London, UK · Member since 2016 · 76 posts · 45 votes
Hi My Fellow Biggerpocketers,
I am temporarily staying in Delaware and looking to see if there is any opportunity in this crazy market to buy and hold either a sfh or duplex strictly for a cashflow play in this state (if the numbers make sense) and stay within a budget of around 110k (max note I would be using traditional lending). I would love to understand if the current market with my criteria makes sense to begin building a team here and if so what areas to look out for that can provide stability and good cashflow. All advice is great advice so please share away and thanks in advance.
If this is your first time staying in Delaware, Welcome!
I am currently back in the analysis phase of Wilmington, DE. As I see this market with a cap of $110k, you can acquire a property with tenants already in place.
* There, unfortunately, are auctions occurring at an expedited rate as well (foreclosures).
* If you want to get into an Airbnb (STR) business model out here, the average is $124/night; primary locations are Hill Top, Trolley Square, and Mid-Town.
The properties that I have seen come onto the market for $75k to $110k have been rapidly selling and buying unless it has two main issues, tenants in place with only photos, ex. These have lasted on the market for roughly longer (30+ days) and commonly have some foundational damage req
Specific areas: the closer to the riverfront you go, the more crime levels will decrease, and the sale price will increase. There are some hidden gems within Browntown and the Claymont area by the train station.
Last note: The city "recently" increased the funding of their land bank this past FY by $1,000,000 and hired a consultant. The city wants to acquire more homeowners.
If this is your first time staying in Delaware, Welcome!
I am currently back in the analysis phase of Wilmington, DE. As I see this market with a cap of $110k, you can acquire a property with tenants already in place.
* There, unfortunately, are auctions occurring at an expedited rate as well (foreclosures).
* If you want to get into an Airbnb (STR) business model out here, the average is $124/night; primary locations are Hill Top, Trolley Square, and Mid-Town.
The properties that I have seen come onto the market for $75k to $110k have been rapidly selling and buying unless it has two main issues, tenants in place with only photos, ex. These have lasted on the market for roughly longer (30+ days) and commonly have some foundational damage req
Specific areas: the closer to the riverfront you go, the more crime levels will decrease, and the sale price will increase. There are some hidden gems within Browntown and the Claymont area by the train station.
Last note: The city "recently" increased the funding of their land bank this past FY by $1,000,000 and hired a consultant. The city wants to acquire more homeowners.
If this is your first time staying in Delaware, Welcome!
I am currently back in the analysis phase of Wilmington, DE. As I see this market with a cap of $110k, you can acquire a property with tenants already in place.
* There, unfortunately, are auctions occurring at an expedited rate as well (foreclosures).
* If you want to get into an Airbnb (STR) business model out here, the average is $124/night; primary locations are Hill Top, Trolley Square, and Mid-Town.
The properties that I have seen come onto the market for $75k to $110k have been rapidly selling and buying unless it has two main issues, tenants in place with only photos, ex. These have lasted on the market for roughly longer (30+ days) and commonly have some foundational damage req
Specific areas: the closer to the riverfront you go, the more crime levels will decrease, and the sale price will increase. There are some hidden gems within Browntown and the Claymont area by the train station.
Last note: The city "recently" increased the funding of their land bank this past FY by $1,000,000 and hired a consultant. The city wants to acquire more homeowners.
I hope this assists in any way, happy investing.
I forgot to add-in. Cash Flows: $300 to $400 Hill Top, Brown Town & Prices Run
Hi Char! Buying here can make sense, but with a budget of $110k you wouldn't be in the nicer areas of the City of Wilmington. Areas throughout New Castle County (New Castle, Claymont, Bear, Newark, outside of the city limits of Wilmington) are going to be much more. I've had some deals presented to me in that price range, but they're all cash requests. I sent a friend of mine a MLS listing for a duplex in Wilmington and it was going for $175k w/ tenants in place. I've seen some sell in desirable areas, not well kept, that are selling for $220k. It's a tough market.
If you have any questions, please feel free to reach out.