412 W Thirty Second St · Wilmington, DE 19802

$299,900

3 bd · 2.0 ba · 1,725 sqft · MultiFamily public records · 16 Days on market

Built 2006 3,049 sqft lot $174/sqft · 29% above area Est $229k · 31% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +5.9/10.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this spacious and move-in-ready 3-bedroom, 2.5-bath home in a convenient Wilmington location! This home offers a versatile layout with potential for a 4th bedroom on the lower level—perfect for guests, a home office, or additional living space. The main level features an open and bright living area, an eat-in kitchen with ample cabinet space and center island, and a convenient powder room—ideal for entertaining. Upstairs, enjoy a generous primary suite along with additional bedrooms and a full bath. Additional highlights include interior access to the garage, off-street parking, and a private rear yard for relaxing or entertaining. Recent upgrades include a high-efficiency heater, double-hung tilt-in windows, and a full appliance package. Ideally located near major routes, shopping, and dining, this home offers comfort, space, and value. Schedule your showing today!

Key facts

• Large eat-in kitchen
• Walk-out to backyard
• Finished lower level

Tags

• NEW PVC VINYL FLOORING
• FINISHED LOWER LEVEL
• INTERIOR GARAGE ACCESS
• WALK-OUT TO BACKYARD
• LARGE EAT-IN KITCHEN
• ABUNDANT CABINET SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $3,259/mo this rent would consume 73% 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 $9k 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 $84k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $300k implies a 1100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $295,401 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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 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: 1.09% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.80%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (median comp): $229,407
• List price: $299,900
• Delta: 30.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 Concord Ave	0.37mi	3/—	1,700 (-1%)	8mo	$248,000	$146	74
610 Concord Ave	0.38mi	3/—	1,575 (-9%)	6mo	$392,000	$249	63
1806 N West St	0.69mi	3/—	1,700 (-1%)	6mo	$270,000	$159	60
2239 N Pine St	0.64mi	4/2.0 (+1)	1,650 (-4%)	19mo	$180,000	$109	42
621 E 22nd St	0.72mi	2/— (-1)	1,475 (-14%)	12mo	$125,000	$85	27

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 · 5.72% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $8,577
• Equity at exit: $44,716

10-year hold

• IRR: 14.4%
• Equity multiple: 2.30×
• Total profit: $108,748
• Equity at exit: $25,930

Cash invested: $83,972 (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: 14.0×

Monthly cashflow live

• Estimated rent: $3,259 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$121 /mo · $1,457/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $756

Break-even live

Break-even rent $2,303

Max offer price $299,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,783
1× unit	1	1	$1,476
Total (2 units)			$3,259

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	1d	1	0.07mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	43d	1	0.07mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	43d	1	0.08mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	24d	1	0.16mi
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	24d	1	0.25mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	43d	1	0.34mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	0.37mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	43d	1	0.38mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	24d	1	0.42mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	43d	1	0.42mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	24d	1	0.42mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	43d	1	0.43mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	24d	1	0.43mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	43d	1	0.44mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	43d	1	0.47mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	12d	1	0.50mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	12d	1	0.59mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	10d	1	0.59mi
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	1d	1	0.60mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	43d	1	0.75mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	0.92mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	43d	1	1.01mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	1.02mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	1d	6	1.04mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	24d	1	1.08mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	43d	1	1.10mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	1d	62	1.19mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	1.21mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.22mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	1.22mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	5d	1	1.24mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	43d	5	1.24mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.26mi
1207 Delaware Ave Wilmington, DE	2.0	1.0	1200	$1,700	$1.42	11d	1	1.27mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	43d	1	1.29mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	43d	1	1.30mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	5d	1	1.30mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	43d	1	1.31mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	1.32mi
1501 N Broom St Unit 2/3 Wilmington, DE	2.0	2.5	1250	$2,500	$2.00	5d	1	1.32mi

Listing history 4 events

1. 2026-05-07
   status Pending 901-char remark

   Show marketing remark (901 chars)

   Welcome to this spacious and move-in-ready 3-bedroom, 2.5-bath home in a convenient Wilmington location! This home offers a versatile layout with potential for a 4th bedroom on the lower level—perfect for guests, a home office, or additional living space. The main level features an open and bright living area, an eat-in kitchen with ample cabinet space and center island, and a convenient powder room—ideal for entertaining. Upstairs, enjoy a generous primary suite along with additional bedrooms and a full bath. Additional highlights include interior access to the garage, off-street parking, and a private rear yard for relaxing or entertaining. Recent upgrades include a high-efficiency heater, double-hung tilt-in windows, and a full appliance package. Ideally located near major routes, shopping, and dining, this home offers comfort, space, and value. Schedule your showing today!

2. 2026-04-29
   price $299,900 901-char remark

   Show marketing remark (901 chars)

   Welcome to this spacious and move-in-ready 3-bedroom, 2.5-bath home in a convenient Wilmington location! This home offers a versatile layout with potential for a 4th bedroom on the lower level—perfect for guests, a home office, or additional living space. The main level features an open and bright living area, an eat-in kitchen with ample cabinet space and center island, and a convenient powder room—ideal for entertaining. Upstairs, enjoy a generous primary suite along with additional bedrooms and a full bath. Additional highlights include interior access to the garage, off-street parking, and a private rear yard for relaxing or entertaining. Recent upgrades include a high-efficiency heater, double-hung tilt-in windows, and a full appliance package. Ideally located near major routes, shopping, and dining, this home offers comfort, space, and value. Schedule your showing today!

3. 2026-04-20
   listed $304,000 Active 901-char remark

   Show marketing remark (901 chars)

   Welcome to this spacious and move-in-ready 3-bedroom, 2.5-bath home in a convenient Wilmington location! This home offers a versatile layout with potential for a 4th bedroom on the lower level—perfect for guests, a home office, or additional living space. The main level features an open and bright living area, an eat-in kitchen with ample cabinet space and center island, and a convenient powder room—ideal for entertaining. Upstairs, enjoy a generous primary suite along with additional bedrooms and a full bath. Additional highlights include interior access to the garage, off-street parking, and a private rear yard for relaxing or entertaining. Recent upgrades include a high-efficiency heater, double-hung tilt-in windows, and a full appliance package. Ideally located near major routes, shopping, and dining, this home offers comfort, space, and value. Schedule your showing today!

4. 1979-03-01
   soldstatus $25,000

ⓘ 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: $1,457 · $121/mo
• Projected year-2 tax: $1,598 · $133/mo
• Expected delta: +$141/yr (+$12/mo · 9.7%)

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,108
• − Mortgage interest: −$16,799
• − Property taxes: −$1,457
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,129
• − Management: −$3,129
• − Depreciation: −$8,724
• Taxable income: $4,371
• Est. tax owed @ 24.0%: −$1,049
• After-tax cash flow: $8,017/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

+1099.6% since first listed

4 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-04-29 Price Changed $299,900 BRIGHT MLS
• 2026-04-20 Listed $304,000 BRIGHT MLS
• 1979-03-01 Sold (Public Records) $25,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $1,457 · +15.1% YoY. Source: county tax records.