409 E 10th St · Wilmington, DE 19801

$135,000

3 bd · 1.0 ba · 1,000 sqft · Townhouse public records · 225 Days on market

Built 1900 871 sqft lot $135/sqft · at area comps Est $135k · at est. ↓ 10% since listing

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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 +9.0/10.0
• ARV discount +7.6/15.0
• 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 MLS

Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

Key facts

• Built 1900
• Listed 224 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 5.7% 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 at typical pace (median 20d 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 43% 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 $933 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 + 1.6% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 6.0

CMA / ARV

• ARV (median comp): $135,231
• List price: $135,000
• Delta: -0.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1007 N Spruce St	0.17mi	3/1.5	1,075 (+8%)	3mo	$145,000	$135	75
1004 N Pine	0.11mi	3/1.5	1,100 (+10%)	4mo	$170,000	$155	73
524 Taylor St	0.16mi	2/1.0 (-1)	1,125 (+12%)	1mo	$110,000	$98	66
834 N Pine St	0.16mi	3/1.5	1,150 (+15%)	0mo	$150,000	$130	65
1001 N Church St	0.24mi	2/1.0 (-1)	894 (-11%)	1mo	$148,000	$166	65
321 E 9th St	0.09mi	2/1.0 (-1)	850 (-15%)	4mo	$58,000	$68	62
610 E 22nd St	0.58mi	2/1.0 (-1)	1,025 (+2%)	4mo	$71,000	$69	60
910 N Spruce St	0.19mi	2/1.0 (-1)	850 (-15%)	4mo	$107,500	$126	58
827 E 17th St	0.51mi	2/1.0 (-1)	925 (-8%)	1mo	$75,000	$81	58
2111 N Locust St	0.59mi	3/1.5	1,075 (+8%)	3mo	$175,600	$163	56
2230 Lamotte St	0.64mi	3/1.5	1,125 (+12%)	3mo	$135,000	$120	45
729 W 9th St	0.70mi	2/1.5 (-1)	1,150 (+15%)	3mo	$155,000	$135	33

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: 12.0%
• Equity multiple: 1.47×
• Total profit: $17,671
• Equity at exit: $20,129

10-year hold

• IRR: 19.8%
• Equity multiple: 2.56×
• Total profit: $59,083
• Equity at exit: $11,672

Cash invested: $37,800 (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 19801

• Rents YoY: 1.6%
• Active inventory: 75
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,885 high
• Mortgage (P&I): −$708
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $663

Break-even live

Break-even rent $1,046

Max offer price $135,000

Occupancy floor 60%

Sensitivity live

Price	-10% $739	-5% $701	+0% $663	+5% $625	+10% $586
Rent	-10% $514	-5% $588	+0% $663	+5% $737	+10% $812
Rate	-1.0pp $731	-0.5pp $697	base $663	+0.5pp $628	+1.0pp $592

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1124 Clifford Brown Walk Wilmington, DE	2.0	1.0	1240	$1,625	$1.31	45d	1	0.09mi
605 E 10th St Wilmington, DE	3.0	1.0	1200	$1,850	$1.54	25d	1	0.11mi
518 E 12th St Wilmington, DE	2.0	1.0	875	$1,425	$1.63	21d	1	0.12mi
928 Kirkwood St Wilmington, DE	3.0	1.5	1150	$1,700	$1.48	18d	1	0.15mi
1004 N Spruce St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	19d	1	0.18mi
835 N Spruce St Wilmington, DE	3.0	1.0	775	$1,700	$2.19	0d	1	0.21mi
1026 Bennett St Wilmington, DE	3.0	1.0	1125	$1,685	$1.50	0d	1	0.21mi
1217 N King St Wilmington, DE	3.0	1.5	1300	$2,145	$1.65	19d	1	0.29mi
913 N Market St Wilmington, DE	1.0–2.0	1.0–2.0	974	$1,985	$2.04	45d	5	0.30mi
801 N Market St Unit 207 Wilmington, DE	2.0	2.0	1239	$1,895	$1.53	6d	1	0.34mi
1001 N Orange St Wilmington, DE	1.0–2.0	1.0–2.0	833	$2,135	$2.56	0d	61	0.36mi
116 W 9th St Wilmington, DE	1.0–2.0	1.0–2.0	813	$2,270	$2.79	0d	17	0.36mi
801 N Orange St Wilmington, DE	3.0	1.0–3.0	1118	$3,991	$3.57	0d	115	0.40mi
228 W 9th St Unit 201 Wilmington, DE	2.0	2.0	1031	$1,695	$1.64	45d	1	0.41mi
107 W 13th St Wilmington, DE	3.0	1.5	1325	$1,895	$1.43	45d	1	0.42mi
15 W Girard St Unit 105 Wilmington, DE	2.0	1.0	740	$1,645	$2.22	6d	1	0.42mi
703 Orange St Wilmington, DE	1.0–2.0	1.0	800	$1,475	$1.84	45d	1	0.43mi
839 N Tatnall St Unit 101 Wilmington, DE	2.0	2.0	1211	$1,750	$1.45	6d	1	0.44mi
517 N Shipley St Wilmington, DE	2.0	1.0–2.0	822	$2,670	$3.25	0d	15	0.48mi
918 E 17th St Unit 1 Wilmington, DE	3.0	1.0	1100	$1,795	$1.63	0d	1	0.50mi
225 W 4th St Unit 2 Wilmington, DE	2.0	1.0	1000	$1,599	$1.60	45d	1	0.57mi
613 W 10th St Wilmington, DE	2.0	1.0	1100	$1,745	$1.59	45d	1	0.64mi
711 Windsor St Wilmington, DE	2.0	1.0	980	$1,460	$1.49	45d	1	0.65mi
709 Windsor St Unit 3 Wilmington, DE	2.0	1.0	980	$1,500	$1.53	45d	1	0.66mi
617 W 6th St Unit 617 B Wilmington, DE	3.0	1.0	1000	$1,600	$1.60	6d	1	0.69mi
507 W 4th St Wilmington, DE	3.0	1.5	1075	$1,800	$1.67	14d	1	0.69mi
103 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1025	$1,795	$1.75	45d	1	0.71mi
5 E 24th St Unit 1 Wilmington, DE	3.0	1.0	1150	$1,795	$1.56	45d	1	0.72mi
1010 Trenton Pl Wilmington, DE	3.0	1.5	1475	$2,350	$1.59	18d	1	0.74mi
820 W 7th St Wilmington, DE	3.0	1.0	1000	$1,650	$1.65	45d	1	0.79mi
115 Christina Landing Dr Wilmington, DE	1.0–2.0	1.0–2.0	1195	$2,796	$2.34	0d	11	0.81mi
401 A St Wilmington, DE	2.0	1.0–2.0	716	$2,605	$3.64	0d	12	0.82mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,700	$1.55	11d	1	0.85mi
409 W 20th St Unit 2 Wilmington, DE	2.0	1.0	1100	$1,500	$1.36	14d	1	0.85mi
306 Concord Ave Unit 2 Wilmington, DE	3.0	1.0	1100	$1,350	$1.23	45d	1	0.85mi
105 Christina Landing Dr Wilmington, DE	2.0	2.0	1025	$2,400	$2.34	11d	1	0.86mi
105 Christina Landing Dr #1503 Wilmington, DE	2.0	2.0	1025	$2,500	$2.44	18d	1	0.86mi
302 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1450	$1,295	$0.89	25d	1	0.86mi
312 Concord Ave Unit 2 Wilmington, DE	2.0	1.0	700	$1,295	$1.85	25d	1	0.86mi
306 W 23rd St Unit 1 Wilmington, DE	2.0	1.0	1475	$1,295	$0.88	25d	1	0.86mi

Listing history 21 events

1. 2026-06-21
   days on market $135,000 Active 225 DOM
2. 2026-06-18
   days on market $135,000 Active 222 DOM
3. 2026-06-17
   days on market $135,000 Active 221 DOM
4. 2026-06-16
   days on market $135,000 Active 220 DOM
5. 2026-06-15
   days on market $135,000 Active 219 DOM
6. 2026-06-13
   days on market $135,000 Active 217 DOM
7. 2026-06-13
   days on market $135,000 Active 216 DOM
8. 2026-06-09
   days on market $135,000 Active 213 DOM
9. 2026-06-08
   days on market $135,000 Active 212 DOM
10. 2026-06-07
    days on market $135,000 Active 211 DOM
11. 2026-06-04
    days on market $135,000 Active 208 DOM
12. 2026-06-03
    days on market $135,000 Active 207 DOM
13. 2026-06-02
    days on market $135,000 Active 206 DOM
14. 2026-06-01
    days on market $135,000 Active 205 DOM
15. 2026-05-31
    days on market $135,000 Active 204 DOM
16. 2026-01-01
    status Active 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

17. 2025-12-23
    historical 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

18. 2025-11-28
    price $135,000 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

19. 2025-11-12
    price $140,000 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

20. 2025-10-31
    listed $150,000 Active 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

21. 2025-10-28
    historical $150,000 578-char remark

    Show marketing remark (578 chars)

    Investor or first-time buyer opportunity! This 3-bedroom Wilmington home offers the perfect chance to build equity with just a little TLC. Whether you’re looking to start your real estate portfolio or find your first home, this property has great potential. Featuring a traditional layout, spacious rooms, and close proximity to downtown amenities, parks, and major routes. Bring your vision and make it your own. Perfect for those ready to put in a little sweat for long-term gain! AS IS, Seller will not make any repairs home inspection repairs or lender repairs if any.

ⓘ 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: $748 · $62/mo
• Projected year-2 tax: $766 · $64/mo
• Expected delta: +$17/yr (+$1/mo · 2.3%)

ⓘ 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: $22,625
• − Mortgage interest: −$7,562
• − Property taxes: −$748
• − Insurance: −$675
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − Depreciation: −$3,927
• Taxable income: $6,092
• Est. tax owed @ 24.0%: −$1,462
• After-tax cash flow: $6,493/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

-10.0% since first listed

6 events — show timeline

• 2026-01-01 Relisted — BRIGHT MLS
• 2025-12-23 Listing Removed — BRIGHT MLS
• 2025-11-28 Price Changed $135,000 BRIGHT MLS
• 2025-11-12 Price Changed $140,000 BRIGHT MLS
• 2025-10-31 Listed $150,000 BRIGHT MLS
• 2025-10-28 Coming Soon $150,000 BRIGHT MLS

Property tax history

-11.4%/yr

Latest (2024): $748 · +2.6% YoY. Source: county tax records.