459 Killens Pond Rd · Houston, DE 19952

$225,000

5 bd · 1.0 ba · 2,032 sqft · SingleFamily public records · 239 Days on market

Built 1850 2.00 ac lot $111/sqft · 42% below area Est $386k · 42% under

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Why this score? — see what drove the C+ 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +4.5/10.0
• Appreciation +4.0/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This farmhouse is located on 2 acres, the septic was just inspected, estimated for repairs only $490.00.  The buildings have little value, but the land has a lot to offer such as no HOA, close to Killens Pond, Browns Branch County Park, easy drive to DE Beaches, all the great shops, restaurants and entertainment that Harrington and Milford has to offer.  Must be a cash or conventional w/ 30% or more down sale, being sold "AS-IS, WHERE-IS".  A hold harmless agreement must be signed prior to entering the home.

Key facts

• 2 acres
• No hoa
• 2 acre lot

Tags

• 2 ACRES
• NO HOA
• CLOSE TO KILLENS POND
• EASY DRIVE TO DE BEACHES

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/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 $215k (4.6% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.7% in Houston — 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 62/100 on livability (#64 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime C-, schools F, amenities F.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 72 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 (-2.1%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k 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 239 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 239 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.95% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• GRM: 8.7

CMA / ARV

• ARV (median comp): $385,682
• List price: $225,000
• Delta: -41.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
150 Killens Pond Rd	0.31mi	4/2.0 (-1)	1,760 (-13%)	21mo	$350,000	$199	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.89×
• Total profit: $-6,901
• Equity at exit: $42,990

10-year hold

• IRR: 5.4%
• Equity multiple: 1.45×
• Total profit: $28,285
• Equity at exit: $36,066

Cash invested: $63,000 (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 19952

• Home prices YoY: -0.8%
• Active inventory: 72
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,147 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$96 /mo · $1,153/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $326

Break-even live

Break-even rent $1,734

Max offer price $225,000

Occupancy floor 80%

Sensitivity live

Price	-10% $453	-5% $390	+0% $326	+5% $262	+10% $199
Rent	-10% $156	-5% $241	+0% $326	+5% $411	+10% $496
Rate	-1.0pp $439	-0.5pp $383	base $326	+0.5pp $268	+1.0pp $208

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-19
   days on market $225,000 Active 239 DOM
2. 2026-06-18
   days on market $225,000 Active 238 DOM
3. 2026-06-17
   days on market $225,000 Active 237 DOM
4. 2026-06-16
   days on market $225,000 Active 236 DOM
5. 2026-06-15
   days on market $225,000 Active 235 DOM
6. 2026-06-14
   days on market $225,000 Active 233 DOM
7. 2026-06-13
   days on market $225,000 Active 232 DOM
8. 2026-06-10
   days on market $225,000 Active 230 DOM
9. 2026-06-09
   days on market $225,000 Active 229 DOM
10. 2026-06-08
    days on market $225,000 Active 228 DOM
11. 2026-06-07
    days on market $225,000 Active 227 DOM
12. 2026-06-05
    days on market $225,000 Active 224 DOM
13. 2026-06-03
    days on market $225,000 Active 223 DOM
14. 2026-06-02
    days on market $225,000 Active 222 DOM
15. 2026-06-01
    days on market $225,000 Active 221 DOM
16. 2026-05-31
    days on market $225,000 Active 220 DOM
17. 2026-05-30
    days on market $225,000 Active 219 DOM
18. 2025-10-23
    listed $225,000 Active 538-char remark

    Show marketing remark (538 chars)

    This farmhouse is located on 2 acres, the septic was just inspected, estimated for repairs only $490.00.  The buildings have little value, but the land has a lot to offer such as no HOA, close to Killens Pond, Browns Branch County Park, easy drive to DE Beaches, all the great shops, restaurants and entertainment that Harrington and Milford has to offer.  Must be a cash or conventional w/ 30% or more down sale, being sold "AS-IS, WHERE-IS".  A hold harmless agreement must be signed prior to entering the home.

19. 2011-09-16
    soldstatus $1,250,000
20. 2011-09-14
    soldstatus $125,000 361-char remark

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

21. 2011-09-14
    soldstatus $125,000

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

22. 2011-07-11
    listed $150,000 361-char remark

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

23. 2011-07-11
    historical

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

24. 2011-07-11
    listed $150,000

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

25. 2011-07-11
    historical

    Show marketing remark (361 chars)

    M-3943 FIVE ACRES with a 160 year vintage Farm House with outbuildings. This 5 bedroom farm house has plenty of room for everyone. Traditional design with an eat-in kitchen, dining room, living room and sitting room. Good bones but needs total rehab. FIVE ACRES offers potential for horses or other farm uses, contractor's shop, equipment storage, etc.

26. 2011-05-15
    historical
27. 2010-12-29
    listed $199,900
28. 2010-07-12
    listed $199,900
29. 2010-07-12
    historical
30. 2010-07-12
    listed $199,900
31. 1999-08-20
    soldstatus $79,900
32. 1999-08-19
    soldstatus $79,900
33. 1999-05-25
    historical
34. 1998-12-15
    listed $79,900

ⓘ 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: $1,153 · $96/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$76/yr (+$6/mo · 6.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $25,759
• − Mortgage interest: −$12,603
• − Property taxes: −$1,153
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,061
• − Management: −$2,061
• − Depreciation: −$6,545
• Taxable income: $210
• Est. tax owed @ 24.0%: −$50
• After-tax cash flow: $3,862/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: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

Livability — Houston

• Score: 62/100
• State rank: #64
• US rank: #17263

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,730

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 8% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 2% Romanian 1% Portuguese 1%
• Foreign-born: 3% · Canada, Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 4% Vietnamese 1% 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: ▼ -2.07%
• Current HPI: 268.56
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+181.6% since first listed

17 events — show timeline

• 2025-10-23 Listed $225,000 BRIGHT MLS
• 2011-09-16 Sold (Public Records) $1,250,000 Public Records
• 2011-09-14 Sold (MLS) $125,000 BRIGHT MLS
• 2011-09-14 Sold (MLS) $125,000 TREND
• 2011-07-11 Listing Removed — BRIGHT MLS
• 2011-07-11 Listed $150,000 BRIGHT MLS
• 2011-07-11 Listing Removed — BRIGHT MLS
• 2011-07-11 Listed $150,000 TREND
• 2011-05-15 Listing Removed — BRIGHT MLS
• 2010-12-29 Listed $199,900 BRIGHT MLS
• 2010-07-12 Listed $199,900 BRIGHT MLS
• 2010-07-12 Listing Removed — BRIGHT MLS
• 2010-07-12 Listed $199,900 BRIGHT MLS
• 1999-08-20 Sold (Public Records) $79,900 Public Records
• 1999-08-19 Sold (MLS) $79,900 BRIGHT MLS
• 1999-05-25 Listing Removed — BRIGHT MLS
• 1998-12-15 Listed $79,900 BRIGHT MLS

Property tax history

+6.2%/yr

Latest (2025): $1,153 · +0.4% YoY. Source: county tax records.