407 N Rodney St · Wilmington, DE 19805

$199,900

4 bd · 1.0 ba · 1,175 sqft · Townhouse public records · 195 Days on market

Built 1900 871 sqft lot $170/sqft · 51% above area ↓ 20% since listing

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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 +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully renovated home has updates throughout that provide a fresh and modern aesthetic, offering the best in contemporary living. As you approach the front door, you'll immediately notice the painted brick front. You're greeted with laminate hardwood floors and fresh paint as soon as you walk inside. The open floor plan flows through the dining area into the kitchen which is complete with granite countertops, stainless steel appliances, new cabinets, and a tile backsplash. The main level is filled with natural light pouring through the vinyl windows. All bedrooms are spacious with healthy closet space. Both bathrooms have been tastefully updated with new vanities, elegant fixtures, and fresh paint. The expansive backyard offers ample room for family activities. Additional updates include a new roof, new HVAC, and new electrical. Situated in a prime location, this home offers easy access to local amenities, schools, parks, and transportation. Schedule your tour today!

Key facts

• New cabinets
• Painted brick front
• Granite countertops

Tags

• PAINTED BRICK FRONT
• LAMINATE HARDWOOD FLOORS
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW CABINETS
• TILE BACKSPLASH

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Red Clay Consolidated School District (suburban): math 27% / reading 42% proficiency, ranked #12 of 26 in DE (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.3%/yr); 167 active listings in the ZIP; 34 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).
• This rent runs 40% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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 1900 — 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: 1.00% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $131,953
• List price: $199,900
• Delta: 51.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1301 Lancaster Ave	0.26mi	4/2.0	1,200 (+2%)	1mo	$250,000	$208	80
302 S Franklin St	0.39mi	3/1.0 (-1)	1,150 (-2%)	1mo	$117,000	$102	73
1213 W 3rd St	0.22mi	3/1.5 (-1)	1,250 (+6%)	1mo	$215,000	$172	71
519 S Jackson St	0.59mi	3/1.0 (-1)	1,200 (+2%)	1mo	$186,000	$155	63
400 Geddes St	0.55mi	3/1.5 (-1)	1,225 (+4%)	0mo	$337,500	$276	60
1715 Sycamore St	0.51mi	3/1.0 (-1)	1,260 (+7%)	1mo	$241,000	$191	59
227 S Union St	0.50mi	3/1.0 (-1)	1,075 (-8%)	1mo	$180,000	$167	57
2042 Clark St	0.74mi	3/1.0 (-1)	1,200 (+2%)	0mo	$335,000	$279	57
236 N Monroe St	0.54mi	3/1.5 (-1)	1,250 (+6%)	1mo	$180,000	$144	56
1210 Elm St	0.40mi	3/2.0 (-1)	1,300 (+11%)	1mo	$200,000	$154	54
1911 W 9th St	0.45mi	3/1.0 (-1)	1,325 (+13%)	1mo	$275,000	$208	52
461 S Sycamore St	0.69mi	3/1.0 (-1)	1,000 (-15%)	1mo	$250,000	$250	37

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: -5.9%
• Equity multiple: 0.77×
• Total profit: $-12,598
• Equity at exit: $29,806

10-year hold

• IRR: 7.5%
• Equity multiple: 1.65×
• Total profit: $36,294
• Equity at exit: $17,284

Cash invested: $55,972 (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: 8.3×

Monthly cashflow live

• Estimated rent: $2,003 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $201

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 85%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	44d	1	0.04mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.19mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	4d	1	0.19mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	44d	1	0.21mi
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	11d	1	0.25mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	44d	1	0.25mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	4d	1	0.30mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	0.38mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	4d	1	0.41mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	44d	1	0.46mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	19d	1	0.49mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.50mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	44d	1	0.50mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	0.62mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	17d	1	0.64mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	13d	1	0.67mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	4d	1	0.73mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.78mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	44d	1	0.80mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	44d	1	0.86mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	19d	1	0.87mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	15d	1	0.88mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	3d	117	0.89mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	15d	1	0.94mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	1.05mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	1.14mi
1601 Bonwood Rd Wilmington, DE	3.0	1.5	1500	$1,850	$1.23	24d	1	1.18mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.39mi
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	1d	1	1.41mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.41mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	1.46mi
3403 Lancaster Pike Wilmington, DE	1.0–3.0	1.0	916	$1,874	$2.05	2d	4	1.48mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	1.49mi
205 Western Ave Wilmington, DE	4.0	2.5	1225	$2,300	$1.88	44d	1	1.49mi

Listing history 4 events

1. 2026-03-27
   price $199,900 991-char remark

   Show marketing remark (991 chars)

   This beautifully renovated home has updates throughout that provide a fresh and modern aesthetic, offering the best in contemporary living. As you approach the front door, you'll immediately notice the painted brick front. You're greeted with laminate hardwood floors and fresh paint as soon as you walk inside. The open floor plan flows through the dining area into the kitchen which is complete with granite countertops, stainless steel appliances, new cabinets, and a tile backsplash. The main level is filled with natural light pouring through the vinyl windows. All bedrooms are spacious with healthy closet space. Both bathrooms have been tastefully updated with new vanities, elegant fixtures, and fresh paint. The expansive backyard offers ample room for family activities. Additional updates include a new roof, new HVAC, and new electrical. Situated in a prime location, this home offers easy access to local amenities, schools, parks, and transportation. Schedule your tour today!

2. 2026-01-03
   price $214,900 991-char remark

   Show marketing remark (991 chars)

   This beautifully renovated home has updates throughout that provide a fresh and modern aesthetic, offering the best in contemporary living. As you approach the front door, you'll immediately notice the painted brick front. You're greeted with laminate hardwood floors and fresh paint as soon as you walk inside. The open floor plan flows through the dining area into the kitchen which is complete with granite countertops, stainless steel appliances, new cabinets, and a tile backsplash. The main level is filled with natural light pouring through the vinyl windows. All bedrooms are spacious with healthy closet space. Both bathrooms have been tastefully updated with new vanities, elegant fixtures, and fresh paint. The expansive backyard offers ample room for family activities. Additional updates include a new roof, new HVAC, and new electrical. Situated in a prime location, this home offers easy access to local amenities, schools, parks, and transportation. Schedule your tour today!

3. 2025-12-01
   price $224,900 991-char remark

   Show marketing remark (991 chars)

   This beautifully renovated home has updates throughout that provide a fresh and modern aesthetic, offering the best in contemporary living. As you approach the front door, you'll immediately notice the painted brick front. You're greeted with laminate hardwood floors and fresh paint as soon as you walk inside. The open floor plan flows through the dining area into the kitchen which is complete with granite countertops, stainless steel appliances, new cabinets, and a tile backsplash. The main level is filled with natural light pouring through the vinyl windows. All bedrooms are spacious with healthy closet space. Both bathrooms have been tastefully updated with new vanities, elegant fixtures, and fresh paint. The expansive backyard offers ample room for family activities. Additional updates include a new roof, new HVAC, and new electrical. Situated in a prime location, this home offers easy access to local amenities, schools, parks, and transportation. Schedule your tour today!

4. 2025-11-07
   listed $250,000 Active 991-char remark

   Show marketing remark (991 chars)

   This beautifully renovated home has updates throughout that provide a fresh and modern aesthetic, offering the best in contemporary living. As you approach the front door, you'll immediately notice the painted brick front. You're greeted with laminate hardwood floors and fresh paint as soon as you walk inside. The open floor plan flows through the dining area into the kitchen which is complete with granite countertops, stainless steel appliances, new cabinets, and a tile backsplash. The main level is filled with natural light pouring through the vinyl windows. All bedrooms are spacious with healthy closet space. Both bathrooms have been tastefully updated with new vanities, elegant fixtures, and fresh paint. The expansive backyard offers ample room for family activities. Additional updates include a new roof, new HVAC, and new electrical. Situated in a prime location, this home offers easy access to local amenities, schools, parks, and transportation. Schedule your tour today!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 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: $24,034
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − Depreciation: −$5,815
• Taxable loss: −$822
• Est. tax savings @ 24.0%: +$197
• After-tax cash flow: $2,607/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: Red Clay Consolidated School District
• NCES district ID: 1001300
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $64,298
• Composite: 31.25/100
• National rank: #6027
• State rank: #12 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

-20.0% since first listed

4 events — show timeline

• 2026-03-27 Price Changed $199,900 BRIGHT MLS
• 2026-01-03 Price Changed $214,900 BRIGHT MLS
• 2025-12-01 Price Changed $224,900 BRIGHT MLS
• 2025-11-07 Listed $250,000 BRIGHT MLS

Property tax history

-11.1%/yr

Latest (2024): $240 · +15.1% YoY. Source: county tax records.