2602 N Tatnall St · Wilmington, DE 19802

$185,000

3 bd · 1.5 ba · 1,350 sqft · Townhouse public records · 9 Days on market

Built 1920 2,178 sqft lot Est $225k · 18% under

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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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2602 N. Tatnall Street in Wilmington. This three-bedroom, one-and-a-half-bath residence offers approximately 1,350 square feet of living space and blends classic character with everyday functionality. The home features a traditional floor plan with spacious living and dining areas, a well-equipped kitchen, and ample storage throughout. The second level includes three comfortably sized bedrooms and a full bathroom, while the main level is complemented by a convenient half bath. Additional features include a basement providing extra storage or utility space and a low-maintenance city lot. Conveniently located with access to major commuting routes, shopping, dining, parks, and other

Key facts

• Ample storage
• Built 1920
• Listed 9 days

Tags

• WELL-EQUIPPED KITCHEN
• AMPLE STORAGE
• LOW-MAINTENANCE CITY LOT
• SHOPPING DINING PARKS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Fee simple ownership; Year built is estimated
• Construction: Stone construction; Stone foundation
• Exterior features: End-of-row townhouse; No tidal water

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom; One half bathroom on the lower level
• Heating & cooling: Hot water heating; Natural gas fuel; Electric hot water
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/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 $181k (2.0% below list).
• Recommended offer: $181k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 8.5% 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 (+5.7%/yr); 119 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 40% 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 $1k of loan paydown is wiped out by about $6k 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 + 5.7% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 30y 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.
• Current owner paid $59k; list at $185k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $181,333 (2.0% below list)

Questions for the listing agent

1. Built in 1920 — 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: 0.98% ✗
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $225,450
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 Lamotte St	0.16mi	3/1.0	1,275 (-6%)	0mo	$125,000	$98	81
709 E 26th St	0.34mi	3/2.5	1,375 (+2%)	0mo	$230,000	$167	76
24 W 30th St	0.22mi	3/2.0	1,478 (+10%)	0mo	$280,000	$189	72
2321 N Tatnall St	0.14mi	3/1.5	1,525 (+13%)	0mo	$216,000	$142	71
305 W 21st St	0.36mi	3/1.5	1,450 (+7%)	1mo	$290,000	$200	70
2708 Thompson Pl	0.20mi	3/1.0	1,175 (-13%)	1mo	$215,000	$183	66
623 W Twenty Eighth St	0.45mi	3/1.5	1,250 (-7%)	0mo	$235,000	$188	66
2009 N Tatnall St	0.34mi	3/1.0	1,475 (+9%)	1mo	$170,000	$115	66
1313 N Walnut St	0.66mi	2/1.0 (-1)	1,350 (0%)	1mo	$155,000	$115	62
125 W 20th St	0.38mi	3/1.0	1,500 (+11%)	0mo	$235,000	$157	61
222 W 22nd St	0.31mi	3/2.5	1,525 (+13%)	1mo	$265,000	$174	59
108 E 35th St	0.56mi	4/2.0 (+1)	1,525 (+13%)	1mo	$225,000	$148	44

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: -1.7%
• Equity multiple: 0.93×
• Total profit: $-3,458
• Equity at exit: $27,584

10-year hold

• IRR: 10.4%
• Equity multiple: 1.90×
• Total profit: $46,456
• Equity at exit: $15,995

Cash invested: $51,800 (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: 119
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,813 high
• Mortgage (P&I): −$970
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $338

Break-even live

Break-even rent $1,386

Max offer price $185,000

Occupancy floor 76%

Sensitivity live

Price	-10% $442	-5% $390	+0% $338	+5% $285	+10% $233
Rent	-10% $194	-5% $266	+0% $338	+5% $409	+10% $481
Rate	-1.0pp $431	-0.5pp $385	base $338	+0.5pp $290	+1.0pp $241

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2518 N Tatnall St Wilmington, DE	4.0	1.5	1575	$1,995	$1.27	44d	1	0.04mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	44d	1	0.12mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	44d	1	0.16mi
2401 N West St Wilmington, DE	4.0	1.0	1650	$1,900	$1.15	16d	1	0.17mi
125 W 23rd St Wilmington, DE	4.0	2.0	1672	$1,995	$1.19	44d	1	0.20mi
2705 Speakman Pl Wilmington, DE	3.0	1.5	1100	$1,975	$1.80	13d	1	0.25mi
2923 N Washington St Wilmington, DE	3.0	1.0	1225	$1,600	$1.31	2d	1	0.29mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	25d	1	0.29mi
3005 N West St Wilmington, DE	3.0	1.0	1176	$1,900	$1.62	25d	1	0.30mi
306 W 23rd St Unit 2 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	44d	1	0.30mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	25d	1	0.30mi
400 W 29th St Wilmington, DE	3.0	1.5	1125	$1,950	$1.73	44d	1	0.30mi
3003 N Washington St Wilmington, DE	3.0	1.0	1250	$1,950	$1.56	44d	1	0.31mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	44d	1	0.32mi
314 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	1300	$1,295	$1.00	25d	1	0.32mi
517 W 26th St Unit NA Wilmington, DE	3.0	1.5	1344	$1,900	$1.41	25d	1	0.37mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	11d	1	0.48mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	13d	1	0.48mi
2601 N Heald St Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	0d	1	0.52mi
604 W 20th St Unit 2 Wilmington, DE	2.0	1.0	900	$1,195	$1.33	25d	1	0.57mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.59mi
547 Eastlawn Ave Wilmington, DE	3.0	1.0	1400	$1,995	$1.43	44d	1	0.68mi
507 Barrett St Wilmington, DE	3.0	1.0	1275	$1,700	$1.33	44d	1	0.69mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	0.72mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	44d	1	0.74mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	21d	1	0.75mi
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	44d	1	0.76mi
3408 Miller Rd Wilmington, DE	1.0–2.0	1.0–2.0	889	$1,775	$2.00	6d	6	0.79mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	2d	1	0.86mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	25d	1	0.87mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	0.87mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	2d	62	0.90mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	18d	1	0.91mi
903 Shallcross Ave Wilmington, DE	2.0	1.5	1575	$2,195	$1.39	25d	1	0.91mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	44d	5	0.94mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,745	$1.04	6d	1	1.01mi
212 W 9th St Unit 204 Wilmington, DE	2.0	2.0	1671	$1,795	$1.07	44d	1	1.01mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,250	$2.77	2d	16	1.02mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	1.02mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	6d	1	1.04mi

Listing history 8 events

1. 2026-06-18
   days on market $185,000 Active 9 DOM
2. 2026-06-17
   days on market $185,000 Active 8 DOM
3. 2026-06-16
   days on market $185,000 Active 7 DOM
4. 2026-06-15
   days on market $185,000 Active 6 DOM
5. 2026-06-13
   days on market $185,000 Active 4 DOM
6. 2026-06-13
   days on market $185,000 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $185,000 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: $571 · $48/mo
• Projected year-2 tax: $822 · $69/mo
• Expected delta: +$251/yr (+$21/mo · 44.0%)

ⓘ 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 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: $21,760
• − Mortgage interest: −$10,363
• − Property taxes: −$571
• − Insurance: −$925
• − Repairs & maintenance: −$1,741
• − Management: −$1,741
• − Depreciation: −$5,382
• Taxable income: $1,038
• Est. tax owed @ 24.0%: −$249
• After-tax cash flow: $3,803/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

+537.9% since first listed

4 events — show timeline

• 2026-06-09 Listed $185,000 BRIGHT MLS
• 2021-02-11 Sold (Public Records) $59,000 Public Records
• 1997-02-01 Listing Removed — BRIGHT MLS
• 1996-09-04 Listed $29,000 BRIGHT MLS

Property tax history

+3.1%/yr

Latest (2024): $571 · +15.1% YoY. Source: county tax records.