8 E 24th St – Wilmington, DE 19802

Hey Investors,

This is a prime flip opportunity at 8 E 24th St in Wilmington’s Forty Acres neighborhood, where renovated row homes are commanding $188K–$250K and distressed properties are trading hands well below $120K. The spread between as-is value and ARV is significant — a Heavy rehab play with real upside for the investor willing to execute a clean renovation. Comps confirm buyers are active and properties are moving within weeks of listing.

Strategy: Flip | Specs: 3 BR / 2 BA | 1,375 sqft | Year Built: 1922 | Zoning: SFH

The Money & ARV:
* Target Rent: $1,800 – $1,950/mo
* Est. Rehab: $82,500 (1,375 sqft × $60 Heavy — Heavy rehab tier)
* Realistic ARV: $220,000 (Anchored by 2503 N Pine St)
* Aggressive ARV: $249,999 (Top-tier renovation potential — 31 E 23rd St)

Why this deal?
The Forty Acres block cluster has demonstrated consistent buyer demand with renovated 3BD/2BA row homes selling between $188K–$250K in the last 90 days. Distressed comps in the immediate vicinity are clearing sub-$115K, confirming a healthy spread for a flip execution. The Heavy rehab budget of $82,500 leaves meaningful margin at a $220K–$250K ARV exit. Investors should underwrite conservatively to the $220K ARV and treat $249,999 as upside contingent on premium finishes.

Comparable Properties

PROPERTY COMPARABLES (SOLD LAST 6 MONTHS) — City | Strategy: Flip | Radius: 0.25 mi

Renovated / High-End Closed Sales
– 31 E 23rd St, Wilmington, DE 19802 (0.07 mi) — Sold $249,999 | 3BD/2BA | 1,675 sqft | $149 PPSF | 05/01/26
– 2503 N Pine St, Wilmington, DE 19802 (0.09 mi) — Sold $220,000 | 3BD/2BA | 1,100 sqft | $200 PPSF | 02/20/26
– 2203 N Pine St, Wilmington, DE 19802 (0.14 mi) — Sold $188,000 | 3BD/2BA | 1,200 sqft | $157 PPSF | 03/27/26

Mid-Tier & Value-Add Closed Sales
– 2111 N Locust St, Wilmington, DE 19802 (0.11 mi) — Sold $175,600 | 3BD/2BA | 1,075 sqft | $163 PPSF | 03/31/26
– 2 E 24th St, Wilmington, DE 19802 (0.04 mi) — Sold $158,163 | 4BD/2BA | 1,550 sqft | $102 PPSF | 03/17/26
– 19 E 25th St, Wilmington, DE 19802 (0.08 mi) — Sold $135,000 | 3BD/2BA | 1,350 sqft | $100 PPSF | 03/27/26
– 2230 Lamotte St, Wilmington, DE 19802 (0.12 mi) — Sold $135,000 | 3BD/2BA | 1,125 sqft | $120 PPSF | 03/18/26

Fixer / Shell Closed Sales (Low-Tier)
– 2406 Carter St, Wilmington, DE 19802 (0.06 mi) — Sold $75,000 | 3BD/2BA | 1,175 sqft | $64 PPSF | 02/07/26
– 2507 Carter St, Wilmington, DE 19802 (0.07 mi) — Sold $91,000 | 3BD/2BA | 1,250 sqft | $73 PPSF | 01/17/26
– 9 E 24th St, Wilmington, DE 19802 (0.03 mi) — Sold $112,500 | 3BD/1BA | 1,025 sqft | $110 PPSF | 12/16/25