400 W 21st St · Wilmington, DE 19802

$325,000

3 bd · 3.0 ba · 2,900 sqft · MultiFamily public records · 17 Days on market

Built 1919 2,614 sqft lot

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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
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Buyer backed out with no given reason. Their loss can be your gain. Are you looking for a cash flowing property to add to your portfolio? Or. .. Are you looking for a live in 1 unit and have the other 2 cover most if not all of your mortgage? If so then look no further. This is a rare opportunity to own a fully detached triplex in an historical part of the city close to dining, night life and parks. This property consists of 2 apartments with 2 bedrooms each and a third unit that is a 1 bedroom. Fix up the garage for additional rental income. Opportunity to create additional income: Clean out the garage and rent it for storage, add a pay laundry in the basement you are only limited by your

Key facts

• Close to parks
• Close to night life
• Close to dining

Tags

• FULLY DETACHED TRIPLEX
• HISTORICAL PART OF THE CITY
• CLOSE TO DINING
• CLOSE TO NIGHT LIFE
• CLOSE TO PARKS
• CREATE ADDITIONAL INCOME

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 1×1bd/1ba units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $555/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $320k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% 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 (+5.7%/yr); 119 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $4,648/mo this rent would consume 104% of the median local household income ($54k/yr) (locally 1816% 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 $2k of loan paydown is wiped out by about $10k 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 + 5.7% rent growth), your $91k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $155k; list at $325k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — 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 $320,125 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.43% ✓
• Cap rate: 12.44%
• Cash-on-cash: 21.97%
• DSCR: 1.98
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.72% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.73×
• Total profit: $66,434
• Equity at exit: $48,459

10-year hold

• IRR: 27.7%
• Equity multiple: 3.76×
• Total profit: $250,862
• Equity at exit: $28,100

Cash invested: $91,000 (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 19802

• Rents YoY: 5.7%
• Active inventory: 119
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $4,648 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$166 /mo · $1,994/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $1,666

Break-even live

Break-even rent $2,539

Max offer price $325,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,180
1× unit	1	1	$1,468
Total (3 units)			$4,648

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	1d	1	0.40mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	12d	1	0.92mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	18d	1	0.99mi

Listing history 7 events

1. 2026-06-08
   statusdays on market $325,000 Pending 17 DOM
2. 2026-06-07
   remarks 699-char remark
3. 2026-06-07
   statusdays on market $325,000 Active 16 DOM
4. 2026-03-31
   status Pending
5. 2026-03-17
   listed $325,000 Active
6. 1990-03-01
   soldstatus $155,000
7. 1985-12-01
   soldstatus $130,000

ⓘ 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: $1,994 · $166/mo
• Projected year-2 tax: $1,994 · $166/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°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: $55,776
• − Mortgage interest: −$18,205
• − Property taxes: −$1,994
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,462
• − Management: −$4,462
• − Depreciation: −$9,455
• Taxable income: $15,573
• Est. tax owed @ 24.0%: −$3,738
• After-tax cash flow: $16,255/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

+150.0% since first listed

4 events — show timeline

• 2026-03-31 Pending — BRIGHT MLS
• 2026-03-17 Listed $325,000 BRIGHT MLS
• 1990-03-01 Sold (Public Records) $155,000 Public Records
• 1985-12-01 Sold (Public Records) $130,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $1,994 · +15.1% YoY. Source: county tax records.