26 S State St · Dover, DE 19901

$1,200,000

81 bd · None ba · 4,984 sqft · MultiFamily public records · 81 Days on market

Built 1900 7,492 sqft lot

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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
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey 9-unit multifamily investment in Dover, surrounded by historic character and ongoing area revitalization. Stabilized asset producing approximately $11,700 per month (4-1-26) in rental income, plus additional income from on-site central washer and dryer facilities. Tenants pay their own gas heat and electric. Owner pays water, sewer, trash, and central hot water. Property has seen numerous recent improvements including updated windows, interior upgrades, select new kitchens, and recently installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. Strong in-place income with additional ancillary revenue and continued upside through future unit improvements and long-term rental demand in the Dover market. Ideal for investors seeking a stabilized asset with proven cash flow.

Key facts

• 7,492 sq ft lot
• Built 1900
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 9 × 2-bed/1-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $5k ($62k/yr) — positive. Per door: $571/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.20M).
• Recommended offer: $1.13M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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: crime F, commute F, employment D-.
• 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.
• Zoned schools: Booker T. Washington Elementary School (math 27% / reading 42%, grade F, #34 of 105 statewide, top 37%, 334 students, 0% FRL); Central Middle School (math 12% / reading 31%, grade F, #27 of 36 statewide, top 77%, 860 students, 0% FRL); Dover High School (math 21% / reading 45%, grade F, #22 of 40 statewide, top 56%, 1,771 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.0%/yr); 190 active listings in the ZIP; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• At $15,602/mo this rent would consume 282% of the median local household income ($66k/yr) (locally 1320% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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 $336k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $900k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,128,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 11.43%
• Cash-on-cash: 18.36%
• DSCR: 1.82
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.35×
• Total profit: $117,367
• Equity at exit: $178,924

10-year hold

• IRR: 17.4%
• Equity multiple: 2.37×
• Total profit: $461,212
• Equity at exit: $103,754

Cash invested: $336,000 (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: 190
• Price-to-rent: 57.7×

Monthly cashflow live

• Estimated rent: $15,602 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$393 /mo · $4,716/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,276
• Net cashflow: $5,140

Break-even live

Break-even rent $9,096

Max offer price $1,200,000

Occupancy floor 62%

Sensitivity live

Price	-10% $5,819	-5% $5,479	+0% $5,140	+5% $4,800	+10% $4,460
Rent	-10% $3,907	-5% $4,523	+0% $5,140	+5% $5,756	+10% $6,372
Rate	-1.0pp $5,744	-0.5pp $5,445	base $5,140	+0.5pp $4,829	+1.0pp $4,512

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	2	1	$15,606
Total (9 units)			$15,602

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-22
   days on market $1,200,000 Active 81 DOM
2. 2026-06-19
   days on market $1,200,000 Active 79 DOM
3. 2026-06-18
   days on market $1,200,000 Active 78 DOM
4. 2026-06-17
   days on market $1,200,000 Active 77 DOM
5. 2026-06-16
   days on market $1,200,000 Active 76 DOM
6. 2026-06-15
   status $1,200,000 Active 75 DOM
7. 2026-03-13
   listed $1,200,000 Active 900-char remark

   Show marketing remark (900 chars)

   Turnkey 9-unit multifamily investment in Dover, surrounded by historic character and ongoing area revitalization. Stabilized asset producing approximately $11,700 per month (4-1-26) in rental income, plus additional income from on-site central washer and dryer facilities. Tenants pay their own gas heat and electric. Owner pays water, sewer, trash, and central hot water. Property has seen numerous recent improvements including updated windows, interior upgrades, select new kitchens, and recently installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. Strong in-place income with additional ancillary revenue and continued upside through future unit improvements and long-term rental demand in the Dover market. Ideal for investors seeking a stabilized asset with proven cash flow.

8. 2026-02-19
   historical $1,200,000 900-char remark

   Show marketing remark (900 chars)

   Turnkey 9-unit multifamily investment in Dover, surrounded by historic character and ongoing area revitalization. Stabilized asset producing approximately $11,700 per month (4-1-26) in rental income, plus additional income from on-site central washer and dryer facilities. Tenants pay their own gas heat and electric. Owner pays water, sewer, trash, and central hot water. Property has seen numerous recent improvements including updated windows, interior upgrades, select new kitchens, and recently installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. Strong in-place income with additional ancillary revenue and continued upside through future unit improvements and long-term rental demand in the Dover market. Ideal for investors seeking a stabilized asset with proven cash flow.

9. 2023-02-28
   soldstatus $900,000
10. 2018-05-04
    soldstatus $910,000
11. 2009-04-23
    soldstatus $50,050
12. 2009-03-19
    soldstatus $4,066

ⓘ 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: $4,716 · $393/mo
• Projected year-2 tax: $5,838 · $487/mo
• Expected delta: +$1,122/yr (+$93/mo · 23.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $187,224
• − Mortgage interest: −$67,219
• − Property taxes: −$4,716
• − Insurance: −$6,000
• − Repairs & maintenance: −$14,978
• − Management: −$14,978
• − Depreciation: −$34,909
• Taxable income: $44,424
• Est. tax owed @ 24.0%: −$10,662
• After-tax cash flow: $51,014/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: 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

+29413.0% since first listed

6 events — show timeline

• 2026-03-13 Listed $1,200,000 BRIGHT MLS
• 2026-02-19 Coming Soon $1,200,000 BRIGHT MLS
• 2023-02-28 Sold (Public Records) $900,000 Public Records
• 2018-05-04 Sold (Public Records) $910,000 Public Records
• 2009-04-23 Sold (Public Records) $50,050 Public Records
• 2009-03-19 Sold (Public Records) $4,066 Public Records

Property tax history

+9.5%/yr

Latest (2025): $4,716 · +3.5% YoY. Source: county tax records.