503 E 3rd St · Wilmington, DE 19801

$85,000

4 bd · 1.0 ba · 1,600 sqft · Townhouse public records · 4 Days on market

Built 1900 1,307 sqft lot $53/sqft · 52% below area ↓ 6% since listing

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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
• 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

Listing remarks

Investors here is an opportunity to add this property to your portfolio. The entire property has been gutted. The roof was completely torn out and replaced in 2022. The warranty is transferrable. The new owner will be responsible for removal of any trash. The property is priced to move quickly.

Key facts

• Roof replaced
• Built 1900
• Listed 4 days

Tags

• ENTIRE PROPERTY GUTTED
• ROOF REPLACED

Property features AI

Finance

• Financial info: Assessed values and taxes reported (details withheld per instructions)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer (and public septic listed)
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Above-grade finished living area reported at 1,600 (source: assessor)
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Lot dimensions approximately 17 x 86 feet; Property located in city limits; Located off 4th St

Interior

• Kitchen: Standard kitchen (appliances not specified)
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom (upper level); One half bathroom (main level)
• Interior features: Living room; Dining room; Kitchen; Unfinished basement
• Laundry & utility: Laundry/utility location not specified

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Cap rate 21.1% 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+, commute D, crime F.
• 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.
• Zoned schools: The Bancroft School (math 2% / reading 8%, 524 students, 0% FRL); The Bayard School (math 3% / reading 10%, grade F, #102 of 105 statewide, top 97%, 508 students, 0% FRL); Newark High School (math 27% / reading 42%, grade F, #18 of 40 statewide, top 49%, 1,105 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 15% at this address vs 28% district-wide (-12 pts) — the specific schools serving this property underperform the Christina School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.6%/yr); 75 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $2,055/mo this rent would consume 47% 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

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 $85,000

Questions for the listing agent

1. Built in 1900 — 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: 2.42% ✓
• Cap rate: 21.06%
• Cash-on-cash: 52.72%
• DSCR: 3.35
• GRM: 3.4

CMA / ARV

• ARV (median comp): $177,564
• List price: $85,000
• Delta: -52.13%
• 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
503 E 3rd St	0.00mi	3/1.5 (-1)	1,600 (0%)	0mo	$80,000	$50	93
901 N Church St	0.41mi	4/1.0	1,575 (-2%)	2mo	$184,000	$117	77
516 E 9th St	0.36mi	4/2.0	1,625 (+2%)	2mo	$184,000	$113	75
836 Bennett St	0.37mi	3/1.5 (-1)	1,450 (-9%)	1mo	$229,900	$159	60
849 Bennett St	0.37mi	3/1.5 (-1)	1,450 (-9%)	2mo	$224,900	$155	58
847 Bennett St	0.37mi	3/1.5 (-1)	1,450 (-9%)	2mo	$224,900	$155	58
841 Bennett St	0.36mi	3/1.5 (-1)	1,450 (-9%)	3mo	$224,900	$155	58
912 N Lombard St	0.40mi	3/1.5 (-1)	1,450 (-9%)	3mo	$239,900	$165	56
30 E Mccaulley Ct	0.52mi	3/3.0 (-1)	1,700 (+6%)	1mo	$141,000	$83	52
408 S Claymont St	0.62mi	4/3.5	1,500 (-6%)	2mo	$240,000	$160	49
426 S Heald St	0.58mi	4/3.5	1,475 (-8%)	2mo	$236,000	$160	48
402 W 6th St	0.57mi	3/2.5 (-1)	1,800 (+12%)	1mo	$249,000	$138	41

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: 49.1%
• Equity multiple: 3.10×
• Total profit: $49,975
• Equity at exit: $12,674

10-year hold

• IRR: 54.1%
• Equity multiple: 5.95×
• Total profit: $117,907
• Equity at exit: $7,349

Cash invested: $23,800 (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: 3.4×

Monthly cashflow live

• Estimated rent: $2,055 high
• Mortgage (P&I): −$446
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $1,046

Break-even live

Break-even rent $731

Max offer price $85,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,094	-5% $1,070	+0% $1,046	+5% $1,022	+10% $998
Rent	-10% $883	-5% $964	+0% $1,046	+5% $1,127	+10% $1,208
Rate	-1.0pp $1,088	-0.5pp $1,067	base $1,046	+0.5pp $1,024	+1.0pp $1,001

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	19d	1	0.40mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	26d	1	0.43mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	20d	1	0.45mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	0d	1	0.49mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	0d	115	0.52mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	14d	1	0.61mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	20d	1	0.66mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	45d	1	0.76mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.86mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	18d	1	0.91mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	26d	1	0.96mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	45d	1	1.08mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	45d	1	1.09mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,795	$1.20	0d	1	1.12mi
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	13d	1	1.12mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	5d	1	1.15mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	45d	1	1.15mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	45d	1	1.15mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	45d	1	1.16mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	45d	1	1.22mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	45d	1	1.28mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	17d	1	1.28mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	45d	1	1.28mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	45d	1	1.28mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	14d	1	1.29mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	45d	1	1.31mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	13d	1	1.36mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	7d	1	1.41mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	5d	1	1.41mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,850	$1.28	0d	1	1.43mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	20d	1	1.45mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	45d	1	1.49mi

Listing history 3 events

1. 2026-05-15
   status Pending 295-char remark
2. 2026-05-11
   historical Active Under Contract 295-char remark
3. 2026-05-07
   listed $85,000 Active 295-char remark

ⓘ 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: $1,158 · $96/mo
• Projected year-2 tax: $1,158 · $96/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 4/10 Moderate FEMA zone X (unshaded) · 24% 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,657
• − Mortgage interest: −$4,761
• − Property taxes: −$1,158
• − Insurance: −$425
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − Depreciation: −$2,473
• Taxable income: $11,896
• Est. tax owed @ 24.0%: −$2,855
• After-tax cash flow: $9,693/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

-5.9% since first listed

4 events — show timeline

• 2026-06-09 Sold (MLS) $80,000 BRIGHT MLS
• 2026-05-15 Pending — BRIGHT MLS
• 2026-05-11 Contingent — BRIGHT MLS
• 2026-05-07 Listed $85,000 BRIGHT MLS

Property tax history

-14.1%/yr

Latest (2024): $1,158 · +2.6% YoY. Source: county tax records.