1534 W 4th St · Wilmington, DE 19805

$189,900

3 bd · 2.5 ba · 2,000 sqft · MultiFamily public records · 1 Days on market

Built 1879 1,742 sqft lot $95/sqft · 18% below area Est $233k · 18% under

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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
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Seller is highly motivated! This solid brick end-unit row home located in the 19805 area offers an excellent investment opportunity for buyers looking to expand their rental portfolio with immediate income potential. The property is set up as two separate rental units, producing a total monthly gross income of $2,350. Unit 1 offers approximately 1,000 square feet of living space with a roomy two-bedroom, one-bath layout currently leased at $1,250 per month. Unit 2 also provides roughly 1,000 square feet and features a one-bedroom, one-bath setup rented for $1,100 monthly. This unit includes the added convenience of an in-unit washer and dryer, plus separate exterior entrances from both the

Key facts

• 1,742 sq ft lot
• Built 1879

Property features AI

Finance

• Financial info: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: End-of-row townhouse; Brick construction
• Construction: Stone foundation; Estimated year built
• Exterior features: Located within city limits; No tidal water on the lot

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Heating & cooling: Hot water heating (natural gas); Wall air-conditioning units (electric)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 15.7% 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 (+6.3%/yr); 167 active listings in the ZIP; 18 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 $3,353/mo this rent would consume 67% of the median local household income ($60k/yr) (locally 1730% 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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.
• Current owner paid $25k; list at $190k implies a 660% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1879 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1879 — 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 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: 1.77% ✓
• Cap rate: 15.66%
• Cash-on-cash: 33.47%
• DSCR: 2.49
• GRM: 4.7

CMA / ARV

• ARV (median comp): $232,555
• List price: $189,900
• Delta: -24.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 N Van Buren St	0.46mi	3/—	2,100 (+5%)	10mo	$400,000	$190	62
1302 Elm St	0.37mi	4/— (+1)	1,800 (-10%)	2mo	$210,000	$117	60
802 W 9th St	0.65mi	3/3.0	2,150 (+8%)	2mo	$335,000	$156	53
1230 Linden St	0.43mi	3/—	1,825 (-9%)	16mo	$240,000	$132	52
811 W 4th St	0.55mi	3/—	1,725 (-14%)	0mo	$168,500	$98	51
808 N Lincoln St	0.36mi	4/— (+1)	1,775 (-11%)	17mo	$262,500	$148	45
714 W 11th St	0.75mi	2/— (-1)	2,125 (+6%)	10mo	$450,000	$212	42
1329 N Dupont St	0.68mi	4/— (+1)	2,225 (+11%)	10mo	$495,000	$222	36
715 8th St	0.63mi	4/4.0 (+1)	1,750 (-12%)	14mo	$259,900	$149	27

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: 32.3%
• Equity multiple: 2.42×
• Total profit: $75,315
• Equity at exit: $28,315

10-year hold

• IRR: 41.0%
• Equity multiple: 5.48×
• Total profit: $238,390
• Equity at exit: $16,419

Cash invested: $53,172 (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 19805

• Rents YoY: 6.3%
• Active inventory: 167
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,353 high
• Mortgage (P&I): −$996
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $1,483

Break-even live

Break-even rent $1,476

Max offer price $189,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,734
1× unit	1	1	$1,618
Total (2 units)			$3,353

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.05mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.23mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	4d	1	0.24mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.35mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	18d	1	0.46mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.48mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.53mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	12d	1	0.53mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	0.69mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.73mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	18d	1	0.84mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	15d	1	0.86mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	24d	1	0.89mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	0.95mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	43d	1	0.96mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	5d	1	0.96mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	1d	13	1.10mi
1601 Bonwood Rd Wilmington, DE	3.0	1.5	1500	$1,850	$1.23	24d	1	1.16mi

Listing history 8 events

1. 2026-06-07
   pricestatuslisting id $189,900 Pending 1 DOM
2. 2026-05-14
   listed $175,000 Active 994-char remark
3. 2026-05-12
   historical
4. 2026-04-28
   price $175,000
5. 2026-04-24
   price $185,000
6. 2026-04-01
   listed $199,900 Active
7. 2026-03-25
   historical
8. 1985-09-01
   soldstatus $25,000

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $1,097 · $91/mo
• Expected delta: +$5/yr ($0/mo · 0.4%)

ⓘ 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 · 15 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: $40,236
• − Mortgage interest: −$10,637
• − Property taxes: −$1,092
• − Insurance: −$950
• − Repairs & maintenance: −$3,219
• − Management: −$3,219
• − Depreciation: −$5,524
• Taxable income: $15,595
• Est. tax owed @ 24.0%: −$3,743
• After-tax cash flow: $14,052/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

+659.6% since first listed

12 events — show timeline

• 2026-06-06 Pending — BRIGHT MLS
• 2026-06-05 Listed $189,900 BRIGHT MLS
• 2026-05-21 Listing Removed — BRIGHT MLS
• 2026-05-19 Relisted — BRIGHT MLS
• 2026-05-19 Listing Removed — BRIGHT MLS
• 2026-05-14 Listed $175,000 BRIGHT MLS
• 2026-05-12 Listing Removed — BRIGHT MLS
• 2026-04-28 Price Changed $175,000 BRIGHT MLS
• 2026-04-24 Price Changed $185,000 BRIGHT MLS
• 2026-04-01 Listed $199,900 BRIGHT MLS
• 2026-03-25 Coming Soon — BRIGHT MLS
• 1985-09-01 Sold (Public Records) $25,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $1,092 · +15.1% YoY. Source: county tax records.