902 N Madison St · Wilmington, DE 19801

$439,900

6 bd · 0.0 ba · 4,250 sqft · MultiFamily · 30 Days on market

Built 1875 Fair condition 3,485 sqft lot Est $527k · 17% under ↓ 6% since listing

---

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 +27.9/30.0
• ARV discount +14.9/15.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Excellent investment opportunity in the heart of Wilmington! This well-maintained triplex at 902 N Madison features three spacious units, each offering 2 bedrooms and 2 full bathrooms — a highly desirable layout for today’s rental market. All units are currently occupied with long-term tenants on month-to-month leases, providing immediate rental income along with future flexibility for investors looking to maximize returns. Perfect for investors seeking to expand their portfolio, this property is ideally located just minutes from Trolley Square, Market Street, Wilmington Train Station, major highways, shopping, dining, and public transportation. Its prime location offers strong

Key facts

• Three spacious units
• Long term tenants
• Prime location

Tags

• WELL MAINTAINED TRIPLEX
• THREE SPACIOUS UNITS
• LONG TERM TENANTS
• IMMEDIATE RENTAL INCOME
• PRIME LOCATION
• STRONG RENTAL APPEAL

Property features AI

Finance

• Other: Single building with a total of 1 unit per assessor records; Above-grade finished area reported as 4,250 (source: assessor)
• Financial info: Ownership: Fee simple; Property has month-to-month leases; Not rent controlled

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Natural gas for heating, cooling fuel, and hot water
• Home design: Semi-detached building
• Construction: Brick construction; Concrete perimeter foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 25 x 130; Ground rent paid annually; No tidal water

Interior

• Bedrooms: Three two-bedroom units (all month-to-month and currently leased)
• Heating & cooling: Hot water heating; Central air conditioning (natural gas)
• Interior features: Basement present (other type)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2-bath units multifamily listed at $440k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $450/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $440k).
• Recommended offer: $433k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.6%/yr); 75 active listings in the ZIP; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $5,557/mo this rent would consume 126% of the median local household income ($53k/yr) (locally 919% 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 $13k 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 30 days — a 2% lower offer ($433k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Watch-outs: built in 1875 — 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 $433,301 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.26% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $527,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 N Broom St	0.55mi	7/5.0 (+1)	3,625 (-15%)	12mo	$450,000	$124	20

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 · 1.59% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $7,007
• Equity at exit: $65,591

10-year hold

• IRR: 9.7%
• Equity multiple: 1.70×
• Total profit: $86,145
• Equity at exit: $38,035

Cash invested: $123,172 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $5,557 high
• Mortgage (P&I): −$2,307
• Tax est. 1.5%: −$550 /mo · $6,598/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $1,350

Break-even live

Break-even rent $3,848

Max offer price $439,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$5,556
Total (3 units)			$5,557

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $439,900 Active 30 DOM
2. 2026-06-17
   days on market $439,900 Active 29 DOM
3. 2026-06-16
   days on market $439,900 Active 28 DOM
4. 2026-06-15
   days on market $439,900 Active 27 DOM
5. 2026-06-13
   days on market $439,900 Active 25 DOM
6. 2026-06-13
   days on market $439,900 Active 24 DOM
7. 2026-06-09
   days on market $439,900 Active 21 DOM
8. 2026-06-08
   days on market $439,900 Active 20 DOM
9. 2026-06-07
   days on market $439,900 Active 19 DOM
10. 2026-06-04
    days on market $439,900 Active 16 DOM
11. 2026-06-03
    days on market $439,900 Active 15 DOM
12. 2026-06-02
    days on market $439,900 Active 14 DOM
13. 2026-06-01
    days on market $439,900 Active 13 DOM
14. 2026-05-31
    days on market $439,900 Active 12 DOM
15. 2026-05-19
    listed $439,900 Active
16. 2026-05-01
    historical
17. 2026-02-26
    listed $469,000 Active
18. 2026-02-23
    historical

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

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: $66,684
• − Mortgage interest: −$24,641
• − Property taxes: −$6,598
• − Insurance: −$2,200
• − Repairs & maintenance: −$5,335
• − Management: −$5,335
• − Depreciation: −$12,797
• Taxable income: $9,778
• Est. tax owed @ 24.0%: −$2,347
• After-tax cash flow: $13,853/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This triplex requires moderate rehabilitation to improve its condition and increase its value. Immediate repairs and maintenance are needed to address exterior and interior issues, while updates to the exterior and landscaping would significantly enhance its curb appeal and property value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but not inspected
• Major exterior paint — Peeling and chipping
• Major flooring — Worn and damaged
• Major interior paint — Significant wear and tear

Value-add opportunities

• Both exterior paint job — Enhances curb appeal and property value
• Both landscaping — Improves curb appeal and property value
• Rental HVAC maintenance — Ensures comfort and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but not inspected	Major	$15,000–50,000
exterior paint · Peeling and chipping	Major	$15,000–50,000
flooring · Worn and damaged	Major	$15,000–50,000
interior paint · Significant wear and tear	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior paint job — Enhances curb appeal and property value ↑
• Both landscaping — Improves curb appeal and property value ↑
• Rental HVAC maintenance — Ensures comfort and reduces maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Christina School District
• NCES district ID: 1000200
• Math proficiency: 22% ▼ -12.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $58,838
• Composite: 24.93/100
• National rank: #7567
• State rank: #18 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): 16,327
• Household income: $52,810
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 919.0

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 (67%)
• Race & ethnicity: Black 67% White 15% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% Chinese 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: ▼ -112.65%
• Current HPI: 151.1288
• Rent YoY: ▲ 1.59%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

-6.2% since first listed

4 events — show timeline

• 2026-05-19 Listed $439,900 BRIGHT MLS
• 2026-05-01 Listing Removed — BRIGHT MLS
• 2026-02-26 Listed $469,000 BRIGHT MLS
• 2026-02-23 Coming Soon — BRIGHT MLS