1232 Pearl St · Wilmington, DE 19801

$110,000

3 bd · 1.0 ba · 1,150 sqft · Townhouse public records · 28 Days on market

Built 1920 871 sqft lot Est $156k · 30% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Renovated 3 bedroom end unit with full brick exterior. Fully remodelled Eat in kitchen with upgraded oak cabinets, sparkling countertops, gas stove, stainless steel double sink. Eating area with slider to fenced back yard. Living room and dining room with new carpet seperated by well appointed arch with beautiful moldings. Staircase with new carpet and wood spindels. Fresh paint, neutral decor. Electrical panel updated to circuit breakers. New heater and central air conditioning. new windows, alarm system, and new roof in 2001. Seller is related to agent.

Key facts

• Built 1920
• Listed 28 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $110k.

Deal economics

• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 42% of the median local income ($53k/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 $761 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 $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $68k; list at $110k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.66% ✓
• Cap rate: 14.72%
• Cash-on-cash: 30.10%
• DSCR: 2.34
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $156,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 Townsend St	0.11mi	3/1.0	1,150 (0%)	0mo	$219,900	$191	95
612 S Claymont St	0.04mi	3/1.0	1,125 (-2%)	10mo	$120,000	$107	86
1214-A Pearl St	0.03mi	3/1.5	1,125 (-2%)	14mo	$189,000	$168	81
304 S Claymont St	0.29mi	3/1.0	1,075 (-6%)	5mo	$85,000	$79	72
326 New Castle Ave	0.26mi	3/1.5	1,225 (+6%)	6mo	$150,000	$122	71
434 Queen St	0.16mi	3/1.5	1,025 (-11%)	2mo	$105,000	$102	70
436 Queen St	0.16mi	2/1.5 (-1)	1,125 (-2%)	14mo	$195,000	$173	70
321 Townsend St	0.28mi	3/1.5	1,175 (+2%)	14mo	$144,000	$123	69
310 S Claymont St	0.28mi	3/1.0	1,250 (+9%)	5mo	$170,000	$136	68
1121 B St	0.16mi	3/2.0	1,250 (+9%)	13mo	$210,000	$168	63
1237 Lobdell St	0.31mi	2/1.0 (-1)	1,050 (-9%)	14mo	$154,000	$147	54
421 E 2nd St	0.71mi	3/1.0	1,250 (+9%)	12mo	$100,000	$80	42

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: 23.2%
• Equity multiple: 1.93×
• Total profit: $28,795
• Equity at exit: $16,401

10-year hold

• IRR: 30.2%
• Equity multiple: 3.54×
• Total profit: $78,125
• Equity at exit: $9,511

Cash invested: $30,800 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,826 high
• Mortgage (P&I): −$577
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $773

Break-even live

Break-even rent $848

Max offer price $110,000

Occupancy floor 53%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 S Claymont St Wilmington, DE	2.0	1.0	1000	$1,399	$1.40	16d	1	0.05mi
606 S Claymont St Wilmington, DE	2.0	1.0	1000	$1,399	$1.40	18d	1	0.05mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	1d	13	0.51mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	1d	13	0.78mi
105 Christina Landing Dr #1105 Wilmington, DE	2.0	2.0	1150	$2,500	$2.17	43d	1	0.80mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	10d	1	0.80mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	16d	1	0.80mi
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	1d	1	0.99mi
530 Harlan Blvd #519 Wilmington, DE	2.0	2.0	1192	$2,250	$1.89	24d	1	1.05mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.07mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	1.10mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	1.11mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	1.12mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.12mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	43d	1	1.12mi
801 N Market St Unit 207 Wilmington, DE	2.0	2.0	1239	$1,895	$1.53	5d	1	1.19mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	43d	1	1.19mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	1.24mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	20d	1	1.25mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	1d	16	1.26mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	43d	1	1.26mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	1.26mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	43d	5	1.28mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	5d	1	1.31mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	44d	1	1.32mi
839 N Tatnall St Unit 303 Wilmington, DE	2.0	2.0	876	$1,475	$1.68	5d	1	1.32mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	5d	1	1.32mi
128 Lower Oak St Wilmington, DE	2.0	1.0	871	$1,595	$1.83	3d	1	1.33mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	1.36mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	1d	62	1.37mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	1.38mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	43d	1	1.40mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	43d	1	1.40mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	1.40mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	1.43mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	15d	1	1.43mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	1.45mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	1.47mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	1.49mi

Listing history 22 events

1. 2026-06-16
   status $110,000 Pending 28 DOM
2. 2026-06-15
   days on market $110,000 Active 28 DOM
3. 2026-06-13
   days on market $110,000 Active 26 DOM
4. 2026-06-13
   days on market $110,000 Active 25 DOM
5. 2026-06-09
   days on market $110,000 Active 22 DOM
6. 2026-06-08
   days on market $110,000 Active 21 DOM
7. 2026-06-07
   days on market $110,000 Active 20 DOM
8. 2026-06-04
   days on market $110,000 Active 17 DOM
9. 2026-06-03
   days on market $110,000 Active 16 DOM
10. 2026-06-02
    days on market $110,000 Active 15 DOM
11. 2026-06-01
    days on market $110,000 Active 14 DOM
12. 2026-05-31
    days on market $110,000 Active 13 DOM
13. 2026-04-20
    status Pending
14. 2026-03-23
    price $112,000
15. 2026-03-23
    historical Active Under Contract
16. 2026-03-13
    listed $110,000 Active
17. 2026-03-09
    historical $110,000
18. 2005-04-18
    soldstatus $68,000
19. 2005-04-15
    soldstatus $68,000 562-char remark

    Show marketing remark (562 chars)

    Renovated 3 bedroom end unit with full brick exterior. Fully remodelled Eat in kitchen with upgraded oak cabinets, sparkling countertops, gas stove, stainless steel double sink. Eating area with slider to fenced back yard. Living room and dining room with new carpet seperated by well appointed arch with beautiful moldings. Staircase with new carpet and wood spindels. Fresh paint, neutral decor. Electrical panel updated to circuit breakers. New heater and central air conditioning. new windows, alarm system, and new roof in 2001. Seller is related to agent.

20. 2005-03-11
    historical 562-char remark

    Show marketing remark (562 chars)

    Renovated 3 bedroom end unit with full brick exterior. Fully remodelled Eat in kitchen with upgraded oak cabinets, sparkling countertops, gas stove, stainless steel double sink. Eating area with slider to fenced back yard. Living room and dining room with new carpet seperated by well appointed arch with beautiful moldings. Staircase with new carpet and wood spindels. Fresh paint, neutral decor. Electrical panel updated to circuit breakers. New heater and central air conditioning. new windows, alarm system, and new roof in 2001. Seller is related to agent.

21. 2004-08-31
    listed $68,000 562-char remark

    Show marketing remark (562 chars)

    Renovated 3 bedroom end unit with full brick exterior. Fully remodelled Eat in kitchen with upgraded oak cabinets, sparkling countertops, gas stove, stainless steel double sink. Eating area with slider to fenced back yard. Living room and dining room with new carpet seperated by well appointed arch with beautiful moldings. Staircase with new carpet and wood spindels. Fresh paint, neutral decor. Electrical panel updated to circuit breakers. New heater and central air conditioning. new windows, alarm system, and new roof in 2001. Seller is related to agent.

22. 1979-03-01
    soldstatus $7,000

ⓘ 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: $571 · $48/mo
• Projected year-2 tax: $605 · $50/mo
• Expected delta: +$33/yr (+$3/mo · 5.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 30% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,916
• − Mortgage interest: −$6,162
• − Property taxes: −$571
• − Insurance: −$550
• − Repairs & maintenance: −$1,753
• − Management: −$1,753
• − Depreciation: −$3,200
• Taxable income: $7,927
• Est. tax owed @ 24.0%: −$1,902
• After-tax cash flow: $7,368/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

+1500.0% since first listed

10 events — show timeline

• 2026-04-20 Pending — BRIGHT MLS
• 2026-03-23 Price Changed $112,000 BRIGHT MLS
• 2026-03-23 Contingent — BRIGHT MLS
• 2026-03-13 Listed $110,000 BRIGHT MLS
• 2026-03-09 Coming Soon $110,000 BRIGHT MLS
• 2005-04-18 Sold (Public Records) $68,000 Public Records
• 2005-04-15 Sold (MLS) $68,000 BRIGHT MLS
• 2005-03-11 Listing Removed — BRIGHT MLS
• 2004-08-31 Listed $68,000 BRIGHT MLS
• 1979-03-01 Sold (Public Records) $7,000 Public Records

Property tax history

+3.9%/yr

Latest (2024): $571 · +2.6% YoY. Source: county tax records.