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Killing Dereo will lower your reputation with the underground criminals in Delver's Row. The consequence of losing that reputation is higher prices with their merchants, and they may even attack you on sight. You'll just have to decide whether that's worth the loot or not; IIRC the loot around dereo is just some scrolls and stuff, not even any unique gear so it's only worth it if you never plan on going to delver's row again.
One example where you don't lose rep is killing the bardato/valera after the quest is done, they are not associated with any faction.