1104 W 2nd St · Wilmington, DE 19805

$114,900

3 bd · 1.0 ba · 800 sqft · Townhouse public records · 91 Days on market

Built 1900 871 sqft lot $144/sqft · 45% above area Est $110k · at est.

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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 +5.4/15.0
• 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

Turn-key investment opportunity in Wilmington’s Hilltop neighborhood! Check out the virtual tour/360 tour to see the interior. This well-maintained 2-bedroom, 1-bath property is the perfect addition to any investor’s portfolio, offering immediate cash flow and minimal upfront work. The home features a brand-new water heater and a high-efficiency gas furnace, helping to reduce maintenance concerns and improve energy efficiency for years to come. A reliable long-term tenant is already in place and recently renewed their lease in February, currently paying $1,000/month—providing instant, stable income from day one. Conveniently located in the Hilltop area of downtown Wilmington, this property offers strong rental demand, proximity to major routes, and easy access to local amenities. Whether you’re a seasoned investor or just getting started, this is a solid, low-maintenance opportunity you won’t want to miss!

Key facts

• Strong rental demand
• Built 1900
• Listed 91 days

Tags

• BRAND-NEW WATER HEATER
• HIGH-EFFICIENCY GAS FURNACE
• STRONG RENTAL DEMAND
• PROXIMITY TO MAJOR ROUTES
• EASY ACCESS TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $115k.

Deal economics

• At list price, monthly cash flow is $777 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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+, 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 (+6.3%/yr); 168 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 37% of the median local income ($60k/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 $794 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 + 6.3% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $115k implies a 167% gain — meaningful room to come down on a strong offer.

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 $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.59% ✓
• Cap rate: 14.40%
• Cash-on-cash: 28.96%
• DSCR: 2.29
• GRM: 5.2

CMA / ARV

• ARV (median comp): $109,718
• List price: $114,900
• Delta: 4.72%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1015-1/2 Linden St	0.21mi	2/1.0 (-1)	850 (+6%)	1mo	$125,000	$147	74
1120 Beech St	0.38mi	2/1.0 (-1)	825 (+3%)	6mo	$112,500	$136	67
1329 Chestnut St	0.20mi	2/1.0 (-1)	875 (+9%)	8mo	$131,500	$150	63
908 Marshall St	0.57mi	2/1.0 (-1)	775 (-3%)	1mo	$95,000	$123	62
4 Lower Oak St	0.45mi	2/1.0 (-1)	850 (+6%)	2mo	$112,500	$132	62
420 S Van Buren St	0.25mi	2/1.0 (-1)	875 (+9%)	7mo	$67,500	$77	62
2 Lower Oak St	0.45mi	2/1.5 (-1)	850 (+6%)	2mo	$112,500	$132	60
117 N Dupont St	0.45mi	2/1.0 (-1)	875 (+9%)	5mo	$138,000	$158	54
801 Wright St	0.56mi	2/1.0 (-1)	750 (-6%)	8mo	$95,000	$127	52
11 Cedar St	0.56mi	2/1.0 (-1)	875 (+9%)	4mo	$110,000	$126	50
116 Lower Oak St	0.50mi	2/2.0 (-1)	875 (+9%)	8mo	$95,000	$109	45
1306 W 13th St #1	0.75mi	2/1.0 (-1)	871 (+9%)	5mo	$175,000	$201	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 · 6.35% rent growth · sell at horizon

5-year hold

• IRR: 26.8%
• Equity multiple: 2.16×
• Total profit: $37,174
• Equity at exit: $17,132

10-year hold

• IRR: 36.2%
• Equity multiple: 4.85×
• Total profit: $123,918
• Equity at exit: $9,934

Cash invested: $32,172 (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: 168
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,832 high
• Mortgage (P&I): −$603
• Tax from tax record: −$20 /mo · $243/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $777

Break-even live

Break-even rent $849

Max offer price $114,900

Occupancy floor 53%

Sensitivity live

Price	-10% $842	-5% $809	+0% $777	+5% $744	+10% $574
Rent	-10% $632	-5% $704	+0% $777	+5% $849	+10% $921
Rate	-1.0pp $834	-0.5pp $806	base $777	+0.5pp $747	+1.0pp $716

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1114 Lancaster Ave Wilmington, DE	2.0	1.0	775	$1,400	$1.81	25d	1	0.07mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	22d	1	0.10mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	5d	1	0.24mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	45d	1	0.34mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	25d	1	0.36mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	14d	1	0.38mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	6d	1	0.39mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	45d	1	0.44mi
802 N Broom St Apt 2 Wilmington, DE	2.0	21.0	800	$1,695	$2.12	23d	1	0.44mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	45d	1	0.45mi
1522 W 7th St Unit 1 Wilmington, DE	2.0	1.0	900	$1,800	$2.00	5d	1	0.46mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	0d	9	0.47mi
128 Lower Oak St Wilmington, DE	2.0	1.0	871	$1,595	$1.83	0d	1	0.51mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	45d	1	0.53mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	5d	1	0.60mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	45d	1	0.61mi
517 N Shipley St Wilmington, DE	2.0	1.0–2.0	822	$2,670	$3.25	0d	15	0.62mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	0d	1	0.63mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	45d	1	0.64mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	6d	1	0.67mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	0d	115	0.68mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	0.68mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	45d	1	0.69mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	11d	1	0.70mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	18d	1	0.70mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	0d	11	0.71mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,270	$2.79	0d	17	0.72mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	45d	4	0.78mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	925	$2,695	$2.91	14d	4	0.78mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	0d	61	0.79mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	45d	5	0.79mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	6d	1	0.82mi
1507 Coleman St Wilmington, DE	2.0	1.0	650	$1,495	$2.30	25d	1	0.87mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,749	$1.59	23d	1	0.92mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,590	$1.45	18d	1	0.92mi
1610 N Broom St Unit 2 Wilmington, DE	2.0	1.0	1000	$2,150	$2.15	45d	1	0.95mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	0d	12	1.00mi
1600 Bonwood Rd Wilmington, DE	2.0	1.0	970	$1,570	$1.62	0d	1	1.12mi
1600 Bonwood Rd Wilmington, DE	2.0	2.0	970	$1,614	$1.66	16d	1	1.12mi
545 Homestead Rd Wilmington, DE	2.0	1.0	800	$1,399	$1.75	45d	1	1.12mi

Listing history 23 events

1. 2026-06-21
   days on market $114,900 Active 91 DOM
2. 2026-06-18
   days on market $114,900 Active 88 DOM
3. 2026-06-17
   days on market $114,900 Active 87 DOM
4. 2026-06-16
   days on market $114,900 Active 86 DOM
5. 2026-06-15
   days on market $114,900 Active 85 DOM
6. 2026-06-13
   days on market $114,900 Active 83 DOM
7. 2026-06-13
   days on market $114,900 Active 82 DOM
8. 2026-06-09
   days on market $114,900 Active 79 DOM
9. 2026-06-08
   days on market $114,900 Active 78 DOM
10. 2026-06-07
    days on market $114,900 Active 77 DOM
11. 2026-06-04
    days on market $114,900 Active 74 DOM
12. 2026-06-03
    days on market $114,900 Active 73 DOM
13. 2026-06-02
    days on market $114,900 Active 72 DOM
14. 2026-06-01
    days on market $114,900 Active 71 DOM
15. 2026-05-31
    days on market $114,900 Active 70 DOM
16. 2026-04-29
    price $114,900 949-char remark

    Show marketing remark (949 chars)

    Turn-key investment opportunity in Wilmington’s Hilltop neighborhood! Check out the virtual tour/360 tour to see the interior. This well-maintained 2-bedroom, 1-bath property is the perfect addition to any investor’s portfolio, offering immediate cash flow and minimal upfront work. The home features a brand-new water heater and a high-efficiency gas furnace, helping to reduce maintenance concerns and improve energy efficiency for years to come. A reliable long-term tenant is already in place and recently renewed their lease in February, currently paying $1,000/month—providing instant, stable income from day one. Conveniently located in the Hilltop area of downtown Wilmington, this property offers strong rental demand, proximity to major routes, and easy access to local amenities. Whether you’re a seasoned investor or just getting started, this is a solid, low-maintenance opportunity you won’t want to miss!

17. 2026-04-19
    price $119,900 949-char remark

    Show marketing remark (949 chars)

    Turn-key investment opportunity in Wilmington’s Hilltop neighborhood! Check out the virtual tour/360 tour to see the interior. This well-maintained 2-bedroom, 1-bath property is the perfect addition to any investor’s portfolio, offering immediate cash flow and minimal upfront work. The home features a brand-new water heater and a high-efficiency gas furnace, helping to reduce maintenance concerns and improve energy efficiency for years to come. A reliable long-term tenant is already in place and recently renewed their lease in February, currently paying $1,000/month—providing instant, stable income from day one. Conveniently located in the Hilltop area of downtown Wilmington, this property offers strong rental demand, proximity to major routes, and easy access to local amenities. Whether you’re a seasoned investor or just getting started, this is a solid, low-maintenance opportunity you won’t want to miss!

18. 2026-03-22
    listed $124,900 Active 949-char remark

    Show marketing remark (949 chars)

    Turn-key investment opportunity in Wilmington’s Hilltop neighborhood! Check out the virtual tour/360 tour to see the interior. This well-maintained 2-bedroom, 1-bath property is the perfect addition to any investor’s portfolio, offering immediate cash flow and minimal upfront work. The home features a brand-new water heater and a high-efficiency gas furnace, helping to reduce maintenance concerns and improve energy efficiency for years to come. A reliable long-term tenant is already in place and recently renewed their lease in February, currently paying $1,000/month—providing instant, stable income from day one. Conveniently located in the Hilltop area of downtown Wilmington, this property offers strong rental demand, proximity to major routes, and easy access to local amenities. Whether you’re a seasoned investor or just getting started, this is a solid, low-maintenance opportunity you won’t want to miss!

19. 2020-02-12
    soldstatus $43,000 22-char remark

    Show marketing remark (22 chars)

    Sold before processing

20. 2020-02-12
    listed $43,000 22-char remark

    Show marketing remark (22 chars)

    Sold before processing

21. 2016-02-11
    soldstatus $28,000
22. 1996-01-25
    soldstatus $10,000
23. 1993-04-01
    soldstatus $8,500

ⓘ 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: $243 · $20/mo
• Projected year-2 tax: $455 · $38/mo
• Expected delta: +$212/yr (+$18/mo · 86.9%)

ⓘ 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: $21,984
• − Mortgage interest: −$6,436
• − Property taxes: −$243
• − Insurance: −$574
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$3,343
• Taxable income: $7,870
• Est. tax owed @ 24.0%: −$1,889
• After-tax cash flow: $7,430/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

+1251.8% since first listed

8 events — show timeline

• 2026-04-29 Price Changed $114,900 BRIGHT MLS
• 2026-04-19 Price Changed $119,900 BRIGHT MLS
• 2026-03-22 Listed $124,900 BRIGHT MLS
• 2020-02-12 Listed $43,000 BRIGHT MLS
• 2020-02-12 Sold (MLS) $43,000 BRIGHT MLS
• 2016-02-11 Sold (Public Records) $28,000 Public Records
• 1996-01-25 Sold (Public Records) $10,000 Public Records
• 1993-04-01 Sold (Public Records) $8,500 Public Records

Property tax history

+3.7%/yr

Latest (2024): $243 · +15.1% YoY. Source: county tax records.