1400 Saint Elizabeth St · Wilmington, DE 19805

$165,000

2 bd · 2.0 ba · 1,350 sqft · MultiFamily public records · 2 Days on market

Built 1940 2,614 sqft lot Est $213k · 23% 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
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

INVESTOR ALERT! This brick duplex consists of two, separately metered, 1-bedroom units. Each has a living room, galley kitchen, and bedroom with walk-in closet. The 1st floor unit has a full bath w/ tiled walls. The 2nd fl unit has a full bath with fiberglass shower stall. Laundry/basement has inside access with first floor unit only. The property needs work overall and is priced accordingly. Use CAUTION when viewing as there is uneven concrete, especially to the left side of front porch. Age of systems is unknown. Please do not go onto the property without your agent and a confirmed appointment. Please verify taxes, as the present owner receives more than one discount. Disclosure: Listi

Key facts

• 2,614 sq ft lot
• Built 1940
• Listed 2 days

Property features AI

Finance

• Financial info: Improvement assessed at $223,300; Land assessed at $42,200; Total tax assessment $265,500 (tax year 2025)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Municipal trash service
• Home design: Semi-detached structure; Fee simple ownership; Below-average condition
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: Deck(s)

Interior

• Kitchen: Gas oven/range
• Bedrooms: Two one-bedroom units (Unit 1 and Unit 2)
• Heating & cooling: Forced air heating (oil); Window air conditioning units (electric); Electric hot water; Circuit breaker electrical panel
• Interior features: Fire escape; Full basement with both outside entrance and interior access

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Cap rate 15.6% 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 fast (+6.3%/yr); 167 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $2,890/mo this rent would consume 58% of the median local household income ($60k/yr) (locally 1730% 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 + 6.3% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $56k; list at $165k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $165,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.75% ✓
• Cap rate: 15.57%
• Cash-on-cash: 33.14%
• DSCR: 2.47
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $213,300
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 N Lincoln St	0.74mi	2/2.0	1,300 (-4%)	17mo	$185,000	$142	45
116 N Scott St	0.70mi	2/—	1,200 (-11%)	13mo	$190,000	$158	38

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: 31.9%
• Equity multiple: 2.40×
• Total profit: $64,547
• Equity at exit: $24,602

10-year hold

• IRR: 40.7%
• Equity multiple: 5.44×
• Total profit: $204,941
• 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 19805

• Rents YoY: 6.3%
• Active inventory: 167
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,890 high
• Mortgage (P&I): −$865
• Tax from tax record: −$73 /mo · $880/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $1,276

Break-even live

Break-even rent $1,275

Max offer price $165,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,890
Total (2 units)			$2,890

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	14d	1	0.07mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.13mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	0.14mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.20mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	0.29mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.30mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	0.30mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.34mi
1601 Bonwood Rd Wilmington, DE	3.0	1.5	1500	$1,850	$1.23	24d	1	0.36mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.42mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.43mi
1600 Bonwood Rd Wilmington, DE	2.0	2.0	970	$1,614	$1.66	15d	1	0.46mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	3d	1	0.48mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.49mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.52mi
207 S DuPont St Wilmington, DE	1.0	1.5	1000	$1,495	$1.50	18d	1	0.56mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	14d	1	0.57mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	15d	1	0.59mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	20d	1	0.62mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.66mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.66mi
219 S Union St Unit B Wilmington, DE	1.0	1.0	1075	$1,150	$1.07	24d	1	0.67mi
530 Harlan Blvd #519 Wilmington, DE	2.0	2.0	1192	$2,250	$1.89	24d	1	0.70mi
131 Scarborough Park Dr Wilmington, DE	1.0–2.0	1.0–1.5	837	$1,700	$2.03	43d	1	0.70mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.75mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.78mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.91mi
101 Avenue of the Arts Wilmington, DE	1.0	1.0	726	$2,195	$3.02	1d	3	0.93mi
1522 W 7th St Unit 1 Wilmington, DE	2.0	1.0	900	$1,800	$2.00	4d	1	0.98mi
105 Christina Landing Dr #1105 Wilmington, DE	2.0	2.0	1150	$2,500	$2.17	43d	1	0.99mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	10d	1	0.99mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	16d	1	0.99mi
1215 W 7th St Apt 1 Wilmington, DE	1.0	1.0	1000	$1,275	$1.27	18d	1	1.01mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	1.01mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	1.02mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	1d	13	1.03mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	1.06mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	24d	1	1.07mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	1.08mi
37 E Champlain Ave Wilmington, DE	2.0	1.0	975	$1,612	$1.65	1d	1	1.09mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $165,000 Pending 2 DOM
2. 2026-06-04
   days on market $165,000 Coming Soon 16 DOM
3. 2026-06-03
   days on market $165,000 Coming Soon 15 DOM
4. 2026-06-02
   days on market $165,000 Coming Soon 14 DOM
5. 2026-06-02
   remarks 699-char remark
6. 2026-06-01
   days on market $165,000 Coming Soon 13 DOM
7. 2026-05-31
   days on market $165,000 Coming Soon 12 DOM
8. 2026-05-19
   historical $165,000
9. 1996-11-04
   soldstatus $55,780

ⓘ 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: $880 · $73/mo
• Projected year-2 tax: $918 · $77/mo
• Expected delta: +$39/yr (+$3/mo · 4.4%)

ⓘ 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: $34,680
• − Mortgage interest: −$9,243
• − Property taxes: −$880
• − Insurance: −$825
• − Repairs & maintenance: −$2,774
• − Management: −$2,774
• − Depreciation: −$4,800
• Taxable income: $13,384
• Est. tax owed @ 24.0%: −$3,212
• After-tax cash flow: $12,097/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

+195.8% since first listed

2 events — show timeline

• 2026-05-19 Coming Soon $165,000 BRIGHT MLS
• 1996-11-04 Sold (Public Records) $55,780 Public Records

Property tax history

+2.7%/yr

Latest (2013): $880 · +2.7% YoY. Source: county tax records.