162 Northwoods Dr #162 · Smyrna, DE 19977

$128,600

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 751 Days on market

Built 2024 Excellent condition

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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 +4.8/5.0
• 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 your brand new spacious home with 3 bedrooms and 2 bathrooms. With its premium entry doors, custom cabinets, and wood style floors, you will be excited to have a space like this to call home. Enjoy the variety of amenities our community has to offer such as a picnic area / pavilion / grill, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Picnic area
• Custom cabinets
• Premium entry doors

Tags

• PREMIUM ENTRY DOORS
• CUSTOM CABINETS
• WOOD STYLE FLOORS
• PICNIC AREA
• COMMUNITY EVENTS
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $129k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 $889 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 751 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

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 $113,168 (12.0% below list)

Questions for the listing agent

1. It's been on market 751 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 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?
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: 1.61% ✓
• Cap rate: 13.24%
• Cash-on-cash: 24.80%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.2%
• Equity multiple: 1.74×
• Total profit: $26,593
• Equity at exit: $19,175

10-year hold

• IRR: 26.6%
• Equity multiple: 3.34×
• Total profit: $84,319
• Equity at exit: $11,119

Cash invested: $36,008 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,067 medium
• Mortgage (P&I): −$674
• Tax est. 1.5%: −$161 /mo · $1,929/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $744

Break-even live

Break-even rent $1,125

Max offer price $128,600

Occupancy floor 59%

Sensitivity live

Price	-10% $833	-5% $789	+0% $744	+5% $700	+10% $655
Rent	-10% $581	-5% $663	+0% $744	+5% $826	+10% $908
Rate	-1.0pp $809	-0.5pp $777	base $744	+0.5pp $711	+1.0pp $677

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: $32,150
• Closing costs: $3,858
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $128,600 Active 751 DOM
2. 2026-06-18
   days on market $128,600 Active 750 DOM
3. 2026-06-17
   days on market $128,600 Active 749 DOM
4. 2026-06-16
   days on market $128,600 Active 748 DOM
5. 2026-06-15
   days on market $128,600 Active 747 DOM
6. 2026-06-14
   days on market $128,600 Active 745 DOM
7. 2026-06-13
   days on market $128,600 Active 744 DOM
8. 2026-06-10
   days on market $128,600 Active 742 DOM
9. 2026-06-09
   days on market $128,600 Active 741 DOM
10. 2026-06-08
    days on market $128,600 Active 740 DOM
11. 2026-06-07
    days on market $128,600 Active 739 DOM
12. 2026-06-05
    days on market $128,600 Active 736 DOM
13. 2026-06-02
    days on market $128,600 Active 734 DOM
14. 2026-06-01
    days on market $128,600 Active 733 DOM
15. 2026-05-31
    days on market $128,600 Active 732 DOM
16. 2026-05-30
    days on market $128,600 Active 731 DOM
17. 2024-06-04
    status Active 489-char remark

    Show marketing remark (489 chars)

    Welcome to your brand new spacious home with 3 bedrooms and 2 bathrooms. With its premium entry doors, custom cabinets, and wood style floors, you will be excited to have a space like this to call home. Enjoy the variety of amenities our community has to offer such as a picnic area / pavilion / grill, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

18. 2024-06-04
    historical 489-char remark

    Show marketing remark (489 chars)

    Welcome to your brand new spacious home with 3 bedrooms and 2 bathrooms. With its premium entry doors, custom cabinets, and wood style floors, you will be excited to have a space like this to call home. Enjoy the variety of amenities our community has to offer such as a picnic area / pavilion / grill, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2024-05-29
    listed $128,600 Active 489-char remark

    Show marketing remark (489 chars)

    Welcome to your brand new spacious home with 3 bedrooms and 2 bathrooms. With its premium entry doors, custom cabinets, and wood style floors, you will be excited to have a space like this to call home. Enjoy the variety of amenities our community has to offer such as a picnic area / pavilion / grill, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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 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: $24,804
• − Mortgage interest: −$7,204
• − Property taxes: −$1,929
• − Insurance: −$643
• − Repairs & maintenance: −$1,984
• − Management: −$1,984
• − Depreciation: −$3,741
• Taxable income: $7,319
• Est. tax owed @ 24.0%: −$1,757
• After-tax cash flow: $7,174/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 · 6 photos

Excellent 95/100 None rehab

This manufactured home is in excellent condition with a spacious layout and modern finishes. It is move-in ready and would benefit from minor updates to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Adding a small outdoor patio or seating area — This can increase the home's appeal for both buyers and renters.
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Installing smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers and renters.
• Both Adding a smart thermostat — This can improve energy efficiency and comfort for both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Adding a small outdoor patio or seating area — This can increase the home's appeal for both buyers and renters. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Installing smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers and renters. ↑
• Both Adding a smart thermostat — This can improve energy efficiency and comfort for both buyers and 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: 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

3 events — show timeline

• 2024-06-04 Relisted — Zillow
• 2024-06-04 Delisted — Zillow
• 2024-05-29 Listed $128,600 Zillow