106 Cedar St · Wilmington, DE 19805

$135,000

2 bd · 1.0 ba · 725 sqft · Townhouse public records · 18 Days on market

Built 1920 1,307 sqft lot Est $118k · 14% over

---

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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Key facts

• Built 1920
• Listed 18 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Effective year built 2023 (major renovation/remodel per assessor)
• Construction: Brick construction; Other foundation type; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 20 x 71; No tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating; Natural gas fuel and hot water
• Interior features: Unfinished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.3%/yr); 167 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 33% 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 $933 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 $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 25y 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.

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 $132,975 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.21% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $118,175
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 Marshall St	0.05mi	2/1.0	775 (+7%)	1mo	$95,000	$123	85
801 Wright St	0.14mi	2/1.0	750 (+3%)	8mo	$95,000	$127	81
806 Anchorage St	0.11mi	2/1.0	700 (-3%)	13mo	$89,500	$128	79
1003 Beech St	0.23mi	2/1.0	675 (-7%)	11mo	$115,000	$170	69
707 Warner St	0.22mi	2/1.0	700 (-3%)	19mo	$88,000	$126	68
1120 Beech St	0.21mi	2/1.0	825 (+14%)	6mo	$112,500	$136	62
10 Stroud St	0.08mi	2/2.0	650 (-10%)	19mo	$155,000	$238	60
1228 Chestnut St	0.47mi	2/1.0	775 (+7%)	10mo	$140,000	$181	58
1202 Read St	0.51mi	2/1.0	800 (+10%)	9mo	$130,000	$163	52
1633 Coleman St	0.35mi	3/1.5 (+1)	775 (+7%)	19mo	$137,000	$177	49
530 Harlan Blvd #404	0.46mi	1/1.0 (-1)	800 (+10%)	10mo	$230,000	$288	48
1213 Pleasant St	0.58mi	2/1.0	825 (+14%)	20mo	$90,000	$109	34

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: 9.2%
• Equity multiple: 1.38×
• Total profit: $14,188
• Equity at exit: $20,129

10-year hold

• IRR: 20.8%
• Equity multiple: 3.02×
• Total profit: $76,378
• Equity at exit: $11,672

Cash invested: $37,800 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$708
• Tax from tax record: −$51 /mo · $608/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $478

Break-even live

Break-even rent $1,032

Max offer price $135,000

Occupancy floor 66%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Maryland Ave Wilmington, DE	1.0	1.0	612	$1,275	$2.08	43d	1	0.16mi
1507 Coleman St Wilmington, DE	2.0	1.0	650	$1,495	$2.30	24d	1	0.29mi
401 Justison St Wilmington, DE	1.0	1.0	787	$1,855	$2.36	1d	13	0.44mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.45mi
1600 Bonwood Rd Wilmington, DE	1.0	1.0	702	$1,290	$1.84	2d	1	0.54mi
101 Avenue of the Arts Wilmington, DE	1.0	1.0	726	$2,195	$3.02	1d	3	0.72mi
225 W 4th St Unit 1 Wilmington, DE	1.0	1.0	750	$1,399	$1.87	43d	1	0.93mi
507 N West St Wilmington, DE	1.0	1.0	500	$1,295	$2.59	24d	1	0.93mi
210 N Market St Wilmington, DE	1.0	1.0	746	$1,750	$2.34	2d	6	0.94mi
517 N West St Wilmington, DE	1.0	1.0	646	$1,295	$2.00	24d	1	0.95mi
600 N Washington St Wilmington, DE	1.0	1.0	700	$1,275	$1.82	43d	1	0.96mi
1 Matthes Ave Wilmington, DE	1.0	1.0	600	$1,325	$2.21	20d	1	0.96mi
2 W 4th St Wilmington, DE	1.0	1.0	623	$1,908	$3.06	3d	5	0.97mi
800 N Adams St Wilmington, DE	1.0	1.0	650	$1,195	$1.84	43d	1	0.98mi
822 N Adams St Wilmington, DE	1.0	1.0	650	$1,225	$1.88	43d	1	1.03mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	1d	13	1.07mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	43d	1	1.08mi
1200 W 10th St Apt 3 Wilmington, DE	1.0	1.0	650	$1,450	$2.23	4d	1	1.09mi
2700 Boulevard Rd Wilmington, DE	1.0–2.0	1.0	743	$1,525	$2.05	2d	8	1.12mi
824 N West St Wilmington, DE	1.0	1.0	700	$1,262	$1.80	43d	1	1.15mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,211	$2.87	2d	117	1.15mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	5d	1	1.16mi
801 N Market St Unit 301 Wilmington, DE	1.0	1.0	630	$1,725	$2.74	43d	1	1.17mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	43d	1	1.17mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	5d	1	1.17mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	1d	16	1.19mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	43d	5	1.27mi
101 W 10th St Wilmington, DE	1.0	1.0	732	$2,150	$2.94	4d	14	1.29mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	1d	62	1.30mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	43d	4	1.35mi
1308 Delaware Ave Unit 6 Wilmington, DE	1.0	1.0	675	$1,945	$2.88	18d	1	1.38mi
1303 Delaware Ave Wilmington, DE	1.0	1.0	440	$1,495	$3.40	5d	2	1.42mi
11 Corbin Ct Unit 1 Wilmington, DE	1.0	1.0	675	$1,295	$1.92	1d	1	1.49mi
1912 W 14th St Unit B Wilmington, DE	1.0	1.0	600	$1,300	$2.17	5d	1	1.50mi

Listing history 13 events

1. 2026-06-18
   days on market $135,000 Active 18 DOM
2. 2026-06-17
   days on market $135,000 Active 17 DOM
3. 2026-06-16
   days on market $135,000 Active 16 DOM
4. 2026-06-15
   days on market $135,000 Active 15 DOM
5. 2026-06-13
   days on market $135,000 Active 13 DOM
6. 2026-06-13
   days on market $135,000 Active 12 DOM
7. 2026-06-09
   days on market $135,000 Active 9 DOM
8. 2026-06-08
   days on market $135,000 Active 8 DOM
9. 2026-06-07
   days on market $135,000 Active 7 DOM
10. 2026-06-04
    days on market $135,000 Active 4 DOM
11. 2026-06-03
    days on market $135,000 Active 3 DOM
12. 2026-06-02
    days on market $135,000 Active 2 DOM
13. 2026-06-01
    listed $135,000 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: $608 · $51/mo
• Projected year-2 tax: $696 · $58/mo
• Expected delta: +$87/yr (+$7/mo · 14.4%)

ⓘ 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 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: $19,631
• − Mortgage interest: −$7,562
• − Property taxes: −$608
• − Insurance: −$675
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$3,927
• Taxable income: $3,718
• Est. tax owed @ 24.0%: −$892
• After-tax cash flow: $4,838/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: Christina School District
• NCES district ID: 1000200
• Math proficiency: 22% ▼ -12.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $58,838
• Composite: 24.93/100
• National rank: #7567
• State rank: #18 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

+285.7% since first listed

22 events — show timeline

• 2026-05-31 Listed $135,000 BRIGHT MLS
• 2026-04-21 Sold (Public Records) $1,575,100 Public Records
• 2025-05-19 Listing Removed — BRIGHT MLS
• 2025-04-08 Price Changed $129,000 BRIGHT MLS
• 2025-03-18 Listed $135,000 BRIGHT MLS
• 2023-08-08 Rental Removed $1,150 APPFOLIO
• 2023-08-05 Listed for Rent $1,150 APPFOLIO
• 2023-08-04 Rental Removed $1,150 BRIGHTMLS
• 2023-07-25 Listed for Rent $1,150 BRIGHTMLS
• 2021-10-06 Sold (Public Records) $1,240,000 Public Records
• 2020-05-08 Listing Removed — BRIGHT MLS
• 2018-12-12 Listed $59,900 BRIGHT MLS
• 2012-02-29 Sold (MLS) $15,500 TREND
• 2012-02-29 Sold (MLS) $15,500 BRIGHT MLS
• 2012-01-25 Listing Removed — BRIGHT MLS
• 2012-01-05 Listed $15,500 TREND
• 2012-01-05 Listed $15,500 BRIGHT MLS
• 2011-12-16 Listing Removed — BRIGHT MLS
• 2011-11-11 Listed $24,000 BRIGHT MLS
• 2001-10-05 Sold (MLS) $35,000 BRIGHT MLS
• 2001-09-04 Listing Removed — BRIGHT MLS
• 2001-05-07 Listed $35,000 BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2024): $608 · +2.6% YoY. Source: county tax records.