232 Lotus St · Dover, DE 19901

$215,000

2 bd · 1.0 ba · 903 sqft · SingleFamily public records · 5 Days on market

Built 1948 0.26 ac lot $238/sqft · 13% above area Est $266k · 19% under

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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 +12.8/30.0
• DSCR +3.8/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Property is being sold as-is, where-is. This charming 2-bedroom, 1 full bath home sits on approximately 0.26 acres and features a spacious great room with a cozy fireplace and adjoining dining area—perfect for comfortable everyday living. The unfinished basement offers excellent storage. Conveniently located less than one mile from Bayhealth Hospital and ten minutes from Dover Air Force Base, this home is ideally positioned for both convenience and accessibility. With a little TLC, this property presents a wonderful opportunity to truly make it shine. Schedule your tour!

Key facts

• Unfinished basement
• Great room
• Cozy fireplace

Tags

• GREAT ROOM
• COZY FIREPLACE
• UNFINISHED BASEMENT
• EXCELLENT STORAGE
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Driveway parking for 2 vehicles; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Detached home; Vinyl siding
• Construction: Permanent foundation
• Exterior features: Lot dimensions approximately 75 x 150; Property located in city limits

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (oil); Central air conditioning (electric); Electric hot water
• Interior features: One fireplace; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-20 ($-243/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (23.2% below list).
• Recommended offer: $165k (23.2% below list) — sets the bar for 1% rule.

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: schools C-, crime F, commute 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; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $6k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 79% 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 $165,120 (23.2% 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. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.77% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.40%
• DSCR: 0.98
• GRM: 10.9

CMA / ARV

• ARV (median comp): $266,164
• List price: $215,000
• Delta: -19.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 Pine St	0.07mi	2/1.0	897 (-1%)	2mo	$240,000	$268	94
624 River Rd	0.49mi	3/1.0 (+1)	925 (+2%)	6mo	$225,000	$243	63
745 River Rd	0.44mi	3/1.0 (+1)	925 (+2%)	10mo	$212,500	$230	62
151 Roosevelt Ave Unit D5	0.22mi	2/1.0	980 (+8%)	17mo	$65,500	$67	61
430 Collins Dr	0.48mi	3/1.0 (+1)	950 (+5%)	5mo	$164,900	$174	60
223 President	0.69mi	3/1.0 (+1)	944 (+4%)	6mo	$200,000	$212	50
433 Collins Dr	0.51mi	3/1.0 (+1)	950 (+5%)	17mo	$155,000	$163	49
411 Cowgill St	0.66mi	2/1.0	824 (-9%)	10mo	$240,000	$291	46
1018 Monroe Ter	0.59mi	2/1.0	967 (+7%)	19mo	$270,000	$279	44
230 President Dr	0.71mi	3/1.0 (+1)	944 (+4%)	13mo	$210,000	$222	44

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: -18.0%
• Equity multiple: 0.37×
• Total profit: $-37,802
• Equity at exit: $32,057

10-year hold

• IRR: -12.0%
• Equity multiple: 0.31×
• Total profit: $-41,305
• Equity at exit: $18,589

Cash invested: $60,200 (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 19901

• Rents YoY: 2.0%
• Active inventory: 184
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$108 /mo · $1,292/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $-20

Break-even live

Break-even rent $1,677

Max offer price $211,416

Occupancy floor 96%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	43d	1	0.44mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,653	$2.31	43d	22	1.03mi
12 S State St Unit 2 Dover, DE	1.0	1.0	800	$1,195	$1.49	43d	1	1.09mi
5 S State St Dover, DE	1.0	1.5	1100	$1,200	$1.09	43d	1	1.10mi
16 S New St #1 Dover, DE	3.0	1.0	1000	$1,950	$1.95	43d	1	1.14mi
51 Webbs Ln Dover, DE	2.0	1.0–1.5	787	$1,525	$1.94	43d	11	1.19mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	43d	1	1.23mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,210	$1.78	43d	17	1.34mi
4 Carolee Dr Dover, DE	3.0	1.0	1008	$2,100	$2.08	43d	1	1.35mi

Listing history 3 events

1. 2026-06-07
   status $215,000 Pending 5 DOM
2. 2026-05-06
   historical Active Under Contract 583-char remark
3. 2026-05-01
   listed $215,000 Active 583-char remark

ⓘ 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: $1,292 · $108/mo
• Projected year-2 tax: $1,292 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 79% 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: $19,814
• − Mortgage interest: −$12,043
• − Property taxes: −$1,292
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − Depreciation: −$6,255
• Taxable loss: −$4,021
• Est. tax savings @ 24.0%: +$965
• After-tax cash flow: $722/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 — 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

• Census place: Dover, DE
• County: Kent County · 82,184 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: 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

3 events — show timeline

• 2026-06-03 Pending — BRIGHT MLS
• 2026-05-06 Contingent — BRIGHT MLS
• 2026-05-01 Listed $215,000 BRIGHT MLS

Property tax history

+5.5%/yr

Latest (2025): $1,292 · +1.4% YoY. Source: county tax records.