537 Weaver Dr #537 · Dover, DE 19901

$137,400

2 bd · 2.0 ba · 1,408 sqft · Manufactured · 90 Days on market

Manufactured home 55+ age-restricted Built 2005 Average condition 1-car garage $98/sqft · 10% below area Est $152k · 9% under $1/mo HOA

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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 +14.7/30.0
• ARV discount +11.8/15.0
• DSCR +4.7/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.8/5.0
• Appreciation +2.5/10.0
• Schools +2.3/10.0
• Manufactured-home adj. -4.0

Listing remarks

Sharp and tidy 2 Bedroom / 2 Full bath home in the Senior community of Wild Meadows with attached garage with extra wide driveway space for ample parking for friends and family. Extra room with side entrance for a den, office or craft / hoobies. Lot rent includes freedom from lawn care and full access to community amenities: clubhouse, heated pool, hot tub, fitness center, , bocce, horseshoes, or safe exercise walks around the over 55 neighborhood. Buyer must be approved by Wild Meadows / RHP Landowner.

Key facts

• Garage
• Community pool
• Built 2005

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $137k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $30 ($359/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (9.7% below list).
• Recommended offer: $124k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.5% in Dover — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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: crime F, commute F, employment D-.
• 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.
• Zoned schools: Towne Point Elementary School (math 12% / reading 17%, grade F, #92 of 105 statewide, top 89%, 334 students, 0% FRL); Central Middle School (math 12% / reading 31%, grade F, #27 of 36 statewide, top 77%, 860 students, 0% FRL); Dover High School (math 21% / reading 45%, grade F, #22 of 40 statewide, top 56%, 1,771 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.0%/yr); 249 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 93d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $950 of loan paydown is wiped out by about $4k 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 90 days — a 6% lower offer ($129k) is reasonable based on typical stale-listing flexibility.

Recommended offer $124,110 (9.7% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $151,821
• List price: $137,400
• Delta: -7.85%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 W Persimmon Cir W #311	0.18mi	2/2.0	1,514 (+8%)	2mo	$138,000	$91	78
326 Persimmon Cir W #326	0.25mi	3/2.0 (+1)	1,514 (+8%)	0mo	$133,000	$88	70
135 Maureen Pl #135	0.27mi	3/2.0 (+1)	1,547 (+10%)	1mo	$95,000	$61	65
506 Weaver Dr	0.19mi	2/2.0	1,080 (-23%)	3mo	$120,000	$111	64
60 Primrose Dr E	0.39mi	3/2.0 (+1)	1,512 (+7%)	2mo	$235,000	$155	63
56 Primrose Dr E	0.40mi	3/2.0 (+1)	1,512 (+7%)	2mo	$223,000	$147	62
314 Persimmon Cir W #314	0.17mi	3/2.0 (+1)	1,620 (+15%)	0mo	$165,000	$102	62
310 Persimmon Cir W #310	0.12mi	3/2.0 (+1)	1,620 (+15%)	4mo	$185,000	$114	62
19 Karen Pl	0.31mi	3/2.0 (+1)	1,248 (-11%)	3mo	$208,000	$167	59
923 Buck Dr	1.06mi	3/1.5 (+1)	1,428 (+1%)	0mo	$255,000	$179	56
1501 S Hancock Ave	1.47mi	3/2.0 (+1)	1,460 (+4%)	2mo	$390,000	$267	53
217 Macarthur Dr	1.17mi	3/2.0 (+1)	1,346 (-4%)	1mo	$290,000	$215	52

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 · 2.03% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.44×
• Total profit: $-21,538
• Equity at exit: $20,487

10-year hold

• IRR: -9.2%
• Equity multiple: 0.45×
• Total profit: $-21,049
• Equity at exit: $11,880

Cash invested: $38,472 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 1 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19901

• Rents YoY: 2.0%
• Active inventory: 249
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,241 high
• Mortgage (P&I): −$721
• Tax est. 1.5%: −$172 /mo · $2,061/yr
• Insurance: −$57
• HOA: −$1
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $30

Break-even live

Break-even rent $1,203

Max offer price $137,400

Occupancy floor 93%

Sensitivity live

Price	-10% $125	-5% $77	+0% $30	+5% $-18	+10% $-65
Rent	-10% $-68	-5% $-19	+0% $30	+5% $79	+10% $128
Rate	-1.0pp $99	-0.5pp $65	base $30	+0.5pp $-6	+1.0pp $-42

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: $34,350
• Closing costs: $4,122
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Persimmon Tree Ln Dover, DE	2.0	2.0	940	$1,477	$1.57	93d	1	0.31mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	93d	10	1.17mi
820 Carvel Dr Dover, DE	1.0–2.0	1.0–1.5	782	$1,435	$1.83	93d	12	1.23mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	93d	1	1.31mi
177 Willis Rd Dover, DE	1.0–2.0	1.0	851	$1,605	$1.88	93d	27	1.37mi

Property features AI

Finance

• Other: Ownership interest: Land lease
• HOA & community: HOA fee $10 annuallyLand lease $753.88 monthly (approximately 2 years remaining)

Exterior

• Parking: Attached 1-car garage with side entry and inside accessDrivewayOn-street parking
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeLocated in a senior community (55+)
• Construction: Block and vinyl siding exterior
• Exterior features: Community poolLot dimensions recorded by assessor

Interior

• Bedrooms: Two main-level bedrooms
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% forced-air heatingNatural gas heating and hot waterCentral air conditioning (electric)
• Interior features: No basementFinished living area per assessor

HOA detail $1/mo · $12/yr

• Likely covers: landscapingpoolgym

Listing history 50 events

1. 2026-08-08
   days on market $137,400 Active 90 DOM
2. 2026-08-07
   days on market $137,400 Active 89 DOM
3. 2026-08-06
   days on market $137,400 Active 88 DOM
4. 2026-08-05
   days on market $137,400 Active 87 DOM
5. 2026-08-04
   pricedays on market $137,400 Active 86 DOM
6. 2026-08-03
   days on market $139,900 Active 85 DOM
7. 2026-07-31
   days on market $139,900 Active 82 DOM
8. 2026-07-29
   days on market $139,900 Active 80 DOM
9. 2026-07-27
   days on market $139,900 Active 78 DOM
10. 2026-07-25
    days on market $139,900 Active 76 DOM
11. 2026-07-23
    days on market $139,900 Active 74 DOM
12. 2026-07-22
    days on market $139,900 Active 73 DOM
13. 2026-07-21
    days on market $139,900 Active 72 DOM
14. 2026-07-18
    days on market $139,900 Active 69 DOM
15. 2026-07-16
    days on market $139,900 Active 67 DOM
16. 2026-07-16
    days on market $139,900 Active 66 DOM
17. 2026-07-14
    days on market $139,900 Active 65 DOM
18. 2026-07-13
    days on market $139,900 Active 64 DOM
19. 2026-07-12
    days on market $139,900 Active 63 DOM
20. 2026-07-11
    days on market $139,900 Active 62 DOM
21. 2026-07-10
    days on market $139,900 Active 61 DOM
22. 2026-07-09
    days on market $139,900 Active 60 DOM
23. 2026-07-08
    days on market $139,900 Active 59 DOM
24. 2026-07-07
    days on market $139,900 Active 58 DOM
25. 2026-07-06
    days on market $139,900 Active 57 DOM
26. 2026-07-05
    days on market $139,900 Active 56 DOM
27. 2026-07-04
    days on market $139,900 Active 55 DOM
28. 2026-07-03
    days on market $139,900 Active 54 DOM
29. 2026-07-02
    days on market $139,900 Active 53 DOM
30. 2026-07-01
    days on market $139,900 Active 52 DOM
31. 2026-06-30
    days on market $139,900 Active 51 DOM
32. 2026-06-29
    days on market $139,900 Active 50 DOM
33. 2026-06-28
    days on market $139,900 Active 49 DOM
34. 2026-06-28
    days on market $139,900 Active 48 DOM
35. 2026-06-27
    days on market $139,900 Active 47 DOM
36. 2026-06-26
    days on market $139,900 Active 46 DOM
37. 2026-06-23
    days on market $139,900 Active 43 DOM
38. 2026-06-22
    days on market $139,900 Active 42 DOM
39. 2026-06-19
    days on market $139,900 Active 40 DOM
40. 2026-06-18
    days on market $139,900 Active 39 DOM
41. 2026-06-17
    days on market $139,900 Active 38 DOM
42. 2026-06-16
    days on market $139,900 Active 37 DOM
43. 2026-06-15
    days on market $139,900 Active 36 DOM
44. 2026-06-14
    days on market $139,900 Active 34 DOM
45. 2026-06-13
    days on market $139,900 Active 33 DOM
46. 2026-06-10
    days on market $139,900 Active 31 DOM
47. 2026-06-09
    days on market $139,900 Active 30 DOM
48. 2026-06-08
    days on market $139,900 Active 29 DOM
49. 2026-06-07
    days on market $139,900 Active 28 DOM
50. 2026-06-02
    days on market $139,900 Active 23 DOM

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

Taxation est. · year 1

• Rental income: $14,893
• − Mortgage interest: −$7,697
• − Property taxes: −$2,061
• − Insurance: −$687
• − Repairs & maintenance: −$1,191
• − Management: −$1,191
• − HOA: −$12
• − Depreciation: −$3,997
• Taxable loss: −$1,943
• Est. tax savings @ 24.0%: +$466
• After-tax cash flow: $826/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.

Condition & rehab AI · 13 photos

Average 55/100 Cosmetic rehab Est. rehab $7,040–$21,120 screening

This home is in average condition with some cosmetic updates needed to improve its curb appeal and interior spaces. The home is move-in ready with a few minor repairs and maintenance items to address.

Repairs flagged

• Minor Kitchen cabinets — Worn and dated appearance.
• Minor Bathtub and sink — Appears functional but dated and in need of cleaning.
• Minor Exterior paint — Siding appears intact but could benefit from a fresh coat of paint.
• Minor Living room carpet — Worn appearance and could be replaced with a more modern option.
• Minor Bedroom carpet — Worn appearance and could be replaced with a more modern option.
• Minor Paint — Paint appears faded in some areas and could be refreshed with a fresh coat.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can improve curb appeal and home value. ↑
• Both Replace living room carpet — Modern carpet can improve the look and feel of the living space. ↑
• Both Replace bedroom carpet — Modern carpet can improve the look and feel of the bedrooms. ↑
• Both Paint interior walls — Fresh paint can improve the look and feel of the interior spaces. ↑
• Both Replace kitchen cabinets — Modern cabinets can improve the look and feel of the kitchen and increase the home's value. ↑
• Both Replace bathtub and sink — A new, more modern bathtub and sink can improve the look and feel of the bathroom and increase the home's value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 23/100

Zoned Schools

Elementary Towne Point Elementary School F DE #92/105 Nat'l #36,758/41,679 Middle Central Middle School F DE #27/36 Nat'l #11,382/14,009 High Dover High School F DE #22/40 Nat'l #10,273/17,239

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

C Composite livability gradescore 67/100

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 · 194,477 people
• City population: 76,581
• Metro: Dover, DE
• Population (ZIP): 37,763
• Household income: $66,388
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 16% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Romanian 2% Hispanic 1% Lithuanian 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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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: ▼ -113.29%
• Current HPI: 199.5132
• Rent YoY: ▲ 2.03%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Ownership interest: Land lease
• HOA & community: HOA fee $10 annuallyLand lease $753.88 monthly (approximately 2 years remaining)

Exterior

• Parking: Attached 1-car garage with side entry and inside accessDrivewayOn-street parking
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeLocated in a senior community (55+)
• Construction: Block and vinyl siding exterior
• Exterior features: Community poolLot dimensions recorded by assessor

Interior

• Bedrooms: Two main-level bedrooms
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% forced-air heatingNatural gas heating and hot waterCentral air conditioning (electric)
• Interior features: No basementFinished living area per assessor

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-11 Listed $139,900 BRIGHT MLS
• 2026-05-10 Coming Soon $139,900 BRIGHT MLS