537 Weaver Dr #537 · Dover, DE 19901

$134,900

2 bd · 2.0 ba · 1,408 sqft · Manufactured · 182 Days on market

Manufactured home 55+ age-restricted Built 2005 Average condition 1-car garage $96/sqft · 17% below area Est $162k · 17% 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 +15.5/30.0
• ARV discount +14.9/15.0
• DSCR +5.0/10.0
• 1% rule +4.7/10.0
• 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. -4.3

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 $135k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $65 ($780/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 $126k (6.3% below list).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 4.7% 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); 379 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $933 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 182 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.94% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $161,619
• List price: $134,900
• Delta: -16.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 Weaver Dr #504	0.19mi	2/2.0	1,421 (+1%)	2mo	$130,000	$91	88
104 Kurt Dr #104	0.29mi	3/2.0 (+1)	1,350 (-4%)	2mo	$150,000	$111	73
326 Persimmon Cir W #326	0.25mi	3/2.0 (+1)	1,514 (+8%)	3mo	$133,000	$88	68
30 Vernell Ct #30	0.05mi	3/2.0 (+1)	1,701 (+21%)	2mo	$177,250	$104	66
19 Gordon Dr	0.44mi	3/2.0 (+1)	1,296 (-8%)	2mo	$140,000	$108	60
314 Persimmon Cir W #314	0.17mi	3/2.0 (+1)	1,620 (+15%)	3mo	$165,000	$102	59
902 Jonathan Dr #902	0.22mi	3/2.0 (+1)	1,741 (+24%)	2mo	$140,000	$80	58
923 Buck Dr	1.06mi	3/1.5 (+1)	1,428 (+1%)	3mo	$255,000	$179	53
136 Gordon Pl	0.47mi	3/1.5 (+1)	1,080 (-23%)	0mo	$110,000	$102	46
1420 S Hancock Ave	1.50mi	3/2.5 (+1)	1,608 (+14%)	2mo	$335,000	$208	32
325 Frear Dr	1.28mi	3/1.5 (+1)	1,130 (-20%)	1mo	$330,000	$292	32
226 Frear Dr	1.34mi	3/1.5 (+1)	1,130 (-20%)	2mo	$225,000	$199	32

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: -14.1%
• Equity multiple: 0.50×
• Total profit: $-18,922
• Equity at exit: $20,114

10-year hold

• IRR: -6.9%
• Equity multiple: 0.58×
• Total profit: $-15,982
• Equity at exit: $11,664

Cash invested: $37,772 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

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: 379
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$1
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $65

Break-even live

Break-even rent $1,181

Max offer price $134,900

Occupancy floor 90%

Sensitivity live

Price	-10% $158	-5% $112	+0% $65	+5% $18	+10% $-28
Rent	-10% $-35	-5% $15	+0% $65	+5% $115	+10% $165
Rate	-1.0pp $133	-0.5pp $99	base $65	+0.5pp $30	+1.0pp $-6

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: $33,725
• Closing costs: $4,047
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Persimmon Tree Ln Dover, DE	2.0	2.0	940	$1,499	$1.59	0d	1	0.31mi
19 Gordon Dr Dover, DE	3.0	2.0	1296	$1,600	$1.23	8d	1	0.43mi
2 Fair Wind Pl Dover, DE	2.0	1.5	1560	$2,000	$1.28	10d	1	1.11mi
218 Bay Tree Rd Dover, DE	2.0	2.0	893	$1,499	$1.68	0d	1	1.12mi
0 Stevenson Dr Dover, DE	3.0	2.0	995	$1,999	$2.01	50d	1	1.18mi
820 Carvel Dr Dover, DE	1.0–2.0	1.0–1.5	782	$1,440	$1.84	0d	3	1.23mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	184d	1	1.31mi
122 Spruance Rd Dover, DE	3.0	2.0	1200	$2,200	$1.83	10d	1	1.46mi
1437 S Hancock Ave Dover, DE	3.0	2.0	1296	$1,150	$0.89	50d	1	1.48mi

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. 2026-11-08
   days on market $134,900 Active 182 DOM
2. 2026-11-07
   days on market $134,900 Active 181 DOM
3. 2026-11-06
   days on market $134,900 Active 180 DOM
4. 2026-11-05
   days on market $134,900 Active 179 DOM
5. 2026-11-04
   days on market $134,900 Active 178 DOM
6. 2026-11-02
   days on market $134,900 Active 176 DOM
7. 2026-11-01
   days on market $134,900 Active 175 DOM
8. 2026-10-31
   days on market $134,900 Active 174 DOM
9. 2026-10-30
   days on market $134,900 Active 173 DOM
10. 2026-10-29
    days on market $134,900 Active 172 DOM
11. 2026-10-28
    days on market $134,900 Active 171 DOM
12. 2026-10-27
    days on market $134,900 Active 170 DOM
13. 2026-10-26
    days on market $134,900 Active 169 DOM
14. 2026-10-25
    days on market $134,900 Active 168 DOM
15. 2026-10-24
    days on market $134,900 Active 167 DOM
16. 2026-10-23
    days on market $134,900 Active 166 DOM
17. 2026-10-22
    days on market $134,900 Active 165 DOM
18. 2026-10-21
    days on market $134,900 Active 164 DOM
19. 2026-10-20
    days on market $134,900 Active 163 DOM
20. 2026-10-19
    days on market $134,900 Active 162 DOM
21. 2026-10-18
    days on market $134,900 Active 161 DOM
22. 2026-10-17
    days on market $134,900 Active 160 DOM
23. 2026-10-16
    days on market $134,900 Active 159 DOM
24. 2026-10-15
    days on market $134,900 Active 158 DOM
25. 2026-10-14
    days on market $134,900 Active 157 DOM
26. 2026-10-13
    days on market $134,900 Active 156 DOM
27. 2026-10-12
    days on market $134,900 Active 155 DOM
28. 2026-10-11
    days on market $134,900 Active 154 DOM
29. 2026-10-10
    days on market $134,900 Active 153 DOM
30. 2026-10-09
    days on market $134,900 Active 152 DOM
31. 2026-10-08
    days on market $134,900 Active 151 DOM
32. 2026-10-07
    days on market $134,900 Active 150 DOM
33. 2026-10-06
    days on market $134,900 Active 149 DOM
34. 2026-10-05
    days on market $134,900 Active 148 DOM
35. 2026-10-04
    days on market $134,900 Active 147 DOM
36. 2026-10-04
    days on market $134,900 Active 146 DOM
37. 2026-10-02
    days on market $134,900 Active 145 DOM
38. 2026-10-01
    days on market $134,900 Active 144 DOM
39. 2026-10-01
    price $134,900 Active 143 DOM
40. 2026-09-30
    days on market $137,400 Active 143 DOM
41. 2026-09-29
    days on market $137,400 Active 142 DOM
42. 2026-09-28
    days on market $137,400 Active 141 DOM
43. 2026-09-27
    days on market $137,400 Active 140 DOM
44. 2026-09-26
    days on market $137,400 Active 139 DOM
45. 2026-09-25
    days on market $137,400 Active 138 DOM
46. 2026-09-24
    days on market $137,400 Active 137 DOM
47. 2026-09-24
    days on market $137,400 Active 136 DOM
48. 2026-09-22
    days on market $137,400 Active 135 DOM
49. 2026-09-20
    days on market $137,400 Active 133 DOM
50. 2026-09-18
    days on market $137,400 Active 131 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: $15,163
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − HOA: −$12
• − Depreciation: −$3,924
• Taxable loss: −$1,454
• Est. tax savings @ 24.0%: +$349
• After-tax cash flow: $1,129/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%
• 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