47 N Pennewell Dr · Edgemoor, DE 19809

$129,900

3 bd · 1.0 ba · 1,200 sqft · Townhouse public records · 18 Days on market

Built 1940 1,742 sqft lot Est $120k · 8% over

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Rent growth +4.0/5.0
• ARV discount +3.8/15.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sale is subject the existing Section 8 tenant remaining in place. They have signed another year through the end of March 2025. Existing Sec 8 rent is $1300.00 per month. Perfect opportunity for an investor to add a unit into their portfolio. Popular Edgemoor Gardens community with a tenant in place opportunity. This 3 Bedroom, 1 Bathroom Townhomes is in good shape and ready for investor to add to their portfolio.

Key facts

• Built 1940
• Listed 18 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 3.8% in Edgemoor — 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 72/100 on livability (#17 in DE) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: schools D+, amenities F, commute F.
• Brandywine School District (suburban): math 28% / reading 40% proficiency, ranked #11 of 26 in DE (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.2%/yr); 48 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $898 of loan paydown is wiped out by about $4k 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 + 6.2% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 29y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $130k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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. 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.
5. 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.
6. 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: 1.43% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.53%
• DSCR: 1.96
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $120,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 S Pennewell Dr	0.06mi	3/1.0	1,200 (0%)	1mo	$120,000	$100	96
47 Cannon Dr	0.08mi	3/1.0	1,200 (0%)	4mo	$166,000	$138	94
12 N Rodney Dr	0.12mi	3/1.0	1,200 (0%)	1mo	$120,000	$100	94
37 S Cannon Dr	0.13mi	3/1.0	1,200 (0%)	1mo	$120,000	$100	93
11 S Rodney Dr	0.17mi	3/1.0	1,200 (0%)	1mo	$120,000	$100	91
3 Paynter Dr	0.18mi	3/1.0	1,200 (0%)	1mo	$120,000	$100	90
2 Polk Dr	0.13mi	3/1.0	1,225 (+2%)	2mo	$182,000	$149	89
128 Paladin Dr #128	0.44mi	2/2.0 (-1)	1,214 (+1%)	2mo	$207,777	$171	67
57 Paladin Dr	0.57mi	2/2.0 (-1)	1,100 (-8%)	3mo	$210,000	$191	48
8506 Park Ct #8506	0.54mi	2/2.0 (-1)	1,340 (+12%)	6mo	$220,000	$164	41
5219 Le Parc Dr #2	0.68mi	2/2.0 (-1)	1,320 (+10%)	4mo	$89,001	$67	39
5213 Le Parc Dr #7	0.64mi	2/2.0 (-1)	1,057 (-12%)	3mo	$95,000	$90	39

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 · 6.18% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.73×
• Total profit: $26,646
• Equity at exit: $19,369

10-year hold

• IRR: 28.0%
• Equity multiple: 3.85×
• Total profit: $103,587
• Equity at exit: $11,231

Cash invested: $36,372 (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 19809

• Rents YoY: 6.2%
• Active inventory: 48
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,863 high
• Mortgage (P&I): −$681
• Tax from tax record: −$84 /mo · $1,007/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $653

Break-even live

Break-even rent $1,037

Max offer price $129,900

Occupancy floor 60%

Sensitivity live

Price	-10% $726	-5% $689	+0% $653	+5% $616	+10% $579
Rent	-10% $505	-5% $579	+0% $653	+5% $726	+10% $800
Rate	-1.0pp $718	-0.5pp $686	base $653	+0.5pp $619	+1.0pp $585

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1204 Terra Hill Dr Wilmington, DE	2.0	1.5	1000	$1,610	$1.61	2d	6	0.28mi
800 Brandywine Blvd Wilmington, DE	2.0	1.0	950	$1,600	$1.68	44d	1	0.50mi
240 Philadelphia Pike Wilmington, DE	3.0	2.0	1400	$2,100	$1.50	3d	1	0.60mi
1121 Rosedale Ave Unit 2 Wilmington, DE	2.0	1.0	1000	$1,750	$1.75	44d	1	0.69mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	0.71mi
201 1/2 Philadelphia Pike #326 Wilmington, DE	2.0	1.0	779	$1,595	$2.05	44d	1	0.74mi
201 Philadelphia Pike Unit 216 Wilmington, DE	2.0	1.0	850	$1,400	$1.65	44d	1	0.75mi
310 Shipley Rd Wilmington, DE	2.0	2.0	1010	$1,722	$1.71	2d	2	0.88mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	1.13mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	44d	1	1.49mi

Listing history 23 events

1. 2024-02-13
   status Pending
2. 2024-02-09
   status Active
3. 2024-01-19
   historical
4. 2024-01-09
   price $129,900
5. 2024-01-05
   listed $139,900 Active
6. 2023-01-22
   historical
7. 2023-01-16
   listed $120,000 Active
8. 2010-01-21
   historical
9. 2009-06-18
   listed $70,000
10. 2002-06-19
    soldstatus $40,000
11. 2002-06-14
    soldstatus $40,000
12. 2002-05-17
    historical
13. 2001-11-19
    listed $40,000
14. 2001-05-19
    historical
15. 2001-05-02
    listed $47,900
16. 1999-04-20
    listed $47,900
17. 1999-04-20
    historical
18. 1998-11-12
    historical
19. 1998-11-12
    listed $47,900
20. 1997-10-15
    historical
21. 1997-07-31
    listed $47,900
22. 1987-01-01
    soldstatus $34,000
23. 1985-04-01
    soldstatus $31,500

ⓘ 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: $1,007 · $84/mo
• Projected year-2 tax: $1,007 · $84/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 ≥104°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,357
• − Mortgage interest: −$7,276
• − Property taxes: −$1,007
• − Insurance: −$650
• − Repairs & maintenance: −$1,789
• − Management: −$1,789
• − Depreciation: −$3,779
• Taxable income: $6,068
• Est. tax owed @ 24.0%: −$1,456
• After-tax cash flow: $6,375/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: Brandywine School District
• NCES district ID: 1001240
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 40% ▼ -13.00%
• Median HH income: $68,743
• Composite: 31.27/100
• National rank: #6019
• State rank: #11 of 26 in DE

Livability — Edgemoor

• Score: 72/100
• State rank: #17
• US rank: #6080

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgemoor, DE
• County: New Castle County · 483,412 people
• City population: 15,129
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 14,311
• Household income: $81,288
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 468.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 24% Two or more races 6% Asian 4% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 2% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -153.39%
• Current HPI: 232.6107
• Rent YoY: ▲ 6.18%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+312.4% since first listed

23 events — show timeline

• 2024-02-13 Pending — BRIGHT MLS
• 2024-02-09 Relisted — BRIGHT MLS
• 2024-01-19 Listing Removed — BRIGHT MLS
• 2024-01-09 Price Changed $129,900 BRIGHT MLS
• 2024-01-05 Listed $139,900 BRIGHT MLS
• 2023-01-22 Listing Removed — BRIGHT MLS
• 2023-01-16 Listed $120,000 BRIGHT MLS
• 2010-01-21 Listing Removed — BRIGHT MLS
• 2009-06-18 Listed $70,000 BRIGHT MLS
• 2002-06-19 Sold (Public Records) $40,000 Public Records
• 2002-06-14 Sold (MLS) $40,000 BRIGHT MLS
• 2002-05-17 Listing Removed — BRIGHT MLS
• 2001-11-19 Listed $40,000 BRIGHT MLS
• 2001-05-19 Listing Removed — BRIGHT MLS
• 2001-05-02 Listed $47,900 BRIGHT MLS
• 1999-04-20 Listing Removed — BRIGHT MLS
• 1999-04-20 Listed $47,900 BRIGHT MLS
• 1998-11-12 Listed $47,900 BRIGHT MLS
• 1998-11-12 Listing Removed — BRIGHT MLS
• 1997-10-15 Listing Removed — BRIGHT MLS
• 1997-07-31 Listed $47,900 BRIGHT MLS
• 1987-01-01 Sold (Public Records) $34,000 Public Records
• 1985-04-01 Sold (Public Records) $31,500 Public Records

Property tax history

+2.1%/yr

Latest (2024): $1,007 · +9.2% YoY. Source: county tax records.