465 Aspen Dr #465 · Cheswold, DE 19901

$56,000

2 bd · 2.0 ba · 1,005 sqft · SingleFamily · 119 Days on market

Built 1991 Good condition $56/sqft · 48% below area Est $108k · 48% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

WOW!! This one is move in ready! Enter this home with a covered entrance to keep you protected from the weather! Has a lot of charm, new carpet, new floors, new paint, new bathrooms and a lot of storage space throughout with a new shed. Book your appointment today before this one is gone!

Key facts

• Storage space
• Covered entrance
• New shed

Tags

• COVERED ENTRANCE
• NEW SHED
• STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $56k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• Recommended offer: $51k (9.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 3.1% in Cheswold — 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 62/100 on livability (#62 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, schools F, amenities 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; 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 $387 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 $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($51k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% 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 $50,960 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.88% ✓
• Cap rate: 25.26%
• Cash-on-cash: 67.74%
• DSCR: 4.01
• GRM: 2.9

CMA / ARV

• ARV (median comp): $108,103
• List price: $56,000
• Delta: -48.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Pinewood Acres Ave	0.14mi	2/2.0	980 (-2%)	21mo	$55,000	$56	72
36 Pinewood Acres Ave #36	0.16mi	2/2.0	1,064 (+6%)	19mo	$67,400	$63	67
108 S Dayflower Ct #57	0.48mi	3/2.0 (+1)	1,064 (+6%)	2mo	$55,000	$52	61
86 Piedmont Dr	0.66mi	3/2.0 (+1)	1,056 (+5%)	15mo	$98,000	$93	43
458 Evelyndale Dr	0.63mi	3/2.0 (+1)	1,127 (+12%)	3mo	$285,000	$253	42
196 Main St	0.63mi	3/2.0 (+1)	1,104 (+10%)	10mo	$260,000	$236	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 66.0%
• Equity multiple: 3.92×
• Total profit: $45,764
• Equity at exit: $8,350

10-year hold

• IRR: 70.0%
• Equity multiple: 7.78×
• Total profit: $106,273
• Equity at exit: $4,842

Cash invested: $15,680 (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: 2.9×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$294
• Tax est. 1.5%: −$70 /mo · $840/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $885

Break-even live

Break-even rent $490

Max offer price $56,000

Occupancy floor 40%

Sensitivity live

Price	-10% $924	-5% $904	+0% $885	+5% $866	+10% $846
Rent	-10% $758	-5% $821	+0% $885	+5% $949	+10% $1,012
Rate	-1.0pp $913	-0.5pp $899	base $885	+0.5pp $871	+1.0pp $856

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-20
   status Pending 289-char remark

   Show marketing remark (289 chars)

   WOW!! This one is move in ready! Enter this home with a covered entrance to keep you protected from the weather! Has a lot of charm, new carpet, new floors, new paint, new bathrooms and a lot of storage space throughout with a new shed. Book your appointment today before this one is gone!

2. 2026-01-21
   listed $56,000 Active 289-char remark

   Show marketing remark (289 chars)

   WOW!! This one is move in ready! Enter this home with a covered entrance to keep you protected from the weather! Has a lot of charm, new carpet, new floors, new paint, new bathrooms and a lot of storage space throughout with a new shed. Book your appointment today before this one is gone!

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $19,323
• − Mortgage interest: −$3,137
• − Property taxes: −$840
• − Insurance: −$280
• − Repairs & maintenance: −$1,546
• − Management: −$1,546
• − Depreciation: −$1,629
• Taxable income: $10,345
• Est. tax owed @ 24.0%: −$2,483
• After-tax cash flow: $8,138/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 · 1 photo

Good 75/100 Cosmetic rehab

This home is move-in ready with a good condition score and minimal repairs needed. It offers a good investment opportunity with potential for both resale and rental value through cosmetic upgrades.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Landscaping improvements — Well-maintained landscaping can increase both resale and rental value.
• Both New flooring in high-traffic areas — New flooring can improve the home's appearance and reduce maintenance costs.
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs, enhancing both resale and rental value.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more appealing and functional, increasing both resale and rental value.
• Both Upgrading the bathrooms with modern fixtures — Modern bathrooms can enhance the home's appeal and functionality, increasing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Well-maintained landscaping can increase both resale and rental value. ↑
• Both New flooring in high-traffic areas — New flooring can improve the home's appearance and reduce maintenance costs. ↑
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs, enhancing both resale and rental value. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more appealing and functional, increasing both resale and rental value. ↑
• Both Upgrading the bathrooms with modern fixtures — Modern bathrooms can enhance the home's appeal and functionality, increasing both resale and rental value. ↑

ⓘ 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 — Cheswold

• Score: 62/100
• State rank: #62
• US rank: #16254

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 82,184 people
• City population: 176
• 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

2 events — show timeline

• 2026-05-20 Pending — BRIGHT MLS
• 2026-01-21 Listed $56,000 BRIGHT MLS