1131 S Bay Rd #20 · Dover, DE 19901

$50,000

2 bd · 2.0 ba · 784 sqft · Manufactured · 127 Days on market

Built 1983 Good condition $64/sqft · 92% above area ↓ 23% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newly renovated mobile home offering thoughtful updates throughout and fresh paint that creates a clean, modern, and welcoming atmosphere. The layout provides comfortable living with move-in-ready appeal. Conveniently located just 10 minutes from local shopping, dining, and everyday amenities, making errands and entertainment easily accessible. A great opportunity for affordable living with recent upgrades already completed — and the seller is offering $5,000 toward closing assistance to help make your purchase even more attainable.

Key facts

• Fresh paint
• Thoughtful updates
• Move in ready

Tags

• NEWLY RENOVATED MOBILE HOME
• THOUGHTFUL UPDATES
• FRESH PAINT
• MOVE IN READY
• CONVENIENTLY LOCATED
• ACCESSIBLE AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.2% vs local median 5.2% in Dover — 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 67/100 on livability (#38 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, crime F, commute F.
• Capital School District (urban): math 14% / reading 31% proficiency, ranked #24 of 26 in DE (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.0%/yr); 184 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $346 of loan paydown is wiped out by about $2k 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 + 2.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 79% 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 $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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. 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?
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: 3.19% ✓
• Cap rate: 28.25%
• Cash-on-cash: 78.40%
• DSCR: 4.49
• GRM: 2.6

CMA / ARV

• ARV (median comp): $26,004
• List price: $50,000
• Delta: 92.28%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.03% rent growth · sell at horizon

5-year hold

• IRR: 77.4%
• Equity multiple: 4.47×
• Total profit: $48,639
• Equity at exit: $7,455

10-year hold

• IRR: 80.7%
• Equity multiple: 8.95×
• Total profit: $111,263
• Equity at exit: $4,323

Cash invested: $14,000 (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 19901

• Rents YoY: 2.0%
• Active inventory: 184
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,595 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $915

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 38%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Generals Way Dover, DE	2.0	1.0	660	$1,499	$2.27	43d	1	0.76mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,653	$2.31	43d	22	1.33mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	43d	1	1.43mi

Listing history 3 events

1. 2026-05-07
   price $50,000 544-char remark

   Show marketing remark (544 chars)

   Newly renovated mobile home offering thoughtful updates throughout and fresh paint that creates a clean, modern, and welcoming atmosphere. The layout provides comfortable living with move-in-ready appeal. Conveniently located just 10 minutes from local shopping, dining, and everyday amenities, making errands and entertainment easily accessible. A great opportunity for affordable living with recent upgrades already completed — and the seller is offering $5,000 toward closing assistance to help make your purchase even more attainable.

2. 2026-03-26
   price $55,000 544-char remark

   Show marketing remark (544 chars)

   Newly renovated mobile home offering thoughtful updates throughout and fresh paint that creates a clean, modern, and welcoming atmosphere. The layout provides comfortable living with move-in-ready appeal. Conveniently located just 10 minutes from local shopping, dining, and everyday amenities, making errands and entertainment easily accessible. A great opportunity for affordable living with recent upgrades already completed — and the seller is offering $5,000 toward closing assistance to help make your purchase even more attainable.

3. 2026-01-20
   listed $65,000 Active 544-char remark

   Show marketing remark (544 chars)

   Newly renovated mobile home offering thoughtful updates throughout and fresh paint that creates a clean, modern, and welcoming atmosphere. The layout provides comfortable living with move-in-ready appeal. Conveniently located just 10 minutes from local shopping, dining, and everyday amenities, making errands and entertainment easily accessible. A great opportunity for affordable living with recent upgrades already completed — and the seller is offering $5,000 toward closing assistance to help make your purchase even more attainable.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 79% 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: $19,143
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$1,455
• Taxable income: $10,825
• Est. tax owed @ 24.0%: −$2,598
• After-tax cash flow: $8,379/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 · 3 photos

Good 75/100 Cosmetic rehab

This mobile home is in good condition with recent cosmetic renovations and move-in-ready appeal. It offers a great opportunity for affordable living with recent upgrades already completed.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.
• Both Painting exterior and interior — Fresh paint can make the home look more modern and appealing to both buyers and renters.
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑
• Both Painting exterior and interior — Fresh paint can make the home look more modern and appealing to both buyers and renters. ↑
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑

ⓘ 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: Capital School District
• NCES district ID: 1000190
• Math proficiency: 14% ▼ -17.00%
• Reading proficiency: 31% ▼ -12.00%
• Median HH income: $48,499
• Composite: 19.78/100
• National rank: #8703
• State rank: #24 of 26 in DE

Livability — Dover

• Score: 67/100
• State rank: #38
• US rank: #10574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dover, DE
• County: Kent County · 82,184 people
• City population: 76,581
• Metro: Dover, DE
• Population (ZIP): 37,763
• Household income: $66,388
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1320.0

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 0.68)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Romanian 2% Hispanic 1% Lithuanian 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -113.29%
• Current HPI: 199.5132
• Rent YoY: ▲ 2.03%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

-23.1% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $50,000 BRIGHT MLS
• 2026-03-26 Price Changed $55,000 BRIGHT MLS
• 2026-01-20 Listed $65,000 BRIGHT MLS