3102 Pett Level Dr · St. Georges, DE 19709

$345,000

3 bd · 2.0 ba · 2,669 sqft · Land · 32 Days on market

Built 2026 5,662 sqft lot $129/sqft · 26% below area Est $466k · 26% under $190/mo HOA · 7% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.6/30.0
• Schools +4.2/10.0
• 1% rule +2.9/10.0
• Rent growth +2.8/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Venue at Winchelsea by Lennar — Middletown’s premier active adult (55+) community offering low-maintenance living, spacious designs, and exceptional value. This 2,669 sq. ft. two-story townhome is part of Lennar's Pathway to Ownership Program - application and income qualification are required for purchase. 3102 Pett Level Drive is move-in ready and thoughtfully designed for comfort and ease. The first floor features an inviting open-concept layout that blends the kitchen, dining, and living areas—perfect for both everyday living and entertaining. The luxurious first-floor owner’s suite is privately tucked away in the rear of the home and includes a spa-inspired en-suite bath and generous closet space. A secondary bedroom at the front of the home offers flexibility for guests or a home office. Upstairs, a central loft anchors one additional bedrooms, a den and office providing ample space for hobbies, visitors, or multigenerational living. About the community: Venue at Winchelsea is designed for an active, social lifestyle. Future amenities currently under construction include a 5,400 state-of-the-art clubhouse, outdoor pool, pickleball and bocce courts, community gardens, and more. * Please read: This community is designated as an active adult community. Owners must be 55 years of age or older. Any additional occupants must be over 18 years of age. Pictures are artist renderings and for representational purposes only. Please see New Home Consultant for details. Taxes to be assessed after settlement. If using a Realtor: the agent's client must acknowledge on their first interaction with Lennar that they are being represented by a Realtor, and the Realtor must accompany their client on their first visit. Please contact the Lennar Sales Team directly for questions about qualifications and how to apply for the MPDU program. We are happy to walk you through the process. * For appointments and open houses, please visit the welcome home center at 2405 Greyfriar Loop.

Key facts

• $190 HOA
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $345k.

Deal economics

• At list price, monthly cash flow is $-415 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $285k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (20.8% below list).
• Recommended offer: $273k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.0% in St. Georges — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Appoquinimink School District (rural): math 37% / reading 52% proficiency, ranked #6 of 26 in DE (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 453 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $273,266 (20.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 4.85%
• Cash-on-cash: -5.16%
• DSCR: 0.77
• GRM: 10.5

CMA / ARV

• ARV (median comp): $466,482
• List price: $345,000
• Delta: -26.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.07% rent growth · sell at horizon

5-year hold

• IRR: -27.4%
• Equity multiple: 0.10×
• Total profit: $-87,412
• Equity at exit: $51,441

10-year hold

• IRR: -35.0%
• Equity multiple: -0.35×
• Total profit: $-130,096
• Equity at exit: $29,829

Cash invested: $96,600 (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 19709

• Home prices YoY: -21.4%
• Rents YoY: 1.1%
• Active inventory: 453
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,733 high
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,175/yr
• Insurance: −$144
• HOA: −$190
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $-415

Break-even live

Break-even rent $3,259

Max offer price $284,889

Occupancy floor —

Sensitivity live

Price	-10% $-177	-5% $-296	+0% $-415	+5% $-535	+10% $-654
Rent	-10% $-631	-5% $-523	+0% $-415	+5% $-307	+10% $-200
Rate	-1.0pp $-242	-0.5pp $-328	base $-415	+0.5pp $-505	+1.0pp $-596

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1662 W Matisse Dr Middletown, DE	3.0	2.5	1875	$2,300	$1.23	0d	1	0.15mi
1113 S Olmsted Pkwy Middletown, DE	3.0	2.5	1875	$2,300	$1.23	6d	1	0.22mi
2163 Audubon Trl Middletown, DE	3.0	2.5	1800	$2,800	$1.56	3d	1	0.27mi
2206 Audubon Trl Middletown, DE	3.0	2.5	2150	$2,100	$0.98	5d	1	0.30mi
1036 E Davinci Dr Middletown, DE	3.0	2.5	1875	$2,800	$1.49	0d	1	0.44mi
118 Fletcher Cir Middletown, DE	3.0	2.5	1975	$2,750	$1.39	0d	1	1.10mi
148 Fletcher Cir Middletown, DE	3.0	2.5	1975	$2,600	$1.32	11d	1	1.13mi
613 Mapleton Ave Middletown, DE	3.0	2.5	2067	$3,099	$1.50	25d	1	1.48mi

HOA detail

• Monthly dues: $190 · $2,280/yr
• Likely covers: pool

Listing history 4 events

1. 2026-05-18
   status Pending 2031-char remark

   Show marketing remark (2031 chars)

   Welcome to Venue at Winchelsea by Lennar — Middletown’s premier active adult (55+) community offering low-maintenance living, spacious designs, and exceptional value. This 2,669 sq. ft. two-story townhome is part of Lennar's Pathway to Ownership Program - application and income qualification are required for purchase. 3102 Pett Level Drive is move-in ready and thoughtfully designed for comfort and ease. The first floor features an inviting open-concept layout that blends the kitchen, dining, and living areas—perfect for both everyday living and entertaining. The luxurious first-floor owner’s suite is privately tucked away in the rear of the home and includes a spa-inspired en-suite bath and generous closet space. A secondary bedroom at the front of the home offers flexibility for guests or a home office. Upstairs, a central loft anchors one additional bedrooms, a den and office providing ample space for hobbies, visitors, or multigenerational living. About the community: Venue at Winchelsea is designed for an active, social lifestyle. Future amenities currently under construction include a 5,400 state-of-the-art clubhouse, outdoor pool, pickleball and bocce courts, community gardens, and more. * Please read: This community is designated as an active adult community. Owners must be 55 years of age or older. Any additional occupants must be over 18 years of age. Pictures are artist renderings and for representational purposes only. Please see New Home Consultant for details. Taxes to be assessed after settlement. If using a Realtor: the agent's client must acknowledge on their first interaction with Lennar that they are being represented by a Realtor, and the Realtor must accompany their client on their first visit. Please contact the Lennar Sales Team directly for questions about qualifications and how to apply for the MPDU program. We are happy to walk you through the process. * For appointments and open houses, please visit the welcome home center at 2405 Greyfriar Loop.

2. 2026-04-20
   status Active 2031-char remark

   Show marketing remark (2031 chars)

   Welcome to Venue at Winchelsea by Lennar — Middletown’s premier active adult (55+) community offering low-maintenance living, spacious designs, and exceptional value. This 2,669 sq. ft. two-story townhome is part of Lennar's Pathway to Ownership Program - application and income qualification are required for purchase. 3102 Pett Level Drive is move-in ready and thoughtfully designed for comfort and ease. The first floor features an inviting open-concept layout that blends the kitchen, dining, and living areas—perfect for both everyday living and entertaining. The luxurious first-floor owner’s suite is privately tucked away in the rear of the home and includes a spa-inspired en-suite bath and generous closet space. A secondary bedroom at the front of the home offers flexibility for guests or a home office. Upstairs, a central loft anchors one additional bedrooms, a den and office providing ample space for hobbies, visitors, or multigenerational living. About the community: Venue at Winchelsea is designed for an active, social lifestyle. Future amenities currently under construction include a 5,400 state-of-the-art clubhouse, outdoor pool, pickleball and bocce courts, community gardens, and more. * Please read: This community is designated as an active adult community. Owners must be 55 years of age or older. Any additional occupants must be over 18 years of age. Pictures are artist renderings and for representational purposes only. Please see New Home Consultant for details. Taxes to be assessed after settlement. If using a Realtor: the agent's client must acknowledge on their first interaction with Lennar that they are being represented by a Realtor, and the Realtor must accompany their client on their first visit. Please contact the Lennar Sales Team directly for questions about qualifications and how to apply for the MPDU program. We are happy to walk you through the process. * For appointments and open houses, please visit the welcome home center at 2405 Greyfriar Loop.

3. 2026-04-06
   status Pending 2031-char remark

   Show marketing remark (2031 chars)

   Welcome to Venue at Winchelsea by Lennar — Middletown’s premier active adult (55+) community offering low-maintenance living, spacious designs, and exceptional value. This 2,669 sq. ft. two-story townhome is part of Lennar's Pathway to Ownership Program - application and income qualification are required for purchase. 3102 Pett Level Drive is move-in ready and thoughtfully designed for comfort and ease. The first floor features an inviting open-concept layout that blends the kitchen, dining, and living areas—perfect for both everyday living and entertaining. The luxurious first-floor owner’s suite is privately tucked away in the rear of the home and includes a spa-inspired en-suite bath and generous closet space. A secondary bedroom at the front of the home offers flexibility for guests or a home office. Upstairs, a central loft anchors one additional bedrooms, a den and office providing ample space for hobbies, visitors, or multigenerational living. About the community: Venue at Winchelsea is designed for an active, social lifestyle. Future amenities currently under construction include a 5,400 state-of-the-art clubhouse, outdoor pool, pickleball and bocce courts, community gardens, and more. * Please read: This community is designated as an active adult community. Owners must be 55 years of age or older. Any additional occupants must be over 18 years of age. Pictures are artist renderings and for representational purposes only. Please see New Home Consultant for details. Taxes to be assessed after settlement. If using a Realtor: the agent's client must acknowledge on their first interaction with Lennar that they are being represented by a Realtor, and the Realtor must accompany their client on their first visit. Please contact the Lennar Sales Team directly for questions about qualifications and how to apply for the MPDU program. We are happy to walk you through the process. * For appointments and open houses, please visit the welcome home center at 2405 Greyfriar Loop.

4. 2026-04-02
   listed $345,000 Active 2031-char remark

   Show marketing remark (2031 chars)

   Welcome to Venue at Winchelsea by Lennar — Middletown’s premier active adult (55+) community offering low-maintenance living, spacious designs, and exceptional value. This 2,669 sq. ft. two-story townhome is part of Lennar's Pathway to Ownership Program - application and income qualification are required for purchase. 3102 Pett Level Drive is move-in ready and thoughtfully designed for comfort and ease. The first floor features an inviting open-concept layout that blends the kitchen, dining, and living areas—perfect for both everyday living and entertaining. The luxurious first-floor owner’s suite is privately tucked away in the rear of the home and includes a spa-inspired en-suite bath and generous closet space. A secondary bedroom at the front of the home offers flexibility for guests or a home office. Upstairs, a central loft anchors one additional bedrooms, a den and office providing ample space for hobbies, visitors, or multigenerational living. About the community: Venue at Winchelsea is designed for an active, social lifestyle. Future amenities currently under construction include a 5,400 state-of-the-art clubhouse, outdoor pool, pickleball and bocce courts, community gardens, and more. * Please read: This community is designated as an active adult community. Owners must be 55 years of age or older. Any additional occupants must be over 18 years of age. Pictures are artist renderings and for representational purposes only. Please see New Home Consultant for details. Taxes to be assessed after settlement. If using a Realtor: the agent's client must acknowledge on their first interaction with Lennar that they are being represented by a Realtor, and the Realtor must accompany their client on their first visit. Please contact the Lennar Sales Team directly for questions about qualifications and how to apply for the MPDU program. We are happy to walk you through the process. * For appointments and open houses, please visit the welcome home center at 2405 Greyfriar Loop.

ⓘ 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: $32,792
• − Mortgage interest: −$19,325
• − Property taxes: −$5,175
• − Insurance: −$1,725
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − HOA: −$2,280
• − Depreciation: −$10,036
• Taxable loss: −$10,997
• Est. tax savings @ 24.0%: +$2,639
• After-tax cash flow: $-2,346/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: Appoquinimink School District
• NCES district ID: 1000080
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $93,397
• Composite: 42.32/100
• National rank: #3256
• State rank: #6 of 26 in DE

Livability — St. Georges

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: New Castle County · 483,412 people
• City population: 182
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 53,234
• Household income: $132,956
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 268.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 23% Asian 7% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 5% Slovak 1% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.40%
• Current HPI: 317.1386
• Rent YoY: ▲ 1.07%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

4 events — show timeline

• 2026-05-18 Pending — BRIGHT MLS
• 2026-04-20 Relisted — BRIGHT MLS
• 2026-04-06 Pending — BRIGHT MLS
• 2026-04-02 Listed $345,000 BRIGHT MLS