109 Fulton St · Wilmington, DE 19805

$125,000

4 bd · 1.0 ba · 1,425 sqft · Townhouse public records · 2 Days on market

Built 1914 1,307 sqft lot Est $248k · 50% under ↓ 17% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks

INVESTOR ALERT! - Property being sold as is! Inspections for informational purposes only. Home has been taken care of but needs some TLC and it's ready to be that rental property to add to your investment portfolio or your home! The main level consists of living room, dining room, kitchen and bonus room that can be used for additional storage, office or upgrade it to a second bathroom or laundry room. The upper level consists of three spacious bedrooms and good closet space. Seller will be leaving some contents in the home and they will convey with the property. For homeowners, PNC offering $10K grant with no income limits providing it's the buyer's primary residence. Do not need to be a

Key facts

• Built 1914
• Listed 2 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Semi-detached property; Above-grade finished area about 1,425 (source: assessor)
• Construction: Brick construction; Concrete perimeter foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 21.3 x 70.0; Not in a federal flood zone; Ground rent paid annually

Interior

• Bedrooms: Three bedrooms on the first upper level; Seven rooms total
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Hot water heating; Natural gas heating and hot water
• Interior features: Full basement; Chairlift (accessibility feature)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $125k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 13.4% 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; 37 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).
• This rent runs 40% 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 $864 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 + 6.3% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1914 — 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 $125,000

Questions for the listing agent

1. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.62% ✓
• Cap rate: 13.37%
• Cash-on-cash: 25.28%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $247,950
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 S Broom St	0.24mi	3/2.0 (-1)	1,400 (-2%)	1mo	$299,900	$214	76
315 S Jackson St	0.37mi	3/1.5 (-1)	1,475 (+4%)	1mo	$180,000	$122	69
1302 W 6th St	0.30mi	4/2.5	1,525 (+7%)	1mo	$265,000	$174	68
1210 Elm St	0.24mi	3/2.0 (-1)	1,300 (-9%)	1mo	$200,000	$154	64
1213 W 3rd St	0.22mi	3/1.5 (-1)	1,250 (-12%)	1mo	$215,000	$172	62
1204 W 8th St	0.43mi	3/1.5 (-1)	1,525 (+7%)	0mo	$355,000	$233	61
1715 Sycamore St	0.37mi	3/1.0 (-1)	1,260 (-12%)	1mo	$241,000	$191	58
1911 W 9th St	0.61mi	3/1.0 (-1)	1,325 (-7%)	1mo	$275,000	$208	54
1823 W 7th St	0.47mi	3/2.0 (-1)	1,300 (-9%)	1mo	$180,000	$138	54
25 6th Ave	0.65mi	3/1.0 (-1)	1,325 (-7%)	1mo	$115,000	$87	52
236 N Monroe St	0.50mi	3/1.5 (-1)	1,250 (-12%)	1mo	$180,000	$144	48
400 Geddes St	0.48mi	3/1.5 (-1)	1,225 (-14%)	0mo	$337,500	$276	47

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: 22.6%
• Equity multiple: 1.97×
• Total profit: $33,806
• Equity at exit: $18,638

10-year hold

• IRR: 32.7%
• Equity multiple: 4.46×
• Total profit: $121,088
• Equity at exit: $10,808

Cash invested: $35,000 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $737

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 59%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	11d	1	0.12mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.13mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.17mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.19mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	3d	1	0.22mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.25mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	0.28mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.31mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.32mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.32mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.36mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.37mi
1913 W 2nd St Unit 1913 Wilmington, DE	5.0	1.5	1675	$2,050	$1.22	43d	1	0.38mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.44mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	3d	1	0.51mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.52mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	0.53mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.55mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	0.56mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.58mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	0.59mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	0.64mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	0.66mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	18d	1	0.66mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	14d	1	0.67mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.67mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	0.76mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	14d	1	0.81mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	0.93mi
1601 Bonwood Rd Wilmington, DE	3.0	1.5	1500	$1,850	$1.23	24d	1	0.97mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	43d	1	1.14mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	1.22mi
205 Western Ave Wilmington, DE	4.0	2.5	1225	$2,300	$1.88	43d	1	1.36mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.42mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.44mi
27 Vilone Rd Wilmington, DE	3.0	1.0	1225	$2,000	$1.63	5d	1	1.46mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	1.49mi

Listing history 3 events

1. 2026-06-18
   days on market $125,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $125,000 Active 1 DOM

ⓘ 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: $24,324
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$3,636
• Taxable income: $7,294
• Est. tax owed @ 24.0%: −$1,750
• After-tax cash flow: $7,099/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

-16.7% since first listed

8 events — show timeline

• 2026-06-16 Listed $125,000 BRIGHT MLS
• 2026-01-28 Listing Removed — BRIGHT MLS
• 2026-01-24 Price Changed $125,000 BRIGHT MLS
• 2026-01-23 Relisted — BRIGHT MLS
• 2025-11-25 Pending — BRIGHT MLS
• 2025-11-24 Listing Removed — BRIGHT MLS
• 2025-11-17 Listed $150,000 BRIGHT MLS
• 2025-11-14 Coming Soon — BRIGHT MLS

Property tax history

+2.0%/yr

Latest (2024): $220 · +57.2% YoY. Source: county tax records.