120 Pine Cone Dr · Cheswold, DE 19901

$145,000

4 bd · 2.0 ba · 2,128 sqft · Manufactured public records · 27 Days on market

Built 2006

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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
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Home is move in ready and meeting all community standards. 4 bedroom 2 bath 2128 SQFT (mobile home) Living room, family room with fireplace , dining area, kitchen, laundry and pantry room. Master bedroom has master bathroom, adjacent sitting room and a walk in closet. 2024 roof was replaced. 2024 HVAC replaced 2026 Gutters installed 2024 kitchen appliances 2024 floors replaced 2025- 220 volt outside receptacle installed for faster charging an electric car SimpliSafe full alarm system Google doorbell camera deck

Key facts

• Hvac replaced
• Gutters installed
• Walk in closet

Tags

• MOVE IN READY
• FIREPLACE
• WALK IN CLOSET
• ROOF REPLACED
• HVAC REPLACED
• GUTTERS INSTALLED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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).
• This rent runs 43% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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 + 2.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($143k) 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 $142,825 (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. 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?
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: 1.63% ✓
• Cap rate: 14.62%
• Cash-on-cash: 29.72%
• DSCR: 2.32
• GRM: 5.1

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: 23.2%
• Equity multiple: 1.94×
• Total profit: $38,213
• Equity at exit: $21,620

10-year hold

• IRR: 30.5%
• Equity multiple: 3.62×
• Total profit: $106,336
• Equity at exit: $12,537

Cash invested: $40,600 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,368 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$45 /mo · $535/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $1,006

Break-even live

Break-even rent $1,095

Max offer price $145,000

Occupancy floor 53%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $145,000 Active 27 DOM
2. 2026-06-18
   days on market $145,000 Active 26 DOM
3. 2026-06-17
   days on market $145,000 Active 25 DOM
4. 2026-06-16
   days on market $145,000 Active 24 DOM
5. 2026-06-15
   days on market $145,000 Active 23 DOM
6. 2026-06-14
   days on market $145,000 Active 21 DOM
7. 2026-06-13
   days on market $145,000 Active 20 DOM
8. 2026-06-10
   days on market $145,000 Active 18 DOM
9. 2026-06-09
   days on market $145,000 Active 17 DOM
10. 2026-06-08
    days on market $145,000 Active 16 DOM
11. 2026-06-07
    days on market $145,000 Active 15 DOM
12. 2026-06-02
    days on market $145,000 Active 10 DOM
13. 2026-06-01
    days on market $145,000 Active 9 DOM
14. 2026-05-31
    days on market $145,000 Active 8 DOM
15. 2026-05-30
    days on market $145,000 Active 7 DOM
16. 2026-05-24
    listed $145,000 Active

ⓘ 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: $535 · $45/mo
• Projected year-2 tax: $688 · $57/mo
• Expected delta: +$153/yr (+$13/mo · 28.6%)

ⓘ 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 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: $28,420
• − Mortgage interest: −$8,122
• − Property taxes: −$535
• − Insurance: −$725
• − Repairs & maintenance: −$2,274
• − Management: −$2,274
• − Depreciation: −$4,218
• Taxable income: $10,272
• Est. tax owed @ 24.0%: −$2,465
• After-tax cash flow: $9,602/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 — 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: 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

1 event — show timeline

• 2026-05-24 Listed $145,000 FSBO.com

Property tax history

+0.3%/yr

Latest (2025): $535 · +3.5% YoY. Source: county tax records.