333 Norway Dr · Cheswold, DE 19901

$77,900

3 bd · 2.0 ba · 1,008 sqft · Manufactured public records · 24 Days on market

Built 1991

---

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

Pinewood Acres Mobile Home Park Adress: 333 Norway Dr, Dover, DE Monthly Lot rent- 720$ [Trash, Snow removal and sewer included ] Fully Remodeling, Ready to move New metal roof New gutters New vinyl siding New skirting New windows New Laminate Flooring, New bathtubs shower New Toilets and venalities New White Kitchen Cabinets, New countertop real quartz for the kitchen and bathroom New sinks and faucets New Stainless Steel appliances refrigerator, Electric stove, microwave New Lights fixtures in all the house New drywall yes all drywall is new Fresh painting and trim all around the walls The electrical and plumbing systems were replaced. Package unit HVAC system it & acirc;

Key facts

• New metal roof
• New gutters
• New skirting

Tags

• NEW METAL ROOF
• NEW GUTTERS
• NEW VINYL SIDING
• NEW SKIRTING
• NEW WINDOWS
• NEW LAMINATE FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $78k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.8% 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).
• This rent runs 36% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($77k) 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 $76,731 (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. 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.
4. 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.
5. 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: 2.53% ✓
• Cap rate: 21.83%
• Cash-on-cash: 55.48%
• DSCR: 3.47
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 52.7%
• Equity multiple: 3.28×
• Total profit: $49,733
• Equity at exit: $11,615

10-year hold

• IRR: 57.5%
• Equity multiple: 6.43×
• Total profit: $118,483
• Equity at exit: $6,735

Cash invested: $21,812 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,973 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$110 /mo · $1,315/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $1,008

Break-even live

Break-even rent $697

Max offer price $77,900

Occupancy floor 44%

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: $19,475
• Closing costs: $2,337
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $77,900 Active 24 DOM
2. 2026-06-18
   days on market $77,900 Active 23 DOM
3. 2026-06-17
   days on market $77,900 Active 22 DOM
4. 2026-06-16
   days on market $77,900 Active 21 DOM
5. 2026-06-15
   days on market $77,900 Active 20 DOM
6. 2026-06-14
   days on market $77,900 Active 18 DOM
7. 2026-06-13
   days on market $77,900 Active 17 DOM
8. 2026-06-10
   days on market $77,900 Active 15 DOM
9. 2026-06-09
   days on market $77,900 Active 14 DOM
10. 2026-06-08
    days on market $77,900 Active 13 DOM
11. 2026-06-07
    days on market $77,900 Active 12 DOM
12. 2026-06-02
    days on market $77,900 Active 7 DOM
13. 2026-06-01
    days on market $77,900 Active 6 DOM
14. 2026-05-31
    days on market $77,900 Active 5 DOM
15. 2026-05-30
    days on market $77,900 Active 4 DOM
16. 2026-05-26
    listed $77,900 Active

ⓘ 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: $1,315 · $110/mo
• Projected year-2 tax: $1,315 · $110/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 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: $23,681
• − Mortgage interest: −$4,364
• − Property taxes: −$1,315
• − Insurance: −$390
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − Depreciation: −$2,266
• Taxable income: $11,557
• Est. tax owed @ 24.0%: −$2,774
• After-tax cash flow: $9,327/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

1 event — show timeline

• 2026-05-26 Listed $77,900 FSBO.com

Property tax history

+12.5%/yr

Latest (2025): $1,315 · +6.2% YoY. Source: county tax records.