1121 E 22nd St · Wilmington, DE 19802

$138,999

3 bd · 1.0 ba · 1,275 sqft · Townhouse public records · 217 Days on market

Built 1935 1,742 sqft lot $109/sqft · 12% below area Est $158k · 12% 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 +13.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

Key facts

• Built 1935
• Listed 217 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $139k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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.
• Colonial School District (suburban): math 15% / reading 30% proficiency, ranked #23 of 26 in DE (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.7%/yr); 119 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 41% of the median local income ($54k/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 $961 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 + 5.7% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $139k implies a 1290% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — 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 $122,319 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — 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: 1.32% ✓
• Cap rate: 11.60%
• Cash-on-cash: 18.96%
• DSCR: 1.84
• GRM: 6.3

CMA / ARV

• ARV (median comp): $158,167
• List price: $138,999
• Delta: -12.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 Lamotte St	0.53mi	3/1.0	1,275 (0%)	0mo	$125,000	$98	75
2203 N Pine St	0.40mi	3/1.5	1,200 (-6%)	3mo	$188,000	$157	67
709 E 26th St	0.35mi	3/2.5	1,375 (+8%)	0mo	$230,000	$167	64
103 W 29th St	0.70mi	3/1.5	1,250 (-2%)	2mo	$150,000	$120	60
19 E 25th St	0.55mi	3/1.5	1,350 (+6%)	3mo	$135,000	$100	60
222 E 30th St	0.54mi	3/2.0	1,400 (+10%)	1mo	$280,000	$200	54
1313 N Walnut St	0.71mi	2/1.0 (-1)	1,350 (+6%)	1mo	$155,000	$115	52
417 E 35th St	0.69mi	3/1.0	1,150 (-10%)	2mo	$227,000	$197	50
1029 Clifford Brown Walk	0.74mi	4/1.5 (+1)	1,175 (-8%)	2mo	$30,000	$26	44
847 Bennett St	0.70mi	3/1.5	1,450 (+14%)	2mo	$224,900	$155	41
849 Bennett St	0.70mi	3/1.5	1,450 (+14%)	2mo	$224,900	$155	40
841 Bennett St	0.71mi	3/1.5	1,450 (+14%)	3mo	$224,900	$155	39

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: 13.6%
• Equity multiple: 1.56×
• Total profit: $21,738
• Equity at exit: $20,725

10-year hold

• IRR: 24.2%
• Equity multiple: 3.35×
• Total profit: $91,473
• Equity at exit: $12,018

Cash invested: $38,920 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,830 high
• Mortgage (P&I): −$729
• Tax from tax record: −$44 /mo · $524/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $615

Break-even live

Break-even rent $1,051

Max offer price $138,999

Occupancy floor 61%

Sensitivity live

Price	-10% $694	-5% $654	+0% $615	+5% $576	+10% $536
Rent	-10% $470	-5% $543	+0% $615	+5% $687	+10% $760
Rate	-1.0pp $685	-0.5pp $650	base $615	+0.5pp $579	+1.0pp $542

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	0d	1	0.22mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.23mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	13d	1	0.44mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	44d	1	0.51mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	2d	1	0.58mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	44d	1	0.58mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	0.60mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	21d	1	0.61mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	0.61mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	25d	1	0.66mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	0.67mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	18d	1	0.67mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	44d	1	0.69mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	0.76mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	16d	1	0.77mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	25d	1	0.81mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	0.83mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.87mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.87mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	25d	1	0.88mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	44d	1	0.89mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	25d	1	0.89mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	0.89mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	25d	1	0.90mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	44d	1	0.91mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.94mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.99mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	1.00mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	2d	62	1.01mi
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	25d	1	1.01mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	11d	1	1.01mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	13d	1	1.01mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	1.06mi
801 N Market St Unit 207 Wilmington, DE	2.0	2.0	1239	$1,895	$1.53	6d	1	1.06mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	44d	1	1.08mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	6d	1	1.08mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	1.10mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	3d	117	1.10mi
604 W 20th St Unit 2 Wilmington, DE	2.0	1.0	900	$1,195	$1.33	25d	1	1.12mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	6d	1	1.13mi

Listing history 31 events

1. 2026-06-18
   days on market $138,999 Active 217 DOM
2. 2026-06-17
   days on market $138,999 Active 216 DOM
3. 2026-06-16
   days on market $138,999 Active 215 DOM
4. 2026-06-15
   days on market $138,999 Active 214 DOM
5. 2026-06-13
   days on market $138,999 Active 212 DOM
6. 2026-06-09
   days on market $138,999 Active 208 DOM
7. 2026-06-08
   days on market $138,999 Active 207 DOM
8. 2026-06-07
   days on market $138,999 Active 206 DOM
9. 2026-06-04
   days on market $138,999 Active 203 DOM
10. 2026-06-03
    days on market $138,999 Active 202 DOM
11. 2026-06-02
    days on market $138,999 Active 201 DOM
12. 2026-06-01
    days on market $138,999 Active 200 DOM
13. 2026-05-31
    days on market $138,999 Active 199 DOM
14. 2026-04-21
    status Active 517-char remark

    Show marketing remark (517 chars)

    Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

15. 2026-04-14
    status Pending 517-char remark

    Show marketing remark (517 chars)

    Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

16. 2026-04-01
    price $139,000 517-char remark

    Show marketing remark (517 chars)

    Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

17. 2025-12-02
    price $149,000 517-char remark

    Show marketing remark (517 chars)

    Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

18. 2025-11-06
    listed $169,000 Active 517-char remark

    Show marketing remark (517 chars)

    Investor Special!!!!! Discover the perfect addition to your real estate portfolio with this well-located investment property in the heart of Wilmington. Whether you're a seasoned investor or just getting started, this property offers strong potential for consistent rental income and long-term appreciation. Don’t wait — Wilmington’s rental market is growing, and this property is positioned for success. Schedule your showing today and take the next step toward building wealth through real estate.

19. 2025-09-30
    historical
20. 2025-05-01
    listed $169,000 Active
21. 2025-04-21
    historical
22. 2012-04-13
    soldstatus $10,000
23. 2012-04-13
    soldstatus $10,000
24. 2012-03-06
    historical
25. 2012-02-04
    listed $14,280
26. 2012-02-04
    listed $14,280
27. 2008-12-31
    historical
28. 2008-08-04
    listed $79,900
29. 2002-04-12
    soldstatus $30,900
30. 2002-04-11
    soldstatus $30,900
31. 2002-01-11
    listed $30,900

ⓘ 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: $524 · $44/mo
• Projected year-2 tax: $665 · $55/mo
• Expected delta: +$141/yr (+$12/mo · 26.9%)

ⓘ 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 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,957
• − Mortgage interest: −$7,786
• − Property taxes: −$524
• − Insurance: −$695
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − Depreciation: −$4,044
• Taxable income: $5,395
• Est. tax owed @ 24.0%: −$1,295
• After-tax cash flow: $6,085/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: Colonial School District
• NCES district ID: 1000230
• Math proficiency: 15% ▼ -10.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $58,622
• Composite: 20.75/100
• National rank: #8517
• State rank: #23 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

+349.8% since first listed

18 events — show timeline

• 2026-04-21 Relisted — BRIGHT MLS
• 2026-04-14 Pending — BRIGHT MLS
• 2026-04-01 Price Changed $139,000 BRIGHT MLS
• 2025-12-02 Price Changed $149,000 BRIGHT MLS
• 2025-11-06 Listed $169,000 BRIGHT MLS
• 2025-09-30 Listing Removed — BRIGHT MLS
• 2025-05-01 Listed $169,000 BRIGHT MLS
• 2025-04-21 Coming Soon — BRIGHT MLS
• 2012-04-13 Sold (MLS) $10,000 TREND
• 2012-04-13 Sold (MLS) $10,000 BRIGHT MLS
• 2012-03-06 Listing Removed — BRIGHT MLS
• 2012-02-04 Listed $14,280 TREND
• 2012-02-04 Listed $14,280 BRIGHT MLS
• 2008-12-31 Listing Removed — BRIGHT MLS
• 2008-08-04 Listed $79,900 BRIGHT MLS
• 2002-04-12 Sold (Public Records) $30,900 Public Records
• 2002-04-11 Sold (MLS) $30,900 BRIGHT MLS
• 2002-01-11 Listed $30,900 BRIGHT MLS

Property tax history

+4.0%/yr

Latest (2024): $524 · +11.2% YoY. Source: county tax records.