18 Frenchman's Branch Dr · Smyrna, DE 19977

$169,900

4 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 146 Days on market

Built 2024 $126/sqft · 118% above area

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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 +20.6/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Livability +3.5/5.0
• 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

Brand new spacious home in the well maintained community of Ridgewood Manor in Smyrna DE. The home has an open floor plan with 4 bedrooms and 2 baths. The floor plan is flexible in its use because you can use the area to the right of the kitchen as a formal dining room or a family room. The master suite has a walk-in closet. Off the side of the home is a sliding glass door for easy access. Home features include six panel interior doors, digital thermostat, vinyl floors throughout, black appliance package with a flat top electric range and double pane/low E windows. In the community there is a playground area with a swing set, gazebo, and a basketball court for the kids to enjoy. At the community entrance is access to Rt 13 north or south and within a mile there is access to Rt 1 north or south. Schedule your showing and see all this home has to offer!

Key facts

• Open floor plan
• Digital thermostat
• Walk-in closet

Tags

• OPEN FLOOR PLAN
• WALK-IN CLOSET
• SLIDING GLASS DOOR
• SIX PANEL INTERIOR DOORS
• DIGITAL THERMOSTAT
• VINYL FLOORS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 146 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price.
• Climate carrying-cost: major wind risk, 72% 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 $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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: 1.26% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 6.6

CMA / ARV

• ARV (median comp): $91,096
• List price: $169,900
• Delta: 86.51%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-12,785
• Equity at exit: $25,333

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $8,431
• Equity at exit: $14,690

Cash invested: $47,572 (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: 6.6×

Monthly cashflow live

• Estimated rent: $2,135 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$497 /mo · $5,964/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $228

Break-even live

Break-even rent $1,847

Max offer price $169,900

Occupancy floor 84%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-03
   status $169,900 Pending 146 DOM
2. 2026-06-02
   days on market $169,900 Active 146 DOM
3. 2026-06-01
   days on market $169,900 Active 145 DOM
4. 2026-05-31
   days on market $169,900 Active 144 DOM
5. 2026-05-30
   days on market $169,900 Active 143 DOM
6. 2026-01-07
   listed $169,900 Active 863-char remark

   Show marketing remark (863 chars)

   Brand new spacious home in the well maintained community of Ridgewood Manor in Smyrna DE. The home has an open floor plan with 4 bedrooms and 2 baths. The floor plan is flexible in its use because you can use the area to the right of the kitchen as a formal dining room or a family room. The master suite has a walk-in closet. Off the side of the home is a sliding glass door for easy access. Home features include six panel interior doors, digital thermostat, vinyl floors throughout, black appliance package with a flat top electric range and double pane/low E windows. In the community there is a playground area with a swing set, gazebo, and a basketball court for the kids to enjoy. At the community entrance is access to Rt 13 north or south and within a mile there is access to Rt 1 north or south. Schedule your showing and see all this home has to offer!

ⓘ 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: $5,964 · $497/mo
• Projected year-2 tax: $5,964 · $497/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $25,626
• − Mortgage interest: −$9,517
• − Property taxes: −$5,964
• − Insurance: −$850
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$4,943
• Taxable income: $253
• Est. tax owed @ 24.0%: −$61
• After-tax cash flow: $2,679/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

• 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

1 event — show timeline

• 2026-01-07 Listed $169,900 BRIGHT MLS

Property tax history

+25.9%/yr

Latest (2024): $5,964 · +2.8% YoY. Source: county tax records.