2521 N Tatnall St · Wilmington, DE 19802

$250,000

7 bd · 2.0 ba · 1,525 sqft · MultiFamily public records · 1 Days on market

Built 1920 1,742 sqft lot Est $247k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.0/15.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• 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: 2 units. confirmed

Listing remarks MLS

INVESTOR ALERT - Multi-unit building City Approved variance for 2 units. Each unit has separate heat and water. Seller has never lived in the property and has no knowledge of expenses. Rents $700 upstairs unit 2 bedrooms and $600 Down stairs unit 1 bedroom and 1st floor has access to semi-finished basement. Both tenants are month to month

Key facts

• Near restaurants
• Near parks
• 1,742 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• INCOME PRODUCING UNITS
• SEPARATE LIVING SPACES
• NEAR PARKS
• NEAR RESTAURANTS
• NEAR PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Above-grade finished area reported as 1,525 (source: Assessor); Year built source: Assessor
• Financial info: Two total units (multi-family); Unit identifiers: Unit 1, Unit 2

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas heating fuel; Electric cooling fuel
• Home design: Semi-detached structure; Fee simple ownership
• Construction: Brick construction; Foundation: Other; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 23.00 x 71.00; No tidal water

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Heating & cooling: Baseboard hot water heating; Electric hot water; Cooling: Other (electric-powered)
• Interior features: Full basement; 32"+ wide doors (accessibility features)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $531/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 11.4% 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 (+5.7%/yr); 119 active listings in the ZIP; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $3,243/mo this rent would consume 72% of the median local household income ($54k/yr) (locally 1816% 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 $2k of loan paydown is wiped out by about $8k 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 $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 31y ago 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.
• Current owner paid $66k; list at $250k implies a 276% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $250,000

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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.30% ✓
• Cap rate: 11.39%
• Cash-on-cash: 18.22%
• DSCR: 1.81
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $247,050
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2220 N Market St	0.20mi	6/3.0 (-1)	1,725 (+13%)	13mo	$280,000	$162	49

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: 12.6%
• Equity multiple: 1.52×
• Total profit: $36,204
• Equity at exit: $37,276

10-year hold

• IRR: 23.4%
• Equity multiple: 3.26×
• Total profit: $157,872
• Equity at exit: $21,615

Cash invested: $70,000 (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 19802

• Rents YoY: 5.7%
• Active inventory: 119
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $3,243 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$84 /mo · $1,008/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $1,063

Break-even live

Break-even rent $1,898

Max offer price $250,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,204	-5% $1,134	+0% $1,063	+5% $992	+10% $921
Rent	-10% $807	-5% $935	+0% $1,063	+5% $1,191	+10% $1,319
Rate	-1.0pp $1,189	-0.5pp $1,126	base $1,063	+0.5pp $998	+1.0pp $932

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,244
Total (2 units)			$3,243

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 670-char remark
2. 2026-06-18
   listed $250,000 Active 1 DOM

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

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $1,008 · $84/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$221/yr (+$18/mo · 21.9%)

ⓘ 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 7/10 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: $38,916
• − Mortgage interest: −$14,004
• − Property taxes: −$1,008
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,113
• − Management: −$3,113
• − Depreciation: −$7,273
• Taxable income: $9,155
• Est. tax owed @ 24.0%: −$2,197
• After-tax cash flow: $10,556/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): 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

+347.2% since first listed

26 events — show timeline

• 2026-06-18 Listed $250,000 BRIGHT MLS
• 2026-06-16 Coming Soon — BRIGHT MLS
• 2026-06-16 Listing Removed — BRIGHT MLS
• 2025-12-05 Rental Removed $1,395 RENTALBEAST
• 2025-12-02 Listed for Rent $1,395 RENTALBEAST
• 2025-11-17 Rental Removed $1,395 PROPERTYWARE
• 2025-11-13 Listed for Rent $1,395 PROPERTYWARE
• 2019-03-25 Sold (Public Records) $66,500 Public Records
• 2019-03-21 Sold (MLS) $66,500 BRIGHT MLS
• 2019-03-01 Contingent — BRIGHT MLS
• 2019-02-17 Listed $69,900 BRIGHT MLS
• 2016-12-23 Listing Removed — BRIGHT MLS
• 2016-10-03 Listed $61,900 BRIGHT MLS
• 2015-12-30 Sold (MLS) $40,000 BRIGHT MLS
• 2015-12-30 Sold (MLS) $40,000 TREND
• 2015-10-28 Pending — TREND
• 2015-10-21 Listing Removed — BRIGHT MLS
• 2015-10-10 Price Changed $47,500 TREND
• 2015-09-09 Price Changed $50,000 TREND
• 2015-08-13 Listed $54,950 TREND
• 2015-08-11 Listed $47,500 BRIGHT MLS
• 2001-08-29 Sold (Public Records) $45,652 Public Records
• 2001-08-27 Listing Removed — BRIGHT MLS
• 2000-05-09 Listed $59,900 BRIGHT MLS
• 1996-09-24 Listing Removed — BRIGHT MLS
• 1995-03-22 Listed $55,900 BRIGHT MLS

Property tax history

+3.7%/yr

Latest (2024): $1,008 · +15.1% YoY. Source: county tax records.