722 E 22nd St · Wilmington, DE 19802

$149,999

2 bd · 1.0 ba · 1,100 sqft · Townhouse public records · 78 Days on market

Built 1921 1,307 sqft lot $136/sqft · 20% above area Est $125k · 20% 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 +27.6/30.0
• DSCR +9.7/10.0
• 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 MLS

Opportunity is knocking at 722 E 22nd St in Wilmington! This 2-bedroom, 2.5-bath fixer-upper is the definition of a blank canvas—ready for your vision, your style, and your finishing touches. Whether you're an investor looking to add value to your portfolio or a first-time buyer eager to build instant sweat equity, this property offers endless potential. The layout is already there—spacious rooms, multiple baths, and a footprint that invites creativity. With the right updates, this home could truly shine. Renovate, customize, and watch your investment grow. Located in the heart of Wilmington, you’ll enjoy close proximity to local shops, dining, and everyday conveniences, along with easy access to major commuting routes, making travel to surrounding areas a breeze. Nearby parks, community spaces, and the vibrant downtown scene add to the appeal. If you’ve been waiting for the right project with upside potential—this is it. Bring your tools, your ideas, and unlock the possibilities!

Key facts

• Spacious rooms
• Nearby parks
• Multiple baths

Tags

• SPACIOUS ROOMS
• MULTIPLE BATHS
• CLOSE PROXIMITY TO LOCAL SHOPS
• NEARBY PARKS
• COMMUNITY SPACES
• VIBRANT DOWNTOWN SCENE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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.
• 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); 119 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 38% 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 $4k 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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 28y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $150k implies a 1100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — 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 $140,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — 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: 1.13% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.81%
• DSCR: 1.57
• GRM: 7.4

CMA / ARV

• ARV (median comp): $124,831
• List price: $149,999
• Delta: 20.16%
• 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
2601 N Heald St	0.33mi	3/1.0 (+1)	1,022 (-7%)	2mo	$145,000	$142	66
3003 N Tatnall St	0.60mi	2/1.0	1,050 (-4%)	1mo	$165,000	$157	64
524 Taylor St	0.68mi	2/1.0	1,125 (+2%)	1mo	$110,000	$98	64
2717 N West St	0.56mi	3/1.0 (+1)	1,150 (+4%)	2mo	$155,000	$135	60
1880 Superfine Ln #7	0.46mi	1/1.0 (-1)	996 (-10%)	2mo	$165,000	$166	56
834 N Pine St	0.65mi	3/1.5 (+1)	1,150 (+4%)	0mo	$150,000	$130	54
2708 Thompson Pl	0.64mi	3/1.0 (+1)	1,175 (+7%)	1mo	$215,000	$183	53
417 E 35th St	0.75mi	3/1.0 (+1)	1,150 (+4%)	2mo	$227,000	$197	51
212 W 25th St	0.53mi	3/1.0 (+1)	1,225 (+11%)	1mo	$80,000	$65	51
932 Clifford Brown Walk	0.61mi	3/1.5 (+1)	1,225 (+11%)	2mo	$175,000	$143	44
103 W 29th St	0.54mi	3/1.5 (+1)	1,250 (+14%)	2mo	$150,000	$120	44
206 W 26th St	0.54mi	3/2.0 (+1)	1,250 (+14%)	2mo	$228,000	$182	42

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: 5.3%
• Equity multiple: 1.21×
• Total profit: $8,960
• Equity at exit: $22,365

10-year hold

• IRR: 16.9%
• Equity multiple: 2.55×
• Total profit: $65,041
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$787
• Tax from tax record: −$45 /mo · $540/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $448

Break-even live

Break-even rent $1,132

Max offer price $149,999

Occupancy floor 69%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	0.17mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	44d	1	0.27mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	44d	1	0.33mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	13d	1	0.33mi
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	1d	1	0.34mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	20d	1	0.43mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	0.49mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	44d	1	0.49mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	0.51mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	0.53mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	0.56mi
1212 N King St Wilmington, DE	1.0	1.5	1000	$1,650	$1.65	44d	1	0.56mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	0.57mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	24d	1	0.61mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	44d	1	0.61mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	24d	1	0.61mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	0.62mi
312 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	700	$1,295	$1.85	24d	1	0.63mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	24d	1	0.63mi
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	1d	1	0.64mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	24d	1	0.67mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.67mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.70mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.71mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	0.71mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	44d	1	0.72mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	13d	1	0.72mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	10d	1	0.72mi
101 W 10th St Wilmington, DE	1.0	1.0	732	$2,150	$2.94	4d	14	0.74mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	1d	62	0.76mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.76mi
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	24d	1	0.77mi
604 W 20th St Unit 2 Wilmington, DE	2.0	1.0	900	$1,195	$1.33	24d	1	0.82mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	0.83mi
608 W 20th St Wilmington, DE	2.0	1.0	800	$1,400	$1.75	44d	1	0.84mi
801 N Market St Unit 207 Wilmington, DE	2.0	2.0	1239	$1,895	$1.53	5d	1	0.85mi
801 N Market St Unit 303 Wilmington, DE	1.0	1.0	790	$1,695	$2.15	5d	1	0.85mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	44d	1	0.85mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	5d	1	0.85mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	44d	1	0.86mi

Listing history 31 events

1. 2026-06-18
   days on market $149,999 Active 78 DOM
2. 2026-06-17
   days on market $149,999 Active 77 DOM
3. 2026-06-16
   days on market $149,999 Active 76 DOM
4. 2026-06-15
   days on market $149,999 Active 75 DOM
5. 2026-06-13
   days on market $149,999 Active 73 DOM
6. 2026-06-09
   days on market $149,999 Active 69 DOM
7. 2026-06-08
   days on market $149,999 Active 68 DOM
8. 2026-06-07
   days on market $149,999 Active 67 DOM
9. 2026-06-04
   days on market $149,999 Active 64 DOM
10. 2026-06-03
    days on market $149,999 Active 63 DOM
11. 2026-06-02
    days on market $149,999 Active 62 DOM
12. 2026-06-01
    days on market $149,999 Active 61 DOM
13. 2026-05-31
    days on market $149,999 Active 60 DOM
14. 2026-04-01
    listed $159,999 Active 1025-char remark

    Show marketing remark (1025 chars)

    Opportunity is knocking at 722 E 22nd St in Wilmington! This 2-bedroom, 2.5-bath fixer-upper is the definition of a blank canvas—ready for your vision, your style, and your finishing touches. Whether you're an investor looking to add value to your portfolio or a first-time buyer eager to build instant sweat equity, this property offers endless potential. The layout is already there—spacious rooms, multiple baths, and a footprint that invites creativity. With the right updates, this home could truly shine. Renovate, customize, and watch your investment grow. Located in the heart of Wilmington, you’ll enjoy close proximity to local shops, dining, and everyday conveniences, along with easy access to major commuting routes, making travel to surrounding areas a breeze. Nearby parks, community spaces, and the vibrant downtown scene add to the appeal. If you’ve been waiting for the right project with upside potential—this is it. Bring your tools, your ideas, and unlock the possibilities!

15. 2026-01-31
    historical
16. 2025-12-02
    price $129,999
17. 2025-10-28
    price $138,999
18. 2025-05-27
    listed $139,999 Active
19. 2010-11-01
    soldstatus $12,500
20. 2010-11-01
    soldstatus $12,500
21. 2010-10-08
    historical
22. 2010-09-16
    listed $16,900
23. 2010-09-16
    listed $16,900
24. 2006-07-21
    soldstatus $41,000
25. 2006-07-06
    historical
26. 2006-06-23
    listed $41,000
27. 2000-05-15
    soldstatus $52,000
28. 1998-07-23
    soldstatus $11,500
29. 1998-07-02
    historical
30. 1998-05-11
    listed $11,500
31. 1979-09-01
    soldstatus $17,500

ⓘ 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: $540 · $45/mo
• Projected year-2 tax: $705 · $59/mo
• Expected delta: +$165/yr (+$14/mo · 30.6%)

ⓘ 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,390
• − Mortgage interest: −$8,402
• − Property taxes: −$540
• − Insurance: −$750
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$4,364
• Taxable income: $3,072
• Est. tax owed @ 24.0%: −$737
• After-tax cash flow: $4,642/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

+814.3% since first listed

18 events — show timeline

• 2026-04-01 Listed $159,999 BRIGHT MLS
• 2026-01-31 Listing Removed — BRIGHT MLS
• 2025-12-02 Price Changed $129,999 BRIGHT MLS
• 2025-10-28 Price Changed $138,999 BRIGHT MLS
• 2025-05-27 Listed $139,999 BRIGHT MLS
• 2010-11-01 Sold (MLS) $12,500 TREND
• 2010-11-01 Sold (MLS) $12,500 BRIGHT MLS
• 2010-10-08 Listing Removed — BRIGHT MLS
• 2010-09-16 Listed $16,900 TREND
• 2010-09-16 Listed $16,900 BRIGHT MLS
• 2006-07-21 Sold (MLS) $41,000 BRIGHT MLS
• 2006-07-06 Listing Removed — BRIGHT MLS
• 2006-06-23 Listed $41,000 BRIGHT MLS
• 2000-05-15 Sold (Public Records) $52,000 Public Records
• 1998-07-23 Sold (MLS) $11,500 BRIGHT MLS
• 1998-07-02 Listing Removed — BRIGHT MLS
• 1998-05-11 Listed $11,500 BRIGHT MLS
• 1979-09-01 Sold (Public Records) $17,500 Public Records

Property tax history

+2.2%/yr

Latest (2024): $540 · +10.2% YoY. Source: county tax records.