434 S Heald St · Wilmington, DE 19801

$104,900

4 bd · 2.0 ba · 1,350 sqft · MultiFamily public records · 90 Days on market

Built 1900 2,614 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Schools +2.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

Key facts

• Unfinished basement
• New roof
• Built 1900

Tags

• NEW ROOF
• NATURAL GAS HEATING SYSTEM
• UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 44.0% 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; 15 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 $4,992/mo this rent would consume 113% 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 $725 of loan paydown is wiped out by about $3k 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 + 1.6% rent growth), your $29k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $105k implies a 229% 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 flood risk; 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 $98,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 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. 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 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: 4.76% ✓
• Cap rate: 43.98%
• Cash-on-cash: 134.61%
• DSCR: 6.99
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.59% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.33×
• Total profit: $185,898
• Equity at exit: $15,641

10-year hold

• IRR: —
• Equity multiple: 14.77×
• Total profit: $404,353
• Equity at exit: $9,070

Cash invested: $29,372 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $4,992 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$55 /mo · $660/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,048
• Net cashflow: $3,295

Break-even live

Break-even rent $821

Max offer price $104,900

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$4,992
Total (3 units)			$4,992

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	0.93mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	0.96mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	0.97mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	0.98mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	1.15mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	13d	1	1.16mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	1.26mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	1.29mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	1.30mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	4d	1	1.40mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	43d	1	1.40mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	1.40mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	1.40mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	1.41mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	1.43mi

Listing history 14 events

1. 2026-02-18
   status Pending
2. 2025-12-08
   price $104,900
3. 2025-11-20
   listed $120,000 Active
4. 2016-03-21
   soldstatus $31,900
5. 2016-02-19
   soldstatus $31,900 Sold 151-char remark

   Show marketing remark (165 chars)

   ATTENTION * * * INVESTMENT ALERT * * * 3 Bedroom, 2 Full Bath Row/ Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

6. 2016-02-19
   soldstatus $31,900 165-char remark

   Show marketing remark (165 chars)

   ATTENTION * * * INVESTMENT ALERT * * * 3 Bedroom, 2 Full Bath Row/ Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

7. 2016-02-01
   status Under Contract 151-char remark

   Show marketing remark (151 chars)

   ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

8. 2016-01-27
   historical 165-char remark

   Show marketing remark (165 chars)

   ATTENTION * * * INVESTMENT ALERT * * * 3 Bedroom, 2 Full Bath Row/ Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

9. 2015-12-01
   price $39,900 151-char remark

   Show marketing remark (151 chars)

   ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

10. 2015-09-29
    price $45,000 151-char remark

    Show marketing remark (151 chars)

    ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

11. 2015-09-04
    price $55,000 151-char remark

    Show marketing remark (151 chars)

    ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

12. 2015-08-27
    listed $60,000 Active 151-char remark

    Show marketing remark (151 chars)

    ATTENTION ***INVESTMENT ALERT*** 3 Bedroom,2 Full Bath Row/Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

13. 2015-08-25
    listed $39,900 165-char remark

    Show marketing remark (165 chars)

    ATTENTION * * * INVESTMENT ALERT * * * 3 Bedroom, 2 Full Bath Row/ Townhome. Tenant occupied. Currently receiving 800 dollars a month. New Roof in Spring 2015.

14. 2005-07-25
    soldstatus $19,500

ⓘ 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: $660 · $55/mo
• Projected year-2 tax: $660 · $55/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 6/10 Major FEMA zone X (shaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,904
• − Mortgage interest: −$5,876
• − Property taxes: −$660
• − Insurance: −$524
• − Repairs & maintenance: −$4,792
• − Management: −$4,792
• − Depreciation: −$3,052
• Taxable income: $40,207
• Est. tax owed @ 24.0%: −$9,650
• After-tax cash flow: $29,889/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: 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

+437.9% since first listed

14 events — show timeline

• 2026-02-18 Pending — BRIGHT MLS
• 2025-12-08 Price Changed $104,900 BRIGHT MLS
• 2025-11-20 Listed $120,000 BRIGHT MLS
• 2016-03-21 Sold (Public Records) $31,900 Public Records
• 2016-02-19 Sold (MLS) $31,900 BRIGHT MLS
• 2016-02-19 Sold (MLS) $31,900 TREND
• 2016-02-01 Pending — TREND
• 2016-01-27 Listing Removed — BRIGHT MLS
• 2015-12-01 Price Changed $39,900 TREND
• 2015-09-29 Price Changed $45,000 TREND
• 2015-09-04 Price Changed $55,000 TREND
• 2015-08-27 Listed $60,000 TREND
• 2015-08-25 Listed $39,900 BRIGHT MLS
• 2005-07-25 Sold (Public Records) $19,500 Public Records

Property tax history

-5.4%/yr

Latest (2024): $660 · +2.6% YoY. Source: county tax records.