623 W Twenty Eighth St · Wilmington, DE 19802

$225,000

4 bd · 1.0 ba · 1,250 sqft · Townhouse public records · 9 Days on market

Built 1923 2,614 sqft lot $180/sqft · 17% below area Est $270k · 17% under

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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 +18.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• Rent growth +3.9/5.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic end unit in popular and convenient location, offering hardwood floors throughout, central air, new in 2020, open front porch, enclosed rear porch and 2nd floor porch and a fenced in yard. Spacious rooms, living room with propane fireplace, updated kitchen and baths. Full basement with bilco doors. All appliances included. Move in and enjoy!

Key facts

• Built 1923
• Listed 9 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas for heating and hot water
• Home design: End of row townhouse; Fee simple ownership; Year built per assessor
• Construction: Brick construction; Stone foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 24 x 100; No tidal water

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom on the upper level; One half bathroom on the main level
• Heating & cooling: Hot water heating (natural gas); Central air conditioning (electric)
• Interior features: Assessor-listed living area; Basement with rear entrance

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (12.8% below list).
• Recommended offer: $196k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 44% 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 $2k of loan paydown is wiped out by about $7k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 31y 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 1923 — 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 $196,247 (12.8% below list)

Questions for the listing agent

1. Built in 1923 — 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. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 7.34%
• Cash-on-cash: 3.72%
• DSCR: 1.17
• GRM: 9.6

CMA / ARV

• ARV (median comp): $270,494
• List price: $225,000
• Delta: -16.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
623 W Twenty Eighth St	0.00mi	3/1.5 (-1)	1,250 (0%)	0mo	$235,000	$188	93
3008 N Madison St	0.21mi	3/1.5 (-1)	1,275 (+2%)	2mo	$185,000	$145	78
3208 N Madison St	0.30mi	3/1.0 (-1)	1,200 (-4%)	2mo	$274,999	$229	73
212 W 25th St	0.38mi	3/1.0 (-1)	1,225 (-2%)	1mo	$80,000	$65	73
206 W 26th St	0.36mi	3/2.0 (-1)	1,250 (0%)	2mo	$228,000	$182	73
2708 Thompson Pl	0.25mi	3/1.0 (-1)	1,175 (-6%)	1mo	$215,000	$183	73
103 W 29th St	0.42mi	3/1.5 (-1)	1,250 (0%)	2mo	$150,000	$120	72
2717 N West St	0.34mi	3/1.0 (-1)	1,150 (-8%)	2mo	$155,000	$135	64
2412 Lamotte St	0.61mi	3/1.0 (-1)	1,275 (+2%)	0mo	$125,000	$98	63
2011 N West St	0.56mi	4/1.0	1,375 (+10%)	1mo	$135,000	$98	56
2929 N West St	0.36mi	3/1.0 (-1)	1,425 (+14%)	2mo	$215,000	$151	53
222 E 30th St	0.66mi	3/2.0 (-1)	1,400 (+12%)	1mo	$280,000	$200	39

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-18,582
• Equity at exit: $33,548

10-year hold

• IRR: 4.6%
• Equity multiple: 1.37×
• Total profit: $23,415
• Equity at exit: $19,454

Cash invested: $63,000 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,962 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $196

Break-even live

Break-even rent $1,715

Max offer price $225,000

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	24d	1	0.17mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	43d	1	0.24mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	1d	1	0.31mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	43d	1	0.33mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	24d	1	0.41mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	43d	1	0.42mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	0.43mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	43d	1	0.48mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	43d	1	0.49mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	43d	1	0.49mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	43d	1	0.60mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	43d	1	0.66mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	12d	1	0.71mi
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	1d	1	0.99mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	43d	1	1.00mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	43d	1	1.01mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	1.05mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	1.09mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	1.24mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.31mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	1.33mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	1.33mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	1.35mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.36mi

Listing history 19 events

1. 2026-05-11
   listed $225,000 Active
2. 2021-09-27
   soldstatus $195,000
3. 2021-09-16
   soldstatus $195,000 Closed 352-char remark

   Show marketing remark (352 chars)

   Fantastic end unit in popular and convenient location, offering hardwood floors throughout, central air, new in 2020, open front porch, enclosed rear porch and 2nd floor porch and a fenced in yard. Spacious rooms, living room with propane fireplace, updated kitchen and baths. Full basement with bilco doors. All appliances included. Move in and enjoy!

4. 2021-08-08
   historical Active Under Contract 352-char remark

   Show marketing remark (352 chars)

   Fantastic end unit in popular and convenient location, offering hardwood floors throughout, central air, new in 2020, open front porch, enclosed rear porch and 2nd floor porch and a fenced in yard. Spacious rooms, living room with propane fireplace, updated kitchen and baths. Full basement with bilco doors. All appliances included. Move in and enjoy!

5. 2021-07-26
   listed $195,000 Active 352-char remark

   Show marketing remark (352 chars)

   Fantastic end unit in popular and convenient location, offering hardwood floors throughout, central air, new in 2020, open front porch, enclosed rear porch and 2nd floor porch and a fenced in yard. Spacious rooms, living room with propane fireplace, updated kitchen and baths. Full basement with bilco doors. All appliances included. Move in and enjoy!

6. 2004-12-09
   soldstatus $160,000
7. 2004-12-08
   soldstatus $160,000

   Show marketing remark (316 chars)

   Charming 9th Ward corner property with fenced backyard. Updated kitchen with 43" cabinets, new floor, mud room to backyard. New powder room first floor. Hardwood floors in living room and dining room. New gas fireplace in living room, freshly painted, new floor in 2nd floor bath, 3 bedrooms, sunroom 2nd level.

8. 2004-11-28
   historical

   Show marketing remark (316 chars)

   Charming 9th Ward corner property with fenced backyard. Updated kitchen with 43" cabinets, new floor, mud room to backyard. New powder room first floor. Hardwood floors in living room and dining room. New gas fireplace in living room, freshly painted, new floor in 2nd floor bath, 3 bedrooms, sunroom 2nd level.

9. 2004-10-05
   listed $160,000

   Show marketing remark (316 chars)

   Charming 9th Ward corner property with fenced backyard. Updated kitchen with 43" cabinets, new floor, mud room to backyard. New powder room first floor. Hardwood floors in living room and dining room. New gas fireplace in living room, freshly painted, new floor in 2nd floor bath, 3 bedrooms, sunroom 2nd level.

10. 2000-07-31
    soldstatus $82,000
11. 2000-07-26
    soldstatus $82,000
12. 2000-06-29
    historical
13. 2000-04-01
    listed $82,000
14. 1996-03-01
    soldstatus $89,900
15. 1996-02-23
    soldstatus $89,900
16. 1995-11-16
    historical
17. 1995-11-12
    listed $89,900
18. 1990-03-01
    soldstatus $90,500
19. 1989-09-01
    soldstatus $90,500

ⓘ 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: $974 · $81/mo
• Projected year-2 tax: $1,139 · $95/mo
• Expected delta: +$166/yr (+$14/mo · 17.0%)

ⓘ 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 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: $23,550
• − Mortgage interest: −$12,603
• − Property taxes: −$974
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,884
• − Management: −$1,884
• − Depreciation: −$6,545
• Taxable loss: −$1,466
• Est. tax savings @ 24.0%: +$352
• After-tax cash flow: $2,698/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

+159.7% since first listed

21 events — show timeline

• 2026-06-05 Sold (MLS) $235,000 BRIGHT MLS
• 2026-05-20 Pending — BRIGHT MLS
• 2026-05-11 Listed $225,000 BRIGHT MLS
• 2021-09-27 Sold (Public Records) $195,000 Public Records
• 2021-09-16 Sold (MLS) $195,000 BRIGHT MLS
• 2021-08-08 Contingent — BRIGHT MLS
• 2021-07-26 Listed $195,000 BRIGHT MLS
• 2004-12-09 Sold (Public Records) $160,000 Public Records
• 2004-12-08 Sold (MLS) $160,000 BRIGHT MLS
• 2004-11-28 Listing Removed — BRIGHT MLS
• 2004-10-05 Listed $160,000 BRIGHT MLS
• 2000-07-31 Sold (Public Records) $82,000 Public Records
• 2000-07-26 Sold (MLS) $82,000 BRIGHT MLS
• 2000-06-29 Listing Removed — BRIGHT MLS
• 2000-04-01 Listed $82,000 BRIGHT MLS
• 1996-03-01 Sold (Public Records) $89,900 Public Records
• 1996-02-23 Sold (MLS) $89,900 BRIGHT MLS
• 1995-11-16 Listing Removed — BRIGHT MLS
• 1995-11-12 Listed $89,900 BRIGHT MLS
• 1990-03-01 Sold (Public Records) $90,500 Public Records
• 1989-09-01 Sold (Public Records) $90,500 Public Records

Property tax history

+3.7%/yr

Latest (2024): $974 · +15.1% YoY. Source: county tax records.