2704 Thompson Pl · Wilmington, DE 19802

$225,000

3 bd · 1.0 ba · 1,650 sqft · Townhouse public records · 3 Days on market

Built 1930 3,920 sqft lot Est $259k · 13% under

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Why this score? — see what drove the D+ 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 +14.9/30.0
• ARV discount +13.4/15.0
• DSCR +4.6/10.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Not your average end-unit in the City of Wilmington! This unique 4BR/2BA home has been updated throughout. The first floor is comprised of an open concept kitchen/living/dining room with refinished hardwood floors throughout. Neatly tucked away to the side of the original floor plan is a large carpeted bedroom (or home office/playroom) addition with a front bay window, a walk-in closet, and it's own full bathroom! Upstairs are three large bedrooms and an updated hall bathroom. The refinished hardwoods span through the second floor as well, and the whole home has been freshly painted. The kitchen was just updated with new white shaker cabinets, new appliances, and new granite counters (inclu

Key facts

• Full bathroom
• New appliances
• Walk in closet

Tags

• FRONT BAY WINDOW
• WALK IN CLOSET
• FULL BATHROOM
• UPDATED HALL BATHROOM
• NEW WHITE SHAKER CABINETS
• NEW APPLIANCES

Property features AI

Finance

• Other: Above-grade finished area approximately 1,662 (assessor); Year built source: estimated

Exterior

• Parking: Driveway parking (1 space); Total of 1 garage/parking space
• Utilities: Public water; Public sewer; Oil heating fuel; Natural gas hot water
• Home design: Semi-detached structure; Fee simple ownership
• Construction: Brick construction; Block and stone foundation; Above-grade and below-grade structures
• Exterior features: Wood fence; Deck(s) and porch(es); Property not in a federal flood zone; Additional parcels included (2702 Thompson Place and 2700 Thompson Place)

Interior

• Bedrooms: Three bedrooms on the upper level; One bedroom on the main level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Radiator heating; Window cooling units (electric)
• Interior features: Unfinished basement; Basement laundry
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $68 ($815/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 $182k (19.0% below list).
• Recommended offer: $182k (19.0% below list) — sets the bar for 1% rule.

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+, commute D, crime F.
• 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.
• Zoned schools: Shortlidge (Evan G.) Academy (417 students, 0% FRL); Skyline Middle School (math 14% / reading 20%, grade F, #32 of 36 statewide, top 89%, 475 students, 0% FRL); Dickinson (John) School (math 24% / reading 47%, grade F, #17 of 40 statewide, top 41%, 1,058 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 ($54k/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 $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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $69k; list at $225k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $182,299 (19.0% below list)

Questions for the listing agent

1. Built in 1930 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.81% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $259,050
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 W Thirty Second St	0.18mi	3/2.5	1,700 (+3%)	0mo	$299,900	$176	80
2321 N Tatnall St	0.26mi	3/1.5	1,525 (-8%)	1mo	$216,000	$142	73
24 W 30th St	0.25mi	3/2.0	1,478 (-10%)	0mo	$280,000	$189	67
222 W 22nd St	0.34mi	3/2.5	1,525 (-8%)	1mo	$265,000	$174	65
125 W 20th St	0.45mi	3/1.0	1,500 (-9%)	1mo	$235,000	$157	64
318 W 39th St	0.66mi	3/1.5	1,700 (+3%)	1mo	$251,000	$148	62
2009 N Tatnall St	0.43mi	3/1.0	1,475 (-11%)	1mo	$170,000	$115	61
305 W 21st St	0.36mi	3/1.5	1,450 (-12%)	1mo	$290,000	$200	60
3101 N Van Buren St	0.36mi	3/2.0	1,850 (+12%)	1mo	$290,000	$157	58
802 E 22nd St	0.68mi	3/2.5	1,750 (+6%)	1mo	$200,000	$114	52
108 E 35th St	0.59mi	4/2.0 (+1)	1,525 (-8%)	1mo	$225,000	$148	50
1703 N Pine St	0.63mi	3/2.0	1,825 (+11%)	0mo	$117,000	$64	49

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: -11.6%
• Equity multiple: 0.57×
• Total profit: $-27,093
• Equity at exit: $33,548

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $3,871
• Equity at exit: $19,454

Cash invested: $63,000 (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: 132
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,823 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$99 /mo · $1,183/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $68

Break-even live

Break-even rent $1,737

Max offer price $225,000

Occupancy floor 91%

Sensitivity live

Price	-10% $195	-5% $132	+0% $68	+5% $4	+10% $-59
Rent	-10% $-76	-5% $-4	+0% $68	+5% $140	+10% $212
Rate	-1.0pp $181	-0.5pp $125	base $68	+0.5pp $10	+1.0pp $-50

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	45d	1	0.10mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	0d	1	0.15mi
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	26d	1	0.18mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	45d	1	0.18mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	17d	1	0.19mi
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	45d	1	0.20mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	26d	1	0.23mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	45d	1	0.25mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	26d	1	0.25mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	45d	1	0.26mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	26d	1	0.26mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	26d	1	0.27mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	45d	1	0.28mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	45d	1	0.32mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	14d	1	0.43mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	12d	1	0.44mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	14d	1	0.44mi
912 McCabe Ave Wilmington, DE	2.0	1.0	2100	$1,950	$0.93	1d	1	0.54mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	45d	1	0.55mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	45d	1	0.78mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.80mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	45d	1	0.84mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	20d	1	0.85mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	26d	1	0.92mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	45d	1	0.93mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	0d	61	1.01mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	26d	1	1.06mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	0d	1	1.06mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	20d	1	1.06mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	45d	5	1.07mi
1301 N Harrison St Wilmington, DE	1.0–2.0	1.0	1050	$1,850	$1.76	7d	1	1.10mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	19d	1	1.10mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	45d	1	1.12mi
2 Colony Blvd Wilmington, DE	1.0–2.0	1.0–2.0	1112	$2,500	$2.25	0d	6	1.12mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	7d	1	1.12mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	45d	1	1.12mi
1207 Delaware Ave Wilmington, DE	2.0	1.0	1200	$1,700	$1.42	13d	1	1.12mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	18d	1	1.15mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	7d	1	1.15mi
1210 Delaware Ave Unit 3 Wilmington, DE	2.0	1.0	1200	$2,395	$2.00	45d	1	1.16mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $225,000 Pending 3 DOM
2. 2026-06-04
   remarks 699-char remark
3. 2026-06-04
   listed $225,000 Active 1 DOM

ⓘ 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: $1,183 · $99/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$61/yr (+$5/mo · 5.2%)

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

Taxation est. · year 1

• Rental income: $21,876
• − Mortgage interest: −$12,603
• − Property taxes: −$1,183
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − Depreciation: −$6,545
• Taxable loss: −$3,081
• Est. tax savings @ 24.0%: +$739
• After-tax cash flow: $1,555/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

+1297.5% since first listed

3 events — show timeline

• 2026-06-03 Listed $225,000 BRIGHT MLS
• 2018-05-16 Sold (Public Records) $69,146 Public Records
• 1974-05-01 Sold (Public Records) $16,100 Public Records

Property tax history

+3.7%/yr

Latest (2024): $1,183 · +15.1% YoY. Source: county tax records.