917 Appleberry Dr #160 · Smyrna, DE 19977

$165,000

2 bd · 2.0 ba · 1,300 sqft · SingleFamily · 33 Days on market

Built 2006 $127/sqft · 10% above area Est $150k · 10% 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 +21.4/30.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Livability +3.5/5.0
• ARV discount +3.0/15.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming two bedroom, two bath home with front porch and sunroom now available in the popular clubhouse community of Bon Ayre. High dollar updates like the roof was done in 2019 and new heating and air conditioning units were installed in 2024. Appealing landscaping highlight the front of your new home, along with a delightful front porch. Entering your new home you will notice vaulted ceilings, updated carpet and paint. Spacious living room is open to the dining room which is nice for entertaining. The sunroom is great for quiet meditation or use the abundance of natural light for a favorite hobby. The kitchen has white cabinets accented by dark countertops. Laminate wood floor, breakfast bar, cabinet pantry, new range, updated refrigerator, faucet, sink and garbage disposal all add to the appeal of your kitchen. Neutral color owner’s suite will work with any furniture you decorate it with. There is also a large walk in closet for your clothes and storage. The owner’s bath has the higher vanity, walk in shower with double seats and linen closet. The second bedroom is also neutral colored and has a walk in closet. There is a hall bath with tub/shower that is perfect for guests. Spacious laundry room has room for another appliance and includes the washer and dryer. The front steps and rails of the home were rebuilt and the side entry, the landing and steps have been replaced. There is a storage shed to keep all your outdoor equipment in. There is nothing left to do but turn the key and add your furniture.

Key facts

• 2 parking spots
• Community pool
• Built 2006

Property features AI

Finance

• Other: Property manager present
• Financial info: Ground rent exists (97 years remaining)
• HOA & community: Senior community (55+); Community clubhouse and outdoor pool; Association recreation fee of $325; Monthly land lease of $575.50

Exterior

• Parking: Asphalt driveway with space for two vehicles (driveway provides 2 spaces); Total of 2 garage and parking spaces
• Utilities: Public water; Public sewer; No municipal trash service
• Home design: Manufactured double-wide home (estimated year built; effective remodel 2025); Not winterized; Land lease ownership; Above-grade finished living space
• Construction: Vinyl siding; Crawl space foundation; Double-wide model (Marlette 26x52; 24 ft x 50 ft)
• Exterior features: Porch(es); Sidewalks; Street lights; Community pool; Shed; Ground rent exists (97 years remaining)

Interior

• Kitchen: Dishwasher; Refrigerator; Water heater
• Bedrooms: Two bedrooms on the main level
• Flooring: Carpet; Laminate plank; Vinyl
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Open floor plan; Ceiling fan(s); Dining area; Eat-in kitchen; Master bath; Walk-in shower; Tub/shower; Storm door(s)
• Laundry & utility: Washer and dryer on the main floor

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.5% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 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 (-3.0%/yr); year-one equity from $1k 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 33 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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.
• Current owner paid $140k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $150,075
• List price: $165,000
• Delta: 9.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
59 Vincent Ct	0.18mi	3/2.0 (+1)	1,326 (+2%)	8mo	$360,000	$271	77
58 Vincent Ct	0.21mi	3/2.0 (+1)	1,326 (+2%)	6mo	$365,000	$275	76
717 Saks St #84	0.10mi	3/2.0 (+1)	1,404 (+8%)	8mo	$161,000	$115	71
2 Liborio Ln	0.24mi	3/2.0 (+1)	1,382 (+6%)	4mo	$350,888	$254	70
1125 Lorenzo Ln #274	0.09mi	3/2.0 (+1)	1,481 (+14%)	6mo	$160,000	$108	63
182-182-B Hemlock Way #276	0.34mi	3/2.0 (+1)	1,216 (-6%)	8mo	$92,000	$76	62
46 Liborio Ln	0.33mi	3/2.5 (+1)	1,434 (+10%)	2mo	$355,000	$248	59
74 Liborio Ln	0.35mi	3/2.5 (+1)	1,488 (+14%)	2mo	$335,000	$225	50
38 Liborio Ln	0.33mi	3/2.5 (+1)	1,488 (+14%)	5mo	$360,000	$242	49
43 Hedgerow Hollow Rd #43	0.57mi	3/2.0 (+1)	1,404 (+8%)	7mo	$115,000	$82	49
125 E Clarendon Dr	0.65mi	2/2.0	1,466 (+13%)	3mo	$337,500	$230	46
2298 S Dupont Blvd	0.67mi	3/1.0 (+1)	1,478 (+14%)	8mo	$250,000	$169	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-11,035
• Equity at exit: $24,602

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $10,683
• Equity at exit: $14,266

Cash invested: $46,200 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,755 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $246

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 81%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-19
   days on market $165,000 Active 33 DOM
2. 2026-06-18
   days on market $165,000 Active 32 DOM
3. 2026-06-17
   days on market $165,000 Active 31 DOM
4. 2026-06-16
   days on market $165,000 Active 30 DOM
5. 2026-06-15
   days on market $165,000 Active 29 DOM
6. 2026-06-14
   days on market $165,000 Active 27 DOM
7. 2026-06-13
   days on market $165,000 Active 26 DOM
8. 2026-06-10
   days on market $165,000 Active 24 DOM
9. 2026-06-09
   days on market $165,000 Active 23 DOM
10. 2026-06-08
    days on market $165,000 Active 22 DOM
11. 2026-06-07
    days on market $165,000 Active 21 DOM
12. 2026-06-05
    days on market $165,000 Active 18 DOM
13. 2026-06-02
    days on market $165,000 Active 16 DOM
14. 2026-06-01
    days on market $165,000 Active 15 DOM
15. 2026-05-31
    days on market $165,000 Active 14 DOM
16. 2026-05-30
    days on market $165,000 Active 13 DOM
17. 2026-05-19
    status Active 270-char remark
18. 2026-05-15
    historical 270-char remark
19. 2026-05-15
    listed $165,000 Active 270-char remark
20. 2026-05-07
    historical $165,000 270-char remark
21. 2025-06-20
    soldstatus $140,000 Closed 1542-char remark

    Show marketing remark (1542 chars)

    Charming two bedroom, two bath home with front porch and sunroom now available in the popular clubhouse community of Bon Ayre. High dollar updates like the roof was done in 2019 and new heating and air conditioning units were installed in 2024. Appealing landscaping highlight the front of your new home, along with a delightful front porch. Entering your new home you will notice vaulted ceilings, updated carpet and paint. Spacious living room is open to the dining room which is nice for entertaining. The sunroom is great for quiet meditation or use the abundance of natural light for a favorite hobby. The kitchen has white cabinets accented by dark countertops. Laminate wood floor, breakfast bar, cabinet pantry, new range, updated refrigerator, faucet, sink and garbage disposal all add to the appeal of your kitchen. Neutral color owner’s suite will work with any furniture you decorate it with. There is also a large walk in closet for your clothes and storage. The owner’s bath has the higher vanity, walk in shower with double seats and linen closet. The second bedroom is also neutral colored and has a walk in closet. There is a hall bath with tub/shower that is perfect for guests. Spacious laundry room has room for another appliance and includes the washer and dryer. The front steps and rails of the home were rebuilt and the side entry, the landing and steps have been replaced. There is a storage shed to keep all your outdoor equipment in. There is nothing left to do but turn the key and add your furniture.

22. 2025-05-04
    status Pending 1542-char remark

    Show marketing remark (1542 chars)

    Charming two bedroom, two bath home with front porch and sunroom now available in the popular clubhouse community of Bon Ayre. High dollar updates like the roof was done in 2019 and new heating and air conditioning units were installed in 2024. Appealing landscaping highlight the front of your new home, along with a delightful front porch. Entering your new home you will notice vaulted ceilings, updated carpet and paint. Spacious living room is open to the dining room which is nice for entertaining. The sunroom is great for quiet meditation or use the abundance of natural light for a favorite hobby. The kitchen has white cabinets accented by dark countertops. Laminate wood floor, breakfast bar, cabinet pantry, new range, updated refrigerator, faucet, sink and garbage disposal all add to the appeal of your kitchen. Neutral color owner’s suite will work with any furniture you decorate it with. There is also a large walk in closet for your clothes and storage. The owner’s bath has the higher vanity, walk in shower with double seats and linen closet. The second bedroom is also neutral colored and has a walk in closet. There is a hall bath with tub/shower that is perfect for guests. Spacious laundry room has room for another appliance and includes the washer and dryer. The front steps and rails of the home were rebuilt and the side entry, the landing and steps have been replaced. There is a storage shed to keep all your outdoor equipment in. There is nothing left to do but turn the key and add your furniture.

23. 2025-05-03
    listed $142,900 Active 1542-char remark

    Show marketing remark (1542 chars)

    Charming two bedroom, two bath home with front porch and sunroom now available in the popular clubhouse community of Bon Ayre. High dollar updates like the roof was done in 2019 and new heating and air conditioning units were installed in 2024. Appealing landscaping highlight the front of your new home, along with a delightful front porch. Entering your new home you will notice vaulted ceilings, updated carpet and paint. Spacious living room is open to the dining room which is nice for entertaining. The sunroom is great for quiet meditation or use the abundance of natural light for a favorite hobby. The kitchen has white cabinets accented by dark countertops. Laminate wood floor, breakfast bar, cabinet pantry, new range, updated refrigerator, faucet, sink and garbage disposal all add to the appeal of your kitchen. Neutral color owner’s suite will work with any furniture you decorate it with. There is also a large walk in closet for your clothes and storage. The owner’s bath has the higher vanity, walk in shower with double seats and linen closet. The second bedroom is also neutral colored and has a walk in closet. There is a hall bath with tub/shower that is perfect for guests. Spacious laundry room has room for another appliance and includes the washer and dryer. The front steps and rails of the home were rebuilt and the side entry, the landing and steps have been replaced. There is a storage shed to keep all your outdoor equipment in. There is nothing left to do but turn the key and add your furniture.

24. 2025-05-02
    historical $142,900 1542-char remark

    Show marketing remark (1542 chars)

    Charming two bedroom, two bath home with front porch and sunroom now available in the popular clubhouse community of Bon Ayre. High dollar updates like the roof was done in 2019 and new heating and air conditioning units were installed in 2024. Appealing landscaping highlight the front of your new home, along with a delightful front porch. Entering your new home you will notice vaulted ceilings, updated carpet and paint. Spacious living room is open to the dining room which is nice for entertaining. The sunroom is great for quiet meditation or use the abundance of natural light for a favorite hobby. The kitchen has white cabinets accented by dark countertops. Laminate wood floor, breakfast bar, cabinet pantry, new range, updated refrigerator, faucet, sink and garbage disposal all add to the appeal of your kitchen. Neutral color owner’s suite will work with any furniture you decorate it with. There is also a large walk in closet for your clothes and storage. The owner’s bath has the higher vanity, walk in shower with double seats and linen closet. The second bedroom is also neutral colored and has a walk in closet. There is a hall bath with tub/shower that is perfect for guests. Spacious laundry room has room for another appliance and includes the washer and dryer. The front steps and rails of the home were rebuilt and the side entry, the landing and steps have been replaced. There is a storage shed to keep all your outdoor equipment in. There is nothing left to do but turn the key and add your furniture.

25. 2020-03-12
    status Pending
26. 2020-03-12
    historical
27. 2020-03-08
    listed $79,900 Active
28. 2015-10-16
    soldstatus $55,000 Sold
29. 2015-10-16
    soldstatus $55,000
30. 2015-08-07
    status Under Contract
31. 2015-08-06
    historical
32. 2015-07-11
    price $59,000
33. 2015-07-11
    status Active
34. 2015-07-10
    historical
35. 2015-01-25
    price $69,000
36. 2014-07-09
    listed $79,000 Active
37. 2014-07-09
    listed $59,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,059
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,685
• − Management: −$1,685
• − Depreciation: −$4,800
• Taxable income: $347
• Est. tax owed @ 24.0%: −$83
• After-tax cash flow: $2,870/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: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Smyrna, DE
• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+108.9% since first listed

21 events — show timeline

• 2026-05-19 Relisted — BRIGHT MLS
• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-05-15 Listed $165,000 BRIGHT MLS
• 2026-05-07 Coming Soon $165,000 BRIGHT MLS
• 2025-06-20 Sold (MLS) $140,000 BRIGHT MLS
• 2025-05-04 Pending — BRIGHT MLS
• 2025-05-03 Listed $142,900 BRIGHT MLS
• 2025-05-02 Coming Soon $142,900 BRIGHT MLS
• 2020-03-12 Pending — BRIGHT MLS
• 2020-03-12 Listing Removed — BRIGHT MLS
• 2020-03-08 Listed $79,900 BRIGHT MLS
• 2015-10-16 Sold (MLS) $55,000 BRIGHT MLS
• 2015-10-16 Sold (MLS) $55,000 TREND
• 2015-08-07 Pending — TREND
• 2015-08-06 Listing Removed — BRIGHT MLS
• 2015-07-11 Price Changed $59,000 TREND
• 2015-07-11 Relisted — TREND
• 2015-07-10 Delisted — TREND
• 2015-01-25 Price Changed $69,000 TREND
• 2014-07-09 Listed $59,000 BRIGHT MLS
• 2014-07-09 Listed $79,000 TREND