511 W 24th St · Wilmington, DE 19802

$239,900

4 bd · 1.5 ba · 1,550 sqft · MultiFamily public records · 43 Days on market

Built 1915 2,614 sqft lot $155/sqft · at area comps Est $240k · 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 +9.2/10.0
• ARV discount +7.6/15.0
• Rent growth +3.9/5.0
• 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 MLS

Step inside this charming 3-bedroom, 1-bath semi-detached home offering 1,550 sq ft of living space that beautifully blends timeless character with modern-day potential. From the moment you arrive, the inviting front porch sets the tone for enjoying the outdoors anytime of the day. Inside, you'll find well-maintained wood floors throughout, adding warmth and elegance to every room. A formal living room and dining room provide the perfect spaces for entertaining or cozy family gatherings. The kitchen provides all the essential conveniences including gas cooking; leading to a handy storage area and a bonus storage room, ideal for keeping things neat and organized. Plus, the full-length basement with laundry hookup and outside access offers even more functional space, whether you’re dreaming of a workshop, fitness area, or additional storage. Out back, the enclosed yard is just waiting for your personal touch. Imagine summer barbecues, a garden oasis, or simply a private retreat to unwind. With the enduring craftsmanship of a solid brick exterior and all the charm that comes from a home of this era, this property is a great investment. Transferable Home Warranty available for peace of mind. Welcome home and make it your own! Walkable community with a short bike ride or walk away from local parks and coffee shops; minutes away from I95 and Rt 202. Downpayment assistance program up to $12,000 available for qualifying buyer.

Key facts

• Wood floors
• Gas cooking
• Front porch

Tags

• FRONT PORCH
• WOOD FLOORS
• FORMAL LIVING ROOM
• DINING ROOM
• GAS COOKING
• STORAGE AREA

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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.
• 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 (+5.7%/yr); 119 active listings in the ZIP; 26 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 $3,411/mo this rent would consume 76% of the median local household income ($54k/yr) (locally 1816% 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.
• Current owner paid $190k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.40%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

• ARV (median comp): $240,444
• List price: $239,900
• Delta: -0.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Concord Ave	0.08mi	3/— (-1)	1,575 (+2%)	6mo	$392,000	$249	84
507 Concord Ave	0.02mi	3/— (-1)	1,700 (+10%)	8mo	$248,000	$146	71
2413 N West St	0.24mi	3/— (-1)	1,425 (-8%)	5mo	$145,000	$102	66
700 W 26th St	0.16mi	3/2.0 (-1)	1,375 (-11%)	6mo	$300,000	$218	62
1806 N West St	0.42mi	3/— (-1)	1,700 (+10%)	6mo	$270,000	$159	55
103 W 27th St	0.34mi	4/—	1,375 (-11%)	16mo	$221,100	$161	52
209 W 18th St	0.42mi	3/— (-1)	1,400 (-10%)	9mo	$315,000	$225	52
2239 N Pine St	0.61mi	4/2.0	1,650 (+6%)	19mo	$180,000	$109	43

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: 18.0%
• Equity multiple: 1.75×
• Total profit: $50,483
• Equity at exit: $35,770

10-year hold

• IRR: 28.2%
• Equity multiple: 3.80×
• Total profit: $188,053
• Equity at exit: $20,742

Cash invested: $67,172 (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 19802

• Rents YoY: 5.7%
• Active inventory: 119
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $3,411 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$83 /mo · $995/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $1,254

Break-even live

Break-even rent $1,824

Max offer price $239,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,410
Total (2 units)			$3,411

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	24d	1	0.09mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	0.19mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	0.25mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	44d	1	0.26mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	0.28mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.35mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	0.35mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.37mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	44d	1	0.44mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	24d	1	0.44mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	13d	1	0.63mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	44d	1	0.67mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.78mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	18d	1	0.82mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	1d	1	0.93mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	1.00mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	17d	1	1.02mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	24d	1	1.10mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	1.11mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	18d	1	1.12mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	1d	1	1.12mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	17d	1	1.15mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	13d	1	1.38mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	4d	1	1.44mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	1.44mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	4d	1	1.46mi

Listing history 10 events

1. 2026-06-01
   days on market $239,900 Active 43 DOM
2. 2026-05-31
   days on market $239,900 Active 42 DOM
3. 2026-04-19
   listed $239,900 Active 1449-char remark

   Show marketing remark (1449 chars)

   Step inside this charming 3-bedroom, 1-bath semi-detached home offering 1,550 sq ft of living space that beautifully blends timeless character with modern-day potential. From the moment you arrive, the inviting front porch sets the tone for enjoying the outdoors anytime of the day. Inside, you'll find well-maintained wood floors throughout, adding warmth and elegance to every room. A formal living room and dining room provide the perfect spaces for entertaining or cozy family gatherings. The kitchen provides all the essential conveniences including gas cooking; leading to a handy storage area and a bonus storage room, ideal for keeping things neat and organized. Plus, the full-length basement with laundry hookup and outside access offers even more functional space, whether you’re dreaming of a workshop, fitness area, or additional storage. Out back, the enclosed yard is just waiting for your personal touch. Imagine summer barbecues, a garden oasis, or simply a private retreat to unwind. With the enduring craftsmanship of a solid brick exterior and all the charm that comes from a home of this era, this property is a great investment. Transferable Home Warranty available for peace of mind. Welcome home and make it your own! Walkable community with a short bike ride or walk away from local parks and coffee shops; minutes away from I95 and Rt 202. Downpayment assistance program up to $12,000 available for qualifying buyer.

4. 2022-10-12
   soldstatus $189,900
5. 2022-10-10
   soldstatus $189,900 Closed 800-char remark

   Show marketing remark (800 chars)

   Breathtaking in condition, size and layout. After a small, controlled fire in the basement owner has meticulously renovated this spacious brick end unit townhouse. Brand new boiler, hot water heater, new electric including panel in spacious walkout basement and new pex water lines in basement. White maple soft close 42" cabinets, granite, new ss appliances, refinished beautiful red oak hardwood, luxury plank vinyl in kitchen and bath all new paint and ceiling fixtures. New fiber coated roof with 5-year warranty. Look at the room sizes and pictures. The house shows even better than it looks. Appealing layout with architectural details around every turn will impress the most discerning buyer. This fine home on a quiet street won't last long so don't hesitate to schedule your tour today.

6. 2022-09-16
   status Pending 800-char remark

   Show marketing remark (800 chars)

   Breathtaking in condition, size and layout. After a small, controlled fire in the basement owner has meticulously renovated this spacious brick end unit townhouse. Brand new boiler, hot water heater, new electric including panel in spacious walkout basement and new pex water lines in basement. White maple soft close 42" cabinets, granite, new ss appliances, refinished beautiful red oak hardwood, luxury plank vinyl in kitchen and bath all new paint and ceiling fixtures. New fiber coated roof with 5-year warranty. Look at the room sizes and pictures. The house shows even better than it looks. Appealing layout with architectural details around every turn will impress the most discerning buyer. This fine home on a quiet street won't last long so don't hesitate to schedule your tour today.

7. 2022-09-14
   price $189,900 800-char remark

   Show marketing remark (800 chars)

   Breathtaking in condition, size and layout. After a small, controlled fire in the basement owner has meticulously renovated this spacious brick end unit townhouse. Brand new boiler, hot water heater, new electric including panel in spacious walkout basement and new pex water lines in basement. White maple soft close 42" cabinets, granite, new ss appliances, refinished beautiful red oak hardwood, luxury plank vinyl in kitchen and bath all new paint and ceiling fixtures. New fiber coated roof with 5-year warranty. Look at the room sizes and pictures. The house shows even better than it looks. Appealing layout with architectural details around every turn will impress the most discerning buyer. This fine home on a quiet street won't last long so don't hesitate to schedule your tour today.

8. 2022-09-04
   listed $197,750 Active 800-char remark

   Show marketing remark (800 chars)

   Breathtaking in condition, size and layout. After a small, controlled fire in the basement owner has meticulously renovated this spacious brick end unit townhouse. Brand new boiler, hot water heater, new electric including panel in spacious walkout basement and new pex water lines in basement. White maple soft close 42" cabinets, granite, new ss appliances, refinished beautiful red oak hardwood, luxury plank vinyl in kitchen and bath all new paint and ceiling fixtures. New fiber coated roof with 5-year warranty. Look at the room sizes and pictures. The house shows even better than it looks. Appealing layout with architectural details around every turn will impress the most discerning buyer. This fine home on a quiet street won't last long so don't hesitate to schedule your tour today.

9. 2022-09-03
   historical $197,750 800-char remark

   Show marketing remark (800 chars)

   Breathtaking in condition, size and layout. After a small, controlled fire in the basement owner has meticulously renovated this spacious brick end unit townhouse. Brand new boiler, hot water heater, new electric including panel in spacious walkout basement and new pex water lines in basement. White maple soft close 42" cabinets, granite, new ss appliances, refinished beautiful red oak hardwood, luxury plank vinyl in kitchen and bath all new paint and ceiling fixtures. New fiber coated roof with 5-year warranty. Look at the room sizes and pictures. The house shows even better than it looks. Appealing layout with architectural details around every turn will impress the most discerning buyer. This fine home on a quiet street won't last long so don't hesitate to schedule your tour today.

10. 2015-06-17
    soldstatus $68,000

ⓘ 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: $995 · $83/mo
• Projected year-2 tax: $1,193 · $99/mo
• Expected delta: +$198/yr (+$17/mo · 19.9%)

ⓘ 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 7/10 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,932
• − Mortgage interest: −$13,438
• − Property taxes: −$995
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,275
• − Management: −$3,275
• − Depreciation: −$6,979
• Taxable income: $11,771
• Est. tax owed @ 24.0%: −$2,825
• After-tax cash flow: $12,220/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): 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

+252.8% since first listed

8 events — show timeline

• 2026-04-19 Listed $239,900 BRIGHT MLS
• 2022-10-12 Sold (Public Records) $189,900 Public Records
• 2022-10-10 Sold (MLS) $189,900 BRIGHT MLS
• 2022-09-16 Pending — BRIGHT MLS
• 2022-09-14 Price Changed $189,900 BRIGHT MLS
• 2022-09-04 Listed $197,750 BRIGHT MLS
• 2022-09-03 Coming Soon $197,750 BRIGHT MLS
• 2015-06-17 Sold (Public Records) $68,000 Public Records

Property tax history

-2.8%/yr

Latest (2024): $995 · +15.1% YoY. Source: county tax records.