98 Cedar St Unit 98-CED · Wilmington, DE 19808

$24,200

2 bd · 2.0 ba · 600 sqft · Manufactured · 380 Days on market

Built 2024 ↓ 2% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2024
• Listed 379 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $24k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $24k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 63.4% 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 (+2.0%/yr); 126 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $167 of loan paydown is wiped out by about $726 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 + 2.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 380 days — a 12% lower offer ($21k) 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.

Recommended offer $21,296 (12.0% below list)

Questions for the listing agent

1. It's been on market 380 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.90% ✓
• Cap rate: 63.42%
• Cash-on-cash: 204.01%
• DSCR: 10.08
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.02% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.01×
• Total profit: $67,844
• Equity at exit: $3,608

10-year hold

• IRR: —
• Equity multiple: 22.71×
• Total profit: $147,096
• Equity at exit: $2,092

Cash invested: $6,776 (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 19808

• Rents YoY: 2.0%
• Active inventory: 126
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,670 high
• Mortgage (P&I): −$127
• Tax est. 1.5%: −$30 /mo · $363/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $1,152

Break-even live

Break-even rent $212

Max offer price $24,200

Occupancy floor 26%

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: $6,050
• Closing costs: $726
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Maryland Ave Wilmington, DE	1.0	1.0	612	$1,275	$2.08	44d	1	0.16mi
1507 Coleman St Wilmington, DE	2.0	1.0	650	$1,495	$2.30	24d	1	0.29mi
401 Justison St Wilmington, DE	1.0	1.0	787	$1,855	$2.36	1d	13	0.44mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.45mi
1600 Bonwood Rd Wilmington, DE	1.0	1.0	702	$1,290	$1.84	3d	1	0.54mi
101 Avenue of the Arts Wilmington, DE	1.0	1.0	726	$2,195	$3.02	1d	3	0.72mi
225 W 4th St Unit 1 Wilmington, DE	1.0	1.0	750	$1,399	$1.87	44d	1	0.93mi
507 N West St Wilmington, DE	1.0	1.0	500	$1,295	$2.59	24d	1	0.93mi
210 N Market St Wilmington, DE	1.0	1.0	746	$1,750	$2.34	3d	6	0.94mi
517 N West St Wilmington, DE	1.0	1.0	646	$1,295	$2.00	24d	1	0.95mi
600 N Washington St Wilmington, DE	1.0	1.0	700	$1,275	$1.82	44d	1	0.96mi
1 Matthes Ave Wilmington, DE	1.0	1.0	600	$1,325	$2.21	20d	1	0.96mi
2 W 4th St Wilmington, DE	1.0	1.0	623	$1,908	$3.06	3d	5	0.97mi
800 N Adams St Wilmington, DE	1.0	1.0	650	$1,195	$1.84	44d	1	0.98mi
822 N Adams St Wilmington, DE	1.0	1.0	650	$1,225	$1.88	44d	1	1.03mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	1d	13	1.07mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	44d	1	1.08mi
1200 W 10th St Apt 3 Wilmington, DE	1.0	1.0	650	$1,450	$2.23	4d	1	1.09mi
2700 Boulevard Rd Wilmington, DE	1.0–2.0	1.0	743	$1,525	$2.05	3d	8	1.12mi
824 N West St Wilmington, DE	1.0	1.0	700	$1,262	$1.80	44d	1	1.15mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,211	$2.87	3d	117	1.15mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	5d	1	1.16mi
801 N Market St Unit 301 Wilmington, DE	1.0	1.0	630	$1,725	$2.74	44d	1	1.17mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	44d	1	1.17mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	5d	1	1.17mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	1.19mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	1.27mi
101 W 10th St Wilmington, DE	1.0	1.0	732	$2,150	$2.94	4d	14	1.29mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	1d	62	1.30mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	44d	4	1.35mi
1308 Delaware Ave Unit 6 Wilmington, DE	1.0	1.0	675	$1,945	$2.88	19d	1	1.38mi
1303 Delaware Ave Wilmington, DE	1.0	1.0	440	$1,495	$3.40	5d	2	1.42mi
11 Corbin Ct Unit 1 Wilmington, DE	1.0	1.0	675	$1,295	$1.92	2d	1	1.49mi
1912 W 14th St Unit B Wilmington, DE	1.0	1.0	600	$1,300	$2.17	5d	1	1.50mi

Listing history 14 events

1. 2026-06-09
   days on market $24,200 Active 380 DOM
2. 2026-06-08
   days on market $24,200 Active 379 DOM
3. 2026-06-07
   days on market $24,200 Active 378 DOM
4. 2026-06-04
   days on market $24,200 Active 375 DOM
5. 2026-06-03
   days on market $24,200 Active 374 DOM
6. 2026-06-02
   days on market $24,200 Active 373 DOM
7. 2026-06-01
   pricedays on market $24,200 Active 372 DOM
8. 2026-05-31
   days on market $23,700 Active 371 DOM
9. 2026-02-01
   price $23,700 372-char remark

   Show marketing remark (372 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

10. 2025-09-09
    status Active 372-char remark

    Show marketing remark (372 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

11. 2025-07-24
    historical 372-char remark

    Show marketing remark (372 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

12. 2025-05-08
    status Active 372-char remark

    Show marketing remark (372 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

13. 2025-01-18
    historical 372-char remark

    Show marketing remark (372 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

14. 2024-12-18
    listed $24,200 Active 372-char remark

    Show marketing remark (372 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, , , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Taxation est. · year 1

• Rental income: $20,039
• − Mortgage interest: −$1,356
• − Property taxes: −$363
• − Insurance: −$121
• − Repairs & maintenance: −$1,603
• − Management: −$1,603
• − Depreciation: −$704
• Taxable income: $14,289
• Est. tax owed @ 24.0%: −$3,429
• After-tax cash flow: $10,395/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): 39,082
• Household income: $94,234
• Rent vs Own: 21.0% rent · 79.0% own
• Severe rent burden: 619.0

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 White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 14% Asian 8% Black 8% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 7% Lithuanian 1% Slovak 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 12% Chinese 3% Other Indo-European 2%

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: ▼ -252.43%
• Current HPI: 239.0702
• Rent YoY: ▲ 2.02%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

-2.1% since first listed

6 events — show timeline

• 2026-02-01 Price Changed $23,700 Zillow
• 2025-09-09 Relisted — Zillow
• 2025-07-24 Delisted — Zillow
• 2025-05-08 Relisted — Zillow
• 2025-01-18 Delisted — Zillow
• 2024-12-18 Listed $24,200 Zillow