1638 W 2nd St · Wilmington, DE 19805

$135,000

3 bd · 1.0 ba · 1,125 sqft · Townhouse public records · 99 Days on market

Built 1905 871 sqft lot $120/sqft · at area comps Est $137k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +8.1/15.0
• 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

Listing remarks MLS

Price Reduced! Brick front townhome with 3 bedrooms, one bath. Amenities include covered front porch, fenced yard, skylight, basement, living room with mantle, and separate dining area. The front porch overlooks a park.

Key facts

• Covered front porch
• Fenced yard
• Basement

Tags

• COVERED FRONT PORCH
• FENCED YARD
• SKYLIGHT
• BASEMENT
• LIVING ROOM WITH MANTLE
• SEPARATE DINING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/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: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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.
• 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; 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 37% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — 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: 1.39% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.99%
• DSCR: 1.93
• GRM: 6.0

CMA / ARV

• ARV (median comp): $136,795
• List price: $135,000
• Delta: -1.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 S Franklin St	0.37mi	3/1.0	1,150 (+2%)	1mo	$117,000	$102	78
227 S Union St	0.30mi	3/1.0	1,075 (-4%)	1mo	$180,000	$167	78
400 Geddes St	0.35mi	3/1.5	1,225 (+9%)	0mo	$337,500	$276	67
1016 Clayton Rd	0.63mi	3/1.0	1,150 (+2%)	1mo	$219,000	$190	66
1301 Lancaster Ave	0.30mi	4/2.0 (+1)	1,200 (+7%)	1mo	$250,000	$208	65
1715 Sycamore St	0.32mi	3/1.0	1,260 (+12%)	1mo	$241,000	$191	65
2042 Clark St	0.53mi	3/1.0	1,200 (+7%)	0mo	$335,000	$279	64
1213 W 3rd St	0.36mi	3/1.5	1,250 (+11%)	1mo	$215,000	$172	62
519 S Jackson St	0.59mi	3/1.0	1,200 (+7%)	1mo	$186,000	$155	60
461 S Sycamore St	0.49mi	3/1.0	1,000 (-11%)	1mo	$250,000	$250	58
506 Rodman St	0.54mi	2/1.0 (-1)	984 (-12%)	1mo	$229,900	$234	48
236 N Monroe St	0.67mi	3/1.5	1,250 (+11%)	1mo	$180,000	$144	47

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: 16.9%
• Equity multiple: 1.71×
• Total profit: $26,740
• Equity at exit: $20,129

10-year hold

• IRR: 27.6%
• Equity multiple: 3.81×
• Total profit: $106,107
• 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: 6.0×

Monthly cashflow live

• Estimated rent: $1,877 high
• Mortgage (P&I): −$708
• Tax from tax record: −$58 /mo · $693/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $661

Break-even live

Break-even rent $1,040

Max offer price $135,000

Occupancy floor 60%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.05mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.15mi
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	11d	1	0.28mi
1522 W 7th St Unit 1 Wilmington, DE	2.0	1.0	900	$1,800	$2.00	4d	1	0.29mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.30mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.31mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.31mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.33mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.35mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	3d	1	0.38mi
1114 Lancaster Ave Wilmington, DE	2.0	1.0	775	$1,400	$1.81	24d	1	0.40mi
1110 Read St Wilmington, DE	2.0	1.0	1100	$1,250	$1.14	20d	1	0.40mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.41mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	3d	1	0.42mi
802 N Broom St Apt 2 Wilmington, DE	2.0	21.0	800	$1,695	$2.12	21d	1	0.42mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	0.44mi
205 Porter St Wilmington, DE	2.0	1.5	1200	$1,700	$1.42	15d	1	0.48mi
1000 W 8th St Unit 3 Wilmington, DE	2.0	1.0	1050	$1,695	$1.61	24d	1	0.59mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.64mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	0.65mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	0.68mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	0.72mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.72mi
128 Lower Oak St Wilmington, DE	2.0	1.0	871	$1,595	$1.83	3d	1	0.72mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	18d	1	0.73mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	0.76mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	14d	1	0.77mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	14d	1	0.77mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	43d	1	0.79mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	0.79mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	43d	1	0.79mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	0.81mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	925	$2,695	$2.91	12d	4	0.82mi
1212 Delaware Ave Wilmington, DE	2.0	1.0–2.0	700	$2,495	$3.56	43d	4	0.82mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	43d	1	0.82mi
331 Justison St Wilmington, DE	1.0–2.0	1.0–2.0	859	$2,205	$2.57	1d	9	0.83mi
201 New Rd Wilmington, DE	2.0	1.0	800	$1,350	$1.69	2d	1	0.83mi
231 5th Ave Wilmington, DE	2.0	1.0	1050	$1,350	$1.29	43d	1	0.84mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,749	$1.59	21d	1	0.85mi
1504 Delaware Ave Wilmington, DE	2.0	1.0	1100	$1,590	$1.45	16d	1	0.85mi

Listing history 28 events

1. 2026-06-18
   days on market $135,000 Active 99 DOM
2. 2026-06-17
   days on market $135,000 Active 98 DOM
3. 2026-06-16
   days on market $135,000 Active 97 DOM
4. 2026-06-15
   days on market $135,000 Active 96 DOM
5. 2026-06-13
   days on market $135,000 Active 94 DOM
6. 2026-06-13
   days on market $135,000 Active 93 DOM
7. 2026-06-09
   days on market $135,000 Active 90 DOM
8. 2026-06-08
   days on market $135,000 Active 89 DOM
9. 2026-06-07
   days on market $135,000 Active 88 DOM
10. 2026-06-04
    days on market $135,000 Active 85 DOM
11. 2026-06-03
    days on market $135,000 Active 84 DOM
12. 2026-06-02
    days on market $135,000 Active 83 DOM
13. 2026-06-01
    days on market $135,000 Active 82 DOM
14. 2026-05-31
    days on market $135,000 Active 81 DOM
15. 2026-05-15
    price $135,000 220-char remark

    Show marketing remark (220 chars)

    Price Reduced! Brick front townhome with 3 bedrooms, one bath. Amenities include covered front porch, fenced yard, skylight, basement, living room with mantle, and separate dining area. The front porch overlooks a park.

16. 2026-04-21
    soldstatus $1,575,100
17. 2026-04-11
    price $140,000 220-char remark

    Show marketing remark (220 chars)

    Price Reduced! Brick front townhome with 3 bedrooms, one bath. Amenities include covered front porch, fenced yard, skylight, basement, living room with mantle, and separate dining area. The front porch overlooks a park.

18. 2026-03-11
    listed $145,000 Active 220-char remark

    Show marketing remark (220 chars)

    Price Reduced! Brick front townhome with 3 bedrooms, one bath. Amenities include covered front porch, fenced yard, skylight, basement, living room with mantle, and separate dining area. The front porch overlooks a park.

19. 2025-05-16
    historical
20. 2025-04-22
    price $149,000
21. 2025-04-08
    price $155,000
22. 2025-03-14
    listed $165,000 Active
23. 2021-07-12
    soldstatus $127,746
24. 2012-02-12
    soldstatus $18,000
25. 2012-02-12
    soldstatus $18,000
26. 2012-01-12
    historical
27. 2011-03-17
    listed $30,000
28. 2011-03-17
    listed $30,000

ⓘ 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: $693 · $58/mo
• Projected year-2 tax: $738 · $61/mo
• Expected delta: +$45/yr (+$4/mo · 6.5%)

ⓘ 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: $22,529
• − Mortgage interest: −$7,562
• − Property taxes: −$693
• − Insurance: −$675
• − Repairs & maintenance: −$1,802
• − Management: −$1,802
• − Depreciation: −$3,927
• Taxable income: $6,068
• Est. tax owed @ 24.0%: −$1,456
• After-tax cash flow: $6,479/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

+350.0% since first listed

14 events — show timeline

• 2026-05-15 Price Changed $135,000 BRIGHT MLS
• 2026-04-21 Sold (Public Records) $1,575,100 Public Records
• 2026-04-11 Price Changed $140,000 BRIGHT MLS
• 2026-03-11 Listed $145,000 BRIGHT MLS
• 2025-05-16 Listing Removed — BRIGHT MLS
• 2025-04-22 Price Changed $149,000 BRIGHT MLS
• 2025-04-08 Price Changed $155,000 BRIGHT MLS
• 2025-03-14 Listed $165,000 BRIGHT MLS
• 2021-07-12 Sold (Public Records) $127,746 Public Records
• 2012-02-12 Sold (MLS) $18,000 TREND
• 2012-02-12 Sold (MLS) $18,000 BRIGHT MLS
• 2012-01-12 Listing Removed — BRIGHT MLS
• 2011-03-17 Listed $30,000 TREND
• 2011-03-17 Listed $30,000 BRIGHT MLS

Property tax history

+3.7%/yr

Latest (2024): $693 · +15.1% YoY. Source: county tax records.