402 W 23rd St · Wilmington, DE 19802

$15,000

3 bd · 2.0 ba · 2,050 sqft · Townhouse public records · 1 Days on market

Built 1911 2,614 sqft lot

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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
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

Key facts

• Garage
• Built 1911

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Cap rate 107.2% 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 (+5.7%/yr); 119 active listings in the ZIP; 18 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 39% 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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 24y 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 1911 — 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 $15,000

Questions for the listing agent

1. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 11.51% ✓
• Cap rate: 107.16%
• Cash-on-cash: 360.22%
• DSCR: 17.03
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $289,050
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2420 N Madison St	0.12mi	4/2.5 (+1)	2,134 (+4%)	1mo	$295,000	$138	79
2320 N Jefferson St	0.07mi	3/2.5	2,325 (+13%)	1mo	$280,000	$120	71
310 W 31st St	0.48mi	4/2.0 (+1)	2,100 (+2%)	2mo	$289,900	$138	67
1517 N Adams St	0.57mi	3/1.5	2,025 (-1%)	3mo	$429,950	$212	67
2309 N West St	0.16mi	4/1.5 (+1)	1,775 (-13%)	4mo	$249,900	$141	60
3101 N Van Buren St	0.54mi	3/2.0	1,850 (-10%)	1mo	$290,000	$157	58
2709 Enterprise St	0.33mi	3/1.5	2,350 (+15%)	1mo	$235,000	$100	57
1703 N Pine St	0.60mi	3/2.0	1,825 (-11%)	0mo	$117,000	$64	53
3312 N Market St	0.72mi	4/2.5 (+1)	1,850 (-10%)	2mo	$329,900	$178	41
802 E 22nd St	0.73mi	3/2.5	1,750 (-15%)	1mo	$200,000	$114	39
3318 N Market St	0.73mi	4/3.5 (+1)	1,850 (-10%)	2mo	$345,000	$186	37
817 W 32nd St	0.67mi	4/2.5 (+1)	1,750 (-15%)	2mo	$375,000	$214	36

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 · 5.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 20.70×
• Total profit: $82,750
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 47.82×
• Total profit: $196,629
• Equity at exit: $1,297

Cash invested: $4,200 (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: 119
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,727 high
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $1,261

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 22%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	24d	1	0.05mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	43d	1	0.05mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	24d	1	0.06mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	43d	1	0.18mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	0.18mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	43d	1	0.31mi
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	1d	1	0.38mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	24d	1	0.65mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	0.89mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	43d	1	0.92mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	5d	1	0.92mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	0.97mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	43d	1	1.02mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	12d	1	1.04mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	18d	1	1.11mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	1.34mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	1.35mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	1d	6	1.39mi

Listing history 27 events

1. 2026-03-09
   status Pending
2. 2026-03-09
   listed $15,000 Active
3. 2017-04-19
   soldstatus $160,000
4. 2017-04-18
   soldstatus $160,000 Sold 824-char remark

   Show marketing remark (817 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

5. 2017-04-18
   soldstatus $160,000 817-char remark

   Show marketing remark (817 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

6. 2017-04-12
   historical Contingent - Other 824-char remark

   Show marketing remark (824 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

7. 2017-03-01
   status Under Contract 824-char remark

   Show marketing remark (824 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

8. 2017-01-27
   price $149,900 824-char remark

   Show marketing remark (824 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

9. 2017-01-05
   price $159,000 824-char remark

   Show marketing remark (824 chars)

   Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

10. 2016-12-12
    listed $164,900 Active 824-char remark

    Show marketing remark (824 chars)

    Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

11. 2016-12-08
    listed $149,900 817-char remark

    Show marketing remark (817 chars)

    Beautifully updated, three story, five bedroom, two and a half bath twin located in the City of Wilmington. The home offers new kitchen with new appliances, freshly painted interior, gleaming hardwood flooring and new carpet. The sellers have moved the laundry to the main level and installed brand new washer and dryer. There is a detached, one car garage for easy City parking, large deck, enclosed front porch and a second floor enclosed porch off one of the bedrooms. The sellers have added a full over sized, dressing area/closet off the master. As you go through the home, you will find many updates, but the seller was certain not to take away from the original craftsmanship of this home. The driveway is shared between neighbors. The neighbor is parking in the driveway so the listing does not appear vacant.

12. 2016-02-12
    soldstatus $75,000
13. 2016-02-12
    soldstatus $75,000 Sold
14. 2016-01-26
    status Under Contract
15. 2016-01-26
    historical
16. 2016-01-08
    price $79,900
17. 2015-12-14
    price $94,900
18. 2015-10-30
    price $109,900
19. 2015-10-20
    listed $124,900 Active
20. 2015-10-20
    listed $79,900
21. 2015-10-19
    historical
22. 2015-06-19
    listed $124,900
23. 2003-06-02
    soldstatus $128,900
24. 2003-05-30
    soldstatus $128,900
25. 2003-03-01
    listed $128,900
26. 2003-02-28
    historical
27. 2002-11-10
    listed $124,900

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,726
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − Depreciation: −$436
• Taxable income: $15,833
• Est. tax owed @ 24.0%: −$3,800
• After-tax cash flow: $11,329/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): 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

-88.0% since first listed

27 events — show timeline

• 2026-03-09 Pending — BRIGHT MLS
• 2026-03-09 Listed $15,000 BRIGHT MLS
• 2017-04-19 Sold (Public Records) $160,000 Public Records
• 2017-04-18 Sold (MLS) $160,000 BRIGHT MLS
• 2017-04-18 Sold (MLS) $160,000 TREND
• 2017-04-12 Contingent — TREND
• 2017-03-01 Pending — TREND
• 2017-01-27 Price Changed $149,900 TREND
• 2017-01-05 Price Changed $159,000 TREND
• 2016-12-12 Listed $164,900 TREND
• 2016-12-08 Listed $149,900 BRIGHT MLS
• 2016-02-12 Sold (MLS) $75,000 TREND
• 2016-02-12 Sold (MLS) $75,000 BRIGHT MLS
• 2016-01-26 Pending — TREND
• 2016-01-26 Listing Removed — BRIGHT MLS
• 2016-01-08 Price Changed $79,900 TREND
• 2015-12-14 Price Changed $94,900 TREND
• 2015-10-30 Price Changed $109,900 TREND
• 2015-10-20 Listed $124,900 TREND
• 2015-10-20 Listed $79,900 BRIGHT MLS
• 2015-10-19 Listing Removed — BRIGHT MLS
• 2015-06-19 Listed $124,900 BRIGHT MLS
• 2003-06-02 Sold (Public Records) $128,900 Public Records
• 2003-05-30 Sold (MLS) $128,900 BRIGHT MLS
• 2003-03-01 Listed $128,900 BRIGHT MLS
• 2003-02-28 Listing Removed — BRIGHT MLS
• 2002-11-10 Listed $124,900 BRIGHT MLS

Property tax history

+3.7%/yr

Latest (2024): $1,476 · +15.1% YoY. Source: county tax records.