2927 Frazer Rd · Glasgow, DE 19702

$285,000

3 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 12 Days on market

Built 1960 1.10 ac lot $271/sqft · 10% below area Est $376k · 24% under ↓ 2% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• DSCR +4.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 1-bathroom Ranch style home with a full basement, ideally located in the Newark, DE on a 1.10 acre lot in the Appoquinimink School District Feeder! Home is in need of renovation and modernization but given the lot size it would possibly allow for a newly built home, expansion or pole barn or detached garage. The home offers a fireplace in the living room, updated kitchen(approx 2013), 26 x 13 concrete patio and It also features useful outbuildings, providing ample space for additional storage or a variety of personal uses. The basement offers a partial finished area and bilco staircase to the exterior. Bring your vision and your imagination. ARV is approximately $400K. Property

Key facts

• Bilco staircase
• Full basement
• Concrete patio

Tags

• FULL BASEMENT
• FIREPLACE IN LIVING ROOM
• UPDATED KITCHEN
• CONCRETE PATIO
• USEFUL OUTBUILDINGS
• BILCO STAIRCASE

Property features AI

Finance

• Other: Fee simple ownership; Additional 2.97-acre parcel on Frazer Rd available (not adjacent), zoned NC40 for detached single-family residential

Exterior

• Parking: Surface parking; Driveway with 8 spaces (total garage and parking spaces: 8)
• Utilities: Electric service with fuses; Oil for heating and hot water; Public water; On-site septic
• Home design: Detached structure; Below-average condition; Not in a federal flood zone
• Construction: Stucco exterior; Block foundation; Asphalt roof; Above-grade and below-grade structures; Basement: full, connecting stairway, drainage system, outside entrance, partially finished (about 20% finished)
• Exterior features: Patio(s); Outbuilding(s); Chain link fencing; Lot backs to trees, cleared, front yard, level, open, rear yard, side yards

Interior

• Kitchen: No appliances specified
• Bedrooms: Three bedrooms on the main level; Room list includes Living Room, Master Bedroom, Bedroom 2, Bedroom 3, Bedroom 4
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Baseboard hot water heat; Oil-fired heating and hot water
• Interior features: Estimated living area (assessor/estimate); Five total rooms; Brick wood-burning fireplace
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $33 ($394/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 $215k (24.7% below list).
• Recommended offer: $215k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.5% in Glasgow — 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 77/100 on livability (#4 in DE, #3,151 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Appoquinimink School District (rural): math 37% / reading 52% proficiency, ranked #6 of 26 in DE (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Loss (Olive B.) Elementary School (math 60% / reading 70%, grade B+, #2 of 105 statewide, top 1%, 576 students, 0% FRL); Waters (Alfred G.) Middle School (math 47% / reading 61%, grade B-, #3 of 36 statewide, top 6%, 911 students, 0% FRL); Appoquinimink High School (math 40% / reading 67%, grade C-, #4 of 40 statewide, top 8%, 1,484 students, 0% FRL) — zoned schools average 0% FRL vs 18% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Appoquinimink School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.2%/yr); 154 active listings in the ZIP; solid renter incomes; 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 $9k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $214,603 (24.7% below list)

Questions for the listing agent

1. Built in 1960 — 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. 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?
4. 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.
5. 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.
6. 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: 0.75% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• GRM: 11.1

CMA / ARV

• ARV (median comp): $375,810
• List price: $285,000
• Delta: -24.16%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.19% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-45,981
• Equity at exit: $42,494

10-year hold

• IRR: -9.5%
• Equity multiple: 0.44×
• Total profit: $-44,984
• Equity at exit: $24,642

Cash invested: $79,800 (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 19702

• Rents YoY: 2.2%
• Active inventory: 154
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,146 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$49 /mo · $590/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $33

Break-even live

Break-even rent $2,104

Max offer price $285,000

Occupancy floor 93%

Sensitivity live

Price	-10% $194	-5% $114	+0% $33	+5% $-373	+10% $-471
Rent	-10% $-137	-5% $-52	+0% $33	+5% $118	+10% $202
Rate	-1.0pp $176	-0.5pp $105	base $33	+0.5pp $-41	+1.0pp $-116

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-04
   status Pending 935-char remark
2. 2026-05-03
   historical 935-char remark
3. 2026-04-21
   listed $285,000 Active 935-char remark

ⓘ 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: $590 · $49/mo
• Projected year-2 tax: $1,122 · $93/mo
• Expected delta: +$531/yr (+$44/mo · 90.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,752
• − Mortgage interest: −$15,964
• − Property taxes: −$590
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$8,291
• Taxable loss: −$4,639
• Est. tax savings @ 24.0%: +$1,113
• After-tax cash flow: $1,508/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: Appoquinimink School District
• NCES district ID: 1000080
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $93,397
• Composite: 42.32/100
• National rank: #3256
• State rank: #6 of 26 in DE

Livability — Glasgow

• Score: 77/100
• State rank: #4
• US rank: #3151

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: New Castle County · 483,412 people
• City population: 56,049
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 55,683
• Household income: $92,446
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1421.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 38% Black 31% Hispanic / Latino 14% Asian 12% Two or more races 8%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 22% · Canada, China, South Korea
• Languages at home: 73% English-only · Spanish 11% Other Indo-European 5% Other Asian/Pacific 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: ▼ -241.79%
• Current HPI: 248.8414
• Rent YoY: ▲ 2.19%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

-1.8% since first listed

4 events — show timeline

• 2026-05-27 Sold (MLS) $280,000 BRIGHT MLS
• 2026-05-04 Pending — BRIGHT MLS
• 2026-05-03 Listing Removed — BRIGHT MLS
• 2026-04-21 Listed $285,000 BRIGHT MLS

Property tax history

+4.7%/yr

Latest (2024): $590 · +18.5% YoY. Source: county tax records.