72 Sycamore Dr #62 · Magnolia, DE 19946

$30,000

3 bd · 2.0 ba · 924 sqft · SingleFamily · 107 Days on market

Built 2005 $32/sqft · 71% below area $675/mo HOA · 29% of rent ↓ 20% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for your next project? This home in the all-ages High Point community in Frederica needs significant repairs and a full rehab, but it offers real potential for the right buyer. Whether you’re an investor or someone ready to roll up your sleeves and create value, this is an opportunity to transform a property and make it your own. Being sold strictly as-is and will likely require cash or chattel loan. If you’ve been waiting for a value-add opportunity with upside, this could be the one.

Key facts

• Community pool
• Built 2005
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• Cap rate 43.3% vs local median 2.3% in Magnolia — 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 64/100 on livability (#51 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, employment A-, housing B+; Watch: schools F, crime F, amenities F.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 34% of the median local income ($80k/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 $207 of loan paydown is wiped out by about $900 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: moderate flood risk; major wind risk, 78% 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 $27,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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 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: 7.63% ✓
• Cap rate: 43.31%
• Cash-on-cash: 132.21%
• DSCR: 6.88
• GRM: 1.1

CMA / ARV

• ARV (median comp): $104,388
• List price: $30,000
• Delta: -71.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
177 Holly Dr #177	0.23mi	3/2.0	924 (0%)	6mo	$65,000	$70	84
204 Kestrel Ct #204	0.05mi	2/2.0 (-1)	871 (-6%)	1mo	$68,400	$79	82
250 Ibis Ct	0.19mi	2/2.0 (-1)	958 (+4%)	3mo	$36,000	$38	78
214 Kestrel Ct #214	0.12mi	2/2.0 (-1)	944 (+2%)	15mo	$36,000	$38	73
313 Jean Bradley Cir #326	0.11mi	3/2.0	1,056 (+14%)	1mo	$55,000	$52	70
205 Kestrel Ct #205	0.12mi	3/2.0	1,056 (+14%)	3mo	$60,000	$57	68
533 E 3rd St	0.45mi	3/1.5	960 (+4%)	12mo	$180,000	$188	61
357 Todd Ave #357	0.25mi	2/1.0 (-1)	1,056 (+14%)	14mo	$68,000	$64	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.49×
• Total profit: $54,530
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 15.91×
• Total profit: $125,206
• Equity at exit: $2,594

Cash invested: $8,400 (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 19946

• Home prices YoY: -16.1%
• Active inventory: 73
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $2,288 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$675
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $925

Break-even live

Break-even rent $1,117

Max offer price $30,000

Occupancy floor 55%

Sensitivity live

Price	-10% $946	-5% $936	+0% $925	+5% $915	+10% $905
Rent	-10% $745	-5% $835	+0% $925	+5% $1,016	+10% $1,106
Rate	-1.0pp $941	-0.5pp $933	base $925	+0.5pp $918	+1.0pp $910

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Willow Dr Frederica, DE	3.0–4.0	2.0	1312	$1,699	$1.29	44d	1	0.08mi

HOA detail

• Monthly dues: $675 · $8,100/yr

Listing history 20 events

1. 2026-06-19
   days on market $30,000 Active 107 DOM
2. 2026-06-18
   days on market $30,000 Active 106 DOM
3. 2026-06-17
   days on market $30,000 Active 105 DOM
4. 2026-06-16
   days on market $30,000 Active 104 DOM
5. 2026-06-15
   days on market $30,000 Active 103 DOM
6. 2026-06-14
   days on market $30,000 Active 101 DOM
7. 2026-06-13
   pricedays on market $30,000 Active 100 DOM
8. 2026-06-10
   days on market $40,000 Active 98 DOM
9. 2026-06-09
   days on market $40,000 Active 97 DOM
10. 2026-06-08
    days on market $40,000 Active 96 DOM
11. 2026-06-07
    days on market $40,000 Active 95 DOM
12. 2026-06-05
    days on market $40,000 Active 92 DOM
13. 2026-06-03
    days on market $40,000 Active 91 DOM
14. 2026-06-02
    days on market $40,000 Active 90 DOM
15. 2026-06-01
    days on market $40,000 Active 89 DOM
16. 2026-05-31
    days on market $40,000 Active 88 DOM
17. 2026-05-30
    days on market $40,000 Active 87 DOM
18. 2026-05-04
    price $40,000 510-char remark

    Show marketing remark (510 chars)

    Looking for your next project? This home in the all-ages High Point community in Frederica needs significant repairs and a full rehab, but it offers real potential for the right buyer. Whether you’re an investor or someone ready to roll up your sleeves and create value, this is an opportunity to transform a property and make it your own. Being sold strictly as-is and will likely require cash or chattel loan. If you’ve been waiting for a value-add opportunity with upside, this could be the one.

19. 2026-03-05
    listed $50,000 Active 510-char remark

    Show marketing remark (510 chars)

    Looking for your next project? This home in the all-ages High Point community in Frederica needs significant repairs and a full rehab, but it offers real potential for the right buyer. Whether you’re an investor or someone ready to roll up your sleeves and create value, this is an opportunity to transform a property and make it your own. Being sold strictly as-is and will likely require cash or chattel loan. If you’ve been waiting for a value-add opportunity with upside, this could be the one.

20. 2026-03-01
    historical $50,000 510-char remark

    Show marketing remark (510 chars)

    Looking for your next project? This home in the all-ages High Point community in Frederica needs significant repairs and a full rehab, but it offers real potential for the right buyer. Whether you’re an investor or someone ready to roll up your sleeves and create value, this is an opportunity to transform a property and make it your own. Being sold strictly as-is and will likely require cash or chattel loan. If you’ve been waiting for a value-add opportunity with upside, this could be the one.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $27,460
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$2,197
• − Management: −$2,197
• − HOA: −$8,100
• − Depreciation: −$873
• Taxable income: $11,813
• Est. tax owed @ 24.0%: −$2,835
• After-tax cash flow: $8,270/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: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

Livability — Magnolia

• Score: 64/100
• State rank: #51
• US rank: #13984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 82,184 people
• Metro: Dover, DE
• Population (ZIP): 5,603
• Household income: $80,459
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 128.0

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 0.55)
• Race & ethnicity: White 64% Black 19% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Italian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -36.16%
• Current HPI: 189.0713
• Rent YoY: —
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

-20.0% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $40,000 BRIGHT MLS
• 2026-03-05 Listed $50,000 BRIGHT MLS
• 2026-03-01 Coming Soon $50,000 BRIGHT MLS