225 Lace Bark Dr · Cheswold, DE 19901

$58,000

2 bd · 2.0 ba · 980 sqft · Manufactured public records · 149 Days on market

Built 1991 $59/sqft · 53% below area ↓ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

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.

Deal economics

• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.1% vs local median 3.1% in Cheswold — 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 62/100 on livability (#62 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, schools F, amenities F.
• 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.
• Market conditions: Rents rising (+2.0%/yr); 184 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 ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 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 149 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
6. 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.
7. 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: 2.75% ✓
• Cap rate: 24.08%
• Cash-on-cash: 63.52%
• DSCR: 3.83
• GRM: 3.0

CMA / ARV

• ARV (median comp): $122,877
• List price: $58,000
• Delta: -52.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.03% rent growth · sell at horizon

5-year hold

• IRR: 61.5%
• Equity multiple: 3.70×
• Total profit: $43,834
• Equity at exit: $8,648

10-year hold

• IRR: 65.7%
• Equity multiple: 7.32×
• Total profit: $102,561
• 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: 184
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,596 medium
• Mortgage (P&I): −$304
• Tax est. 1.5%: −$72 /mo · $870/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $860

Break-even live

Break-even rent $507

Max offer price $58,000

Occupancy floor 41%

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
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $58,000 Active 149 DOM
2. 2026-06-18
   days on market $58,000 Active 148 DOM
3. 2026-06-17
   days on market $58,000 Active 147 DOM
4. 2026-06-16
   days on market $58,000 Active 146 DOM
5. 2026-06-15
   days on market $58,000 Active 145 DOM
6. 2026-06-14
   days on market $58,000 Active 143 DOM
7. 2026-06-13
   days on market $58,000 Active 142 DOM
8. 2026-06-10
   days on market $58,000 Active 140 DOM
9. 2026-06-09
   days on market $58,000 Active 139 DOM
10. 2026-06-08
    days on market $58,000 Active 138 DOM
11. 2026-06-07
    days on market $58,000 Active 137 DOM
12. 2026-06-03
    remarks 489-char remark
13. 2026-06-02
    days on market $58,000 Active 132 DOM
14. 2026-06-01
    days on market $58,000 Active 131 DOM
15. 2026-05-31
    days on market $58,000 Active 130 DOM
16. 2026-05-30
    days on market $58,000 Active 129 DOM
17. 2026-05-15
    historical
18. 2026-03-02
    price $58,000
19. 2026-01-14
    listed $75,000 Active

ⓘ 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: $19,146
• − Mortgage interest: −$3,249
• − Property taxes: −$870
• − Insurance: −$290
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$1,687
• Taxable income: $9,987
• Est. tax owed @ 24.0%: −$2,397
• After-tax cash flow: $7,919/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: 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

Livability — Cheswold

• Score: 62/100
• State rank: #62
• US rank: #16254

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 82,184 people
• City population: 176
• Metro: Dover, DE
• Population (ZIP): 37,763
• Household income: $66,388
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1320.0

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 0.68)
• 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%

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.