1812 W 2nd St · Wilmington, DE 19805

$200,000

5 bd · 1.0 ba · 300 sqft · Townhouse public records · 7 Days on market

Built 1929 2,614 sqft lot

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Why this score? — see what drove the C- 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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.4/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single Family City Home. Convenient To All Locations. Property To Be Sold In "As Is" Condition. Easy To Show!

Key facts

• Built 1929
• Listed 6 days

Property features AI

Finance

• Financial info: Total actual rent reported: $26,400

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: End-of-row townhouse; Fee simple ownership; Property in good condition; Year built: estimated
• Construction: Brick and vinyl siding construction; Other foundation
• Exterior features: Sidewalks; Street lights; Ground rent paid annually

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Four bedrooms on the main level
• Flooring: Luxury vinyl tile; Ceramic tile
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Natural gas heating and hot water; Circuit breaker electrical; Cooling: Other
• Interior features: Eat-in kitchen; Full unfinished basement
• Laundry & utility: Laundry in basement/lower level

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $305 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (5.6% below list).
• Recommended offer: $189k (5.6% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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+, commute D, crime F.
• 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.
• Zoned schools: Warner Elementary School (math 2% / reading 2%, grade F, #104 of 105 statewide, top 100%, 360 students, 0% FRL); Mckean (Thomas) High School (math 2% / reading 17%, grade F, #38 of 40 statewide, top 100%, 927 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 6% at this address vs 34% district-wide (-28 pts) — the specific schools serving this property underperform the Red Clay Consolidated School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.3%/yr); 167 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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 + 6.3% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $20k; list at $200k implies a 905% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $188,788 (5.6% below list)

Questions for the listing agent

1. Built in 1929 — 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: 0.94% ✗
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.35% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.88×
• Total profit: $-6,519
• Equity at exit: $29,821

10-year hold

• IRR: 9.7%
• Equity multiple: 1.85×
• Total profit: $47,852
• Equity at exit: $17,292

Cash invested: $56,000 (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 19805

• Rents YoY: 6.3%
• Active inventory: 167
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,888 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$55 /mo · $655/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $305

Break-even live

Break-even rent $1,502

Max offer price $200,000

Occupancy floor 79%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $200,000 Active 7 DOM
2. 2026-06-17
   days on market $200,000 Active 6 DOM
3. 2026-06-16
   days on market $200,000 Active 5 DOM
4. 2026-06-15
   days on market $200,000 Active 4 DOM
5. 2026-06-13
   days on market $200,000 Active 2 DOM
6. 2026-06-13
   statusdays on market $200,000 Active 1 DOM
7. 2026-06-09
   days on market $200,000 Coming Soon 4 DOM
8. 2026-06-08
   days on market $200,000 Coming Soon 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $200,000 Coming Soon 2 DOM

ⓘ 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: $655 · $55/mo
• Projected year-2 tax: $908 · $76/mo
• Expected delta: +$252/yr (+$21/mo · 38.5%)

ⓘ 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 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,655
• − Mortgage interest: −$11,203
• − Property taxes: −$655
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − Depreciation: −$5,818
• Taxable income: $353
• Est. tax owed @ 24.0%: −$85
• After-tax cash flow: $3,571/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): 41,402
• Household income: $60,221
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1730.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 37% Black 32% Hispanic / Latino 25% Two or more races 10%
• Hispanic origin (detail): Mexican 10% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 4% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 79% English-only · Spanish 18% French/Haitian/Cajun 1% Arabic 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: ▼ -291.16%
• Current HPI: 259.1455
• Rent YoY: ▲ 6.35%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+239.0% since first listed

5 events — show timeline

• 2026-06-05 Coming Soon $200,000 BRIGHT MLS
• 2000-05-30 Sold (MLS) $19,900 BRIGHT MLS
• 2000-03-18 Listing Removed — BRIGHT MLS
• 1999-07-28 Listed $19,900 BRIGHT MLS
• 1999-05-03 Sold (Public Records) $59,000 Public Records

Property tax history

+4.8%/yr

Latest (2024): $655 · +15.1% YoY. Source: county tax records.