45 Petition Ln #51 · Magnolia, DE 19962

$110,000

3 bd · 2.0 ba · 1,809 sqft · SingleFamily · 21 Days on market

Built 1999 Good condition $61/sqft · at area comps Est $108k · at est. ↓ 8% 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 +6.5/15.0
• Condition / age +3.8/5.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

Key facts

• 2 parking spots
• Built 1999
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 2.3% 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: schools F, crime F, amenities 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.
• Market conditions: 125 active listings in the ZIP; 1 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 $761 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.68%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $107,632
• List price: $110,000
• Delta: 2.20%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Jury Dr #5	0.07mi	3/2.0	1,792 (-1%)	3mo	$125,000	$70	93
30 Manteo Dr	0.38mi	3/2.0	1,778 (-2%)	8mo	$439,900	$247	73
179 Buxton Cir	0.49mi	3/2.0	1,778 (-2%)	3mo	$499,990	$281	72
29 Wanchese Dr	0.32mi	3/2.0	1,951 (+8%)	1mo	$514,990	$264	71
88 Wanchese Dr	0.32mi	3/2.0	1,951 (+8%)	5mo	$499,990	$256	68
357 Barefoot Ln	0.59mi	3/2.0	1,752 (-3%)	1mo	$257,000	$147	66
158 Caveat Rd #200	0.23mi	4/2.0 (+1)	2,002 (+11%)	1mo	$112,000	$56	66
74 Wanchese Dr	0.35mi	3/2.0	1,627 (-10%)	2mo	$409,990	$252	66
104 Wanchese Dr	0.36mi	3/2.0	1,951 (+8%)	7mo	$469,900	$241	64
117 Wanchese Dr	0.33mi	3/3.0	1,627 (-10%)	1mo	$399,990	$246	63
30 Wanchese Dr	0.35mi	3/2.0	1,627 (-10%)	8mo	$429,900	$264	61
103 Barefoot Ln	0.70mi	3/2.0	1,574 (-13%)	1mo	$260,000	$165	45

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: 15.6%
• Equity multiple: 1.63×
• Total profit: $19,270
• Equity at exit: $16,401

10-year hold

• IRR: 24.2%
• Equity multiple: 3.10×
• Total profit: $64,617
• Equity at exit: $9,511

Cash invested: $30,800 (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 19962

• Home prices YoY: -29.4%
• Active inventory: 125
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,699 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $582

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 61%

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: $27,500
• Closing costs: $3,300
• 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	$1,699	$1.29	43d	1	0.35mi

Listing history 20 events

1. 2026-06-19
   days on market $110,000 Active 21 DOM
2. 2026-06-18
   days on market $110,000 Active 20 DOM
3. 2026-06-17
   days on market $110,000 Active 19 DOM
4. 2026-06-16
   days on market $110,000 Active 18 DOM
5. 2026-06-15
   days on market $110,000 Active 17 DOM
6. 2026-06-14
   days on market $110,000 Active 15 DOM
7. 2026-06-13
   days on market $110,000 Active 14 DOM
8. 2026-06-10
   days on market $110,000 Active 12 DOM
9. 2026-06-09
   days on market $110,000 Active 11 DOM
10. 2026-06-08
    days on market $110,000 Active 10 DOM
11. 2026-06-07
    days on market $110,000 Active 9 DOM
12. 2026-06-02
    days on market $110,000 Active 4 DOM
13. 2026-06-01
    days on market $110,000 Active 3 DOM
14. 2026-05-31
    days on market $110,000 Active 2 DOM
15. 2026-04-15
    status Active 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

16. 2026-04-07
    historical Active Under Contract 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

17. 2025-11-11
    price $110,000 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

18. 2025-10-14
    price $115,000 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

19. 2025-06-04
    listed $120,000 Active 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

20. 2025-05-22
    historical $120,000 1418-char remark

    Show marketing remark (1418 chars)

    NEW WATER HEATER JUST INSTALLED!!!---Lucky you--- this home is Available Again---at no fault of the seller -- This move-in ready home provides comfortable living with a functional layout and generous living space. * * * The open-concept layout with a large, lower level family room and fireplace, create a warm and inviting space for daily living or entertaining. * * * The family room is open to the kitchen features a large island for entertaining and includes newer appliances with a convenient, designated workspace. * * * The upper level features an additional living room, dining area, and laundry room along with 3 bedrooms and 2 full bathrooms. * * * Recent improvements have been made throughout much of the home including newer LVP flooring, fresh paint and new baseboard/trim and ceiling fans enhancing both style and comfort. * * * Enjoy easy access to outdoor recreation, beaching, fishing, boating and crabbing with nearby Bowers Beach, water inlets, Slaughter Beach and Lewes Beach. * * * The home is conveniently located within 15 minutes of Dover and Dover Air Force Base, and is located just off Rte 1 in the quiet park of Barkers Landing with low lot rent. * * * It is an excellent option for buyers seeking a low-maintenance lifestyle without sacrificing room to relax or entertain. * * * A one year home warranty (up to $600) will be purchased for its new owner's peace of mind.

ⓘ 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: $20,388
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$3,200
• Taxable income: $5,564
• Est. tax owed @ 24.0%: −$1,335
• After-tax cash flow: $5,649/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

Good 75/100 Cosmetic rehab

This move-in-ready home offers a good condition with modern amenities and a well-maintained exterior. It is ready for a new owner to move in and enjoy.

Value-add opportunities

• Both painting — fresh paint enhances curb appeal and interior aesthetics
• Both landscaping — improved landscaping can increase curb appeal and property value
• Both window treatments — new window treatments can improve curb appeal and interior aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both painting — fresh paint enhances curb appeal and interior aesthetics ↑
• Both landscaping — improved landscaping can increase curb appeal and property value ↑
• Both window treatments — new window treatments can improve curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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

• Population (ZIP): 12,618

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 0.61)
• 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%

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

-8.3% since first listed

6 events — show timeline

• 2026-04-15 Relisted — BRIGHT MLS
• 2026-04-07 Contingent — BRIGHT MLS
• 2025-11-11 Price Changed $110,000 BRIGHT MLS
• 2025-10-14 Price Changed $115,000 BRIGHT MLS
• 2025-06-04 Listed $120,000 BRIGHT MLS
• 2025-05-22 Coming Soon $120,000 BRIGHT MLS