5419 Golfview Dr

Pike Creek Valley, DE 19808

$189,900C-

2 bd · 2.0 ba · 1,075 sqft · Built 1982 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,885/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$396
• Net cashflow: $306/mo
• Annual: $3,670/yr
• Cap rate: 8.23%
• Cash-on-cash: 6.90%
• DSCR: 1.31
• 1% rule: 0.99%
• Cash to close: $53,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $190k.
• At list price, monthly cash flow is $306 ($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 $188k (0.8% below list).
• It's been on market 29 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 69/100 on livability (#26 in DE) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living B+; Watch: amenities F, commute F, health & safety D-.
• Red Clay Consolidated School District (suburban): math 27% / reading 42% proficiency, ranked #12 of 26 in DE (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 126 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $90k; list at $190k implies a 111% gain — meaningful room to come down on a strong offer.
• 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 8.2% vs local median 4.7% in Pike Creek Valley — 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

• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.