47 S Evidence Rd S #231 · Magnolia, DE 19962

$59,900

4 bd · 2.0 ba · 1,440 sqft · SingleFamily · 135 Days on market

Built 1999 Fair condition $42/sqft · 46% below area Est $112k · 46% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The home and appliances are being sold as-is. Buyers will need an approval from the park before offer can be fully ratified. Home is 4 bedrooms 2 baths located in the community of Barkers Landing close to Route 1, Dover Air Force Base and Bowers Beach. Property sold in "as is" condition. Cash offers only.

Key facts

• Built 1999
• Listed 134 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.3% vs local median 2.5% in Magnolia — 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 64/100 on livability (#51 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, employment A-, housing B+; Watch: crime F, amenities F, commute F.
• 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: Allen Frear Elementary School (math 35% / reading 55%, grade D-, #17 of 105 statewide, top 15%, 672 students, 0% FRL); 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: 149 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
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: 3.09% ✓
• Cap rate: 27.26%
• Cash-on-cash: 74.89%
• DSCR: 4.33
• GRM: 2.7

CMA / ARV

• ARV (median comp): $111,906
• List price: $59,900
• Delta: -46.47%
• 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
61 Loquitur Ln #108	0.06mi	3/2.0 (-1)	1,350 (-6%)	12mo	$72,000	$53	71
75 Loquitur Ln #106	0.08mi	3/2.0 (-1)	1,512 (+5%)	15mo	$107,000	$71	70
48 Loquitur Ln #123	0.05mi	3/2.0 (-1)	1,232 (-14%)	2mo	$71,000	$58	67
307 Jean Bradley Cir #314	0.40mi	3/2.0 (-1)	1,364 (-5%)	6mo	$137,500	$101	62
74 Wanchese Dr	0.30mi	3/2.0 (-1)	1,627 (+13%)	3mo	$409,990	$252	57
73 Wanchese Dr	0.27mi	3/3.0 (-1)	1,627 (+13%)	2mo	$439,990	$270	55
117 Wanchese Dr	0.27mi	3/3.0 (-1)	1,627 (+13%)	2mo	$399,990	$246	54
25 3rd St #25	0.36mi	3/2.0 (-1)	1,248 (-13%)	3mo	$50,000	$40	53
395 Barefoot Ln	0.68mi	3/2.0 (-1)	1,512 (+5%)	3mo	$259,000	$171	53
30 Wanchese Dr	0.31mi	3/2.0 (-1)	1,627 (+13%)	9mo	$429,900	$264	51
180 Kitty Hawk Way	0.36mi	3/2.0 (-1)	1,627 (+13%)	15mo	$410,900	$253	44
963 Sophers Row	0.57mi	3/2.0 (-1)	1,582 (+10%)	15mo	$361,000	$228	40

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: 74.8%
• Equity multiple: 4.40×
• Total profit: $56,990
• Equity at exit: $8,931

10-year hold

• IRR: 78.5%
• Equity multiple: 9.08×
• Total profit: $135,585
• Equity at exit: $5,179

Cash invested: $16,772 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 13 active · 7 under contract
• Months of supply: 4.9 mo (21%/mo absorbed)
• Median asking: $339,000 ($194/sqft)
• Median days on market: 118 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -59.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19962

• Home prices YoY: -29.4%
• Active inventory: 149
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $1,047

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 38%

Sensitivity live

Price	-10% $1,088	-5% $1,067	+0% $1,047	+5% $1,026	+10% $1,005
Rent	-10% $901	-5% $974	+0% $1,047	+5% $1,120	+10% $1,193
Rate	-1.0pp $1,077	-0.5pp $1,062	base $1,047	+0.5pp $1,031	+1.0pp $1,015

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: $14,975
• Closing costs: $1,797
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Willow Dr Frederica, DE	3.0–4.0	2.0	1312	$1,849	$1.41	93d	1	0.38mi

Listing history 50 events

1. 2026-08-08
   days on market $59,900 Active 135 DOM
2. 2026-08-07
   days on market $59,900 Active 134 DOM
3. 2026-08-06
   days on market $59,900 Active 133 DOM
4. 2026-08-05
   days on market $59,900 Active 132 DOM
5. 2026-08-04
   days on market $59,900 Active 131 DOM
6. 2026-08-03
   days on market $59,900 Active 130 DOM
7. 2026-07-31
   days on market $59,900 Active 127 DOM
8. 2026-07-30
   days on market $59,900 Active 126 DOM
9. 2026-07-29
   days on market $59,900 Active 125 DOM
10. 2026-07-27
    days on market $59,900 Active 123 DOM
11. 2026-07-24
    days on market $59,900 Active 120 DOM
12. 2026-07-23
    days on market $59,900 Active 119 DOM
13. 2026-07-22
    days on market $59,900 Active 118 DOM
14. 2026-07-21
    days on market $59,900 Active 117 DOM
15. 2026-07-18
    days on market $59,900 Active 114 DOM
16. 2026-07-16
    days on market $59,900 Active 112 DOM
17. 2026-07-16
    days on market $59,900 Active 111 DOM
18. 2026-07-14
    days on market $59,900 Active 110 DOM
19. 2026-07-13
    days on market $59,900 Active 109 DOM
20. 2026-07-12
    days on market $59,900 Active 108 DOM
21. 2026-07-11
    days on market $59,900 Active 107 DOM
22. 2026-07-10
    days on market $59,900 Active 106 DOM
23. 2026-07-09
    days on market $59,900 Active 105 DOM
24. 2026-07-08
    days on market $59,900 Active 104 DOM
25. 2026-07-07
    days on market $59,900 Active 103 DOM
26. 2026-07-06
    days on market $59,900 Active 102 DOM
27. 2026-07-05
    days on market $59,900 Active 101 DOM
28. 2026-07-04
    days on market $59,900 Active 100 DOM
29. 2026-07-03
    days on market $59,900 Active 99 DOM
30. 2026-07-02
    days on market $59,900 Active 98 DOM
31. 2026-07-01
    days on market $59,900 Active 97 DOM
32. 2026-06-30
    days on market $59,900 Active 96 DOM
33. 2026-06-29
    days on market $59,900 Active 95 DOM
34. 2026-06-28
    days on market $59,900 Active 94 DOM
35. 2026-06-28
    days on market $59,900 Active 93 DOM
36. 2026-06-27
    days on market $59,900 Active 92 DOM
37. 2026-06-26
    days on market $59,900 Active 91 DOM
38. 2026-06-23
    days on market $59,900 Active 88 DOM
39. 2026-06-21
    days on market $59,900 Active 87 DOM
40. 2026-06-19
    days on market $59,900 Active 85 DOM
41. 2026-06-18
    days on market $59,900 Active 84 DOM
42. 2026-06-17
    days on market $59,900 Active 83 DOM
43. 2026-06-16
    days on market $59,900 Active 82 DOM
44. 2026-06-15
    days on market $59,900 Active 81 DOM
45. 2026-06-14
    days on market $59,900 Active 79 DOM
46. 2026-06-13
    days on market $59,900 Active 78 DOM
47. 2026-06-10
    days on market $59,900 Active 76 DOM
48. 2026-06-09
    days on market $59,900 Active 75 DOM
49. 2026-06-08
    days on market $59,900 Active 74 DOM
50. 2026-06-07
    days on market $59,900 Active 73 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,188
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$1,743
• Taxable income: $12,342
• Est. tax owed @ 24.0%: −$2,962
• After-tax cash flow: $9,599/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $36,000–$64,800 screening

This mobile home requires moderate renovations to update the kitchen and bathrooms, repair the exterior siding, and paint the interior walls. These updates will significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major bathroom fixtures — dated and worn
• Moderate exterior siding — moderate wear
• Moderate flooring — worn hardwood

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters ↑
• Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics ↑
• Both repair exterior siding — repairing siding will improve curb appeal and home value ↑
• Both replace bathroom fixtures — modernizing bathrooms will appeal to buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 43/100

Zoned Schools

Elementary J. Ralph Mcilvaine Early Childhood Center Middle F. Niel Postlethwait Middle School F DE #6/36 Nat'l #5,872/14,009 High Caesar Rodney High School D- DE #7/40 Nat'l #6,672/17,239

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

C Composite livability gradescore 64/100

Livability — Magnolia

• Score: 64/100
• State rank: #51
• US rank: #13984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent · 194,477 people
• Metro: Dover, DE
• Population (ZIP): 12,618
• Household income: $107,868
• Rent vs Own: 9.9% rent · 90.1% own
• Severe rent burden: 34% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Black 23% Two or more races 10% Hispanic / Latino 6% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Swiss 4% Italian 3% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Tagalog/Filipino 2%

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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: ▼ -77.63%
• Current HPI: 186.7318
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-26 Listed $65,000 BRIGHT MLS