2502 S State St · Rising Sun-Lebanon, DE 19901

$250,000

3 bd · 1.0 ba · 2,016 sqft · SingleFamily public records · 3 Days on market

Built 1940 0.61 ac lot Est $387k · 35% under

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Why this score? — see what drove the C 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 +20.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Schools +3.3/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2502 State Street, a 1940s three-bedroom, two-bath home set on 0.6 acres in central Delaware. Original hardwood floors run throughout the house, and the kitchen has been updated for modern convenience. An unfinished basement and a two-car garage provide plenty of storage and workspace, while mature trees offer generous shade. This property combines classic character with everyday practicality. Located just minutes from Dover Air Force Base, shopping, dining, and Delaware beaches. This Property is 1 of 4 properties being sold separately or combined for a greater value. Contact your favorite realtor for a tour today!

Key facts

• Unfinished basement
• Updated kitchen
• Two-car garage

Tags

• ORIGINAL HARDWOOD FLOORS
• UPDATED KITCHEN
• UNFINISHED BASEMENT
• TWO-CAR GARAGE
• MATURE TREES
• CENTRAL DELAWARE LOCATION

Property features AI

Finance

• Other: Fee simple ownership; Ground rent paid annually

Exterior

• Parking: Detached garage with side entry and additional storage (2 garage spaces); Driveway and off-street parking
• Utilities: Well water; Gravity septic field sewer
• Home design: Detached property; Year built reported by assessor
• Construction: Combination construction materials; Block foundation
• Exterior features: Lot dimensions approximately 139.7 x 269.0; Combination of above-grade and below-grade other structures; Not on tidal water; Accessible features including 32+ inch doors and 36+ inch halls

Interior

• Bedrooms: Two bedrooms on the upper level; One bedroom on the main level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Radiator heating; Oil-fired heat; Electric hot water
• Interior features: Interior access to the basement; Walkout basement with rear entrance; Unfinished full basement; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/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 $239k (4.4% below list).
• Recommended offer: $239k (4.4% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.2% in Rising Sun-Lebanon — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Caesar Rodney School District (suburban): math 26% / reading 49% proficiency, ranked #9 of 26 in DE (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: F. Niel Postlethwait Middle School (math 29% / reading 52%, grade F, #6 of 36 statewide, top 14%, 629 students, 0% FRL); Caesar Rodney High School (math 31% / reading 61%, grade D-, #7 of 40 statewide, top 15%, 2,257 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.0%/yr); 184 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $85k; list at $250k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $238,901 (4.4% below list)

Questions for the listing agent

1. Built in 1940 — 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. 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: 0.96% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $387,072
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1286 Rising Sun Rd	0.19mi	3/1.5	1,894 (-6%)	3mo	$309,000	$163	77
3655 Walnut Shade Rd	0.20mi	3/2.0	1,948 (-3%)	13mo	$345,000	$177	70
19 Holly Cove Ln	0.41mi	3/2.0	2,007 (-0%)	12mo	$450,000	$224	66
201 Homestead Dr	0.27mi	3/2.0	1,828 (-9%)	7mo	$393,000	$215	62
38 Bandcroft Dr	0.28mi	3/2.0	1,868 (-7%)	12mo	$375,000	$201	61
229 Apple Blossom Dr	0.38mi	4/2.5 (+1)	2,216 (+10%)	1mo	$480,000	$217	54
105 Gardengate Rd	0.70mi	4/2.5 (+1)	2,029 (+1%)	10mo	$390,000	$192	47
28 Howe Dr	0.71mi	4/3.0 (+1)	1,960 (-3%)	9mo	$369,900	$189	41
10 Smallwood Dr	0.62mi	3/2.0	1,780 (-12%)	11mo	$340,000	$191	38

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-21,192
• Equity at exit: $37,276

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-105
• Equity at exit: $21,615

Cash invested: $70,000 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,389 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$131 /mo · $1,576/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $341

Break-even live

Break-even rent $1,958

Max offer price $250,000

Occupancy floor 81%

Sensitivity live

Price	-10% $482	-5% $412	+0% $341	+5% $270	+10% $199
Rent	-10% $152	-5% $246	+0% $341	+5% $435	+10% $530
Rate	-1.0pp $467	-0.5pp $404	base $341	+0.5pp $276	+1.0pp $210

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4666 Carolina Ave Dover, DE	2.0–4.0	1.0–2.0	1228	$2,300	$1.87	44d	5	0.85mi
463 Quail Landing Cir Magnolia, DE	4.0	3.5	2297	$2,700	$1.18	44d	1	0.90mi
215 Royal Grant Way Dover, DE	4.0	2.5	2028	$2,500	$1.23	44d	1	0.93mi

Listing history 5 events

1. 2026-06-19
   days on market $250,000 Active 3 DOM
2. 2026-06-18
   days on market $250,000 Active 2 DOM
3. 2026-06-17
   status $250,000 Active 1 DOM
4. 2026-06-17
   remarks 633-char remark
5. 2026-06-17
   listed $250,000 Coming Soon 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: $1,576 · $131/mo
• Projected year-2 tax: $1,576 · $131/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 ≥100°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: $28,668
• − Mortgage interest: −$14,004
• − Property taxes: −$1,576
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,293
• − Management: −$2,293
• − Depreciation: −$7,273
• Taxable loss: −$22
• Est. tax savings @ 24.0%: +$5
• After-tax cash flow: $4,094/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: Caesar Rodney School District
• NCES district ID: 1000180
• Math proficiency: 26% ▼ -21.00%
• Reading proficiency: 49% ▼ -14.00%
• Median HH income: $61,187
• Composite: 33.4/100
• National rank: #5475
• State rank: #9 of 26 in DE

Livability — Rising Sun-Lebanon

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Rising Sun-Lebanon, DE
• 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

+194.1% since first listed

2 events — show timeline

• 2026-06-16 Coming Soon $250,000 BRIGHT MLS
• 1999-07-19 Sold (Public Records) $85,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $1,576 · +1.8% YoY. Source: county tax records.