225 Lace Bark Dr · Dover, DE 19901

$58,000

2 bd · 2.0 ba · 980 sqft · Manufactured public records · 191 Days on market

Manufactured home Built 1991 Fair condition $59/sqft · 39% below area Est $96k · 39% under ↓ 23% since listing

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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
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Appreciation +2.5/10.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.3

Listing remarks

The single wide unit on a spacious tree-lined lot is ready for occupancy. The quiet, park-like setting offers direct access to Route 13, located south of Cheswold and north of Dover. Sunlight and shade grace this hidden gem both indoors and out. The back yard oasis, enhanced with a wide sundeck, is screened with privacy fencing. Steps away, find outdoor storage. The home and appliances are being sold as-is. Buyers will need an approval from the park before offer can be fully ratified.

Key facts

• Back yard oasis
• Privacy fencing
• Tree-lined lot

Tags

• TREE-LINED LOT
• QUIET PARK-LIKE SETTING
• DIRECT ACCESS TO ROUTE 13
• BACK YARD OASIS
• WIDE SUNDECK
• PRIVACY FENCING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $58k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 4.5% in Dover — 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 (#38 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F, commute F, employment D-.
• Capital School District (urban): math 14% / reading 31% proficiency, ranked #24 of 26 in DE (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: North Dover Elementary School (math 12% / reading 27%, grade F, #78 of 105 statewide, top 78%, 315 students, 0% FRL); Central Middle School (math 12% / reading 31%, grade F, #27 of 36 statewide, top 77%, 860 students, 0% FRL); Dover High School (math 21% / reading 45%, grade F, #22 of 40 statewide, top 56%, 1,771 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.0%/yr); 249 active listings in the ZIP; 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 $401 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 + 2.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($51k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% 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 $51,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 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. 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: 2.10% ✓
• Cap rate: 17.92%
• Cash-on-cash: 41.52%
• DSCR: 2.85
• GRM: 4.0

CMA / ARV

• ARV (median comp): $95,567
• List price: $58,000
• Delta: -39.31%
• 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
465 Aspen Dr #465	0.24mi	2/2.0	1,005 (+3%)	1mo	$56,000	$56	83
80 S Dayflower Ct #59	0.52mi	3/2.0 (+1)	1,024 (+4%)	0mo	$85,000	$83	63
345 Norway Dr #345	0.19mi	3/2.0 (+1)	1,216 (+24%)	5mo	$86,500	$71	57
108 S Dayflower Ct #57	0.54mi	3/2.0 (+1)	1,064 (+9%)	4mo	$55,000	$52	53
135 Bush Dr	0.95mi	2/2.0	924 (-6%)	10mo	$260,000	$281	47
458 Evelyndale Dr	0.52mi	3/2.0 (+1)	1,127 (+15%)	5mo	$285,000	$253	42
53 Fulton St	0.50mi	2/1.0	784 (-20%)	10mo	$102,000	$130	40
174 Humpsman Dr #150	0.62mi	3/2.0 (+1)	1,216 (+24%)	7mo	$85,000	$70	35
15 Coverly Ct	1.36mi	3/2.0 (+1)	1,196 (+22%)	1mo	$275,000	$230	34
7 Turningleaf Ct	1.46mi	3/— (+1)	1,212 (+24%)	2mo	$330,000	$272	33
201 Sheffield Dr	1.21mi	3/2.0 (+1)	1,201 (+23%)	9mo	$310,815	$259	28
1 Crosley Ct	1.50mi	3/2.0 (+1)	1,188 (+21%)	10mo	$325,000	$274	27

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: 37.0%
• Equity multiple: 2.55×
• Total profit: $25,232
• Equity at exit: $8,648

10-year hold

• IRR: 43.1%
• Equity multiple: 4.90×
• Total profit: $63,391
• Equity at exit: $5,015

Cash invested: $16,240 (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: 249
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$304
• Tax est. 1.5%: −$72 /mo · $870/yr
• Insurance: −$24
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $562

Break-even live

Break-even rent $507

Max offer price $58,000

Occupancy floor 49%

Sensitivity live

Price	-10% $602	-5% $582	+0% $562	+5% $542	+10% $522
Rent	-10% $466	-5% $514	+0% $562	+5% $610	+10% $658
Rate	-1.0pp $591	-0.5pp $577	base $562	+0.5pp $547	+1.0pp $532

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: $14,500
• Closing costs: $1,740
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-07-31
   days on market $58,000 Active 191 DOM
2. 2026-07-29
   days on market $58,000 Active 189 DOM
3. 2026-07-27
   days on market $58,000 Active 187 DOM
4. 2026-07-25
   days on market $58,000 Active 185 DOM
5. 2026-07-23
   days on market $58,000 Active 183 DOM
6. 2026-07-22
   days on market $58,000 Active 182 DOM
7. 2026-07-21
   days on market $58,000 Active 181 DOM
8. 2026-07-18
   days on market $58,000 Active 178 DOM
9. 2026-07-16
   days on market $58,000 Active 176 DOM
10. 2026-07-16
    days on market $58,000 Active 175 DOM
11. 2026-07-14
    days on market $58,000 Active 174 DOM
12. 2026-07-13
    days on market $58,000 Active 173 DOM
13. 2026-07-12
    days on market $58,000 Active 172 DOM
14. 2026-07-11
    days on market $58,000 Active 171 DOM
15. 2026-07-10
    days on market $58,000 Active 170 DOM
16. 2026-07-09
    days on market $58,000 Active 169 DOM
17. 2026-07-08
    days on market $58,000 Active 168 DOM
18. 2026-07-07
    days on market $58,000 Active 167 DOM
19. 2026-07-06
    days on market $58,000 Active 166 DOM
20. 2026-07-05
    days on market $58,000 Active 165 DOM
21. 2026-07-04
    days on market $58,000 Active 164 DOM
22. 2026-07-03
    days on market $58,000 Active 163 DOM
23. 2026-07-02
    days on market $58,000 Active 162 DOM
24. 2026-07-01
    days on market $58,000 Active 161 DOM
25. 2026-06-30
    days on market $58,000 Active 160 DOM
26. 2026-06-29
    days on market $58,000 Active 159 DOM
27. 2026-06-28
    days on market $58,000 Active 158 DOM
28. 2026-06-28
    days on market $58,000 Active 157 DOM
29. 2026-06-27
    days on market $58,000 Active 156 DOM
30. 2026-06-26
    days on market $58,000 Active 155 DOM
31. 2026-06-23
    days on market $58,000 Active 152 DOM
32. 2026-06-22
    days on market $58,000 Active 151 DOM
33. 2026-06-19
    days on market $58,000 Active 149 DOM
34. 2026-06-18
    days on market $58,000 Active 148 DOM
35. 2026-06-17
    days on market $58,000 Active 147 DOM
36. 2026-06-16
    days on market $58,000 Active 146 DOM
37. 2026-06-15
    days on market $58,000 Active 145 DOM
38. 2026-06-14
    days on market $58,000 Active 143 DOM
39. 2026-06-13
    days on market $58,000 Active 142 DOM
40. 2026-06-10
    days on market $58,000 Active 140 DOM
41. 2026-06-09
    days on market $58,000 Active 139 DOM
42. 2026-06-08
    days on market $58,000 Active 138 DOM
43. 2026-06-07
    days on market $58,000 Active 137 DOM
44. 2026-06-03
    remarks 489-char remark
45. 2026-06-02
    days on market $58,000 Active 132 DOM
46. 2026-06-01
    days on market $58,000 Active 131 DOM
47. 2026-05-31
    days on market $58,000 Active 130 DOM
48. 2026-05-30
    days on market $58,000 Active 129 DOM
49. 2026-05-15
    historical
50. 2026-03-02
    price $58,000

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

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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $14,624
• − Mortgage interest: −$3,249
• − Property taxes: −$870
• − Insurance: −$290
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$1,687
• Taxable income: $6,188
• Est. tax owed @ 24.0%: −$1,485
• After-tax cash flow: $5,258/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $24,500–$44,100 screening

The home is in fair condition with moderate repairs needed, particularly in the kitchen and bathrooms. Upgrading these areas would significantly increase its value.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof) — The roof appears to be damaged and needs immediate attention.
• Major Windows (windows) — The windows are old and appear to be in poor condition.
• Major Electrical (electrical) — The electrical panel appears to be outdated and may need replacement.
• Major Plumbing (plumbing) — The plumbing fixtures appear to be old and may need replacement.
• Major Exterior (exterior) — The exterior of the house appears to be in poor condition and may need significant repairs.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Minor landscaping — bare yard

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing kitchen would appeal to buyers and renters ↑
• Both update bathrooms with new fixtures and tile — modernizing bathrooms would appeal to buyers and renters ↑
• Both landscaping and curb appeal — improving the yard and curb appeal would attract more 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 25/100

Zoned Schools

Elementary North Dover Elementary School F DE #78/105 Nat'l #33,738/41,679 Middle Central Middle School F DE #27/36 Nat'l #11,382/14,009 High Dover High School F DE #22/40 Nat'l #10,273/17,239

Schools (NCES district)

• District: Capital School District
• NCES district ID: 1000190
• Math proficiency: 14% ▼ -17.00%
• Reading proficiency: 31% ▼ -12.00%
• Median HH income: $48,499
• Composite: 19.78/100
• National rank: #8703
• State rank: #24 of 26 in DE

C Composite livability gradescore 67/100

Livability — Dover

• Score: 67/100
• State rank: #38
• US rank: #10574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 194,477 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: 16% 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 0.68)
• 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%

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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: ▼ -113.29%
• Current HPI: 199.5132
• Rent YoY: ▲ 2.03%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

-22.7% since first listed

3 events — show timeline

• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-03-02 Price Changed $58,000 BRIGHT MLS
• 2026-01-14 Listed $75,000 BRIGHT MLS

Property tax history

-6.7%/yr

Latest (2025): $85 · +3.5% YoY. Source: county tax records.