1001 & 1003 W. 8th St. W 8th St · Wilmington, DE 19806

$1,050,000

81 bd · 81.0 ba · 4,350 sqft · MultiFamily · 61 Days on market

Built 1889 Fair condition 4,935 sqft lot $241/sqft · 97% above area

---

Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks MLS

Welcome to Cool Springs, located on the Westside of the City of Wilmington! Proximity to highways, places of worship, educational facilities, and moments to hot spots in Trolley Square, Union Street, and the Central Business district downtown, this is right in the middle of it all! Nine unit apartment building comprised of two structures with separate entrances with a common access basement is ready for its next operator. 1001 offers four units while 1003 offers five. A sliver of off street parking rounds out the amenities for tenants and management alike. An eclectic mix of modern and functional units that afford a cozy lifestyle for tenants. Separate systems make operation dynamics a breeze and keep owner expenses to a minimum. Excellent opportunity for some value add projects while repositioning of rents to increase cash flow and maximize return on investment. Could be the cornerstone of a performing portfolio, or a healthy addition to a scaled operation. A unique opportunity in a desirable locale for the smart investor to capitalize on!

Key facts

• Off street parking
• Separate systems
• 4,935 sq ft lot

Tags

• PROXIMITY TO HIGHWAYS
• EDUCATIONAL FACILITIES
• NINE UNIT APARTMENT BUILDING
• OFF STREET PARKING
• MODERN AND FUNCTIONAL UNITS
• SEPARATE SYSTEMS

What this means for you Summary

Snapshot

• This is a 4×4bd/1ba + 5×5bd/1ba units multifamily listed at $1.05M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $826/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.05M).
• Recommended offer: $987k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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 (+5.1%/yr); 59 active listings in the ZIP; solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $18,597/mo this rent would consume 251% of the median local household income ($89k/yr) (locally 508% 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 $7k of loan paydown is wiped out by about $32k 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 + 5.1% rent growth), your $294k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($987k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $987,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.77% ✓
• Cap rate: 14.79%
• Cash-on-cash: 30.35%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

• ARV (median comp): $534,000
• List price: $1,050,000
• Delta: 96.63%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 2.17×
• Total profit: $343,811
• Equity at exit: $156,558

10-year hold

• IRR: 36.1%
• Equity multiple: 4.68×
• Total profit: $1,082,153
• Equity at exit: $90,785

Cash invested: $294,000 (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 19806

• Rents YoY: 5.1%
• Active inventory: 59
• Price-to-rent: 44.3×

Monthly cashflow live

• Estimated rent: $18,597 medium
• Mortgage (P&I): −$5,506
• Tax est. 1.5%: −$1,312 /mo · $15,750/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,905
• Net cashflow: $7,435

Break-even live

Break-even rent $9,185

Max offer price $1,050,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	1	$7,892
▸ 5× units	5	1	$10,705
Total (9 units)			$18,597

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,050,000 Active 61 DOM
2. 2026-06-17
   days on market $1,050,000 Active 60 DOM
3. 2026-06-16
   days on market $1,050,000 Active 59 DOM
4. 2026-06-15
   days on market $1,050,000 Active 58 DOM
5. 2026-06-13
   days on market $1,050,000 Active 56 DOM
6. 2026-06-13
   days on market $1,050,000 Active 55 DOM
7. 2026-06-09
   days on market $1,050,000 Active 52 DOM
8. 2026-06-08
   days on market $1,050,000 Active 51 DOM
9. 2026-06-07
   days on market $1,050,000 Active 50 DOM
10. 2026-06-04
    days on market $1,050,000 Active 47 DOM
11. 2026-06-03
    days on market $1,050,000 Active 46 DOM
12. 2026-06-02
    days on market $1,050,000 Active 45 DOM
13. 2026-06-01
    days on market $1,050,000 Active 44 DOM
14. 2026-05-31
    days on market $1,050,000 Active 43 DOM
15. 2026-04-18
    listed $1,050,000 Active 1058-char remark

    Show marketing remark (1058 chars)

    Welcome to Cool Springs, located on the Westside of the City of Wilmington! Proximity to highways, places of worship, educational facilities, and moments to hot spots in Trolley Square, Union Street, and the Central Business district downtown, this is right in the middle of it all! Nine unit apartment building comprised of two structures with separate entrances with a common access basement is ready for its next operator. 1001 offers four units while 1003 offers five. A sliver of off street parking rounds out the amenities for tenants and management alike. An eclectic mix of modern and functional units that afford a cozy lifestyle for tenants. Separate systems make operation dynamics a breeze and keep owner expenses to a minimum. Excellent opportunity for some value add projects while repositioning of rents to increase cash flow and maximize return on investment. Could be the cornerstone of a performing portfolio, or a healthy addition to a scaled operation. A unique opportunity in a desirable locale for the smart investor to capitalize on!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $223,164
• − Mortgage interest: −$58,816
• − Property taxes: −$15,750
• − Insurance: −$5,250
• − Repairs & maintenance: −$17,853
• − Management: −$17,853
• − Depreciation: −$30,545
• Taxable income: $77,096
• Est. tax owed @ 24.0%: −$18,503
• After-tax cash flow: $70,721/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance to improve its condition and value. Updates to the interior, landscaping, and flooring would significantly enhance its appeal for both resale and rental.

Repairs flagged

• Minor Stairs — Worn carpet
• Minor Kitchen cabinets — Dated appearance
• Minor Bathrooms — Dated fixtures

Value-add opportunities

• Both Paint and interior updates — Fresh paint and updated fixtures would enhance both resale and rental appeal
• Both New flooring — New flooring would improve both the aesthetic and functionality of the property
• Both Landscaping — Well-maintained landscaping would improve curb appeal and attract potential tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Stairs · Worn carpet	Minor	$500–3,000
Kitchen cabinets · Dated appearance	Minor	$500–3,000
Bathrooms · Dated fixtures	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint and interior updates — Fresh paint and updated fixtures would enhance both resale and rental appeal ↑
• Both New flooring — New flooring would improve both the aesthetic and functionality of the property ↑
• Both Landscaping — Well-maintained landscaping would improve curb appeal and attract potential tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 9,777
• Household income: $88,855
• Rent vs Own: 49.1% rent · 50.9% own
• Severe rent burden: 508.0

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 White (77%)
• Race & ethnicity: White 77% Black 11% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 7% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 2% 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: ▼ -290.78%
• Current HPI: 214.8382
• Rent YoY: ▲ 5.10%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-18 Listed $1,050,000 BRIGHT MLS