1402 W 8th St · Wilmington, DE 19806

$449,900

4 bd · 2.0 ba · 2,300 sqft · MultiFamily public records · 6 Days on market

Built 1918 5,227 sqft lot Est $366k · 23% over

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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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Executive duplex in a great Cool Spring location. Upgrade your investment portfolio or live in one and rent the other. Great opportunity to own a beautifully maintained home in a prime city location. Lovingly maintained by long-time owner-occupants, this well-cared-for duplex blends timeless character with thoughtful updates and exceptional pride of ownership throughout. A welcoming covered front porch leads to a shared entrance. The first-floor residence opens into an inviting foyer, offering an immediate glimpse of the beautiful hardwood floors, custom millwork, and original architectural details that define the home. The spacious living room features a wood-burning fireplace, decorative

Key facts

• 5,227 sq ft lot
• 4 parking spots
• Built 1918

Property features AI

Finance

• Financial info: Ownership is Fee Simple; Property in excellent condition; Existing leases include month-to-month units; Total of 2 dwelling units with some units leased and some vacant (1 vacant, 2 leased, 1 month-to-month)

Exterior

• Parking: Off-street parking for 4 vehicles (total 4 spaces)
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Detached property; 2 stories
• Construction: Brick construction; Stone foundation
• Exterior features: Lot dimensions approximately 40 x 132

Interior

• Bedrooms: One 1-bedroom unit; Three 3-bedroom units
• Flooring: Hardwood
• Heating & cooling: Hot water/radiator heating; Oil-fired heat; Central air conditioning (electric)
• Interior features: Wood floors; Fireplace (1)
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2 × 5-bed/?-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $877 ($11k/yr) — positive. Per door: $439/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $448k (0.4% below list).
• Recommended offer: $448k (0.4% below list) — sets the bar for 1% rule.
• Cap rate 8.6% 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 (+5.1%/yr); 59 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $4,479/mo this rent would consume 60% of the median local household income ($89k/yr) (locally 508% 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 $3k of loan paydown is wiped out by about $13k 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 + 5.1% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $447,900 (0.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.00% ✗
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $365,700
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 N Broom St	0.12mi	5/3.0 (+1)	2,425 (+5%)	14mo	$425,000	$175	65
1329 N Dupont St	0.48mi	4/—	2,225 (-3%)	10mo	$495,000	$222	64
804 N Van Buren St	0.29mi	3/— (-1)	2,100 (-9%)	10mo	$400,000	$190	59
802 W 9th St	0.47mi	3/3.0 (-1)	2,150 (-6%)	2mo	$335,000	$156	56
906 N Madison St	0.57mi	4/—	2,500 (+9%)	4mo	$370,000	$148	56
414 Friend Ct	0.73mi	4/3.5	2,225 (-3%)	1mo	$354,000	$159	54
201 N Broom St	0.34mi	5/— (+1)	2,625 (+14%)	9mo	$319,000	$122	48
1531 Delaware Ave	0.57mi	4/—	1,975 (-14%)	6mo	$501,000	$254	45
613 W 10th St	0.58mi	4/3.0	2,575 (+12%)	21mo	$308,000	$120	32

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 · 5.1% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-7,575
• Equity at exit: $67,082

10-year hold

• IRR: 10.0%
• Equity multiple: 1.84×
• Total profit: $105,895
• Equity at exit: $38,899

Cash invested: $125,972 (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 19806

• Rents YoY: 5.1%
• Active inventory: 59
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $4,479 medium
• Mortgage (P&I): −$2,359
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$941
• Net cashflow: $877

Break-even live

Break-even rent $3,369

Max offer price $449,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	—	$4,480
Total (2 units)			$4,479

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1624 W 9th St Wilmington, DE	3.0	2.5	1780	$2,500	$1.40	18d	1	0.24mi
1913 W 2nd St Unit 1913 Wilmington, DE	5.0	1.5	1675	$2,050	$1.22	43d	1	0.51mi
1525 Beech St Wilmington, DE	3.0	2.5	1850	$2,400	$1.30	5d	1	0.71mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	2d	117	0.78mi
21 Stroud St Unit 1 Wilmington, DE	3.0	1.5	1875	$1,900	$1.01	43d	1	0.89mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	43d	1	1.35mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	15d	1	1.40mi

Listing history 15 events

1. 2026-06-18
   status $449,900 Pending 6 DOM
2. 2026-06-18
   days on market $449,900 Active 6 DOM
3. 2026-06-17
   days on market $449,900 Active 5 DOM
4. 2026-06-16
   days on market $449,900 Active 4 DOM
5. 2026-06-15
   days on market $449,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   statusdays on market $449,900 Active 1 DOM
8. 2026-06-09
   days on market $449,900 Coming Soon 11 DOM
9. 2026-06-08
   days on market $449,900 Coming Soon 10 DOM
10. 2026-06-07
    days on market $449,900 Coming Soon 9 DOM
11. 2026-06-04
    days on market $449,900 Coming Soon 6 DOM
12. 2026-06-03
    days on market $449,900 Coming Soon 5 DOM
13. 2026-06-02
    days on market $449,900 Coming Soon 4 DOM
14. 2026-06-01
    days on market $449,900 Coming Soon 3 DOM
15. 2026-05-31
    days on market $449,900 Coming Soon 2 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: $1,372 · $114/mo
• Projected year-2 tax: $1,991 · $166/mo
• Expected delta: +$619/yr (+$52/mo · 45.1%)

ⓘ 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 · 15 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: $53,748
• − Mortgage interest: −$25,201
• − Property taxes: −$1,372
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,300
• − Management: −$4,300
• − Depreciation: −$13,088
• Taxable income: $3,237
• Est. tax owed @ 24.0%: −$777
• After-tax cash flow: $9,750/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): 9,777
• Household income: $88,855
• Rent vs Own: 49.1% rent · 50.9% own
• Severe rent burden: 508.0

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 White (77%)
• Race & ethnicity: White 77% Black 11% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 7% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 2% Russian/Polish/Slavic 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: ▼ -290.78%
• Current HPI: 214.8382
• Rent YoY: ▲ 5.10%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-29 Coming Soon $449,900 BRIGHT MLS

Property tax history

+1.0%/yr

Latest (2024): $1,372 · +21.8% YoY. Source: county tax records.