510 School Bell · Bear, DE 19701

$249,900

2 bd · 1.0 ba · 676 sqft · MultiFamily public records · 5 Days on market

Built 1953 0.26 ac lot

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Why this score? — see what drove the D 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 +14.9/30.0
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• DSCR +4.6/10.0
• Livability +3.7/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

ATTENTION ALL INVESTORS OR OWNER OCCUPANT:Drastically Reduced!!! Commissions are subject to Bank Approval. Priced way below market value. So a qualified investor can do some creative financing and get into the property with very little cash. Some TLC needed to make this a great property. Great for possible Day Care or small in-home business. Being sold "As Is". Priced for quick sale.

Key facts

• 0.26 acre lot
• Built 1953
• Listed 5 days

Property features AI

Finance

• Other: Fee simple ownership; Not in a federal flood zone; Total finished above-grade area is estimated at 676; Below-grade area (unfinished) is estimated at 338

Exterior

• Parking: Paved driveway; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Detached property; Estimated year built
• Construction: Slab foundation; Above-grade structure
• Exterior features: Stucco exterior; Other exterior features

Interior

• Kitchen: Single oven; Dishwasher
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: 90% forced air heating (natural gas); Central air conditioning (natural gas)
• Interior features: Partial basement; Appliances include single oven and dishwasher

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $73 ($876/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (21.2% below list).
• Recommended offer: $197k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.7% in Bear — 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 73/100 on livability (#8 in DE) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: crime C-, amenities F, commute F.
• Colonial School District (suburban): math 15% / reading 30% proficiency, ranked #23 of 26 in DE (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wilbur (Kathleen H.) Elementary (math 24% / reading 43%, grade F, #42 of 105 statewide, top 39%, 1,044 students, 0% FRL); Bedford (Gunning) Middle School (math 14% / reading 38%, grade F, #20 of 36 statewide, top 54%, 936 students, 0% FRL); Penn (William) High School (math 16% / reading 30%, grade F, #29 of 40 statewide, top 72%, 2,239 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+9.0%/yr); 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 23y 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.
• Current owner paid $135k; list at $250k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,890 (21.2% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.79% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.63×
• Total profit: $-25,561
• Equity at exit: $37,261

10-year hold

• IRR: 5.0%
• Equity multiple: 1.44×
• Total profit: $30,597
• Equity at exit: $21,607

Cash invested: $69,972 (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 19701

• Rents YoY: 9.0%
• Active inventory: 112
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,969 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$68 /mo · $814/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $73

Break-even live

Break-even rent $1,877

Max offer price $249,900

Occupancy floor 91%

Sensitivity live

Price	-10% $214	-5% $144	+0% $73	+5% $2	+10% $-68
Rent	-10% $-83	-5% $-5	+0% $73	+5% $151	+10% $229
Rate	-1.0pp $199	-0.5pp $137	base $73	+0.5pp $8	+1.0pp $-58

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Bedford Ln New Castle, DE	1.0–2.0	1.0–2.0	865	$1,895	$2.19	4d	9	0.70mi

Listing history 4 events

1. 2026-06-21
   days on market $249,900 Active 5 DOM
2. 2026-06-18
   days on market $249,900 Active 2 DOM
3. 2026-06-16
   remarks 645-char remark
4. 2026-06-16
   listed $249,900 Active 1 DOM

ⓘ 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: $814 · $68/mo
• Projected year-2 tax: $1,132 · $94/mo
• Expected delta: +$318/yr (+$26/mo · 39.1%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,627
• − Mortgage interest: −$13,998
• − Property taxes: −$814
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,890
• − Management: −$1,890
• − Depreciation: −$7,270
• Taxable loss: −$3,485
• Est. tax savings @ 24.0%: +$836
• After-tax cash flow: $1,712/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: Colonial School District
• NCES district ID: 1000230
• Math proficiency: 15% ▼ -10.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $58,622
• Composite: 20.75/100
• National rank: #8517
• State rank: #23 of 26 in DE

Livability — Bear

• Score: 73/100
• State rank: #8
• US rank: #5158

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New Castle County · 483,412 people
• City population: 42,984
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 42,984
• Household income: $111,198
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 619.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 50% Black 26% Hispanic / Latino 11% Asian 10% Two or more races 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 78% English-only · Spanish 8% Other Asian/Pacific 3% Other Indo-European 3%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.00%
• Current HPI: 261.2988
• Rent YoY: ▲ 9.03%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+233.2% since first listed

17 events — show timeline

• 2026-06-16 Listed $249,900 BRIGHT MLS
• 2009-11-13 Sold (Public Records) $135,000 Public Records
• 2009-11-12 Sold (MLS) $135,000 BRIGHT MLS
• 2009-08-28 Listing Removed — BRIGHT MLS
• 2008-03-27 Listed $149,000 BRIGHT MLS
• 2008-03-21 Listing Removed — BRIGHT MLS
• 2007-03-21 Listed $179,900 BRIGHT MLS
• 2007-03-19 Listing Removed — BRIGHT MLS
• 2007-02-12 Listing Removed — BRIGHT MLS
• 2007-02-12 Listed $239,900 BRIGHT MLS
• 2006-03-19 Listed $239,900 BRIGHT MLS
• 2005-12-19 Listing Removed — BRIGHT MLS
• 2005-10-11 Listed $230,000 BRIGHT MLS
• 2004-09-11 Listing Removed — BRIGHT MLS
• 2003-09-12 Listed $245,000 BRIGHT MLS
• 2002-03-13 Sold (Public Records) $130,000 Public Records
• 1994-12-06 Sold (Public Records) $75,000 Public Records

Property tax history

+3.5%/yr

Latest (2024): $814 · +10.3% YoY. Source: county tax records.