31 Hedgerow Hollow Rd #31 · Smyrna, DE 19977

$119,000

3 bd · 2.0 ba · 1,064 sqft · SingleFamily · 28 Days on market

Built 2021 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come home to 31 Hedgerow Hollow Rd. in Smyrna! This charming and inviting 3-bedroom, 2 full bathroom, split floor plan. .. manufactured home offers comfortable, move-in ready living at an affordable price. Built in 2021 and occupied beginning in 2023, this newer single-wide home has been lovingly maintained and is truly move-in ready. Step inside to find approximately 1,100 square feet of bright and functional living space, perfect for relaxing or entertaining. Outside, you’ll appreciate the new 10x12 shed, providing plenty of additional storage. Added peace of mind comes with the included home warranty through October 2028. Whether you’re a first-time homebuyer, looking to down

Key facts

• 2 parking spots
• Built 2021
• Listed 27 days

Property features AI

Finance

• Other: Property is on land lease (ownership interest: land lease)
• Financial info: Annual ground rent listed; Improvement assessed value available
• HOA & community: Land lease with monthly payment of $640; approximately 99 years remaining

Exterior

• Parking: Two driveway parking spaces; Two total garage/parking spaces; Other parking type present
• Security: No security details provided
• Utilities: Private/community water; Community septic tank; Electric service for heating, cooling, and hot water
• Home design: Manufactured home; Estimated year built
• Construction: Vinyl siding; Mobile home make: MARLETTE, model 4660, approximately 14 ft by 76 ft
• Exterior features: Ground rent exists (paid annually); Above-grade and below-grade other structures

Interior

• Kitchen: No appliance details provided
• Bedrooms: Three bedrooms on the main level
• Flooring: No flooring details provided
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: 90% forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: No basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $119k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 3.6% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 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 $823 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 75% 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 $117,215 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is D 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?
3. 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.
4. 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.
5. 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: 1.63% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $71,288
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Spruce Ct #24	0.12mi	3/2.0	980 (-8%)	1mo	$62,900	$64	80
223 Laurel Ln #223	0.19mi	3/1.5	1,056 (-1%)	12mo	$22,500	$21	78
37 Hedgerow Hollow Rd #37	0.05mi	3/2.0	1,152 (+8%)	11mo	$74,000	$64	75
205 Hemlock Way	0.27mi	3/2.0	1,152 (+8%)	14mo	$109,900	$95	62
222 Laurel Ln #222	0.17mi	2/2.0 (-1)	924 (-13%)	10mo	$52,000	$56	57
737 Vinway St #56	0.47mi	2/2.0 (-1)	1,092 (+3%)	14mo	$130,000	$119	57
182-182-B Hemlock Way #276	0.33mi	3/2.0	1,216 (+14%)	8mo	$92,000	$76	54
227 Laurel Ln #227	0.21mi	2/1.0 (-1)	924 (-13%)	10mo	$41,500	$45	51
158 Hemlock Way #158	0.35mi	3/2.0	924 (-13%)	14mo	$68,600	$74	50
93 Ivy Ridge Ct #93	0.28mi	2/2.0 (-1)	924 (-13%)	13mo	$49,900	$54	50
184 Hemlock Way	0.33mi	2/2.0 (-1)	924 (-13%)	14mo	$62,000	$67	46
1134 Lorenzo Ln	0.43mi	2/2.0 (-1)	1,204 (+13%)	12mo	$156,900	$130	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 1.78×
• Total profit: $25,964
• Equity at exit: $17,743

10-year hold

• IRR: 27.5%
• Equity multiple: 3.43×
• Total profit: $80,952
• Equity at exit: $10,289

Cash invested: $33,320 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,940 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $710

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 58%

Sensitivity live

Price	-10% $792	-5% $751	+0% $710	+5% $669	+10% $628
Rent	-10% $557	-5% $633	+0% $710	+5% $787	+10% $863
Rate	-1.0pp $770	-0.5pp $740	base $710	+0.5pp $679	+1.0pp $648

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $119,000 Active 28 DOM
2. 2026-06-18
   days on market $119,000 Active 27 DOM
3. 2026-06-17
   days on market $119,000 Active 26 DOM
4. 2026-06-16
   days on market $119,000 Active 25 DOM
5. 2026-06-15
   days on market $119,000 Active 24 DOM
6. 2026-06-14
   days on market $119,000 Active 22 DOM
7. 2026-06-13
   days on market $119,000 Active 21 DOM
8. 2026-06-10
   days on market $119,000 Active 19 DOM
9. 2026-06-09
   days on market $119,000 Active 18 DOM
10. 2026-06-08
    days on market $119,000 Active 17 DOM
11. 2026-06-07
    days on market $119,000 Active 16 DOM
12. 2026-06-05
    days on market $119,000 Active 13 DOM
13. 2026-06-02
    days on market $119,000 Active 11 DOM
14. 2026-06-01
    days on market $119,000 Active 10 DOM
15. 2026-05-31
    days on market $119,000 Active 9 DOM
16. 2026-05-30
    days on market $119,000 Active 8 DOM
17. 2026-05-23
    listed $119,000 Active
18. 2026-05-22
    historical $119,000

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

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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,276
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − Depreciation: −$3,462
• Taxable income: $7,044
• Est. tax owed @ 24.0%: −$1,691
• After-tax cash flow: $6,829/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 · 2 photos

Good 80/100 None rehab

This move-in ready manufactured home in Smyrna, Delaware, offers a good condition with no visible repairs needed. It has a good curb appeal and potential for minor updates to enhance its resale and rental value.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both New flooring in bathrooms — Improves aesthetics and functionality
• Both New kitchen appliances — Enhances functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both New flooring in bathrooms — Improves aesthetics and functionality ↑
• Both New kitchen appliances — Enhances functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-23 Listed $119,000 BRIGHT MLS
• 2026-05-22 Coming Soon $119,000 BRIGHT MLS