918 N Spruce St · Wilmington, DE 19801

$165,000

2 bd · 1.0 ba · 850 sqft · Townhouse public records · 44 Days on market

Built 1900 1,307 sqft lot $194/sqft · 66% above area

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Why this score? — see what drove the C 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 +26.0/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Coming Soon – Fully Renovated & Priced to Sell to an owner occupant only! This is NOT an investor opportunity. Don’t miss this opportunity to own a completely renovated home at an incredible value! 918 N Spruce St has been rebuilt from the studs up — offering buyers a true “like-new” experience at just $165,000. This home features a spacious, new extended layout with all-new finishes throughout. The main level showcases a convenient half bath, hardwood flooring and a seamless flow, with hardwood continuing up the staircase. Upstairs, you’ll find three generously sized bedrooms with brand-new wall-to-wall carpet, along with a fully updated full bath

Key facts

• Built 1900
• Listed 43 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric and natural gas heating fuel; Natural gas hot water; Electric cooling
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Effective major renovation 2026
• Construction: Brick construction; Stone foundation; Above-grade and below-grade structures
• Exterior features: In city limits; Lot dimensions approximately 15.00 x 71.50

Interior

• Kitchen: Built-in microwave; Stove
• Bedrooms: Three bedrooms on the first upper level
• Flooring: Luxury vinyl plank; Carpet
• Bathrooms: One full bathroom (all upper levels); One half bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Combination dining and living area; Living room, dining room, kitchen
• Laundry & utility: Washer/dryer hookup in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.6%/yr); 75 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 40% of the median local income ($53k/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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 44 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask is 1567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1900 — 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 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: 1.08% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.69%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (median comp): $99,330
• List price: $165,000
• Delta: 66.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
910 N Spruce St	0.01mi	2/1.0	850 (0%)	4mo	$107,500	$126	97
1001 N Church St	0.08mi	2/1.0	894 (+5%)	1mo	$148,000	$166	87
321 E 9th St	0.24mi	2/1.0	850 (0%)	4mo	$58,000	$68	85
835 N Spruce St	0.07mi	3/1.0 (+1)	775 (-9%)	8mo	$67,000	$86	70
735 E 10th St	0.07mi	3/1.0 (+1)	950 (+12%)	5mo	$101,000	$106	68
827 E 17th St	0.48mi	2/1.0	925 (+9%)	1mo	$75,000	$81	62
1010 N Pine St	0.10mi	3/1.0 (+1)	950 (+12%)	12mo	$155,000	$163	60
1967 Superfine Ln #87	0.60mi	1/1.0 (-1)	850 (0%)	10mo	$160,000	$188	59
1026 N Pine St	0.11mi	3/1.5 (+1)	975 (+15%)	12mo	$219,000	$225	53
202 E Thirteenth St	0.40mi	2/1.0	975 (+15%)	9mo	$165,000	$169	50
1316 E Fourteenth St	0.55mi	2/1.0	975 (+15%)	10mo	$85,000	$87	41
1602 Thatcher St	0.47mi	2/1.0	975 (+15%)	18mo	$60,000	$62	38

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 · 1.59% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,080
• Equity at exit: $24,602

10-year hold

• IRR: 6.4%
• Equity multiple: 1.45×
• Total profit: $20,894
• Equity at exit: $14,266

Cash invested: $46,200 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,774 high
• Mortgage (P&I): −$865
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $411

Break-even live

Break-even rent $1,253

Max offer price $165,000

Occupancy floor 72%

Sensitivity live

Price	-10% $505	-5% $458	+0% $411	+5% $365	+10% $318
Rent	-10% $271	-5% $341	+0% $411	+5% $482	+10% $552
Rate	-1.0pp $495	-0.5pp $453	base $411	+0.5pp $369	+1.0pp $325

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	0d	1	0.06mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	0.07mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	2d	1	0.10mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	21d	1	0.20mi
1212 N King St Wilmington, DE	1.0	1.5	1000	$1,650	$1.65	44d	1	0.43mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.45mi
801 N Market St Unit 301 Wilmington, DE	1.0	1.0	630	$1,725	$2.74	44d	1	0.47mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	44d	1	0.47mi
801 N Market St Unit 303 Wilmington, DE	1.0	1.0	790	$1,695	$2.15	6d	1	0.47mi
801 N Market St Unit 206 Wilmington, DE	1.0	1.0	728	$1,495	$2.05	6d	1	0.47mi
101 W 10th St Wilmington, DE	1.0	1.0	732	$2,150	$2.94	5d	14	0.48mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.48mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	0.50mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	2d	62	0.52mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,211	$2.87	3d	117	0.54mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	44d	1	0.54mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	0.56mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	6d	1	0.56mi
2 W 4th St Wilmington, DE	1.0	1.0	623	$1,908	$3.06	3d	5	0.58mi
839 N Tatnall St Unit 303 Wilmington, DE	2.0	2.0	876	$1,475	$1.68	6d	1	0.58mi
824 N West St Wilmington, DE	1.0	1.0	700	$1,262	$1.80	44d	1	0.60mi
210 N Market St Wilmington, DE	1.0	1.0	746	$1,750	$2.34	3d	6	0.61mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	44d	1	0.65mi
225 W 4th St Unit 1 Wilmington, DE	1.0	1.0	750	$1,399	$1.87	44d	1	0.65mi
517 N West St Wilmington, DE	1.0	1.0	646	$1,295	$2.00	25d	1	0.68mi
600 N Washington St Wilmington, DE	1.0	1.0	700	$1,275	$1.82	44d	1	0.70mi
6 W 20th St Wilmington, DE	2.0	1.0	650	$1,395	$2.15	44d	1	0.70mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	0d	12	0.76mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	44d	1	0.79mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	44d	1	0.79mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	13d	1	0.79mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	44d	1	0.79mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	44d	1	0.80mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	2d	13	0.81mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	6d	1	0.81mi
101 Avenue of the Arts Wilmington, DE	1.0	1.0	726	$2,195	$3.02	2d	3	0.84mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	17d	1	0.85mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	11d	1	0.85mi
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	0d	1	0.86mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	13d	1	0.91mi

Listing history 19 events

1. 2026-06-18
   days on market $165,000 Coming Soon 44 DOM
2. 2026-06-17
   days on market $165,000 Coming Soon 43 DOM
3. 2026-06-16
   days on market $165,000 Coming Soon 42 DOM
4. 2026-06-15
   days on market $165,000 Coming Soon 41 DOM
5. 2026-06-13
   days on market $165,000 Coming Soon 39 DOM
6. 2026-06-13
   days on market $165,000 Coming Soon 38 DOM
7. 2026-06-09
   days on market $165,000 Coming Soon 35 DOM
8. 2026-06-08
   days on market $165,000 Coming Soon 34 DOM
9. 2026-06-07
   days on market $165,000 Coming Soon 33 DOM
10. 2026-06-04
    days on market $165,000 Coming Soon 30 DOM
11. 2026-06-03
    days on market $165,000 Coming Soon 29 DOM
12. 2026-06-02
    days on market $165,000 Coming Soon 28 DOM
13. 2026-06-01
    days on market $165,000 Coming Soon 27 DOM
14. 2026-05-31
    days on market $165,000 Coming Soon 26 DOM
15. 2026-05-05
    historical $165,000 1310-char remark
16. 2012-04-20
    historical
17. 2012-02-14
    listed $9,900
18. 2012-02-14
    historical
19. 2011-05-12
    listed $9,900

ⓘ 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: $675 · $56/mo
• Projected year-2 tax: $816 · $68/mo
• Expected delta: +$141/yr (+$12/mo · 20.9%)

ⓘ 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 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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,291
• − Mortgage interest: −$9,243
• − Property taxes: −$675
• − Insurance: −$825
• − Repairs & maintenance: −$1,703
• − Management: −$1,703
• − Depreciation: −$4,800
• Taxable income: $2,343
• Est. tax owed @ 24.0%: −$562
• After-tax cash flow: $4,375/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: Christina School District
• NCES district ID: 1000200
• Math proficiency: 22% ▼ -12.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $58,838
• Composite: 24.93/100
• National rank: #7567
• State rank: #18 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): 16,327
• Household income: $52,810
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 919.0

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 (67%)
• Race & ethnicity: Black 67% White 15% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% Chinese 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: ▼ -112.65%
• Current HPI: 151.1288
• Rent YoY: ▲ 1.59%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+1566.7% since first listed

5 events — show timeline

• 2026-05-05 Coming Soon $165,000 BRIGHT MLS
• 2012-04-20 Listing Removed — BRIGHT MLS
• 2012-02-14 Listing Removed — BRIGHT MLS
• 2012-02-14 Listed $9,900 BRIGHT MLS
• 2011-05-12 Listed $9,900 BRIGHT MLS

Property tax history

+4.1%/yr

Latest (2024): $675 · +28.2% YoY. Source: county tax records.