801 W 9th St · Wilmington, DE 19801

$395,000

2 bd · 2.0 ba · 2,875 sqft · MultiFamily public records · 71 Days on market

Built 1900 1,307 sqft lot $137/sqft · 9% above area Est $362k · 9% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +3.4/15.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to Trinity Vicinity in the City of Wilmington! A classical community brimming with character and charm thanks to an eclectic mix of colonial and victorian architectural style. This twin, corner building consists of three, 2 bedroom apartments with modern and functional floorplans. Main floor features two private exterior entrances, while the second and third floor units are accessed via an interior stair system with exterior fire escape to the sidewalk in case of emergency. Building was gutted out and fully rebuilt in the last 15 years +/-, meaning that the mechanical systems are all separate and functional by today's standards. Three separate HVAC systems with Central Air, three separate hot water tanks, three separate electric panels as well as one for the common area, and separate gas meters as well. Brick covered in stucco will continue to stand the test of time while needing little in the maintenance department. Brick paver sidewalk with deep granite curbs round out the exterior. Excellent location within walking distance to parks, places of worships, educational facilities, employment centers as well as the bustling nightlife on Market St. Excellent opportunity for investor to purchase and operate for cash flow while making this an integral part of an existing portfolio, or making it the cornerstone of a new one!

Key facts

• Central air
• 1,307 sq ft lot
• Built 1900

Tags

• PRIVATE EXTERIOR ENTRANCES
• INTERIOR STAIR SYSTEM
• SEPARATE HVAC SYSTEMS
• CENTRAL AIR
• SEPARATE HOT WATER TANKS
• SEPARATE ELECTRIC PANELS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $395k).
• Recommended offer: $371k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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 (+1.6%/yr); 75 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $5,059/mo this rent would consume 115% of the median local household income ($53k/yr) (locally 919% 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 $3k of loan paydown is wiped out by about $12k 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 + 1.6% rent growth), your $111k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($371k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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.
• Current owner paid $82k; list at $395k implies a 385% gain — meaningful room to come down on a strong offer.

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 $371,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 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 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: 1.28% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• GRM: 6.5

CMA / ARV

• ARV (median comp): $362,267
• List price: $395,000
• Delta: 9.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 N Madison St	0.11mi	1/— (-1)	2,650 (-8%)	8mo	$360,000	$136	70
807 N Madison St	0.11mi	3/— (+1)	2,650 (-8%)	8mo	$360,000	$136	70
805 N Madison St	0.11mi	3/— (+1)	2,650 (-8%)	8mo	$360,000	$136	70

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 · 1.59% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.27×
• Total profit: $29,777
• Equity at exit: $58,896

10-year hold

• IRR: 15.1%
• Equity multiple: 2.15×
• Total profit: $127,242
• Equity at exit: $34,152

Cash invested: $110,600 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $5,059 high
• Mortgage (P&I): −$2,071
• Tax from tax record: −$175 /mo · $2,101/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,062
• Net cashflow: $1,586

Break-even live

Break-even rent $3,052

Max offer price $395,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,058
Total (3 units)			$5,059

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	13d	1	0.12mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	19d	1	0.37mi
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	1d	1	1.08mi

Listing history 37 events

1. 2026-06-18
   days on market $395,000 Active 71 DOM
2. 2026-06-17
   days on market $395,000 Active 70 DOM
3. 2026-06-16
   days on market $395,000 Active 69 DOM
4. 2026-06-15
   days on market $395,000 Active 68 DOM
5. 2026-06-13
   days on market $395,000 Active 66 DOM
6. 2026-06-13
   days on market $395,000 Active 65 DOM
7. 2026-06-09
   days on market $395,000 Active 62 DOM
8. 2026-06-08
   days on market $395,000 Active 61 DOM
9. 2026-06-07
   days on market $395,000 Active 60 DOM
10. 2026-06-04
    days on market $395,000 Active 57 DOM
11. 2026-06-03
    days on market $395,000 Active 56 DOM
12. 2026-06-02
    days on market $395,000 Active 55 DOM
13. 2026-06-01
    days on market $395,000 Active 54 DOM
14. 2026-05-31
    days on market $395,000 Active 53 DOM
15. 2026-04-08
    listed $395,000 Active 1349-char remark

    Show marketing remark (1349 chars)

    Welcome to Trinity Vicinity in the City of Wilmington! A classical community brimming with character and charm thanks to an eclectic mix of colonial and victorian architectural style. This twin, corner building consists of three, 2 bedroom apartments with modern and functional floorplans. Main floor features two private exterior entrances, while the second and third floor units are accessed via an interior stair system with exterior fire escape to the sidewalk in case of emergency. Building was gutted out and fully rebuilt in the last 15 years +/-, meaning that the mechanical systems are all separate and functional by today's standards. Three separate HVAC systems with Central Air, three separate hot water tanks, three separate electric panels as well as one for the common area, and separate gas meters as well. Brick covered in stucco will continue to stand the test of time while needing little in the maintenance department. Brick paver sidewalk with deep granite curbs round out the exterior. Excellent location within walking distance to parks, places of worships, educational facilities, employment centers as well as the bustling nightlife on Market St. Excellent opportunity for investor to purchase and operate for cash flow while making this an integral part of an existing portfolio, or making it the cornerstone of a new one!

16. 2014-05-27
    soldstatus $81,500
17. 2014-05-22
    soldstatus $81,500 470-char remark

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

18. 2014-05-15
    soldstatus $81,500 Sold
19. 2014-05-01
    status Under Contract
20. 2014-04-30
    soldstatus $81,500 Sold
21. 2014-04-23
    status Under Contract
22. 2014-02-21
    price $73,000

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

23. 2014-02-21
    historical 470-char remark

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

24. 2014-02-21
    price $95,000

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

25. 2014-02-19
    price $73,000
26. 2014-02-11
    price $133,500
27. 2014-01-22
    status Active
28. 2013-12-11
    status Under Contract
29. 2013-11-03
    listed $73,000 470-char remark

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

30. 2013-11-03
    listed $120,000 Active

    Show marketing remark (470 chars)

    Short sale! This 3 unit building needs some TLC. Located in historic Trinity Vicinity minutes from the downtown business district, shopping, and transportation. 2 bedroom apartments on each floor, living room, eat in kitchen, long hallway with 2 spacious bedrooms, separate meters for utilities, fire alarm system. Potential monthly rent: 700-750 a month. Home sold as-is. Seller will make no repairs, inspections for informational purposes only. 4-hour notice required

31. 2013-11-01
    historical
32. 2012-11-30
    listed $120,000
33. 2007-07-09
    soldstatus $320,000
34. 2006-08-04
    soldstatus $65,000
35. 2006-07-31
    soldstatus $65,000
36. 2006-05-31
    historical
37. 2006-05-02
    listed $65,000

ⓘ 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: $2,101 · $175/mo
• Projected year-2 tax: $2,196 · $183/mo
• Expected delta: +$95/yr (+$8/mo · 4.5%)

ⓘ 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: $60,708
• − Mortgage interest: −$22,126
• − Property taxes: −$2,101
• − Insurance: −$1,975
• − Repairs & maintenance: −$4,857
• − Management: −$4,857
• − Depreciation: −$11,491
• Taxable income: $13,301
• Est. tax owed @ 24.0%: −$3,192
• After-tax cash flow: $15,834/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): 16,327
• Household income: $52,810
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 919.0

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 (67%)
• Race & ethnicity: Black 67% White 15% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% Chinese 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: ▼ -112.65%
• Current HPI: 151.1288
• Rent YoY: ▲ 1.59%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+507.7% since first listed

23 events — show timeline

• 2026-04-08 Listed $395,000 BRIGHT MLS
• 2014-05-27 Sold (Public Records) $81,500 Public Records
• 2014-05-22 Sold (MLS) $81,500 BRIGHT MLS
• 2014-05-15 Sold (MLS) $81,500 TREND
• 2014-05-01 Pending — TREND
• 2014-04-30 Sold (MLS) $81,500 TREND
• 2014-04-23 Pending — TREND
• 2014-02-21 Price Changed $73,000 TREND
• 2014-02-21 Listing Removed — BRIGHT MLS
• 2014-02-21 Price Changed $95,000 TREND
• 2014-02-19 Price Changed $73,000 TREND
• 2014-02-11 Price Changed $133,500 TREND
• 2014-01-22 Relisted — TREND
• 2013-12-11 Pending — TREND
• 2013-11-03 Listed $120,000 TREND
• 2013-11-03 Listed $73,000 BRIGHT MLS
• 2013-11-01 Listing Removed — BRIGHT MLS
• 2012-11-30 Listed $120,000 BRIGHT MLS
• 2007-07-09 Sold (Public Records) $320,000 Public Records
• 2006-08-04 Sold (Public Records) $65,000 Public Records
• 2006-07-31 Sold (MLS) $65,000 BRIGHT MLS
• 2006-05-31 Listing Removed — BRIGHT MLS
• 2006-05-02 Listed $65,000 BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2024): $2,101 · +2.6% YoY. Source: county tax records.