2709 N Madison St · Wilmington, DE 19802

$190,000

3 bd · 1.0 ba · 1,850 sqft · Townhouse public records · 104 Days on market

Built 1927 1,307 sqft lot $103/sqft · 39% below area Est $227k · 16% 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 +21.8/30.0
• ARV discount +14.9/15.0
• DSCR +7.0/10.0
• 1% rule +4.6/10.0
• 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

Spacious 3-bedroom 1-bathroom home just waiting for the next owner who is ready to roll up their sleeves and apply their personal touch and elbow grease. Great opportunity for investor or owner-occupant looking for a place to call home or next project. Enter property through front sun room leading into spacious living room which overlooks the dining room. Kitchen offers nice lay out with eat in area. Heading upstairs are 3 well sized bedrooms and full bath. Laundry is located in full basement area which offers tons of storage space and walk out to rear of the home. Convenient location. .. close to shopping, major roadways as well as Brandywine Park and Zoo. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. A viewing release must be signed and returned to listing agent before showing this property. Property to be conveyed in AS IS condition.

Key facts

• Eat in area
• Kitchen layout
• Full basement

Tags

• FRONT SUN ROOM
• SPACIOUS LIVING ROOM
• DINING ROOM
• KITCHEN LAYOUT
• EAT IN AREA
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $190k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/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 $183k (3.7% below list).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 5.7% 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); 129 active listings in the ZIP; 26 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 41% 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 $6k 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 104 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $172,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.96% ✗
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (median comp): $227,166
• List price: $190,000
• Delta: -16.36%
• 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
3101 N Van Buren St	0.28mi	3/2.0	1,850 (0%)	1mo	$290,000	$157	82
412 W Thirty Second St	0.16mi	3/2.5	1,700 (-8%)	0mo	$299,900	$176	73
3312 N Market St	0.53mi	4/2.5 (+1)	1,850 (0%)	2mo	$329,900	$178	62
907 W 25th St	0.34mi	3/1.5	1,615 (-13%)	1mo	$305,000	$189	60
1703 N Pine St	0.73mi	3/2.0	1,825 (-1%)	0mo	$117,000	$64	59
3318 N Market St	0.55mi	4/3.5 (+1)	1,850 (0%)	2mo	$345,000	$186	58
817 W 32nd St	0.44mi	4/2.5 (+1)	1,750 (-5%)	2mo	$375,000	$214	58
310 W 31st St	0.24mi	4/2.0 (+1)	2,100 (+14%)	2mo	$289,900	$138	56
31 E 23rd St	0.50mi	3/2.0	1,675 (-10%)	2mo	$249,999	$149	56
318 W 39th St	0.66mi	3/1.5	1,700 (-8%)	1mo	$251,000	$148	53
16 W 38th St	0.68mi	3/1.5	1,575 (-15%)	2mo	$325,000	$206	40
25 W 39th St	0.74mi	4/2.0 (+1)	1,650 (-11%)	3mo	$225,600	$137	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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-10,358
• Equity at exit: $28,330

10-year hold

• IRR: 7.3%
• Equity multiple: 1.62×
• Total profit: $32,871
• Equity at exit: $16,428

Cash invested: $53,200 (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: 129
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,830 high
• Mortgage (P&I): −$996
• Tax from tax record: −$74 /mo · $883/yr
• Insurance: −$79
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $241

Break-even live

Break-even rent $1,525

Max offer price $190,000

Occupancy floor 82%

Sensitivity live

Price	-10% $348	-5% $294	+0% $241	+5% $187	+10% $133
Rent	-10% $96	-5% $168	+0% $241	+5% $313	+10% $385
Rate	-1.0pp $336	-0.5pp $289	base $241	+0.5pp $191	+1.0pp $141

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 26 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	25d	1	0.09mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.20mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.22mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	16d	1	0.30mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	25d	1	0.30mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	44d	1	0.30mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	25d	1	0.31mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	25d	1	0.31mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	0.34mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	0.35mi
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	0d	1	0.44mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	44d	1	0.50mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	0.89mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.92mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	25d	1	0.94mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	0.94mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	44d	1	1.05mi
1501 N Broom St Unit 2/3 Wilmington, DE	2.0	2.5	1250	$2,500	$2.00	6d	1	1.16mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	17d	1	1.19mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	1.19mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	6d	1	1.21mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	44d	1	1.21mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	3d	117	1.25mi
801 N Market St Unit 207 Wilmington, DE	2.0	2.0	1239	$1,895	$1.53	6d	1	1.28mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	13d	1	1.34mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	19d	1	1.39mi

Listing history 26 events

1. 2026-06-21
   days on market $190,000 Active 104 DOM
2. 2026-06-18
   days on market $190,000 Active 101 DOM
3. 2026-06-17
   days on market $190,000 Active 100 DOM
4. 2026-06-16
   days on market $190,000 Active 99 DOM
5. 2026-06-15
   days on market $190,000 Active 98 DOM
6. 2026-06-13
   days on market $190,000 Active 96 DOM
7. 2026-06-13
   days on market $190,000 Active 95 DOM
8. 2026-06-09
   days on market $190,000 Active 92 DOM
9. 2026-06-08
   days on market $190,000 Active 91 DOM
10. 2026-06-07
    days on market $190,000 Active 90 DOM
11. 2026-06-04
    days on market $190,000 Active 87 DOM
12. 2026-06-03
    days on market $190,000 Active 86 DOM
13. 2026-06-02
    days on market $190,000 Active 85 DOM
14. 2026-06-01
    days on market $190,000 Active 84 DOM
15. 2026-05-31
    days on market $190,000 Active 83 DOM
16. 2026-04-29
    price $195,000 1061-char remark

    Show marketing remark (1061 chars)

    Spacious 3-bedroom 1-bathroom home just waiting for the next owner who is ready to roll up their sleeves and apply their personal touch and elbow grease. Great opportunity for investor or owner-occupant looking for a place to call home or next project. Enter property through front sun room leading into spacious living room which overlooks the dining room. Kitchen offers nice lay out with eat in area. Heading upstairs are 3 well sized bedrooms and full bath. Laundry is located in full basement area which offers tons of storage space and walk out to rear of the home. Convenient location. .. close to shopping, major roadways as well as Brandywine Park and Zoo. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. A viewing release must be signed and returned to listing agent before showing this property. Property to be conveyed in AS IS condition.

17. 2026-04-21
    soldstatus $1,575,100
18. 2026-03-09
    listed $205,000 Active 1061-char remark

    Show marketing remark (1061 chars)

    Spacious 3-bedroom 1-bathroom home just waiting for the next owner who is ready to roll up their sleeves and apply their personal touch and elbow grease. Great opportunity for investor or owner-occupant looking for a place to call home or next project. Enter property through front sun room leading into spacious living room which overlooks the dining room. Kitchen offers nice lay out with eat in area. Heading upstairs are 3 well sized bedrooms and full bath. Laundry is located in full basement area which offers tons of storage space and walk out to rear of the home. Convenient location. .. close to shopping, major roadways as well as Brandywine Park and Zoo. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. A viewing release must be signed and returned to listing agent before showing this property. Property to be conveyed in AS IS condition.

19. 2025-05-19
    historical
20. 2025-03-28
    listed $199,900 Active
21. 2020-04-16
    historical
22. 2019-04-17
    listed $129,900 Active
23. 2005-09-14
    historical
24. 2005-09-13
    listed $99,900
25. 2002-06-17
    listed $84,900
26. 2002-06-17
    historical

ⓘ 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: $883 · $74/mo
• Projected year-2 tax: $993 · $83/mo
• Expected delta: +$109/yr (+$9/mo · 12.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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: $21,954
• − Mortgage interest: −$10,643
• − Property taxes: −$883
• − Insurance: −$1,616
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − Depreciation: −$5,527
• Taxable loss: −$228
• Est. tax savings @ 24.0%: +$55
• After-tax cash flow: $2,942/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

+129.7% since first listed

11 events — show timeline

• 2026-04-29 Price Changed $195,000 BRIGHT MLS
• 2026-04-21 Sold (Public Records) $1,575,100 Public Records
• 2026-03-09 Listed $205,000 BRIGHT MLS
• 2025-05-19 Listing Removed — BRIGHT MLS
• 2025-03-28 Listed $199,900 BRIGHT MLS
• 2020-04-16 Listing Removed — BRIGHT MLS
• 2019-04-17 Listed $129,900 BRIGHT MLS
• 2005-09-14 Listing Removed — BRIGHT MLS
• 2005-09-13 Listed $99,900 BRIGHT MLS
• 2002-06-17 Listing Removed — BRIGHT MLS
• 2002-06-17 Listed $84,900 BRIGHT MLS

Property tax history

+1.6%/yr

Latest (2024): $883 · +15.1% YoY. Source: county tax records.