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Wilmington vs Dover for Rental Property Investing

Side-by-side comparison of Wilmington, DE and Dover, DE — cap rates, rent, prices, and investment metrics.

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Wilmington wins 3–2 across key metrics
Wilmington leads on cash flow (4.99% vs 4.56% cap rate) · Dover leads on population growth
Metric
Wilmington, DE
Dover, DE
Est. Cap Rate
4.99%
4.56%
Median Home Price
$235,000
$245,000
Median Monthly Rent
$1,320
$1,280
1% Rule
0.56%
0.52%
GRM
14.8x
16.0x
Price / Income
5.0x
5.0x
Property Tax Rate
0.56%
0.55%
Vacancy Rate
5.8%
5.8%
Population Growth
0.2% / yr
0.5% / yr
Annual Appreciation
2.4%
2.4%
Population
71,442
40,000
Median Income
$46,800
$48,600

Wilmington vs Dover: Which Is Better for Investors?

Cash flow: Wilmington has the edge with an estimated cap rate of 4.99% compared to Dover's 4.56%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $235,000 in Wilmington vs $245,000 in Dover, while rents come in at $1,320/mo and $1,280/mo respectively.

Growth & appreciation: Dover is growing faster at 0.5% annually vs Wilmington's 0.2%. Wilmington leads on home value appreciation at 2.4% per year.

Costs & risk: Property taxes are 0.56% in Wilmington vs 0.55% in Dover. Vacancy rates of 5.8% and 5.8% are both healthy, suggesting strong tenant demand in both markets.

Bottom line: Wilmington edges out Dover on most key metrics. While cap rates are moderate at 4.99%, Wilmington's overall profile is stronger. Use our free calculators to model specific deals in Wilmington or Dover.

Wilmington, DE
4.99% cap rate · $235,000 median · $1,320/mo
Full analysis →
Dover, DE
4.56% cap rate · $245,000 median · $1,280/mo
Full analysis →
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