1 Hialeah Ct · Pike Creek, DE 19808

$465,000

2 bd · 2.5 ba · 2,425 sqft · MultiFamily public records · 5 Days on market

Built 1989 0.31 ac lot $29/mo HOA · 1% of rent

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• Rent growth +3.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Perfect end unit with a 2 car garage. First floor hardwood floors. Living room with fireplace and sliders to oversize deck with privacy fence, awning and hot tub. Spacoius 2nd floor with 2 large bedrooms two full tiled baths, laundy area, skylight, California closet system, his and hers closets, custom blinds. Third floor with loft/ bedroom, skylights, full bath, storage. Finished basement with 2nd kitchen. Extra storage. This property has been lovingly maintained and upgraded. New Trane HVAC with electric and germicide cleaners for allergy sufferers, Architectural roof shingles, new kitchen floor and more. .. . $5,000 allowance to buyer for paint and carpet.

Key facts

• $29 HOA
• 2 garage spots
• Built 1989

Property features AI

Finance

• HOA & community: HOA fee of $346 annually; HOA covers common area maintenance, snow removal, and other services; Community amenities include common grounds, picnic area, and playground

Exterior

• Parking: Attached garage with front entry and inside access for 2 cars
• Utilities: Public water; Public sewer; Electric service
• Home design: Semi-detached property; Fee simple ownership
• Construction: Aluminum siding, brick, and vinyl siding exterior; Concrete perimeter foundation; Estimated year built
• Exterior features: Not in a federal flood zone; No tidal water on the lot

Interior

• Bedrooms: Two bedrooms on the first upper level; Two bedrooms on the second upper level
• Bathrooms: Three full bathrooms on upper levels; One half bathroom on the main level
• Heating & cooling: Forced air heating; Heat pump(s); Central air conditioning; Ductless / mini-split cooling; Electric heating and cooling components; Electric hot water
• Interior features: Excellent condition; Fully finished basement; One wood-burning fireplace
• Laundry & utility: Laundry on an upper floor

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $465k).
• Cap rate 9.1% vs local median 4.3% in Pike Creek — 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 78/100 on livability (#3 in DE, #2,567 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities D, cost of living D, commute 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.
• Market conditions: Rents rising (+2.0%/yr); 126 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $5,194/mo this rent would consume 66% of the median local household income ($94k/yr) (locally 619% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• 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 $465,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.12% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.02% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-11,448
• Equity at exit: $69,333

10-year hold

• IRR: 6.3%
• Equity multiple: 1.45×
• Total profit: $58,327
• Equity at exit: $40,205

Cash invested: $130,200 (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 19808

• Rents YoY: 2.0%
• Active inventory: 126
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $5,194 medium
• Mortgage (P&I): −$2,439
• Tax from tax record: −$358 /mo · $4,301/yr
• Insurance: −$194
• HOA: −$29
• Vacancy / Maint / Mgmt: −$1,091
• Net cashflow: $1,084

Break-even live

Break-even rent $3,822

Max offer price $465,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,347	-5% $1,215	+0% $1,084	+5% $952	+10% $820
Rent	-10% $673	-5% $878	+0% $1,084	+5% $1,289	+10% $1,494
Rate	-1.0pp $1,318	-0.5pp $1,202	base $1,084	+0.5pp $963	+1.0pp $841

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$2,171
▸ 2× units	1	1	$3,022
Total (3 units)			$5,194

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
872 N Waterford Ln Wilmington, DE	3.0	2.5	2000	$2,600	$1.30	2d	1	0.36mi
821 Stockbridge Dr Hockessin, DE	3.0	1.5	1800	$2,500	$1.39	25d	1	0.49mi
13 Barclay Dr Hockessin, DE	3.0	2.5	2100	$2,550	$1.21	44d	1	0.51mi
465 Woodstock Ln Wilmington, DE	2.0	2.5	1600	$2,400	$1.50	44d	1	0.57mi
152 Pumpkin Patch Ln Hockessin, DE	3.0	2.5	2300	$2,750	$1.20	5d	1	0.62mi
148 Belmont Dr Wilmington, DE	3.0	2.5	2243	$2,875	$1.28	44d	1	0.70mi
114 Steven Ln Wilmington, DE	3.0	2.5	1859	$2,500	$1.34	25d	1	0.71mi
1309 Madison Ln Hockessin, DE	3.0	2.5	1797	$2,960	$1.65	44d	1	0.74mi
17 Bridle Path Wilmington, DE	3.0	2.5	1800	$2,295	$1.27	5d	1	1.04mi
10 Bridle Path Wilmington, DE	2.0	2.5	2160	$2,250	$1.04	22d	1	1.04mi
1 Henry Ct Wilmington, DE	2.0–3.0	2.5	1976	$2,225	$1.13	0d	1	1.28mi
5416 Pinehurst Dr Unit 5416 Wilmington, DE	3.0	2.5	2500	$2,500	$1.00	0d	1	1.44mi

HOA detail

• Monthly dues: $29 · $348/yr
• Likely covers: electric

Listing history 7 events

1. 2026-05-05
   status Pending 1774-char remark
2. 2026-05-01
   listed $465,000 Active 1774-char remark
3. 2026-04-30
   historical $465,000 1774-char remark
4. 2005-07-07
   soldstatus $335,000
5. 2005-06-28
   soldstatus $335,000 668-char remark

   Show marketing remark (668 chars)

   Perfect end unit with a 2 car garage. First floor hardwood floors. Living room with fireplace and sliders to oversize deck with privacy fence, awning and hot tub. Spacoius 2nd floor with 2 large bedrooms two full tiled baths, laundy area, skylight, California closet system, his and hers closets, custom blinds. Third floor with loft/ bedroom, skylights, full bath, storage. Finished basement with 2nd kitchen. Extra storage. This property has been lovingly maintained and upgraded. New Trane HVAC with electric and germicide cleaners for allergy sufferers, Architectural roof shingles, new kitchen floor and more. .. . $5,000 allowance to buyer for paint and carpet.

6. 2005-04-02
   listed $335,000 668-char remark

   Show marketing remark (668 chars)

   Perfect end unit with a 2 car garage. First floor hardwood floors. Living room with fireplace and sliders to oversize deck with privacy fence, awning and hot tub. Spacoius 2nd floor with 2 large bedrooms two full tiled baths, laundy area, skylight, California closet system, his and hers closets, custom blinds. Third floor with loft/ bedroom, skylights, full bath, storage. Finished basement with 2nd kitchen. Extra storage. This property has been lovingly maintained and upgraded. New Trane HVAC with electric and germicide cleaners for allergy sufferers, Architectural roof shingles, new kitchen floor and more. .. . $5,000 allowance to buyer for paint and carpet.

7. 1989-01-01
   soldstatus $173,735

ⓘ 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: $4,301 · $358/mo
• Projected year-2 tax: $4,301 · $358/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 6/10 Major 7 d/yr ≥102°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: $62,328
• − Mortgage interest: −$26,047
• − Property taxes: −$4,301
• − Insurance: −$2,325
• − Repairs & maintenance: −$4,986
• − Management: −$4,986
• − HOA: −$348
• − Depreciation: −$13,527
• Taxable income: $5,807
• Est. tax owed @ 24.0%: −$1,394
• After-tax cash flow: $11,609/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 — Pike Creek

• Score: 78/100
• State rank: #3
• US rank: #2567

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pike Creek, DE
• County: New Castle County · 483,412 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 39,082
• Household income: $94,234
• Rent vs Own: 21.0% rent · 79.0% own
• Severe rent burden: 619.0

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 White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 14% Asian 8% Black 8% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 7% Lithuanian 1% Slovak 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 12% Chinese 3% Other Indo-European 2%

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: ▼ -252.43%
• Current HPI: 239.0702
• Rent YoY: ▲ 2.02%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+179.2% since first listed

8 events — show timeline

• 2026-06-11 Sold (MLS) $485,000 BRIGHT MLS
• 2026-05-05 Pending — BRIGHT MLS
• 2026-05-01 Listed $465,000 BRIGHT MLS
• 2026-04-30 Coming Soon $465,000 BRIGHT MLS
• 2005-07-07 Sold (Public Records) $335,000 Public Records
• 2005-06-28 Sold (MLS) $335,000 BRIGHT MLS
• 2005-04-02 Listed $335,000 BRIGHT MLS
• 1989-01-01 Sold (Public Records) $173,735 Public Records

Property tax history

+3.3%/yr

Latest (2024): $4,301 · +13.4% YoY. Source: county tax records.