299 Lorna Dr · Frederica, DE 19946

$104,900

3 bd · 2.0 ba · 720 sqft · Manufactured public records · 168 Days on market

Built 2021 $146/sqft · 47% below area ↓ 2% since listing

---

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
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3-bedroom, 2-bath home on a quiet cul-de-sac only minutes to Bowers Beach. This home is only 4 years young with a nice size kitchen, stainless steel appliances and open to the living room area. The split floorplan home has the main bedroom with full bath and laundry room on one side of the home and two nice guest rooms and a full bath on the other. Enjoy the nice quiet location with a parking spot, patio and a shed to hold all of your extra items. (This home is in the 55+ section of the community and does have lot rent. ))

Key facts

• Community pool
• Built 2021
• Listed 167 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 5.7% in Frederica — 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 68/100 on livability (#34 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime 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: 73 active listings in the ZIP; solid renter incomes; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 33% of the median local income ($80k/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 $725 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 (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $92,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 2.14% ✓
• Cap rate: 19.55%
• Cash-on-cash: 47.33%
• DSCR: 3.11
• GRM: 3.9

CMA / ARV

• ARV (median comp): $269,708
• List price: $104,900
• Delta: -61.11%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 44.7%
• Equity multiple: 2.93×
• Total profit: $56,749
• Equity at exit: $15,641

10-year hold

• IRR: 50.6%
• Equity multiple: 5.91×
• Total profit: $144,279
• Equity at exit: $9,070

Cash invested: $29,372 (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 19946

• Home prices YoY: -16.1%
• Active inventory: 73
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,242 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$19 /mo · $224/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,158

Break-even live

Break-even rent $775

Max offer price $104,900

Occupancy floor 43%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $104,900 Active 168 DOM
2. 2026-06-18
   days on market $104,900 Active 167 DOM
3. 2026-06-17
   days on market $104,900 Active 166 DOM
4. 2026-06-16
   days on market $104,900 Active 165 DOM
5. 2026-06-15
   days on market $104,900 Active 164 DOM
6. 2026-06-14
   days on market $104,900 Active 162 DOM
7. 2026-06-13
   days on market $104,900 Active 161 DOM
8. 2026-06-10
   days on market $104,900 Active 159 DOM
9. 2026-06-09
   days on market $104,900 Active 158 DOM
10. 2026-06-08
    days on market $104,900 Active 157 DOM
11. 2026-06-07
    days on market $104,900 Active 156 DOM
12. 2026-06-05
    days on market $104,900 Active 153 DOM
13. 2026-06-03
    days on market $104,900 Active 152 DOM
14. 2026-06-02
    days on market $104,900 Active 151 DOM
15. 2026-06-01
    days on market $104,900 Active 150 DOM
16. 2026-05-31
    days on market $104,900 Active 149 DOM
17. 2026-05-30
    days on market $104,900 Active 148 DOM
18. 2026-01-02
    listed $115,900 Active 538-char remark

    Show marketing remark (538 chars)

    Beautiful 3-bedroom, 2-bath home on a quiet cul-de-sac only minutes to Bowers Beach. This home is only 4 years young with a nice size kitchen, stainless steel appliances and open to the living room area. The split floorplan home has the main bedroom with full bath and laundry room on one side of the home and two nice guest rooms and a full bath on the other. Enjoy the nice quiet location with a parking spot, patio and a shed to hold all of your extra items. (This home is in the 55+ section of the community and does have lot rent. ))

19. 2023-05-12
    soldstatus $92,500 Closed 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

20. 2023-05-04
    status Pending 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

21. 2023-04-11
    price $99,999 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

22. 2023-03-23
    price $107,900 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

23. 2023-02-28
    status Active 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

24. 2023-02-25
    historical 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

25. 2022-12-29
    price $109,900 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

26. 2022-12-06
    price $110,000 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

27. 2022-10-22
    price $115,000 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

28. 2022-10-06
    listed $117,900 Active 864-char remark

    Show marketing remark (864 chars)

    IMPROVED PRICE! MOTIVATED SELLER! Practically New Home in Popular Mobile home community located on exclusive 55+ area! This 2021 model is in a private cul de sac, with 2 private parking spaces and additional parking on this lot! The Like-New home includes 3 spacious bedrooms, 2 full baths including a Primary bedroom in suite with Walk-in 2 person shower. This home is tons of upgrades including Whirlpool Stainless Steel appliances, upgraded cabinet and laminate countertops with stainless steel pulls, beautiful laminate flooring throughout living areas, and recessed lighting!! The home has tons of lights through the energy efficient windows. The home also has an additional private entry and separate laundry area that includes newer W/ D. The Park include amenities and easy application process!! This home is available now! Make your appointment today!

ⓘ 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: $224 · $19/mo
• Projected year-2 tax: $416 · $35/mo
• Expected delta: +$192/yr (+$16/mo · 85.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,900
• − Mortgage interest: −$5,876
• − Property taxes: −$224
• − Insurance: −$524
• − Repairs & maintenance: −$2,152
• − Management: −$2,152
• − Depreciation: −$3,052
• Taxable income: $12,920
• Est. tax owed @ 24.0%: −$3,101
• After-tax cash flow: $10,801/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 — Frederica

• Score: 68/100
• State rank: #34
• US rank: #9737

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 82,184 people
• City population: 5,603
• Metro: Dover, DE
• Population (ZIP): 5,603
• Household income: $80,459
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 128.0

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 0.55)
• Race & ethnicity: White 64% Black 19% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Italian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -36.16%
• Current HPI: 189.0713
• Rent YoY: —
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

-1.7% since first listed

11 events — show timeline

• 2026-01-02 Listed $115,900 BRIGHT MLS
• 2023-05-12 Sold (MLS) $92,500 BRIGHT MLS
• 2023-05-04 Pending — BRIGHT MLS
• 2023-04-11 Price Changed $99,999 BRIGHT MLS
• 2023-03-23 Price Changed $107,900 BRIGHT MLS
• 2023-02-28 Relisted — BRIGHT MLS
• 2023-02-25 Listing Removed — BRIGHT MLS
• 2022-12-29 Price Changed $109,900 BRIGHT MLS
• 2022-12-06 Price Changed $110,000 BRIGHT MLS
• 2022-10-22 Price Changed $115,000 BRIGHT MLS
• 2022-10-06 Listed $117,900 BRIGHT MLS

Property tax history

+9.7%/yr

Latest (2025): $224 · +0.3% YoY. Source: county tax records.