1602 E Ayre St · Newport, DE 19804

$225,000

3 bd · 1.0 ba · 1,500 sqft · MultiFamily public records · 49 Days on market

Built 1953 4,356 sqft lot $150/sqft · at area comps Est $228k · at est.

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +8.1/15.0
• 1% rule +6.0/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• 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

INVESTOR ALERT – OPPORTUNITY KNOCKS! This 2-story twin in Wilmington is your next value-add project waiting to happen. Priced with potential in mind, this 3-bedroom, 1-bath home with a full basement offers the perfect canvas for your next flip, rental, or long-term hold. Inside, you’ll find solid bones and a functional layout ready for your vision and upgrades. Outside, a spacious fenced rear yard adds even more appeal—ideal for outdoor living, enjoyment, or boosting resale value. Location is key—just minutes to I-95, downtown Wilmington, shopping, dining, and major routes, making this a strong candidate for future appreciation or rental demand. This home is being so

Key facts

• 3 parking spots
• Built 1953
• Listed 48 days

Property features AI

Exterior

• Parking: Driveway parking (3 spaces); Three total garage/parking spaces
• Utilities: Public water; Public sewer; Electric hot water; Oil-fired heating; Central A/C
• Home design: Semi-detached property; Above-grade finished living area reported; Below-grade finished area reported
• Construction: Brick, vinyl siding and aluminum siding exterior; Brick/mortar foundation; Shingle roof; Year built reported by assessor
• Exterior features: Deck(s); Two or more access exits

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (oil); Central air conditioning
• Interior features: Drywall walls and ceilings; Unfinished basement with sump pump; Finished lower level space (below grade)
• Laundry & utility: Washer/dryer hookup; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.6% in Newport — 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 69/100 on livability (#32 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: schools D, crime F, amenities F.
• 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: 42 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

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

• It's been on market 49 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $44k; list at $225k implies a 417% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.10% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.25%
• DSCR: 1.46
• GRM: 7.6

CMA / ARV

• ARV (median comp): $228,088
• List price: $225,000
• Delta: -1.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.96×
• Total profit: $-2,239
• Equity at exit: $33,548

10-year hold

• IRR: 8.7%
• Equity multiple: 1.67×
• Total profit: $41,972
• 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 19804

• Active inventory: 42
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,467 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$137 /mo · $1,642/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $538

Break-even live

Break-even rent $1,785

Max offer price $225,000

Occupancy floor 73%

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 Stonehurst Dr Wilmington, DE	3.0	2.5	1550	$2,500	$1.61	5d	1	0.69mi
50 Dodson Ave Wilmington, DE	3.0	2.5	2200	$2,990	$1.36	2d	1	1.11mi
1230 Sycamore Ave Wilmington, DE	3.0	1.0	1150	$1,750	$1.52	24d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $225,000 Active 49 DOM
2. 2026-06-17
   days on market $225,000 Active 48 DOM
3. 2026-06-16
   days on market $225,000 Active 47 DOM
4. 2026-06-15
   days on market $225,000 Active 46 DOM
5. 2026-06-13
   days on market $225,000 Active 44 DOM
6. 2026-06-13
   days on market $225,000 Active 43 DOM
7. 2026-06-09
   days on market $225,000 Active 40 DOM
8. 2026-06-08
   days on market $225,000 Active 39 DOM
9. 2026-06-07
   days on market $225,000 Active 38 DOM
10. 2026-06-04
    days on market $225,000 Active 35 DOM
11. 2026-06-03
    days on market $225,000 Active 34 DOM
12. 2026-06-02
    days on market $225,000 Active 33 DOM
13. 2026-06-01
    days on market $225,000 Active 32 DOM
14. 2026-05-31
    days on market $225,000 Active 31 DOM
15. 2026-05-14
    price $225,000 1122-char remark
16. 2026-05-01
    listed $239,000 Active 1122-char remark
17. 2026-04-29
    historical $239,000 1122-char remark
18. 1984-11-01
    soldstatus $43,500

ⓘ 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: $1,642 · $137/mo
• Projected year-2 tax: $1,642 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 15 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: $29,599
• − Mortgage interest: −$12,603
• − Property taxes: −$1,642
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,368
• − Management: −$2,368
• − Depreciation: −$6,545
• Taxable income: $2,947
• Est. tax owed @ 24.0%: −$707
• After-tax cash flow: $5,750/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 — Newport

• Score: 69/100
• State rank: #32
• US rank: #8853

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment A- Housing A+ Health & safety B- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 18,231

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 0.56)
• Race & ethnicity: White 62% Hispanic / Latino 18% Black 13% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 4% Dominican 2%
• Common ancestry: Romanian 6% Iranian 2% Slovak 1%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 15% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -182.17%
• Current HPI: 268.5199
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+417.2% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $225,000 BRIGHT MLS
• 2026-05-01 Listed $239,000 BRIGHT MLS
• 2026-04-29 Coming Soon $239,000 BRIGHT MLS
• 1984-11-01 Sold (Public Records) $43,500 Public Records

Property tax history

+3.8%/yr

Latest (2024): $1,642 · -38.3% YoY. Source: county tax records.