2024-03-19
    historical $1,600
17. 2024-02-26
    listed $1,600
18. 2024-01-30
    historical $1,500
19. 2024-01-09
    listed $1,500

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $821 · $68/mo
• Expected delta: +$136/yr (+$11/mo · 19.9%)

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

Taxation est. · year 1

• Rental income: $22,430
• − Mortgage interest: −$9,243
• − Property taxes: −$685
• − Insurance: −$825
• − Repairs & maintenance: −$1,794
• − Management: −$1,794
• − Depreciation: −$4,800
• Taxable income: $3,288
• Est. tax owed @ 24.0%: −$789
• After-tax cash flow: $5,037/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: Brandywine School District
• NCES district ID: 1001240
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 40% ▼ -13.00%
• Median HH income: $68,743
• Composite: 31.27/100
• National rank: #6019
• State rank: #11 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): 26,051
• Household income: $53,812
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 1816.0

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 (68%)
• Race & ethnicity: Black 68% White 20% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Slovak 1% Romanian 1% Italian 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 92% English-only · Spanish 4% Arabic 0%

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: ▼ -296.47%
• Current HPI: 225.6613
• Rent YoY: ▲ 5.72%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+10900.0% since first listed

6 events — show timeline

• 2026-05-28 Price Changed $165,000 BRIGHT MLS
• 2026-05-06 Listed $170,000 BRIGHT MLS
• 2024-03-19 Rental Removed $1,600 Avail
• 2024-02-26 Listed for Rent $1,600 Avail
• 2024-01-30 Rental Removed $1,500 Avail
• 2024-01-09 Listed for Rent $1,500 Avail

Property tax history

-11.6%/yr

Latest (2024): $685 · +10.2% YoY. Source: county tax records.