1338 Lancaster Ave · Wilmington, DE 19805

$199,900

3 bd · 1.0 ba · 1,700 sqft · Townhouse public records · 25 Days on market

Built 1909 1,307 sqft lot Est $292k · 32% 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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.6/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully renovated three-bedroom attached home in Wilmington, where thoughtful updates and classic character are blended seamlessly. A welcoming enclosed front porch sets the tone, inviting you into a spacious foyer that immediately reveals the home’s unique charm. The main level offers a bright and airy living room with abundant natural light and a decorative faux fireplace, flowing effortlessly into a well scaled dining space, ideal for everyday living and entertaining. The adjacent kitchen is well-appointed with granite countertops, stainless steel appliances, glass-front cabinetry, and dedicated wine storage, combining both style and functionality. Upstairs, yo

Key facts

• Granite countertops
• Enclosed front porch
• Built 1909

Tags

• ENCLOSED FRONT PORCH
• DECORATIVE FAUX FIREPLACE
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• GLASS-FRONT CABINETRY
• DEDICATED WINE STORAGE

Property features AI

Finance

• Other: Assessed above-grade finished area: 1,700 (source: Assessor); Ownership interest: Fee Simple

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Natural gas for heating and hot water
• Home design: Interior townhouse/rowhouse; Flat roof; Fee simple ownership; Excellent condition
• Construction: Brick construction; Brick/mortar foundation; Above grade and below grade structures; Built year per assessor
• Exterior features: 20 x 60 lot dimensions; Urban location; Municipal trash service; Bus stop within 1 mile; commuter rail 1–5 miles

Interior

• Kitchen: Built-in range; Built-in microwave; Dishwasher
• Bedrooms: 3 bedrooms on the first upper level
• Bathrooms: 1 full bathroom (on 1st upper level); 1 half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Built-in microwave; Built-in range; Dishwasher; Basement (unfinished)
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/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 $193k (3.7% below list).
• Recommended offer: $193k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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; 40 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).
• This rent runs 38% 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 $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 $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — 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 $192,597 (3.7% below list)

Questions for the listing agent

1. Built in 1909 — 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: 0.96% ✗
• Cap rate: 8.16%
• Cash-on-cash: 6.66%
• DSCR: 1.30
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $292,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1011 W 5th St	0.34mi	4/2.0 (+1)	1,725 (+2%)	0mo	$240,000	$139	72
315 S Jackson St	0.29mi	3/1.5	1,475 (-13%)	1mo	$180,000	$122	62
118 5th Ave	0.62mi	3/2.5	1,744 (+3%)	0mo	$300,000	$172	60
12 8th Ave	0.67mi	2/1.5 (-1)	1,700 (0%)	1mo	$205,000	$121	60
1204 W 8th St	0.43mi	3/1.5	1,525 (-10%)	0mo	$355,000	$233	60
1302 W 6th St	0.31mi	4/2.5 (+1)	1,525 (-10%)	1mo	$265,000	$174	57
837 N Madison St	0.66mi	4/1.5 (+1)	1,775 (+4%)	0mo	$315,000	$177	54
606 N Franklin St	0.34mi	4/2.0 (+1)	1,500 (-12%)	2mo	$140,000	$93	54
728 S Lincoln St	0.55mi	3/1.5	1,900 (+12%)	1mo	$325,000	$171	52
402 W 6th St	0.68mi	3/2.5	1,800 (+6%)	1mo	$249,000	$138	51
2 Eighth Ave	0.66mi	2/1.5 (-1)	1,520 (-11%)	2mo	$290,000	$191	43
1022 Trenton Pl	0.75mi	3/1.5	1,475 (-13%)	2mo	$295,000	$200	40

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: -2.7%
• Equity multiple: 0.89×
• Total profit: $-5,972
• Equity at exit: $29,806

10-year hold

• IRR: 10.0%
• Equity multiple: 1.88×
• Total profit: $49,468
• Equity at exit: $17,284

Cash invested: $55,972 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,926 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$79 /mo · $951/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $311

Break-even live

Break-even rent $1,533

Max offer price $199,900

Occupancy floor 79%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	11d	1	0.07mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.14mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.17mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.17mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	20d	1	0.19mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	0.23mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.25mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	15d	1	0.27mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.28mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.31mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.35mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.42mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.42mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.45mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	24d	1	0.48mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	3d	1	0.50mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.52mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	0.53mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.54mi
827 N Jackson St Unit 2 Wilmington, DE	2.0	1.0	2250	$1,545	$0.69	12d	1	0.56mi
1319 W 10th St Wilmington, DE	2.0	3.0	2200	$2,500	$1.14	18d	1	0.59mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	0.60mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	0.60mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.61mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.62mi
530 Harlan Blvd #519 Wilmington, DE	2.0	2.0	1192	$2,250	$1.89	24d	1	0.68mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	15d	1	0.69mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	18d	1	0.69mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	0.70mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.71mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	0.72mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	43d	1	0.76mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	43d	1	0.82mi
1207 Delaware Ave Wilmington, DE	2.0	1.0	1200	$1,700	$1.42	11d	1	0.85mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	5d	1	0.85mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	15d	1	0.86mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	5d	1	0.87mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	0.88mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,590	$1.45	16d	1	0.90mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,749	$1.59	22d	1	0.90mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-06
   listed $199,900 Active

ⓘ 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: $951 · $79/mo
• Projected year-2 tax: $1,055 · $88/mo
• Expected delta: +$104/yr (+$9/mo · 11.0%)

ⓘ 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: $23,112
• − Mortgage interest: −$11,198
• − Property taxes: −$951
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,849
• − Management: −$1,849
• − Depreciation: −$5,815
• Taxable income: $450
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $3,620/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

2 events — show timeline

• 2026-05-01 Pending — BRIGHT MLS
• 2026-04-06 Listed $199,900 BRIGHT MLS

Property tax history

-9.0%/yr

Latest (2024): $951 · +2.6% YoY. Source: county tax records.