161 Whitburn Pl

Bear, DE 19702

$159,900B+

3 bd · 1.5 ba · 1,075 sqft · Built 1989 · Townhouse · Active Under Contract · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,252/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$218
• HOA: −$23
• Vac / Maint / Mgmt: −$473
• Net cashflow: $700/mo
• Annual: $8,402/yr
• Cap rate: 11.55%
• Cash-on-cash: 18.77%
• DSCR: 1.84
• 1% rule: 1.41%
• Cash to close: $44,772

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $160k.
• At list price, monthly cash flow is $700 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#8 in DE) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: crime C-, amenities F, commute F.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Keene (William B.) Elementary School (math 22% / reading 32%, grade F, #59 of 105 statewide, top 60%, 474 students, 0% FRL); Gauger-Cobbs Middle School (math 11% / reading 26%, grade F, #30 of 36 statewide, top 86%, 779 students, 0% FRL); Glasgow High School (math 8% / reading 17%, grade F, #36 of 40 statewide, top 90%, 895 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.2%/yr); 154 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $78k; list at $160k implies a 104% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.5% vs local median 4.7% in Bear — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.