2400 N Madison St · Wilmington, DE 19802

$220,000

4 bd · 1.5 ba · 1,975 sqft · SingleFamily public records · 64 Days on market

Built 1920 2,614 sqft lot $111/sqft · 22% below area Est $281k · 22% under

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Why this score? — see what drove the C 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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.2/10.0
• 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

Listing remarks MLS

Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

Key facts

• 2,614 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/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 $203k (7.5% below list).
• Recommended offer: $203k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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).
• At $2,035/mo this rent would consume 45% 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 $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 64 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $116k; list at $220k implies a 90% 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 $203,497 (7.5% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. 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 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: 0.92% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.02%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

• ARV (median comp): $281,487
• List price: $220,000
• Delta: -21.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 Concord Ave	0.04mi	5/3.0 (+1)	1,975 (0%)	12mo	$266,000	$135	77
508 Concord Ave	0.06mi	3/2.0 (-1)	2,025 (+2%)	12mo	$265,000	$131	75
705 W 22nd St	0.25mi	4/2.5	1,900 (-4%)	6mo	$518,000	$273	73
2703 N Tatnall St	0.32mi	4/1.0	1,875 (-5%)	8mo	$190,000	$101	68
2101 N Madison St	0.17mi	5/2.5 (+1)	2,125 (+8%)	9mo	$240,000	$113	64
2004 N Jefferson St	0.25mi	4/1.5	2,250 (+14%)	6mo	$350,000	$156	60
3017 N Madison St	0.39mi	3/2.5 (-1)	1,700 (-14%)	7mo	$330,000	$194	44

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-13,605
• Equity at exit: $32,803

10-year hold

• IRR: 6.6%
• Equity multiple: 1.55×
• Total profit: $33,790
• Equity at exit: $19,022

Cash invested: $61,600 (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: 9.0×

Monthly cashflow live

• Estimated rent: $2,035 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$105 /mo · $1,257/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $257

Break-even live

Break-even rent $1,709

Max offer price $220,000

Occupancy floor 82%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	24d	1	0.14mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	0.19mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	0.21mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	0.30mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.36mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.38mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	44d	1	0.71mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.71mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	0.76mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	17d	1	0.98mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	0.98mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	3d	117	1.05mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	4d	1	1.42mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	19d	1	1.42mi

Listing history 17 events

1. 2026-04-09
   price $230,000 837-char remark

   Show marketing remark (837 chars)

   Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

2. 2026-04-08
   status Active 837-char remark

   Show marketing remark (837 chars)

   Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

3. 2026-01-16
   historical Active Under Contract 837-char remark

   Show marketing remark (837 chars)

   Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

4. 2025-12-31
   listed $210,000 Active 837-char remark

   Show marketing remark (837 chars)

   Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

5. 2025-12-27
   historical $210,000 837-char remark

   Show marketing remark (837 chars)

   Brick two-story single-family home in the City of Wilmington offering 4 bedrooms and 1.5 baths with approximately 1,975 sq ft of above-grade living space. The property features a full basement, finished attic, wood flooring, central air, and an attached garage. Solid brick construction and slate roof reflect the home’s original character and durability. This property presents a great opportunity for a buyer seeking a fixer-upper with good bones and the ability to add value. Wilmington is centrally located within the tri-state area, offering convenient access to major highways for commuting and travel. Conveniently located near shopping, public transportation, and major routes. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Buyer is responsible for all inspections, certifications, and due diligence.

6. 2025-12-19
   historical
7. 2025-12-09
   price $210,000
8. 2025-11-25
   status Active
9. 2025-11-16
   historical Active Under Contract
10. 2025-11-05
    listed $224,888 Active
11. 2025-11-01
    historical
12. 2003-03-26
    soldstatus $116,000
13. 2003-03-20
    soldstatus $116,000
14. 2002-09-22
    listed $116,000
15. 1997-11-09
    historical
16. 1996-11-13
    listed $115,000
17. 1984-10-01
    soldstatus $22,000

ⓘ 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: $1,257 · $105/mo
• Projected year-2 tax: $1,267 · $106/mo
• Expected delta: +$9/yr (+$1/mo · 0.7%)

ⓘ 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: $24,420
• − Mortgage interest: −$12,323
• − Property taxes: −$1,257
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$6,400
• Taxable loss: −$568
• Est. tax savings @ 24.0%: +$136
• After-tax cash flow: $3,226/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

+945.5% since first listed

17 events — show timeline

• 2026-04-09 Price Changed $230,000 BRIGHT MLS
• 2026-04-08 Relisted — BRIGHT MLS
• 2026-01-16 Contingent — BRIGHT MLS
• 2025-12-31 Listed $210,000 BRIGHT MLS
• 2025-12-27 Coming Soon $210,000 BRIGHT MLS
• 2025-12-19 Listing Removed — BRIGHT MLS
• 2025-12-09 Price Changed $210,000 BRIGHT MLS
• 2025-11-25 Relisted — BRIGHT MLS
• 2025-11-16 Contingent — BRIGHT MLS
• 2025-11-05 Listed $224,888 BRIGHT MLS
• 2025-11-01 Coming Soon — BRIGHT MLS
• 2003-03-26 Sold (Public Records) $116,000 Public Records
• 2003-03-20 Sold (MLS) $116,000 BRIGHT MLS
• 2002-09-22 Listed $116,000 BRIGHT MLS
• 1997-11-09 Listing Removed — BRIGHT MLS
• 1996-11-13 Listed $115,000 BRIGHT MLS
• 1984-10-01 Sold (Public Records) $22,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $1,257 · +15.1% YoY. Source: county tax records.