202 N Union St · Wilmington, DE 19805

$225,000

2 bd · None ba · 1,650 sqft · MultiFamily · 188 Days on market

Built 1900 1,307 sqft lot $136/sqft · at area comps Est $223k · 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.1/15.0
• 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

Multi-family units

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

Listing remarks MLS

Duplex right on Union Street! Cash producing property features an occupied commercial unit downstairs with long term tenants, and a well maintained occupied full one bedroom residential apartment upstairs. Both units are in good condition. The property is a great buy for any buy and hold investor, or a savvy occupant buyer looking for a house-hack opportunity.

Key facts

• 1,307 sq ft lot
• Built 1900
• Listed 188 days

Tags

• HOUSE-HACK OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×?bd/?ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $870 ($10k/yr) — positive. Per door: $435/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 (+6.3%/yr); 167 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $3,069/mo this rent would consume 61% of the median local household income ($60k/yr) (locally 1730% 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 $7k 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 $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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.
• Current owner paid $21k; list at $225k implies a 971% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.36% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.56%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $223,230
• List price: $225,000
• Delta: 0.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1230 Linden St	0.59mi	3/— (+1)	1,825 (+11%)	16mo	$240,000	$132	37

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: 11.4%
• Equity multiple: 1.47×
• Total profit: $29,663
• Equity at exit: $33,548

10-year hold

• IRR: 23.0%
• Equity multiple: 3.29×
• Total profit: $144,338
• Equity at exit: $19,454

Cash invested: $63,000 (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: 12.1×

Monthly cashflow live

• Estimated rent: $3,069 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $870

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,549
1× unit	0	0	$1,520
Total (2 units)			$3,069

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 S Union St Unit B Wilmington, DE	1.0	1.0	1075	$1,150	$1.07	24d	1	0.20mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.29mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.31mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.32mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.35mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.37mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	3d	1	0.47mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.48mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.50mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.56mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.57mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.63mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	20d	1	0.66mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	15d	1	0.70mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	18d	1	0.70mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.72mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	15d	1	0.73mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.73mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.77mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	24d	1	0.80mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	12d	1	0.84mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.87mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	0.88mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	0.88mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,590	$1.45	16d	1	0.89mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,749	$1.59	22d	1	0.89mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	15d	1	0.90mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	43d	1	0.93mi
715 W 8th St Wilmington, DE	1.0	1.0	1750	$1,150	$0.66	43d	1	0.95mi
1501 N Broom St Unit 2/3 Wilmington, DE	2.0	2.5	1250	$2,500	$2.00	5d	1	0.96mi
1207 Delaware Ave Wilmington, DE	2.0	1.0	1200	$1,700	$1.42	11d	1	0.97mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	5d	1	1.00mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	1.00mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	1.02mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	1.04mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	1.07mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	43d	1	1.08mi
3403 Lancaster Pike Wilmington, DE	1.0–3.0	1.0	916	$1,616	$1.76	1d	4	1.11mi
530 Harlan Blvd #519 Wilmington, DE	2.0	2.0	1192	$2,250	$1.89	24d	1	1.12mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	24d	1	1.17mi

Listing history 23 events

1. 2026-06-18
   days on market $225,000 Active 188 DOM
2. 2026-06-17
   days on market $225,000 Active 187 DOM
3. 2026-06-16
   days on market $225,000 Active 186 DOM
4. 2026-06-15
   days on market $225,000 Active 185 DOM
5. 2026-06-13
   days on market $225,000 Active 183 DOM
6. 2026-06-13
   days on market $225,000 Active 182 DOM
7. 2026-06-09
   days on market $225,000 Active 179 DOM
8. 2026-06-08
   days on market $225,000 Active 178 DOM
9. 2026-06-07
   days on market $225,000 Active 177 DOM
10. 2026-06-04
    days on market $225,000 Active 174 DOM
11. 2026-06-03
    days on market $225,000 Active 173 DOM
12. 2026-06-02
    days on market $225,000 Active 172 DOM
13. 2026-06-02
    price $225,000 Active 171 DOM
14. 2026-06-01
    days on market $235,000 Active 171 DOM
15. 2026-05-31
    days on market $235,000 Active 170 DOM
16. 2026-04-06
    status Active 364-char remark

    Show marketing remark (364 chars)

    Duplex right on Union Street! Cash producing property features an occupied commercial unit downstairs with long term tenants, and a well maintained occupied full one bedroom residential apartment upstairs. Both units are in good condition. The property is a great buy for any buy and hold investor, or a savvy occupant buyer looking for a house-hack opportunity.

17. 2026-03-11
    status Pending 364-char remark

    Show marketing remark (364 chars)

    Duplex right on Union Street! Cash producing property features an occupied commercial unit downstairs with long term tenants, and a well maintained occupied full one bedroom residential apartment upstairs. Both units are in good condition. The property is a great buy for any buy and hold investor, or a savvy occupant buyer looking for a house-hack opportunity.

18. 2025-11-16
    listed $235,000 Active 364-char remark

    Show marketing remark (364 chars)

    Duplex right on Union Street! Cash producing property features an occupied commercial unit downstairs with long term tenants, and a well maintained occupied full one bedroom residential apartment upstairs. Both units are in good condition. The property is a great buy for any buy and hold investor, or a savvy occupant buyer looking for a house-hack opportunity.

19. 2010-11-17
    historical
20. 2010-05-17
    listed $217,500
21. 1999-07-01
    soldstatus $21,000
22. 1999-06-22
    historical
23. 1999-06-21
    listed $21,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $36,828
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,946
• − Management: −$2,946
• − Depreciation: −$6,545
• Taxable income: $7,287
• Est. tax owed @ 24.0%: −$1,749
• After-tax cash flow: $8,686/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

+1019.0% since first listed

8 events — show timeline

• 2026-04-06 Relisted — BRIGHT MLS
• 2026-03-11 Pending — BRIGHT MLS
• 2025-11-16 Listed $235,000 BRIGHT MLS
• 2010-11-17 Listing Removed — BRIGHT MLS
• 2010-05-17 Listed $217,500 BRIGHT MLS
• 1999-07-01 Sold (MLS) $21,000 BRIGHT MLS
• 1999-06-22 Listing Removed — BRIGHT MLS
• 1999-06-21 Listed $21,000 BRIGHT MLS