31 Wavyleaf Dr · Smyrna, DE 19977

$494,900

3 bd · 3.0 ba · 3,303 sqft · SingleFamily · 126 Days on market

Built 2024 10,019 sqft lot $150/sqft · 19% below area Est $613k · 19% under $64/mo HOA · 2% of rent ↓ 5% since listing

---

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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• 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

Built in 2024, this newer construction ranch offers modern comfort and effortless one-level living with the bonus of a finished basement. The main floor features three bedrooms and two full baths, including a spacious Primary Suite with a private ensuite bath and conveniently located laundry right next to the Primary Bedroom. Two secondary bedrooms and a full bath are thoughtfully positioned on the opposite side of the home for added privacy. The open living and dining area is highlighted by elegant crown molding and flows seamlessly into the high-end kitchen, complete with an island and stainless steel appliances. Off the kitchen is a large rear deck overlooking a generously sized lot—perfect for relaxing, entertaining, or enjoying the outdoors. The finished basement adds valuable living space and includes a full bath, offering flexibility for recreation, guests, or a home office. Mortgage savings may be available for buyers of this listing.

Key facts

• Finished basement
• High-end kitchen
• Private ensuite bath

Tags

• FINISHED BASEMENT
• LARGE REAR DECK
• HIGH-END KITCHEN
• PRIVATE ENSUITE BATH
• CONVENIENTLY LOCATED LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $495k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/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 $420k (15.2% below list).
• Recommended offer: $420k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.5% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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

• It's been on market 126 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $419,600 (15.2% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 15% 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. Crime grade is D 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: 0.85% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.17%
• DSCR: 1.10
• GRM: 9.8

CMA / ARV

• ARV (median comp): $612,748
• List price: $494,900
• Delta: -19.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 Alyssa Way	0.20mi	4/2.5 (+1)	3,352 (+2%)	16mo	$535,000	$160	68
57 Pebble Creek Dr	0.19mi	4/2.5 (+1)	3,105 (-6%)	9mo	$450,000	$145	67
226 Wavyleaf Dr	0.15mi	4/2.5 (+1)	3,237 (-2%)	20mo	$616,155	$190	66
112 Bur Oak Dr	0.24mi	4/3.5 (+1)	2,892 (-12%)	9mo	$490,000	$169	54
11 Ridge Rd	0.23mi	3/3.0	3,680 (+11%)	21mo	$469,000	$127	53
233 Climbing Vine Ave	0.54mi	4/3.5 (+1)	3,010 (-9%)	3mo	$450,000	$150	51
234 Climbing Vine Ave	0.53mi	4/2.5 (+1)	3,573 (+8%)	10mo	$475,000	$133	47
123 Joseph Wick Dr	0.26mi	4/2.5 (+1)	2,882 (-13%)	18mo	$499,000	$173	45
5 Foxtrail Rd	0.40mi	4/2.5 (+1)	2,830 (-14%)	10mo	$465,000	$164	42
17 Foxtrail Rd	0.39mi	4/2.5 (+1)	3,636 (+10%)	21mo	$480,000	$132	41
86 White Birch Dr	0.36mi	4/2.5 (+1)	2,914 (-12%)	24mo	$475,000	$163	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: -12.9%
• Equity multiple: 0.54×
• Total profit: $-64,419
• Equity at exit: $73,791

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-36,211
• Equity at exit: $42,790

Cash invested: $138,572 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $4,196 medium
• Mortgage (P&I): −$2,595
• Tax from tax record: −$199 /mo · $2,390/yr
• Insurance: −$206
• HOA: −$64
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $250

Break-even live

Break-even rent $3,879

Max offer price $494,900

Occupancy floor 89%

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: $123,725
• Closing costs: $14,847
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 Wavyleaf Dr Smyrna, DE	4.0	4.0	4818	$4,800	$1.00	44d	1	0.17mi
271 Ashton Ct Smyrna, DE	4.0	2.5	2380	$2,600	$1.09	44d	1	0.81mi
27 W Wellington Mews Smyrna, DE	4.0	2.5	2665	$2,800	$1.05	44d	1	1.18mi

HOA detail

• Monthly dues: $64 · $768/yr

Listing history 18 events

1. 2026-06-19
   days on market $494,900 Active 126 DOM
2. 2026-06-18
   days on market $494,900 Active 125 DOM
3. 2026-06-17
   days on market $494,900 Active 124 DOM
4. 2026-06-16
   days on market $494,900 Active 123 DOM
5. 2026-06-15
   days on market $494,900 Active 122 DOM
6. 2026-06-14
   days on market $494,900 Active 120 DOM
7. 2026-06-13
   days on market $494,900 Active 119 DOM
8. 2026-06-10
   days on market $494,900 Active 117 DOM
9. 2026-06-09
   days on market $494,900 Active 116 DOM
10. 2026-06-08
    days on market $494,900 Active 115 DOM
11. 2026-06-07
    pricedays on market $494,900 Active 114 DOM
12. 2026-06-05
    days on market $499,900 Active 111 DOM
13. 2026-06-02
    days on market $499,900 Active 109 DOM
14. 2026-06-01
    days on market $499,900 Active 108 DOM
15. 2026-05-31
    days on market $499,900 Active 107 DOM
16. 2026-05-30
    days on market $499,900 Active 106 DOM
17. 2026-04-30
    price $499,900 962-char remark

    Show marketing remark (962 chars)

    Built in 2024, this newer construction ranch offers modern comfort and effortless one-level living with the bonus of a finished basement. The main floor features three bedrooms and two full baths, including a spacious Primary Suite with a private ensuite bath and conveniently located laundry right next to the Primary Bedroom. Two secondary bedrooms and a full bath are thoughtfully positioned on the opposite side of the home for added privacy. The open living and dining area is highlighted by elegant crown molding and flows seamlessly into the high-end kitchen, complete with an island and stainless steel appliances. Off the kitchen is a large rear deck overlooking a generously sized lot—perfect for relaxing, entertaining, or enjoying the outdoors. The finished basement adds valuable living space and includes a full bath, offering flexibility for recreation, guests, or a home office. Mortgage savings may be available for buyers of this listing.

18. 2026-02-13
    listed $525,000 Active 962-char remark

    Show marketing remark (962 chars)

    Built in 2024, this newer construction ranch offers modern comfort and effortless one-level living with the bonus of a finished basement. The main floor features three bedrooms and two full baths, including a spacious Primary Suite with a private ensuite bath and conveniently located laundry right next to the Primary Bedroom. Two secondary bedrooms and a full bath are thoughtfully positioned on the opposite side of the home for added privacy. The open living and dining area is highlighted by elegant crown molding and flows seamlessly into the high-end kitchen, complete with an island and stainless steel appliances. Off the kitchen is a large rear deck overlooking a generously sized lot—perfect for relaxing, entertaining, or enjoying the outdoors. The finished basement adds valuable living space and includes a full bath, offering flexibility for recreation, guests, or a home office. Mortgage savings may be available for buyers of this listing.

ⓘ 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: $2,390 · $199/mo
• Projected year-2 tax: $2,630 · $219/mo
• Expected delta: +$240/yr (+$20/mo · 10.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,352
• − Mortgage interest: −$27,722
• − Property taxes: −$2,390
• − Insurance: −$2,474
• − Repairs & maintenance: −$4,028
• − Management: −$4,028
• − HOA: −$768
• − Depreciation: −$14,397
• Taxable loss: −$5,456
• Est. tax savings @ 24.0%: +$1,310
• After-tax cash flow: $4,311/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: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-4.8% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $499,900 BRIGHT MLS
• 2026-02-13 Listed $525,000 BRIGHT MLS

Property tax history

+471.1%/yr

Latest (2025): $2,390 · +635.8% YoY. Source: county tax records.