1117 W 4th St · Wilmington, DE 19805

$229,900

3 bd · 1.0 ba · 1,325 sqft · Townhouse public records · 62 Days on market

Built 1890 1,307 sqft lot $174/sqft · 71% above area

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Why this score? — see what drove the D+ 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 +16.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully renovated 3BR/2BA rowhome — nothing left to do but move in. New luxury vinyl plank floors, granite counters, stainless steel appliances, white shaker cabinets, hex-tile backsplash, and marble-look tiled baths with pebble stone shower floors. Recessed lighting and modern finishes throughout. Unfinished basement with 491 sq ft of flex space. Minutes to I-95, Wilmington Amtrak (direct to Philly, NYC, D. C. ), the Riverfront, Little Italy dining, and DART transit. Ideal for first-time buyers or investors in a city that punches above its weight for connectivity and value.

Key facts

• Built 1890
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $230k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (18.8% below list).
• Recommended offer: $187k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.7% in Wilmington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+, commute D, crime 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.
• Zoned schools: Lewis (William C.) Dual Language Elementary School (math 2% / reading 8%, grade F, #103 of 105 statewide, top 98%, 371 students, 0% FRL); Skyline Middle School (math 14% / reading 20%, grade F, #32 of 36 statewide, top 89%, 475 students, 0% FRL); Dupont (Alexis I.) High School (math 22% / reading 47%, grade F, #18 of 40 statewide, top 49%, 680 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 19% at this address vs 34% district-wide (-16 pts) — the specific schools serving this property underperform the Red Clay Consolidated School District average; the district grade overstates school quality for this exact location.
• 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 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 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 $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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $186,784 (18.8% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• GRM: 10.3

CMA / ARV

• ARV (median comp): $134,793
• List price: $229,900
• Delta: 70.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1213 W 3rd St	0.08mi	3/1.5	1,250 (-6%)	1mo	$215,000	$172	84
1210 Elm St	0.33mi	3/2.0	1,300 (-2%)	1mo	$200,000	$154	77
236 N Monroe St	0.26mi	3/1.5	1,250 (-6%)	1mo	$180,000	$144	75
1911 W 9th St	0.67mi	3/1.0	1,325 (0%)	1mo	$275,000	$208	68
1018 Trenton Pl	0.48mi	3/1.5	1,400 (+6%)	1mo	$274,000	$196	66
1301 Lancaster Ave	0.22mi	4/2.0 (+1)	1,200 (-9%)	1mo	$250,000	$208	64
422 S Broom St	0.46mi	3/2.0	1,400 (+6%)	1mo	$299,900	$214	64
519 Lafayette Blvd	0.41mi	2/1.5 (-1)	1,250 (-6%)	1mo	$235,000	$188	64
519 S Jackson St	0.47mi	3/1.0	1,200 (-9%)	1mo	$186,000	$155	61
315 S Jackson St	0.36mi	3/1.5	1,475 (+11%)	1mo	$180,000	$122	61
302 S Franklin St	0.34mi	3/1.0	1,150 (-13%)	1mo	$117,000	$102	61
1715 Sycamore St	0.66mi	3/1.0	1,260 (-5%)	1mo	$241,000	$191	60

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: -9.2%
• Equity multiple: 0.65×
• Total profit: $-22,294
• Equity at exit: $34,279

10-year hold

• IRR: 3.7%
• Equity multiple: 1.31×
• Total profit: $19,733
• Equity at exit: $19,878

Cash invested: $64,372 (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: 10.3×

Monthly cashflow live

• Estimated rent: $1,868 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$40 /mo · $474/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $135

Break-even live

Break-even rent $1,697

Max offer price $229,900

Occupancy floor 88%

Sensitivity live

Price	-10% $265	-5% $200	+0% $135	+5% $-193	+10% $-272
Rent	-10% $-13	-5% $61	+0% $135	+5% $208	+10% $282
Rate	-1.0pp $250	-0.5pp $193	base $135	+0.5pp $75	+1.0pp $14

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	45d	1	0.14mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,795	$1.20	0d	1	0.16mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	26d	1	0.19mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	26d	1	0.22mi
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	13d	1	0.23mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	45d	1	0.23mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	22d	1	0.24mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	45d	1	0.30mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	17d	1	0.30mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	7d	1	0.33mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	45d	1	0.36mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	45d	1	0.37mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	14d	1	0.37mi
1522 W 7th St Unit 1 Wilmington, DE	2.0	1.0	900	$1,800	$2.00	6d	1	0.37mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	5d	1	0.37mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	13d	1	0.41mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	45d	1	0.43mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	45d	1	0.44mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	18d	1	0.46mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	5d	1	0.49mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	45d	1	0.49mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	45d	1	0.52mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	45d	1	0.53mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	20d	1	0.53mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	7d	1	0.58mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	0d	9	0.59mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	45d	1	0.59mi
517 N Shipley St Wilmington, DE	2.0	1.0–2.0	822	$2,670	$3.25	0d	15	0.60mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	46d	1	0.61mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	0d	115	0.61mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	7d	1	0.62mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	45d	1	0.63mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	7d	1	0.63mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	45d	1	0.63mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	45d	4	0.63mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	925	$2,695	$2.91	14d	4	0.63mi
530 Harlan Blvd #519 Wilmington, DE	2.0	2.0	1192	$2,250	$1.89	26d	1	0.64mi
1207 Delaware Ave Wilmington, DE	2.0	1.0	1200	$1,700	$1.42	13d	1	0.66mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,270	$2.79	0d	17	0.66mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	45d	1	0.66mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $229,900 Pending 62 DOM
2. 2026-06-09
   days on market $229,900 Active 59 DOM
3. 2026-06-08
   days on market $229,900 Active 58 DOM
4. 2026-06-07
   days on market $229,900 Active 57 DOM
5. 2026-06-04
   days on market $229,900 Active 54 DOM
6. 2026-06-03
   days on market $229,900 Active 53 DOM
7. 2026-06-02
   days on market $229,900 Active 52 DOM
8. 2026-06-01
   days on market $229,900 Active 51 DOM
9. 2026-05-31
   days on market $229,900 Active 50 DOM
10. 2026-04-12
    listed $229,900 Active 586-char remark

    Show marketing remark (586 chars)

    Fully renovated 3BR/2BA rowhome — nothing left to do but move in. New luxury vinyl plank floors, granite counters, stainless steel appliances, white shaker cabinets, hex-tile backsplash, and marble-look tiled baths with pebble stone shower floors. Recessed lighting and modern finishes throughout. Unfinished basement with 491 sq ft of flex space. Minutes to I-95, Wilmington Amtrak (direct to Philly, NYC, D. C. ), the Riverfront, Little Italy dining, and DART transit. Ideal for first-time buyers or investors in a city that punches above its weight for connectivity and value.

11. 2026-04-11
    historical $229,900 586-char remark

    Show marketing remark (586 chars)

    Fully renovated 3BR/2BA rowhome — nothing left to do but move in. New luxury vinyl plank floors, granite counters, stainless steel appliances, white shaker cabinets, hex-tile backsplash, and marble-look tiled baths with pebble stone shower floors. Recessed lighting and modern finishes throughout. Unfinished basement with 491 sq ft of flex space. Minutes to I-95, Wilmington Amtrak (direct to Philly, NYC, D. C. ), the Riverfront, Little Italy dining, and DART transit. Ideal for first-time buyers or investors in a city that punches above its weight for connectivity and value.

ⓘ 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: $474 · $40/mo
• Projected year-2 tax: $904 · $75/mo
• Expected delta: +$430/yr (+$36/mo · 90.6%)

ⓘ 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: $22,414
• − Mortgage interest: −$12,878
• − Property taxes: −$474
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,793
• − Management: −$1,793
• − Depreciation: −$6,688
• Taxable loss: −$2,362
• Est. tax savings @ 24.0%: +$567
• After-tax cash flow: $2,183/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

+0.0% since first listed

2 events — show timeline

• 2026-04-12 Listed $229,900 BRIGHT MLS
• 2026-04-11 Coming Soon $229,900 BRIGHT MLS

Property tax history

+8.1%/yr

Latest (2024): $474 · +15.1% YoY. Source: county tax records.