11 W David St · Frederica, DE 19946

$140,000

4 bd · 1.0 ba · 2,016 sqft · SingleFamily public records · 150 Days on market

Built 1900 5,227 sqft lot $69/sqft · 56% below area

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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 +3.4/5.0
• 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

Here is your opportunity to own a three story 19th Century property in the heart of Frederica. The property is being sold in AS IS condition. The property is being sold as a short sale through the lender's pre foreclosure sale program. Property must be listed for 21 days prior to offers being reviewed. ONLY Cash or renovation financing will be considered due to condition of the home. Property is in need of a full renovation.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% vs local median 5.5% in Frederica — 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 68/100 on livability (#34 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, 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: 74 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 42% 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 $968 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 + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $85k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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.
8. 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.
9. 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: 2.02% ✓
• Cap rate: 18.09%
• Cash-on-cash: 42.13%
• DSCR: 2.87
• GRM: 4.1

CMA / ARV

• ARV (median comp): $317,620
• List price: $140,000
• Delta: -55.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 W David St	0.09mi	4/2.0	1,840 (-9%)	0mo	$210,000	$114	77
227 Market St	0.29mi	4/2.0	2,113 (+5%)	6mo	$215,000	$102	69
101 Lowber St	0.15mi	4/2.5	1,730 (-14%)	3mo	$344,000	$199	61
265 Hightide Dr	0.61mi	3/2.5 (-1)	2,110 (+5%)	11mo	$415,000	$197	44
295 Hightide Dr	0.62mi	4/2.5	2,264 (+12%)	9mo	$419,900	$185	37

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: 38.8%
• Equity multiple: 2.66×
• Total profit: $64,949
• Equity at exit: $20,874

10-year hold

• IRR: 45.2%
• Equity multiple: 5.32×
• Total profit: $169,340
• Equity at exit: $12,105

Cash invested: $39,200 (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: 74
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,833 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$69 /mo · $833/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $1,376

Break-even live

Break-even rent $1,091

Max offer price $140,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,456	-5% $1,416	+0% $1,376	+5% $1,337	+10% $1,297
Rent	-10% $1,152	-5% $1,264	+0% $1,376	+5% $1,488	+10% $1,600
Rate	-1.0pp $1,447	-0.5pp $1,412	base $1,376	+0.5pp $1,340	+1.0pp $1,303

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
287 Hightide Dr Frederica, DE	3.0	2.0	1942	$2,750	$1.42	44d	1	0.62mi
39 Riptide Ct Frederica, DE	3.0	2.5	1855	$2,100	$1.13	44d	1	0.67mi
197 Glenhurst Dr Frederica, DE	4.0	2.5	2500	$2,300	$0.92	44d	1	1.30mi

Listing history 33 events

1. 2026-06-21
   days on market $140,000 Active 150 DOM
2. 2026-06-19
   days on market $140,000 Active 148 DOM
3. 2026-06-18
   days on market $140,000 Active 147 DOM
4. 2026-06-17
   days on market $140,000 Active 146 DOM
5. 2026-06-16
   days on market $140,000 Active 145 DOM
6. 2026-06-15
   price $140,000 Active 144 DOM
7. 2026-06-15
   days on market $155,000 Active 144 DOM
8. 2026-06-14
   days on market $155,000 Active 142 DOM
9. 2026-06-13
   days on market $155,000 Active 141 DOM
10. 2026-06-10
    days on market $155,000 Active 139 DOM
11. 2026-06-09
    days on market $155,000 Active 138 DOM
12. 2026-06-08
    days on market $155,000 Active 137 DOM
13. 2026-06-07
    days on market $155,000 Active 136 DOM
14. 2026-06-05
    days on market $155,000 Active 133 DOM
15. 2026-06-03
    days on market $155,000 Active 132 DOM
16. 2026-06-02
    days on market $155,000 Active 131 DOM
17. 2026-06-01
    days on market $155,000 Active 130 DOM
18. 2026-05-31
    days on market $155,000 Active 129 DOM
19. 2026-05-30
    days on market $155,000 Active 128 DOM
20. 2026-05-14
    price $165,000 428-char remark

    Show marketing remark (428 chars)

    Here is your opportunity to own a three story 19th Century property in the heart of Frederica. The property is being sold in AS IS condition. The property is being sold as a short sale through the lender's pre foreclosure sale program. Property must be listed for 21 days prior to offers being reviewed. ONLY Cash or renovation financing will be considered due to condition of the home. Property is in need of a full renovation.

21. 2026-04-07
    price $180,000 428-char remark

    Show marketing remark (428 chars)

    Here is your opportunity to own a three story 19th Century property in the heart of Frederica. The property is being sold in AS IS condition. The property is being sold as a short sale through the lender's pre foreclosure sale program. Property must be listed for 21 days prior to offers being reviewed. ONLY Cash or renovation financing will be considered due to condition of the home. Property is in need of a full renovation.

22. 2026-03-18
    price $195,000 428-char remark

    Show marketing remark (428 chars)

    Here is your opportunity to own a three story 19th Century property in the heart of Frederica. The property is being sold in AS IS condition. The property is being sold as a short sale through the lender's pre foreclosure sale program. Property must be listed for 21 days prior to offers being reviewed. ONLY Cash or renovation financing will be considered due to condition of the home. Property is in need of a full renovation.

23. 2026-01-22
    listed $225,000 Active 428-char remark

    Show marketing remark (428 chars)

    Here is your opportunity to own a three story 19th Century property in the heart of Frederica. The property is being sold in AS IS condition. The property is being sold as a short sale through the lender's pre foreclosure sale program. Property must be listed for 21 days prior to offers being reviewed. ONLY Cash or renovation financing will be considered due to condition of the home. Property is in need of a full renovation.

24. 2024-05-01
    soldstatus $214,000
25. 2024-04-30
    soldstatus $214,000 Closed 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

26. 2024-04-11
    historical Active Under Contract 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

27. 2024-04-04
    price $207,000 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

28. 2024-03-27
    price $214,500 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

29. 2024-03-19
    price $222,500 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

30. 2024-02-28
    price $227,500 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

31. 2024-02-15
    price $235,400 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

32. 2024-02-08
    listed $242,900 Active 641-char remark

    Show marketing remark (641 chars)

    Three Story 19th Century Colonial in Downtown Frederica. Dark stained hardwood floors throughout. The main floor has a full stall shower enclosure bathroom, full size dining room, kitchen, laundry room and large living room with access to an enclosed porch and fenced in back yard, driveway and detached garage. The second floor has three large bedrooms, a full ceramic tile tub/shower bathroom and stairwell to the finished third story attic for storage and fourth bedroom. Property being sold as-is, where is. Will make a great investment rental, flip, or primary home for a handy homeowner with a vision to revitalize this great property.

33. 1994-03-01
    soldstatus $79,500

ⓘ 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: $833 · $69/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $33,999
• − Mortgage interest: −$7,842
• − Property taxes: −$833
• − Insurance: −$700
• − Repairs & maintenance: −$2,720
• − Management: −$2,720
• − Depreciation: −$4,073
• Taxable income: $15,111
• Est. tax owed @ 24.0%: −$3,627
• After-tax cash flow: $12,889/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 — Frederica

• Score: 68/100
• State rank: #34
• US rank: #9737

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frederica, DE
• County: Kent County · 82,184 people
• City population: 5,603
• 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

+107.5% since first listed

14 events — show timeline

• 2026-05-14 Price Changed $165,000 BRIGHT MLS
• 2026-04-07 Price Changed $180,000 BRIGHT MLS
• 2026-03-18 Price Changed $195,000 BRIGHT MLS
• 2026-01-22 Listed $225,000 BRIGHT MLS
• 2024-05-01 Sold (Public Records) $214,000 Public Records
• 2024-04-30 Sold (MLS) $214,000 BRIGHT MLS
• 2024-04-11 Contingent — BRIGHT MLS
• 2024-04-04 Price Changed $207,000 BRIGHT MLS
• 2024-03-27 Price Changed $214,500 BRIGHT MLS
• 2024-03-19 Price Changed $222,500 BRIGHT MLS
• 2024-02-28 Price Changed $227,500 BRIGHT MLS
• 2024-02-15 Price Changed $235,400 BRIGHT MLS
• 2024-02-08 Listed $242,900 BRIGHT MLS
• 1994-03-01 Sold (Public Records) $79,500 Public Records

Property tax history

+5.4%/yr

Latest (2025): $833 · +0.4% YoY. Source: county tax records.