120 E 24th St · Wilmington, DE 19802

$139,900

3 bd · 1.0 ba · 800 sqft · Townhouse public records · 80 Days on market

Built 1900 871 sqft lot $175/sqft · 40% above area Est $100k · 40% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Listing remarks MLS

=== BIG PRICE REDUCTION! === Why buy and fix when you can own this income-producing investment property at an incredible price? For first-time homebuyers or investors, this well-maintained 3-bedroom, 1-bath property presents an excellent opportunity. It offers immediate cash flow with minimal upfront work, making it a strong addition to any portfolio. A month-to-month tenant paying $1,500/month is already in place and willing to stay, providing stable income from day one. Conveniently located with easy access to major routes, shopping areas, and local amenities, the property benefits from consistent rental demand. Whether you’re looking to start your homeownership journey or expand your investment portfolio, this is a solid, low-maintenance opportunity you won’t want to miss.

Key facts

• Built 1900
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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.
• Brandywine School District (suburban): math 28% / reading 40% proficiency, ranked #11 of 26 in DE (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.7%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 40% of the median local income ($54k/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 $967 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $140k implies a 1765% 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 $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.28% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.80%
• DSCR: 1.79
• GRM: 6.5

CMA / ARV

• ARV (median comp): $100,130
• List price: $139,900
• Delta: 39.72%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2701 Jessup St	0.18mi	2/1.0 (-1)	900 (+12%)	12mo	$78,000	$87	55
1001 N Church St	0.72mi	2/1.0 (-1)	894 (+12%)	1mo	$148,000	$166	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 · 5.72% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.49×
• Total profit: $19,315
• Equity at exit: $20,860

10-year hold

• IRR: 22.9%
• Equity multiple: 3.20×
• Total profit: $86,096
• Equity at exit: $12,096

Cash invested: $39,172 (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 19802

• Rents YoY: 5.7%
• Active inventory: 129
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,791 high
• Mortgage (P&I): −$734
• Tax from tax record: −$42 /mo · $507/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $581

Break-even live

Break-even rent $1,056

Max offer price $139,900

Occupancy floor 63%

Sensitivity live

Price	-10% $660	-5% $621	+0% $581	+5% $541	+10% $502
Rent	-10% $439	-5% $510	+0% $581	+5% $652	+10% $723
Rate	-1.0pp $651	-0.5pp $617	base $581	+0.5pp $545	+1.0pp $508

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	44d	1	0.05mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	14d	1	0.23mi
6 W 20th St Wilmington, DE	2.0	1.0	650	$1,395	$2.15	44d	1	0.34mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.38mi
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	0d	1	0.41mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	0.42mi
312 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	700	$1,295	$1.85	25d	1	0.43mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	44d	1	0.51mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	11d	1	0.55mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	14d	1	0.55mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	21d	1	0.56mi
604 W 20th St Unit 2 Wilmington, DE	2.0	1.0	900	$1,195	$1.33	25d	1	0.65mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	0d	1	0.66mi
608 W 20th St Wilmington, DE	2.0	1.0	800	$1,400	$1.75	44d	1	0.67mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	0.67mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	0d	61	0.78mi
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	0d	1	0.80mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.81mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,270	$2.79	0d	17	0.88mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	0.90mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	6d	1	0.91mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	0d	115	0.92mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	44d	1	0.98mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	44d	1	1.00mi
3408 Miller Rd Wilmington, DE	1.0–2.0	1.0–2.0	889	$1,775	$2.00	0d	8	1.00mi
517 N Shipley St Wilmington, DE	2.0	1.0–2.0	822	$2,670	$3.25	0d	15	1.08mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	1.12mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	44d	1	1.12mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	6d	1	1.12mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	44d	1	1.12mi
608 W Lea Blvd Wilmington, DE	1.0–2.0	1.0	825	$1,500	$1.82	44d	1	1.13mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	44d	1	1.16mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	6d	1	1.19mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	44d	4	1.19mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	925	$2,695	$2.91	14d	4	1.19mi
1610 N Broom St Unit 2 Wilmington, DE	2.0	1.0	1000	$2,150	$2.15	44d	1	1.20mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	44d	1	1.24mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	14d	1	1.24mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	25d	1	1.27mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,590	$1.45	17d	1	1.36mi

Listing history 36 events

1. 2026-06-21
   days on market $139,900 Active 80 DOM
2. 2026-06-18
   days on market $139,900 Active 77 DOM
3. 2026-06-17
   days on market $139,900 Active 76 DOM
4. 2026-06-16
   days on market $139,900 Active 75 DOM
5. 2026-06-15
   days on market $139,900 Active 74 DOM
6. 2026-06-13
   days on market $139,900 Active 72 DOM
7. 2026-06-09
   days on market $139,900 Active 68 DOM
8. 2026-06-08
   days on market $139,900 Active 67 DOM
9. 2026-06-07
   days on market $139,900 Active 66 DOM
10. 2026-06-04
    days on market $139,900 Active 63 DOM
11. 2026-06-03
    days on market $139,900 Active 62 DOM
12. 2026-06-02
    days on market $139,900 Active 61 DOM
13. 2026-06-01
    days on market $139,900 Active 60 DOM
14. 2026-05-31
    days on market $139,900 Active 59 DOM
15. 2026-05-18
    price $139,900 798-char remark

    Show marketing remark (798 chars)

    === BIG PRICE REDUCTION! === Why buy and fix when you can own this income-producing investment property at an incredible price? For first-time homebuyers or investors, this well-maintained 3-bedroom, 1-bath property presents an excellent opportunity. It offers immediate cash flow with minimal upfront work, making it a strong addition to any portfolio. A month-to-month tenant paying $1,500/month is already in place and willing to stay, providing stable income from day one. Conveniently located with easy access to major routes, shopping areas, and local amenities, the property benefits from consistent rental demand. Whether you’re looking to start your homeownership journey or expand your investment portfolio, this is a solid, low-maintenance opportunity you won’t want to miss.

16. 2026-04-03
    listed $149,900 Active 798-char remark

    Show marketing remark (798 chars)

    === BIG PRICE REDUCTION! === Why buy and fix when you can own this income-producing investment property at an incredible price? For first-time homebuyers or investors, this well-maintained 3-bedroom, 1-bath property presents an excellent opportunity. It offers immediate cash flow with minimal upfront work, making it a strong addition to any portfolio. A month-to-month tenant paying $1,500/month is already in place and willing to stay, providing stable income from day one. Conveniently located with easy access to major routes, shopping areas, and local amenities, the property benefits from consistent rental demand. Whether you’re looking to start your homeownership journey or expand your investment portfolio, this is a solid, low-maintenance opportunity you won’t want to miss.

17. 2026-04-01
    historical $149,900 798-char remark

    Show marketing remark (798 chars)

    === BIG PRICE REDUCTION! === Why buy and fix when you can own this income-producing investment property at an incredible price? For first-time homebuyers or investors, this well-maintained 3-bedroom, 1-bath property presents an excellent opportunity. It offers immediate cash flow with minimal upfront work, making it a strong addition to any portfolio. A month-to-month tenant paying $1,500/month is already in place and willing to stay, providing stable income from day one. Conveniently located with easy access to major routes, shopping areas, and local amenities, the property benefits from consistent rental demand. Whether you’re looking to start your homeownership journey or expand your investment portfolio, this is a solid, low-maintenance opportunity you won’t want to miss.

18. 2017-10-27
    historical 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

19. 2017-10-26
    soldstatus $7,500 Sold 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

20. 2017-10-26
    soldstatus $7,500 Closed

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

21. 2017-10-17
    historical Contingent - Other 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

22. 2017-08-03
    status Under Contract 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

23. 2017-07-26
    price $7,500 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

24. 2017-07-26
    status Active 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

25. 2017-05-31
    status Under Contract 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

26. 2017-05-12
    price $15,000 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

27. 2017-01-26
    listed $24,900 Active No-Show 214-char remark

    Show marketing remark (214 chars)

    Nice three bedroom, one bath home located in the City of Wilmington with tons of potential. Home offers large bedroom and spacious living area on the main level and full, eat in kitchen. There is a full basement.

28. 2011-01-20
    soldstatus $8,500
29. 2011-01-20
    soldstatus $8,500
30. 2010-12-15
    historical
31. 2010-10-29
    listed $13,000
32. 2010-10-29
    listed $13,000
33. 2010-10-29
    historical
34. 2010-03-24
    listed $17,000
35. 2008-01-07
    soldstatus $28,000
36. 2007-12-13
    listed $28,000

ⓘ 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: $507 · $42/mo
• Projected year-2 tax: $659 · $55/mo
• Expected delta: +$152/yr (+$13/mo · 30.0%)

ⓘ 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 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: $21,497
• − Mortgage interest: −$7,837
• − Property taxes: −$507
• − Insurance: −$700
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − Depreciation: −$4,070
• Taxable income: $4,944
• Est. tax owed @ 24.0%: −$1,187
• After-tax cash flow: $5,785/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: Brandywine School District
• NCES district ID: 1001240
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 40% ▼ -13.00%
• Median HH income: $68,743
• Composite: 31.27/100
• National rank: #6019
• State rank: #11 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

+399.6% since first listed

22 events — show timeline

• 2026-05-18 Price Changed $139,900 BRIGHT MLS
• 2026-04-03 Listed $149,900 BRIGHT MLS
• 2026-04-01 Coming Soon $149,900 BRIGHT MLS
• 2017-10-27 Delisted — TREND
• 2017-10-26 Sold (MLS) $7,500 BRIGHT MLS
• 2017-10-26 Sold (MLS) $7,500 TREND
• 2017-10-17 Contingent — TREND
• 2017-08-03 Pending — TREND
• 2017-07-26 Price Changed $7,500 TREND
• 2017-07-26 Relisted — TREND
• 2017-05-31 Pending — TREND
• 2017-05-12 Price Changed $15,000 TREND
• 2017-01-26 Listed $24,900 TREND
• 2011-01-20 Sold (MLS) $8,500 BRIGHT MLS
• 2011-01-20 Sold (MLS) $8,500 TREND
• 2010-12-15 Listing Removed — BRIGHT MLS
• 2010-10-29 Listing Removed — BRIGHT MLS
• 2010-10-29 Listed $13,000 BRIGHT MLS
• 2010-10-29 Listed $13,000 TREND
• 2010-03-24 Listed $17,000 BRIGHT MLS
• 2008-01-07 Sold (MLS) $28,000 BRIGHT MLS
• 2007-12-13 Listed $28,000 BRIGHT MLS

Property tax history

-3.7%/yr

Latest (2024): $507 · +10.2% YoY. Source: county tax records.