2409 W 2nd St · Wilmington, DE 19805

$140,000

4 bd · 1.5 ba · 1,375 sqft · SingleFamily public records · 19 Days on market

Built 1880 2,614 sqft lot

---

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 +9.7/10.0
• ARV discount +7.5/15.0
• 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

This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

Key facts

• Living room
• Brick home
• Dining room

Tags

• SINGLE FAMILY DETACHED
• BRICK HOME
• ENCLOSED PORCH
• OVERSIZED DETACHED GARAGE
• LIVING ROOM
• DINING ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $751 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 34 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 41% 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 $968 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 1880 — 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 $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — 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: 1.47% ✓
• Cap rate: 12.73%
• Cash-on-cash: 23.00%
• DSCR: 2.02
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $302,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 N Cleveland Ave	0.36mi	3/1.5 (-1)	1,475 (+7%)	1mo	$295,000	$200	66
217 S Cleveland Ave	0.48mi	3/1.0 (-1)	1,375 (0%)	13mo	$268,000	$195	60
211 Atkins Ave	0.54mi	3/1.0 (-1)	1,465 (+6%)	2mo	$355,000	$242	55
222 S Gray Ave	0.45mi	3/2.0 (-1)	1,375 (0%)	21mo	$333,000	$242	55
316 N Ogle Ave	0.37mi	3/1.5 (-1)	1,300 (-6%)	18mo	$180,000	$138	54
306 S Dupont Rd	0.58mi	3/2.5 (-1)	1,425 (+4%)	7mo	$365,000	$256	52
1909 W 10th St	0.64mi	3/2.0 (-1)	1,490 (+8%)	2mo	$379,000	$254	48
218 Atkins Ave	0.55mi	4/1.5	1,500 (+9%)	15mo	$240,000	$160	47
124 N Dupont Rd	0.67mi	3/1.5 (-1)	1,475 (+7%)	14mo	$325,000	$220	40
408 N Lincoln St	0.43mi	3/2.5 (-1)	1,550 (+13%)	21mo	$300,000	$194	32
605 S Clayton St	0.69mi	3/1.5 (-1)	1,500 (+9%)	19mo	$326,000	$217	32
5 Elsmere Blvd	0.49mi	3/1.0 (-1)	1,175 (-14%)	23mo	$279,000	$237	27

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: 19.5%
• Equity multiple: 1.82×
• Total profit: $32,314
• Equity at exit: $20,874

10-year hold

• IRR: 29.9%
• Equity multiple: 4.09×
• Total profit: $121,193
• Equity at exit: $12,105

Cash invested: $39,200 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,060 high
• Mortgage (P&I): −$734
• Tax from tax record: −$83 /mo · $998/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $751

Break-even live

Break-even rent $1,109

Max offer price $140,000

Occupancy floor 59%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 34 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	43d	1	0.35mi
1815 Maple St Wilmington, DE	3.0	1.5	1100	$1,995	$1.81	18d	1	0.50mi
618 N Scott St Wilmington, DE	3.0	1.5	1400	$1,850	$1.32	43d	1	0.53mi
1802 Maple St Wilmington, DE	3.0	1.5	1250	$2,500	$2.00	24d	1	0.54mi
115 N Clayton St Unit 115 Wilmington, DE	3.0	1.5	1200	$1,725	$1.44	11d	1	0.59mi
307 N Rodney St Wilmington, DE	3.0	1.5	1425	$2,000	$1.40	43d	1	0.67mi
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.68mi
1607 Howland St Wilmington, DE	3.0	1.0	1075	$1,900	$1.77	3d	1	0.69mi
1936 Lakeview Rd Wilmington, DE	3.0	1.0	1350	$1,850	$1.37	15d	1	0.71mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.73mi
3403 Lancaster Pike Wilmington, DE	1.0–3.0	1.0	916	$1,874	$2.05	1d	4	0.81mi
1301 Lancaster Ave Wilmington, DE	4.0	2.0	1200	$1,800	$1.50	11d	1	0.84mi
521 N Franklin St Wilmington, DE	3.0	2.0	1500	$1,850	$1.23	3d	1	0.85mi
232 N Franklin St Wilmington, DE	3.0	2.0	1150	$1,795	$1.56	43d	1	0.86mi
1227 Linden St Wilmington, DE	3.0	2.0	950	$1,850	$1.95	3d	1	0.90mi
1016 Clayton Rd Wilmington, DE	3.0	1.0	1150	$1,850	$1.61	5d	1	0.90mi
414 S Franklin St Wilmington, DE	3.0	2.0	1195	$1,895	$1.59	43d	1	0.91mi
1122 Coyne Pl Wilmington, DE	3.0	1.0	1350	$1,950	$1.44	43d	1	0.91mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	18d	1	0.98mi
1110 Maple St Wilmington, DE	3.0	1.0	1525	$1,600	$1.05	43d	1	0.99mi
1029 Lancaster Ave Wilmington, DE	4.0	1.5	1375	$1,900	$1.38	24d	1	1.00mi
27 Vilone Rd Wilmington, DE	3.0	1.0	1225	$2,000	$1.63	5d	1	1.02mi
1508 Maryland Ave Wilmington, DE	3.0	1.5	1450	$1,975	$1.36	15d	1	1.09mi
7 6th Ave Wilmington, DE	3.0	2.0	1325	$1,800	$1.36	43d	1	1.09mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	1.12mi
205 Western Ave Wilmington, DE	4.0	2.5	1225	$2,300	$1.88	43d	1	1.12mi
25 Stroud St Wilmington, DE	3.0	1.0	1200	$1,795	$1.50	3d	1	1.12mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	43d	1	1.17mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	16d	1	1.27mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	5d	1	1.29mi
275 Filbert Ave Wilmington, DE	3.0	1.0	1225	$1,495	$1.22	2d	1	1.34mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	12d	1	1.34mi
1109 Montgomery Rd Wilmington, DE	4.0	2.0	1275	$1,850	$1.45	18d	1	1.34mi
1601 Bonwood Rd Wilmington, DE	3.0	1.5	1500	$1,850	$1.23	24d	1	1.34mi

Listing history 14 events

1. 2026-04-21
   soldstatus $1,575,100
2. 2026-03-31
   status Pending
3. 2026-03-12
   listed $140,000 Active
4. 2021-06-01
   soldstatus $117,598
5. 2010-01-29
   soldstatus $90,500 921-char remark

   Show marketing remark (918 chars)

   This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

6. 2010-01-29
   soldstatus $90,500 918-char remark

   Show marketing remark (918 chars)

   This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

7. 2009-12-20
   historical 918-char remark

   Show marketing remark (918 chars)

   This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

8. 2009-11-25
   listed $99,900 921-char remark

   Show marketing remark (918 chars)

   This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

9. 2009-11-25
   listed $99,900 918-char remark

   Show marketing remark (918 chars)

   This is a Fannie Mae property approved for HomePath Renovation Mortgage Financing; contact LA for details. Purchase for as little as 3% down! Excellent opportunity to purchase this detached home located conveniently in Wilmington with oversized detached garage! First floor features full bathroom, eat in kitchen, and hardwood floors. Upstairs features 2 spacious bedrooms, one with walk in closet. $500 selling broker bonus expires 2/23/2010. First 15 days on market, only owner occupant or public entities will be considered; expires on 12/11/09. Fannie Mae Listing, sold AS IS. Corporate addendum & special lender pre-approval required. Pre-approval must state lender has reviewed tri-merged credit report, W-2s, pay stubs, bank statements and buyer has no home to sell. Proof of funds required for cash purchasers. Investor requirements: 10% deposit & 3-month resale/refinance restriction applies.

10. 2009-06-07
    historical
11. 2008-06-07
    listed $165,000
12. 2007-11-06
    historical
13. 2007-08-06
    listed $159,900
14. 2006-01-27
    soldstatus $102,000

ⓘ 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: $998 · $83/mo
• Projected year-2 tax: $998 · $83/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $24,714
• − Mortgage interest: −$7,842
• − Property taxes: −$998
• − Insurance: −$700
• − Repairs & maintenance: −$1,977
• − Management: −$1,977
• − Depreciation: −$4,073
• Taxable income: $7,146
• Est. tax owed @ 24.0%: −$1,715
• After-tax cash flow: $7,300/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

+1444.2% since first listed

14 events — show timeline

• 2026-04-21 Sold (Public Records) $1,575,100 Public Records
• 2026-03-31 Pending — BRIGHT MLS
• 2026-03-12 Listed $140,000 BRIGHT MLS
• 2021-06-01 Sold (Public Records) $117,598 Public Records
• 2010-01-29 Sold (MLS) $90,500 BRIGHT MLS
• 2010-01-29 Sold (MLS) $90,500 TREND
• 2009-12-20 Listing Removed — BRIGHT MLS
• 2009-11-25 Listed $99,900 BRIGHT MLS
• 2009-11-25 Listed $99,900 TREND
• 2009-06-07 Listing Removed — BRIGHT MLS
• 2008-06-07 Listed $165,000 BRIGHT MLS
• 2007-11-06 Listing Removed — BRIGHT MLS
• 2007-08-06 Listed $159,900 BRIGHT MLS
• 2006-01-27 Sold (Public Records) $102,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $998 · +15.1% YoY. Source: county tax records.