1607 W 4th St · Wilmington, DE 19805

$230,000

6 bd · None ba · 1,800 sqft · MultiFamily · 74 Days on market

Built 1890 Fair condition 1,742 sqft lot $128/sqft · at area comps Est $226k · 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 +9.1/10.0
• ARV discount +6.6/15.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

1607 W 4th St, Wilmington, DE 19805 is a strong opportunity for both an investor and a first-time home buyer ready to think strategically. If you have been looking for a way to start your real estate investment journey with your first home, this 2-unit property gives you that chance. You may be able to live in one unit, use available grant or closing cost assistance options to help with your purchase, and create added income from the second unit, which may help offset your monthly mortgage. The main floor unit features 1 bedroom and 1 bathroom and has already been updated. The second-floor unit offers 2 bedrooms, 2 bathrooms, and a bonus room that could serve as a home office or even a possible 3rd bedroom. The property also has updated electrical systems, which add even more value. For an investor, this is a chance to add to your rental portfolio or start one with a property that already offers a multi-unit setup. For a first-time buyer, this is an opportunity to buy with a plan, build equity, and start creating income from day one. If you have been waiting for the right time to buy, this may be your sign. Opportunities like this do not come around every day. the current tenants is paying $1,400. Book your tour as soon as possible and come see the potential for yourself.

Key facts

• 1,742 sq ft lot
• Built 1890
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×2bd/2ba units multifamily listed at $230k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $973 ($12k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 1 comparable units currently listed for rent nearby; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $3,244/mo this rent would consume 65% of the median local household income ($60k/yr) (locally 1730% 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 + 6.3% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1890 — 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 $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.41% ✓
• Cap rate: 11.37%
• Cash-on-cash: 18.14%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (median comp): $225,638
• List price: $230,000
• Delta: 1.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1606 W 4th St	0.03mi	6/—	1,950 (+8%)	7mo	$225,100	$115	79
1904 W 6th St	0.24mi	7/3.0 (+1)	1,878 (+4%)	14mo	$403,000	$215	65
1917 W 6th St	0.27mi	5/— (-1)	1,950 (+8%)	4mo	$278,500	$143	65

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: 13.5%
• Equity multiple: 1.56×
• Total profit: $36,069
• Equity at exit: $34,294

10-year hold

• IRR: 24.8%
• Equity multiple: 3.50×
• Total profit: $161,112
• Equity at exit: $19,886

Cash invested: $64,400 (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: 12.0×

Monthly cashflow live

• Estimated rent: $3,244 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $973

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,132	-5% $1,053	+0% $973	+5% $894	+10% $814
Rent	-10% $717	-5% $845	+0% $973	+5% $1,101	+10% $1,230
Rate	-1.0pp $1,089	-0.5pp $1,032	base $973	+0.5pp $914	+1.0pp $853

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,597
1× unit	2	2	$1,647
Total (2 units)			$3,244

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 W 2nd St Unit 1913 Wilmington, DE	5.0	1.5	1675	$2,050	$1.22	44d	1	0.29mi

Listing history 18 events

1. 2026-06-18
   days on market $230,000 Active 74 DOM
2. 2026-06-17
   days on market $230,000 Active 73 DOM
3. 2026-06-16
   days on market $230,000 Active 72 DOM
4. 2026-06-15
   days on market $230,000 Active 71 DOM
5. 2026-06-13
   days on market $230,000 Active 69 DOM
6. 2026-06-13
   days on market $230,000 Active 68 DOM
7. 2026-06-09
   days on market $230,000 Active 65 DOM
8. 2026-06-08
   days on market $230,000 Active 64 DOM
9. 2026-06-07
   days on market $230,000 Active 63 DOM
10. 2026-06-04
    days on market $230,000 Active 60 DOM
11. 2026-06-03
    days on market $230,000 Active 59 DOM
12. 2026-06-02
    days on market $230,000 Active 58 DOM
13. 2026-06-01
    days on market $230,000 Active 57 DOM
14. 2026-05-31
    days on market $230,000 Active 56 DOM
15. 2026-04-17
    status Active 1292-char remark

    Show marketing remark (1292 chars)

    1607 W 4th St, Wilmington, DE 19805 is a strong opportunity for both an investor and a first-time home buyer ready to think strategically. If you have been looking for a way to start your real estate investment journey with your first home, this 2-unit property gives you that chance. You may be able to live in one unit, use available grant or closing cost assistance options to help with your purchase, and create added income from the second unit, which may help offset your monthly mortgage. The main floor unit features 1 bedroom and 1 bathroom and has already been updated. The second-floor unit offers 2 bedrooms, 2 bathrooms, and a bonus room that could serve as a home office or even a possible 3rd bedroom. The property also has updated electrical systems, which add even more value. For an investor, this is a chance to add to your rental portfolio or start one with a property that already offers a multi-unit setup. For a first-time buyer, this is an opportunity to buy with a plan, build equity, and start creating income from day one. If you have been waiting for the right time to buy, this may be your sign. Opportunities like this do not come around every day. the current tenants is paying $1,400. Book your tour as soon as possible and come see the potential for yourself.

16. 2026-04-07
    historical Active Under Contract 1292-char remark

    Show marketing remark (1292 chars)

    1607 W 4th St, Wilmington, DE 19805 is a strong opportunity for both an investor and a first-time home buyer ready to think strategically. If you have been looking for a way to start your real estate investment journey with your first home, this 2-unit property gives you that chance. You may be able to live in one unit, use available grant or closing cost assistance options to help with your purchase, and create added income from the second unit, which may help offset your monthly mortgage. The main floor unit features 1 bedroom and 1 bathroom and has already been updated. The second-floor unit offers 2 bedrooms, 2 bathrooms, and a bonus room that could serve as a home office or even a possible 3rd bedroom. The property also has updated electrical systems, which add even more value. For an investor, this is a chance to add to your rental portfolio or start one with a property that already offers a multi-unit setup. For a first-time buyer, this is an opportunity to buy with a plan, build equity, and start creating income from day one. If you have been waiting for the right time to buy, this may be your sign. Opportunities like this do not come around every day. the current tenants is paying $1,400. Book your tour as soon as possible and come see the potential for yourself.

17. 2026-03-27
    listed $230,000 Active 1292-char remark

    Show marketing remark (1292 chars)

    1607 W 4th St, Wilmington, DE 19805 is a strong opportunity for both an investor and a first-time home buyer ready to think strategically. If you have been looking for a way to start your real estate investment journey with your first home, this 2-unit property gives you that chance. You may be able to live in one unit, use available grant or closing cost assistance options to help with your purchase, and create added income from the second unit, which may help offset your monthly mortgage. The main floor unit features 1 bedroom and 1 bathroom and has already been updated. The second-floor unit offers 2 bedrooms, 2 bathrooms, and a bonus room that could serve as a home office or even a possible 3rd bedroom. The property also has updated electrical systems, which add even more value. For an investor, this is a chance to add to your rental portfolio or start one with a property that already offers a multi-unit setup. For a first-time buyer, this is an opportunity to buy with a plan, build equity, and start creating income from day one. If you have been waiting for the right time to buy, this may be your sign. Opportunities like this do not come around every day. the current tenants is paying $1,400. Book your tour as soon as possible and come see the potential for yourself.

18. 2026-03-26
    historical $230,000 1292-char remark

    Show marketing remark (1292 chars)

    1607 W 4th St, Wilmington, DE 19805 is a strong opportunity for both an investor and a first-time home buyer ready to think strategically. If you have been looking for a way to start your real estate investment journey with your first home, this 2-unit property gives you that chance. You may be able to live in one unit, use available grant or closing cost assistance options to help with your purchase, and create added income from the second unit, which may help offset your monthly mortgage. The main floor unit features 1 bedroom and 1 bathroom and has already been updated. The second-floor unit offers 2 bedrooms, 2 bathrooms, and a bonus room that could serve as a home office or even a possible 3rd bedroom. The property also has updated electrical systems, which add even more value. For an investor, this is a chance to add to your rental portfolio or start one with a property that already offers a multi-unit setup. For a first-time buyer, this is an opportunity to buy with a plan, build equity, and start creating income from day one. If you have been waiting for the right time to buy, this may be your sign. Opportunities like this do not come around every day. the current tenants is paying $1,400. Book your tour as soon as possible and come see the potential for yourself.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,928
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$3,114
• − Management: −$3,114
• − Depreciation: −$6,691
• Taxable income: $8,525
• Est. tax owed @ 24.0%: −$2,046
• After-tax cash flow: $9,633/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.

Condition & rehab AI · 29 photos

Fair 45/100 Moderate rehab

This 2-unit property requires significant updates and repairs to improve its condition and increase its value. The exterior and interior need major attention, and updates to the kitchen and bathrooms are essential.

Repairs flagged

• Major Exterior siding — Damaged and weathered
• Major Carpeted floors — Worn and in need of replacement
• Major Paint — Chipped and uneven
• Major Kitchen cabinets — Dated and in need of replacement
• Major Bathrooms — Lack of updates

Value-add opportunities

• Both Paint and interior updates — Improves appearance and appeal
• Both New flooring — Enhances living spaces and increases value
• Both Kitchen and bathroom updates — Modernizes spaces and increases value
• Both Landscaping and curb appeal — Enhances property's overall appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Damaged and weathered	Major	$15,000–50,000
Carpeted floors · Worn and in need of replacement	Major	$15,000–50,000
Paint · Chipped and uneven	Major	$15,000–50,000
Kitchen cabinets · Dated and in need of replacement	Major	$15,000–50,000
Bathrooms · Lack of updates	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Paint and interior updates — Improves appearance and appeal ↑
• Both New flooring — Enhances living spaces and increases value ↑
• Both Kitchen and bathroom updates — Modernizes spaces and increases value ↑
• Both Landscaping and curb appeal — Enhances property's overall appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

4 events — show timeline

• 2026-04-17 Relisted — BRIGHT MLS
• 2026-04-07 Contingent — BRIGHT MLS
• 2026-03-27 Listed $230,000 BRIGHT MLS
• 2026-03-26 Coming Soon $230,000 BRIGHT MLS