205 E 5th St · Blades, DE 19973

$219,900

3 bd · 1.0 ba · 1,269 sqft · SingleFamily · 82 Days on market

Built 1990 0.28 ac lot $173/sqft · 24% below area Est $291k · 24% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 3-bedroom rancher with a traditional floorplan and great updates underway! Renovations continue with new flooring and fresh paint currently being installed, making this home move-in ready with a modern touch. Enjoy a fully fenced backyard—perfect for pets, play, or outdoor entertaining. Appliances are included for added convenience. Ideally located close to schools, shopping, and restaurants, this home offers comfort, value, and location. Don’t miss your chance to make it yours!

Key facts

• Close to schools
• Fresh paint
• New flooring

Tags

• FULLY FENCED BACKYARD
• NEW FLOORING
• FRESH PAINT
• APPLIANCES INCLUDED
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $352 ($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 $210k (4.7% below list).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.4% in Blades — 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 67/100 on livability (#37 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, crime F.
• Seaford School District (suburban): math 25% / reading 40% proficiency, ranked #15 of 26 in DE (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 216 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 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.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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 $93k; list at $220k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 71% 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 $206,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (median comp): $290,896
• List price: $219,900
• Delta: -24.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E 6th St	0.12mi	3/2.0	1,243 (-2%)	8mo	$315,000	$253	81
408 Summit Dr	0.23mi	3/2.0	1,270 (+0%)	9mo	$315,000	$248	78
203 E 7th St	0.09mi	3/1.0	1,176 (-7%)	9mo	$230,000	$196	76
303 E 5th St	0.12mi	3/2.0	1,270 (+0%)	18mo	$306,000	$241	75
414 Summit Dr	0.24mi	3/2.0	1,266 (-0%)	18mo	$310,000	$245	69
114 E 6th St	0.10mi	3/2.0	1,130 (-11%)	12mo	$280,000	$248	63
9 W High St	0.38mi	3/2.0	1,148 (-10%)	3mo	$275,000	$240	60
501 Highland Ct	0.25mi	3/2.0	1,360 (+7%)	15mo	$312,500	$230	60
204 2nd St E	0.16mi	3/2.0	1,400 (+10%)	19mo	$275,000	$196	56
321 E 6th St	0.23mi	3/2.0	1,378 (+9%)	19mo	$319,000	$231	55
114 N Conwell St	0.72mi	3/2.0	1,261 (-1%)	11mo	$279,000	$221	53
113 High	0.68mi	4/2.0 (+1)	1,400 (+10%)	6mo	$170,000	$121	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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-13,340
• Equity at exit: $32,788

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $16,810
• Equity at exit: $19,013

Cash invested: $61,572 (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 19973

• Home prices YoY: -17.8%
• Active inventory: 216
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$59 /mo · $704/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $352

Break-even live

Break-even rent $1,650

Max offer price $219,900

Occupancy floor 78%

Sensitivity live

Price	-10% $476	-5% $414	+0% $352	+5% $289	+10% $227
Rent	-10% $186	-5% $269	+0% $352	+5% $434	+10% $517
Rate	-1.0pp $462	-0.5pp $408	base $352	+0.5pp $295	+1.0pp $237

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Water St Seaford, DE	1.0–3.0	1.0–2.0	1174	$2,095	$1.78	14d	1	0.50mi

Listing history 6 events

1. 2026-05-01
   status Active 500-char remark

   Show marketing remark (500 chars)

   Nice 3-bedroom rancher with a traditional floorplan and great updates underway! Renovations continue with new flooring and fresh paint currently being installed, making this home move-in ready with a modern touch. Enjoy a fully fenced backyard—perfect for pets, play, or outdoor entertaining. Appliances are included for added convenience. Ideally located close to schools, shopping, and restaurants, this home offers comfort, value, and location. Don’t miss your chance to make it yours!

2. 2026-03-09
   status Pending 500-char remark

   Show marketing remark (500 chars)

   Nice 3-bedroom rancher with a traditional floorplan and great updates underway! Renovations continue with new flooring and fresh paint currently being installed, making this home move-in ready with a modern touch. Enjoy a fully fenced backyard—perfect for pets, play, or outdoor entertaining. Appliances are included for added convenience. Ideally located close to schools, shopping, and restaurants, this home offers comfort, value, and location. Don’t miss your chance to make it yours!

3. 2026-01-12
   listed $219,900 Active 500-char remark

   Show marketing remark (500 chars)

   Nice 3-bedroom rancher with a traditional floorplan and great updates underway! Renovations continue with new flooring and fresh paint currently being installed, making this home move-in ready with a modern touch. Enjoy a fully fenced backyard—perfect for pets, play, or outdoor entertaining. Appliances are included for added convenience. Ideally located close to schools, shopping, and restaurants, this home offers comfort, value, and location. Don’t miss your chance to make it yours!

4. 2003-12-30
   soldstatus $92,681
5. 1998-03-26
   soldstatus $56,900 152-char remark

   Show marketing remark (152 chars)

   NEWTON MODULAR HOME, IN EXCELLENT CONDITION, BUILT IN CHINA CABINET, LOADS OF CLOSET SPACE, CEILING FAN, LARGE OUTBUILDING, LARGE DECK, ROOF 1 YEAR OLD.

6. 1997-12-31
   listed $56,900 152-char remark

   Show marketing remark (152 chars)

   NEWTON MODULAR HOME, IN EXCELLENT CONDITION, BUILT IN CHINA CABINET, LOADS OF CLOSET SPACE, CEILING FAN, LARGE OUTBUILDING, LARGE DECK, ROOF 1 YEAR OLD.

ⓘ 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: $704 · $59/mo
• Projected year-2 tax: $989 · $82/mo
• Expected delta: +$286/yr (+$24/mo · 40.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,140
• − Mortgage interest: −$12,318
• − Property taxes: −$704
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$6,397
• Taxable income: $600
• Est. tax owed @ 24.0%: −$144
• After-tax cash flow: $4,076/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: Seaford School District
• NCES district ID: 1001530
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $48,427
• Composite: 28.07/100
• National rank: #6835
• State rank: #15 of 26 in DE

Livability — Blades

• Score: 67/100
• State rank: #37
• US rank: #10492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blades, DE
• Population (ZIP): 25,786

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Black 20% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Dominican 2%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 5% Vietnamese 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.40%
• Current HPI: 288.5652
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+286.5% since first listed

6 events — show timeline

• 2026-05-01 Relisted — BRIGHT MLS
• 2026-03-09 Pending — BRIGHT MLS
• 2026-01-12 Listed $219,900 BRIGHT MLS
• 2003-12-30 Sold (Public Records) $92,681 Public Records
• 1998-03-26 Sold (MLS) $56,900 BRIGHT MLS
• 1997-12-31 Listed $56,900 BRIGHT MLS

Property tax history

+5.3%/yr

Latest (2025): $704 · +37.9% YoY. Source: county tax records.