198 Indigo Cir · Smyrna, DE 19977

$165,000

3 bd · 2.0 ba · 1,500 sqft · Manufactured · 30 Days on market

Built 2023 Good condition $110/sqft · 74% above area ↓ 3% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Ridgewood Point, Smyrna, Delaware’s premier 55+ active adult community! Built in 2023, this beautifully designed home offers a bright, open-concept floor plan enhanced by gorgeous luxury vinyl plank flooring throughout the main living areas. The ample kitchen features a large center island, stainless steel appliances, abundant cabinetry, and plenty of space for cooking and gathering. This lovely home includes three comfortable bedrooms and two full baths, highlighted by a generous primary bedroom with a walk-in closet and private en suite bath complete with a walk-in shower. Start your mornings with coffee on the breezy covered front porch, or spend sunny afternoons relaxing or entertaining on the patio. This home comes complete with all appliances and a 10 x 14 custom shed included. Ideally situated just outside town limits, this charming home combines low-maintenance living with low property taxes and energy efficient affordability. Enjoy the privacy of this peaceful enclave yet conveniently close to shopping, restaurants, healthcare, Route 13 & Route 1 for easy access to points north and south. Land Lease $739.21 and includes trash removal. Schedule your tour today!

Key facts

• 3 parking spots
• Built 2023
• Listed 29 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $644 ($8k/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: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $162,525 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.23% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.74%
• DSCR: 1.74
• GRM: 6.8

CMA / ARV

• ARV (median comp): $90,446
• List price: $165,000
• Delta: 82.43%
• 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: 7.9%
• Equity multiple: 1.31×
• Total profit: $14,228
• Equity at exit: $24,602

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $64,919
• 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: 6.8×

Monthly cashflow live

• Estimated rent: $2,034 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$28 /mo · $337/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $644

Break-even live

Break-even rent $1,218

Max offer price $165,000

Occupancy floor 63%

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 22 events

1. 2026-06-19
   days on market $165,000 Active 30 DOM
2. 2026-06-18
   days on market $165,000 Active 29 DOM
3. 2026-06-17
   days on market $165,000 Active 28 DOM
4. 2026-06-16
   days on market $165,000 Active 27 DOM
5. 2026-06-15
   days on market $165,000 Active 26 DOM
6. 2026-06-14
   days on market $165,000 Active 24 DOM
7. 2026-06-13
   days on market $165,000 Active 23 DOM
8. 2026-06-10
   days on market $165,000 Active 21 DOM
9. 2026-06-09
   days on market $165,000 Active 20 DOM
10. 2026-06-08
    days on market $165,000 Active 19 DOM
11. 2026-06-07
    days on market $165,000 Active 18 DOM
12. 2026-06-05
    days on market $165,000 Active 15 DOM
13. 2026-06-02
    days on market $165,000 Active 13 DOM
14. 2026-06-01
    days on market $165,000 Active 12 DOM
15. 2026-05-31
    days on market $165,000 Active 11 DOM
16. 2026-05-30
    days on market $165,000 Active 10 DOM
17. 2026-05-19
    historical $165,000 1210-char remark

    Show marketing remark (1210 chars)

    Welcome to Ridgewood Point, Smyrna, Delaware’s premier 55+ active adult community! Built in 2023, this beautifully designed home offers a bright, open-concept floor plan enhanced by gorgeous luxury vinyl plank flooring throughout the main living areas. The ample kitchen features a large center island, stainless steel appliances, abundant cabinetry, and plenty of space for cooking and gathering. This lovely home includes three comfortable bedrooms and two full baths, highlighted by a generous primary bedroom with a walk-in closet and private en suite bath complete with a walk-in shower. Start your mornings with coffee on the breezy covered front porch, or spend sunny afternoons relaxing or entertaining on the patio. This home comes complete with all appliances and a 10 x 14 custom shed included. Ideally situated just outside town limits, this charming home combines low-maintenance living with low property taxes and energy efficient affordability. Enjoy the privacy of this peaceful enclave yet conveniently close to shopping, restaurants, healthcare, Route 13 & Route 1 for easy access to points north and south. Land Lease $739.21 and includes trash removal. Schedule your tour today!

18. 2026-05-05
    historical
19. 2026-04-10
    price $164,999
20. 2026-03-31
    price $168,750
21. 2026-02-28
    listed $170,000 Active
22. 2026-02-27
    historical

ⓘ 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: $337 · $28/mo
• Projected year-2 tax: $647 · $54/mo
• Expected delta: +$310/yr (+$26/mo · 92.1%)

ⓘ 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: $24,403
• − Mortgage interest: −$9,243
• − Property taxes: −$337
• − Insurance: −$825
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$4,800
• Taxable income: $5,294
• Est. tax owed @ 24.0%: −$1,271
• After-tax cash flow: $6,463/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 2023-built manufactured home in Ridgewood Point, Delaware, offers a bright, open-concept floor plan with modern amenities and a good condition score. It is move-in ready with minimal repairs needed.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace outdoor lighting fixtures — Improves safety and enhances curb appeal
• Both Install smart home security system — Enhances safety and adds modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace outdoor lighting fixtures — Improves safety and enhances curb appeal ↑
• Both Install smart home security system — Enhances safety and adds modern amenities ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-2.9% since first listed

6 events — show timeline

• 2026-05-19 Coming Soon $165,000 BRIGHT MLS
• 2026-05-05 Listing Removed — BRIGHT MLS
• 2026-04-10 Price Changed $164,999 BRIGHT MLS
• 2026-03-31 Price Changed $168,750 BRIGHT MLS
• 2026-02-28 Listed $170,000 BRIGHT MLS
• 2026-02-27 Coming Soon — BRIGHT MLS