305 W Reed St · Dover, DE 19904

$200,000

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 334 Days on market

Built 2008 4,487 sqft lot $174/sqft · 18% above area Est $170k · 18% over

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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 +23.8/30.0
• DSCR +7.7/10.0
• 1% rule +5.3/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

Key facts

• 4,487 sq ft lot
• Built 2008
• Listed 333 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.2% 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: 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; 15 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 37% 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 $1k of loan paydown is wiped out by about $6k 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 334 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $17k; list at $200k implies a 1076% gain — meaningful room to come down on a strong offer.

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 $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.03% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 8.1

CMA / ARV

• ARV (median comp): $170,000
• List price: $200,000
• Delta: 17.65%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Governors	0.19mi	3/1.0	1,168 (+1%)	1mo	$140,000	$120	84
109 S Queen St	0.05mi	3/1.5	1,080 (-6%)	2mo	$180,000	$167	83
17 N Kirkwood St	0.20mi	3/2.0	1,212 (+5%)	4mo	$202,000	$167	79
239 N New St	0.39mi	2/1.5 (-1)	1,150 (-0%)	9mo	$174,900	$152	67
55 S New St	0.03mi	3/1.5	1,320 (+15%)	12mo	$230,000	$174	63
319 W Water St	0.37mi	3/1.0	1,064 (-8%)	5mo	$255,000	$240	62
520 Fairview Ave	0.69mi	3/1.5	1,120 (-3%)	2mo	$165,000	$147	59
856 Lincoln St	0.53mi	3/1.0	1,124 (-2%)	10mo	$244,900	$218	59
735 W North St	0.43mi	3/2.0	1,264 (+10%)	8mo	$249,900	$198	58
31 Washington St	0.58mi	3/1.5	1,248 (+8%)	1mo	$285,000	$228	56
57 Washington St	0.62mi	3/2.0	1,288 (+12%)	8mo	$265,000	$206	45
124 Rodney Rd	0.67mi	2/1.0 (-1)	988 (-14%)	21mo	$254,000	$257	19

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: -3.5%
• Equity multiple: 0.87×
• Total profit: $-7,362
• Equity at exit: $29,821

10-year hold

• IRR: 6.5%
• Equity multiple: 1.49×
• Total profit: $27,479
• Equity at exit: $17,292

Cash invested: $56,000 (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: 8.1×

Monthly cashflow live

• Estimated rent: $2,068 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$117 /mo · $1,404/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $384

Break-even live

Break-even rent $1,581

Max offer price $200,000

Occupancy floor 76%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 S New St #1 Dover, DE	3.0	1.0	1000	$1,950	$1.95	43d	1	0.10mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$2,299	$1.81	43d	9	0.22mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,695	$2.18	43d	17	0.35mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	43d	1	0.35mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.65mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.80mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	43d	1	0.83mi
143 Mitscher Rd Dover, DE	2.0	1.0	770	$1,500	$1.95	43d	1	1.19mi
820 Carvel Dr Dover, DE	1.0–2.0	1.0–1.5	782	$1,435	$1.83	43d	12	1.19mi
892 Woodcrest Dr Dover, DE	2.0	1.0–1.5	521	$1,690	$3.24	43d	15	1.32mi
177 Willis Rd Dover, DE	1.0–2.0	1.0	851	$1,605	$1.88	43d	27	1.34mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,875	$2.62	43d	22	1.34mi
1300 S Farmview Dr Dover, DE	1.0–2.0	1.0–2.0	888	$1,699	$1.91	43d	8	1.39mi
236 Green Blade Dr Dover, DE	3.0	2.5	1200	$1,850	$1.54	43d	1	1.42mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	43d	10	1.48mi

Listing history 29 events

1. 2026-06-19
   days on market $200,000 Active 334 DOM
2. 2026-06-18
   days on market $200,000 Active 333 DOM
3. 2026-06-17
   days on market $200,000 Active 332 DOM
4. 2026-06-16
   days on market $200,000 Active 331 DOM
5. 2026-06-15
   days on market $200,000 Active 330 DOM
6. 2026-06-14
   days on market $200,000 Active 328 DOM
7. 2026-06-13
   days on market $200,000 Active 327 DOM
8. 2026-06-10
   days on market $200,000 Active 325 DOM
9. 2026-06-09
   days on market $200,000 Active 324 DOM
10. 2026-06-08
    days on market $200,000 Active 323 DOM
11. 2026-06-07
    days on market $200,000 Active 322 DOM
12. 2026-06-02
    days on market $200,000 Active 317 DOM
13. 2026-06-01
    days on market $200,000 Active 316 DOM
14. 2026-05-31
    days on market $200,000 Active 315 DOM
15. 2026-05-30
    days on market $200,000 Active 314 DOM
16. 2026-05-06
    status Active 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

17. 2026-04-30
    historical 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

18. 2026-01-21
    price $200,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

19. 2025-10-14
    price $210,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

20. 2025-09-15
    price $215,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

21. 2025-08-26
    price $225,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

22. 2025-08-23
    price $230,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

23. 2025-08-15
    price $240,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

24. 2025-08-01
    price $250,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

25. 2025-07-14
    price $265,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

26. 2025-07-14
    status Active 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

27. 2025-06-18
    historical $275,000 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

28. 2025-06-18
    historical 316-char remark

    Show marketing remark (316 chars)

    Charming 3-Bed, 2-Bath Home in Downtown Dover! Built in 2008, this single-family home features a spacious layout, vinyl siding, and a cozy yard—perfect for low-maintenance living. Enjoy close proximity to local schools, shops, and parks in this walkable neighborhood. This home has new carpets and fresh paint.

29. 1991-01-01
    soldstatus $17,000

ⓘ 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: $1,404 · $117/mo
• Projected year-2 tax: $1,404 · $117/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 75% 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: $24,811
• − Mortgage interest: −$11,203
• − Property taxes: −$1,404
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,985
• − Management: −$1,985
• − Depreciation: −$5,818
• Taxable income: $1,416
• Est. tax owed @ 24.0%: −$340
• After-tax cash flow: $4,271/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

+1076.5% since first listed

14 events — show timeline

• 2026-05-06 Relisted — BRIGHT MLS
• 2026-04-30 Listing Removed — BRIGHT MLS
• 2026-01-21 Price Changed $200,000 BRIGHT MLS
• 2025-10-14 Price Changed $210,000 BRIGHT MLS
• 2025-09-15 Price Changed $215,000 BRIGHT MLS
• 2025-08-26 Price Changed $225,000 BRIGHT MLS
• 2025-08-23 Price Changed $230,000 BRIGHT MLS
• 2025-08-15 Price Changed $240,000 BRIGHT MLS
• 2025-08-01 Price Changed $250,000 BRIGHT MLS
• 2025-07-14 Price Changed $265,000 BRIGHT MLS
• 2025-07-14 Relisted — BRIGHT MLS
• 2025-06-18 Coming Soon $275,000 BRIGHT MLS
• 2025-06-18 Listing Removed — BRIGHT MLS
• 1991-01-01 Sold (Public Records) $17,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,404 · +3.5% YoY. Source: county tax records.