Wilmington Delaware Deal

6 Replies

Hi All Let me know what your thoughts are on this area specific in Delaware is to invest? Address is 1018 N Adams Street Wilmington DE.

@Brian Wert

That area is right on the border of the Trinity Vicinity neighborhood, which is a decent area in the city.  The problem is N Adams borders I-95 and because of that there is a lot of noise and no street parking in front of the property.  A few blocks over the neighborhood starts to get pretty rough.  It all depends on your investment goals and risk tolerance.  I actually looked at purchasing the property next door about a month ago.

@James Masotti can offer more insight into the location and potential of this deal than I probably can.

@Brian Wert , looks like a decent rental property and should be easy to rent. Yes, it's a busy road and right next to 95 but it's just a 3 bock walk to downtown. It's close to Pennsylvania Ave which is a good thing. The further away from Pennsylvania Ave you go the more sketchy it gets and quickly. Good luck.

I see that it's pending, so either, Congrats or on to the next one.  My opinion is that its a so so spot.  What I like about it is that the units look in really good shape and it is a very walkable spot to the many business's of downtown Wilm.  Good to attract renters.  With 25% down it looks like your PTI are around $700/mo and the opportunity to get between $1,400 and 1,600/mo is a good spread.  The price is reasonable.  

What I don't like is that it is on a very traveled road and residents can't park right in front of the home.  They will have to walk at least a 1/2 block for parking every time.  I think that could lower the quality of tenant that would be interested.  It is very borderline on area, if you were on other side of 95 it would be better.  2 and a half blocks southeast is one of the unsafest part of the city.  It's a 2 bedroom, 3 or 1 seem to be easier rents.  

@Brian Wert - I agree with the other gents posting....a couple of blocks away can get pretty rough.  That particular building/street is ok for rentals, but it really depends on your risk tolerance and investing strategy.  Also, as they noted, parking is not as desirable and it borders 95 and the off-ramp from 95.  Hope that helps.

Good information in this thread, I've always been to curious where the best areas of investing are in Wilmington, and have heard of the varying neighborhoods, but that only goes so far when you're not familiar with the scope of Wilmington, aside from Rodney Square and Little Italy. :P

Thanks for tagging me on the convo @Shawn Kostoff . It was a busy week traveling last week and I'm still getting caught up. @Eric Armstrong pretty much hit the nail on the head though :)

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