128 N Delaware St · Smyrna, DE 19977

$165,000

3 bd · 1.5 ba · 1,043 sqft · SingleFamily public records · 94 Days on market

Built 1920 3,920 sqft lot $158/sqft · 44% below area Est $243k · 32% 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• 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

Key facts

• 3,920 sq ft lot
• Built 1920
• Listed 94 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y ago; this cycle's ask has dropped $60k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $165k implies a 244% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% 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 $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.20% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.83%
• DSCR: 1.66
• GRM: 7.0

CMA / ARV

• ARV (median comp): $243,264
• List price: $165,000
• Delta: -32.17%
• 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
222 N Union St	0.12mi	3/1.0	1,076 (+3%)	4mo	$259,000	$241	83
410 W Mount Vernon St	0.30mi	3/1.0	1,020 (-2%)	12mo	$180,000	$176	70
441 Smyrna Clayton Blvd	0.37mi	2/1.0 (-1)	1,024 (-2%)	4mo	$190,000	$186	69
354 N Main St	0.28mi	4/1.5 (+1)	1,115 (+7%)	9mo	$211,200	$189	63
118 N New St	0.25mi	3/1.0	924 (-11%)	6mo	$186,000	$201	62
71 Harkins Dr	0.64mi	3/1.5	1,040 (-0%)	13mo	$285,000	$274	59
15 S Union St	0.22mi	2/1.0 (-1)	1,092 (+5%)	20mo	$190,000	$174	58
26 E Chestnut St	0.43mi	3/1.0	1,120 (+7%)	14mo	$117,000	$104	54
241 E North St	0.44mi	3/1.0	1,189 (+14%)	1mo	$206,000	$173	53
76 Harkins Dr	0.67mi	3/1.0	1,024 (-2%)	19mo	$282,000	$275	48
209 N High St	0.33mi	3/1.0	1,176 (+13%)	20mo	$260,000	$221	45
75 N Fairfield Dr	0.68mi	3/1.0	1,000 (-4%)	21mo	$283,500	$284	42

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: 5.3%
• Equity multiple: 1.21×
• Total profit: $9,572
• Equity at exit: $24,602

10-year hold

• IRR: 14.7%
• Equity multiple: 2.19×
• Total profit: $54,917
• Equity at exit: $14,266

Cash invested: $46,200 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,977 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $571

Break-even live

Break-even rent $1,255

Max offer price $165,000

Occupancy floor 66%

Sensitivity live

Price	-10% $664	-5% $618	+0% $571	+5% $524	+10% $478
Rent	-10% $415	-5% $493	+0% $571	+5% $649	+10% $727
Rate	-1.0pp $654	-0.5pp $613	base $571	+0.5pp $528	+1.0pp $485

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Harkins Dr Smyrna, DE	3.0	1.5	1300	$2,200	$1.69	44d	1	0.65mi
4 Rehoboth Cir Clayton, DE	2.0	2.0	1056	$1,575	$1.49	22d	1	1.44mi

Listing history 10 events

1. 2026-05-30
   statusdays on market $165,000 Pending 94 DOM
2. 2026-05-20
   price $165,000
3. 2026-05-20
   status Active
4. 2026-05-13
   historical
5. 2026-03-17
   price $215,000
6. 2026-02-18
   listed $225,000 Active
7. 1997-01-14
   soldstatus $48,000
8. 1996-07-09
   historical
9. 1996-03-14
   listed $55,900
10. 1994-01-01
    soldstatus $27,000

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $821 · $68/mo
• Expected delta: +$136/yr (+$11/mo · 19.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $23,729
• − Mortgage interest: −$9,243
• − Property taxes: −$685
• − Insurance: −$825
• − Repairs & maintenance: −$1,898
• − Management: −$1,898
• − Depreciation: −$4,800
• Taxable income: $4,380
• Est. tax owed @ 24.0%: −$1,051
• After-tax cash flow: $5,801/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

• Census place: Smyrna, DE
• 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

+511.1% since first listed

9 events — show timeline

• 2026-05-20 Price Changed $165,000 BRIGHT MLS
• 2026-05-20 Relisted — BRIGHT MLS
• 2026-05-13 Listing Removed — BRIGHT MLS
• 2026-03-17 Price Changed $215,000 BRIGHT MLS
• 2026-02-18 Listed $225,000 BRIGHT MLS
• 1997-01-14 Sold (Public Records) $48,000 Public Records
• 1996-07-09 Listing Removed — BRIGHT MLS
• 1996-03-14 Listed $55,900 BRIGHT MLS
• 1994-01-01 Sold (Public Records) $27,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $685 · -0.6% YoY. Source: county tax records.