1148 Forrest Ave · Dover, DE 19904

$250,000

2 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 17 Days on market

Built 1977 0.29 ac lot Est $256k · at est.

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.3/30.0
• ARV discount +8.6/15.0
• Livability +3.4/5.0
• DSCR +3.3/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this lovingly maintained 3-bedroom ranch offering comfortable one-floor living and a convenient Dover location. Inside, the spacious living room features a vaulted ceiling and flows seamlessly into the dining area and adjacent eat-in kitchen, which has been updated with stainless steel appliances and offers ample space for everyday meals. The Primary Bedroom offers two closets and direct access to the full bathroom, which is also conveniently accessible from the hallway and serves the two additional bedrooms. Outside, enjoy a large, flat backyard with plenty of room for recreation, gardening, or entertaining. An attached garage provides additional convenience and storage. Id

Key facts

• Vaulted ceiling
• One-floor living
• Large flat backyard

Tags

• ONE-FLOOR LIVING
• VAULTED CEILING
• LARGE FLAT BACKYARD
• EASY ACCESS TO SHOPPING

Property features AI

Exterior

• Parking: Front-entry attached garage (1 garage space)
• Utilities: Public water; Public sewer; Natural gas hot water; Electric cooling
• Home design: Detached property; Shingle roof; Aluminum siding; Slab foundation; Built as recorded by assessor
• Construction: Aluminum siding construction; Shingle roof; Slab foundation
• Exterior features: Lot dimensions approximately 80 x 165.5; Property is within city limits

Interior

• Kitchen: Built-in range; Single oven; Microwave; Refrigerator; Disposal; Stainless steel appliances; Energy-efficient appliances
• Bedrooms: Three bedrooms on the main level (Master plus two additional bedrooms)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning (electric)
• Interior features: No basement; Living room; Laundry on main floor
• Laundry & utility: Washer and dryer (main floor laundry)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (29.8% below list).
• Recommended offer: $176k (29.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#38 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, crime F, commute F.
• Capital School District (urban): math 14% / reading 31% proficiency, ranked #24 of 26 in DE (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.3%/yr); 225 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,581 (29.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $256,368
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
856 Lincoln St	0.53mi	3/1.0 (+1)	1,124 (-4%)	10mo	$244,900	$218	55
735 W North St	0.74mi	3/2.0 (+1)	1,264 (+8%)	8mo	$249,900	$198	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-45,809
• Equity at exit: $37,276

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-45,557
• Equity at exit: $21,615

Cash invested: $70,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19904

• Rents YoY: 3.3%
• Active inventory: 225
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,756 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-90

Break-even live

Break-even rent $1,869

Max offer price $234,184

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 S Farmview Dr Dover, DE	1.0–2.0	1.0–2.0	888	$1,699	$1.91	43d	8	0.38mi
236 Green Blade Dr Dover, DE	3.0	2.5	1200	$1,850	$1.54	43d	1	0.44mi
33 Fieldstone Ct Dover, DE	2.0	1.5	1120	$1,550	$1.38	43d	1	0.55mi
11 Dover Hall Unit 434 Dover, DE	2.0	2.0	960	$1,700	$1.77	43d	1	0.62mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	43d	1	0.68mi
70 Greenway Sq Dover, DE	3.0	1.0–2.0	769	$1,783	$2.32	43d	1	0.68mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,210	$1.78	43d	17	0.69mi
44 Courtside Dr Unit B31 Dover, DE	2.0	1.5	1008	$1,650	$1.64	43d	1	0.75mi
97 Par Haven Dr Unit J23 Dover, DE	2.0	1.5	1050	$1,650	$1.57	43d	1	0.80mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$1,859	$1.46	43d	9	0.85mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.90mi
114 Thames Dr Dover, DE	2.0	2.5	1452	$1,650	$1.14	43d	1	0.94mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.96mi
16 S New St #1 Dover, DE	3.0	1.0	1000	$1,950	$1.95	43d	1	1.00mi
63 Forest Creek Dr Dover, DE	3.0	1.5	1322	$1,600	$1.21	43d	1	1.03mi
892 Woodcrest Dr Dover, DE	2.0	1.0–1.5	521	$1,690	$3.24	43d	15	1.09mi
12 S State St Unit 2 Dover, DE	1.0	1.0	800	$1,195	$1.49	43d	1	1.20mi
105 Katrina Way Dover, DE	1.0–3.0	1.0–2.0	952	$1,800	$1.89	43d	22	1.21mi
5 S State St Dover, DE	1.0	1.5	1100	$1,200	$1.09	43d	1	1.22mi

Listing history 13 events

1. 2026-06-19
   days on market $250,000 Active 17 DOM
2. 2026-06-18
   days on market $250,000 Active 16 DOM
3. 2026-06-17
   days on market $250,000 Active 15 DOM
4. 2026-06-16
   days on market $250,000 Active 14 DOM
5. 2026-06-15
   days on market $250,000 Active 13 DOM
6. 2026-06-14
   days on market $250,000 Active 11 DOM
7. 2026-06-13
   days on market $250,000 Active 10 DOM
8. 2026-06-10
   days on market $250,000 Active 8 DOM
9. 2026-06-09
   days on market $250,000 Active 7 DOM
10. 2026-06-08
    days on market $250,000 Active 6 DOM
11. 2026-06-07
    days on market $250,000 Active 5 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $250,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $737 · $61/mo
• Projected year-2 tax: $1,094 · $91/mo
• Expected delta: +$356/yr (+$30/mo · 48.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,070
• − Mortgage interest: −$14,004
• − Property taxes: −$737
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,686
• − Management: −$1,686
• − Depreciation: −$7,273
• Taxable loss: −$5,565
• Est. tax savings @ 24.0%: +$1,336
• After-tax cash flow: $261/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Capital School District
• NCES district ID: 1000190
• Math proficiency: 14% ▼ -17.00%
• Reading proficiency: 31% ▼ -12.00%
• Median HH income: $48,499
• Composite: 19.78/100
• National rank: #8703
• State rank: #24 of 26 in DE

Livability — Dover

• Score: 67/100
• State rank: #38
• US rank: #10574

Category grades

Amenities A+ Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dover, DE
• County: Kent County · 82,184 people
• City population: 76,581
• Metro: Dover, DE
• Population (ZIP): 38,818
• Household income: $66,908
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1500.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 194,477 people
• By 2030: 204,351 · +5.1%
• By 2040: 222,135 · +14.2%
• By 2050: 236,483 · +21.6%
• By 2075: 266,327 · +36.9%
• By 2100: 275,335 · +41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 48% Black 35% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Hispanic 3% Romanian 2% Slovak 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 50.2% · R 48.2% · Other 1.7%
• 2008→2024 swing: -7.8pp toward R · 2008: 9.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+4.1 2016: R+4.9 2012: D+4.9 2008: D+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.03%
• Current HPI: 187.6879
• Rent YoY: ▲ 3.30%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-02 Listed $250,000 BRIGHT MLS

Property tax history

-0.3%/yr

Latest (2025): $737 · +41.0% YoY. Source: county tax records.