115 Railroad Ave · Harrington, DE 19952

$150,000

3 bd · 2.0 ba · 1,496 sqft · SingleFamily public records · 13 Days on market

Built 1900 7,797 sqft lot Est $296k · 49% under

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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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.8/10.0
• Appreciation +4.0/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

4 good sized bedrooms, with one on the first floor. All new cabinets, flooring and AC! Plus a fresh coat of paint makes this home move in ready. Detached garage for loads of storage or a nice work area and a nice size deck AND yard. Come check it out today!

Key facts

• 2 story home
• Rear deck
• 7,797 sq ft lot

Tags

• 2 STORY HOME
• 2 BLOCKS FROM DOWNTOWN
• FULL BATHROOM ON EACH FLOOR
• REAR DECK
• OVERSIZED DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached front-entry garage (1 space); Driveway parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas heating fuel
• Home design: Detached property; Fee simple ownership
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot dimensions approximately 60 x 130; Above-grade and below-grade structures noted

Interior

• Bedrooms: One bedroom on the upper level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating; Central air conditioning; Instant hot water
• Interior features: No basement; Living area reported by assessor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.1% vs local median 3.5% in Harrington — 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 73/100 on livability (#9 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime D+, 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: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $3k 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 (-2.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.69%
• DSCR: 1.61
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $296,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1A W Liberty St	0.09mi	3/2.5	1,588 (+6%)	5mo	$315,000	$198	79
11 High St	0.27mi	3/2.5	1,496 (0%)	9mo	$255,000	$170	78
11 Short St	0.24mi	2/1.0 (-1)	1,520 (+2%)	7mo	$255,000	$168	71
7 Porter St	0.52mi	3/2.0	1,456 (-3%)	1mo	$335,000	$230	71
249 Benjamin St	0.44mi	3/2.0	1,446 (-3%)	9mo	$315,000	$218	66
123 East St	0.42mi	3/2.5	1,597 (+7%)	2mo	$310,000	$194	66
2 Ward St	0.19mi	3/1.5	1,677 (+12%)	5mo	$230,000	$137	65
223 Commerce St	0.44mi	3/2.5	1,584 (+6%)	5mo	$310,000	$196	63
305 Delaware Ave	0.73mi	3/1.0	1,488 (-0%)	4mo	$255,000	$171	58
125 East St	0.43mi	3/2.0	1,288 (-14%)	1mo	$295,000	$229	56
115 East St	0.38mi	3/2.0	1,300 (-13%)	6mo	$269,000	$207	56
408 Shaw Ave	0.54mi	2/2.0 (-1)	1,380 (-8%)	10mo	$330,000	$239	49

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: 6.9%
• Equity multiple: 1.29×
• Total profit: $12,078
• Equity at exit: $28,660

10-year hold

• IRR: 14.7%
• Equity multiple: 2.31×
• Total profit: $54,880
• Equity at exit: $24,044

Cash invested: $42,000 (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: 75
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,769 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$69 /mo · $827/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $479

Break-even live

Break-even rent $1,162

Max offer price $150,000

Occupancy floor 68%

Sensitivity live

Price	-10% $564	-5% $522	+0% $479	+5% $437	+10% $394
Rent	-10% $339	-5% $409	+0% $479	+5% $549	+10% $619
Rate	-1.0pp $555	-0.5pp $517	base $479	+0.5pp $440	+1.0pp $401

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2A E Milby St Harrington, DE	2.0	1.0	1500	$1,600	$1.07	45d	1	0.29mi
219 S West St Harrington, DE	3.0	2.0	1848	$2,100	$1.14	45d	1	0.46mi

Listing history 11 events

1. 2026-06-18
   status $150,000 Pending 13 DOM
2. 2026-06-16
   days on market $150,000 Active 13 DOM
3. 2026-06-15
   days on market $150,000 Active 12 DOM
4. 2026-06-14
   days on market $150,000 Active 10 DOM
5. 2026-06-13
   days on market $150,000 Active 9 DOM
6. 2026-06-10
   days on market $150,000 Active 7 DOM
7. 2026-06-09
   days on market $150,000 Active 6 DOM
8. 2026-06-08
   days on market $150,000 Active 5 DOM
9. 2026-06-07
   days on market $150,000 Active 4 DOM
10. 2026-06-05
    remarks 699-char remark
11. 2026-06-05
    listed $150,000 Active 1 DOM

ⓘ 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: $827 · $69/mo
• Projected year-2 tax: $848 · $71/mo
• Expected delta: +$22/yr (+$2/mo · 2.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $21,222
• − Mortgage interest: −$8,402
• − Property taxes: −$827
• − Insurance: −$750
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$4,364
• Taxable income: $3,484
• Est. tax owed @ 24.0%: −$836
• After-tax cash flow: $4,913/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 — Harrington

• Score: 73/100
• State rank: #9
• US rank: #5270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrington, DE
• 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

+183.0% since first listed

22 events — show timeline

• 2026-06-03 Listed $150,000 BRIGHT MLS
• 2022-02-08 Sold (Public Records) $225,000 Public Records
• 2022-02-04 Sold (MLS) $232,000 BRIGHT MLS
• 2022-01-02 Contingent — BRIGHT MLS
• 2021-12-16 Relisted — BRIGHT MLS
• 2021-12-01 Pending — BRIGHT MLS
• 2021-12-01 Contingent — BRIGHT MLS
• 2021-11-10 Price Changed $224,000 BRIGHT MLS
• 2021-11-04 Price Changed $229,000 BRIGHT MLS
• 2021-10-29 Listed $229,900 BRIGHT MLS
• 2021-08-30 Sold (Public Records) $116,500 Public Records
• 2021-08-23 Sold (MLS) $116,500 BRIGHT MLS
• 2021-07-15 Contingent — BRIGHT MLS
• 2021-07-10 Listed $100,000 BRIGHT MLS
• 2003-11-21 Sold (Public Records) $80,000 Public Records
• 2003-11-20 Sold (MLS) $80,000 BRIGHT MLS
• 2003-10-21 Listing Removed — BRIGHT MLS
• 2003-04-02 Listed $80,000 BRIGHT MLS
• 1999-05-03 Sold (Public Records) $53,000 Public Records
• 1999-04-30 Sold (MLS) $53,000 BRIGHT MLS
• 1999-02-01 Listing Removed — BRIGHT MLS
• 1998-12-14 Listed $53,000 BRIGHT MLS

Property tax history

+8.1%/yr

Latest (2025): $827 · +0.4% YoY. Source: county tax records.