201 NE 4th St · Milford, DE 19963

$150,000

4 bd · 1.5 ba · 1,472 sqft · SingleFamily public records · 23 Days on market

Built 1949 7,405 sqft lot $102/sqft · 48% below area Est $280k · 46% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Remarkable opportunity to purchase this home to be renovated. Priced to sell, you will find a solid structure with an intact exterior with good roof, windows and siding. Detached 1 car garage with off street parking all located on a large in town lot with loads of potential. Total renovation needed on the interior. Home is now vacant, but was recently rented.

Key facts

• Good siding
• Intact exterior
• Good windows

Tags

• SOLID STRUCTURE
• INTACT EXTERIOR
• GOOD ROOF
• GOOD WINDOWS
• GOOD SIDING
• DETACHED GARAGE

Property features AI

Finance

• Other: Ownership: Fee simple

Exterior

• Parking: Detached garage (front entry) with one garage space; Driveway parking
• Utilities: Public water; Private sewer
• Home design: Detached property; Combination construction materials; Concrete perimeter foundation
• Construction: Estimated year built; Concrete perimeter foundation; Combination exterior construction
• Exterior features: Not in a federal flood zone; Ground rent paid annually; Tidal water: no; Other above-grade structures

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level; One half bathroom on the main level
• Heating & cooling: Convector heating; Propane hot water (leased propane)
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.7% in Milford — 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 (#61 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Milford School District (town): math 18% / reading 32% proficiency, ranked #22 of 26 in DE (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Milford Central Academy (math 21% / reading 36%, grade F, #17 of 36 statewide, top 46%, 1,068 students, 0% FRL); Milford Senior High School (math 17% / reading 32%, grade F, #27 of 40 statewide, top 69%, 1,279 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 205 active listings in the ZIP; 6 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 $4k 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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 76% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.95%
• DSCR: 1.71
• GRM: 6.7

CMA / ARV

• ARV (median comp): $280,234
• List price: $150,000
• Delta: -46.47%
• 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
9 General Torbert Dr	0.34mi	3/2.0 (-1)	1,506 (+2%)	2mo	$360,000	$239	72
216 N Walnut	0.13mi	3/2.0 (-1)	1,600 (+9%)	1mo	$169,900	$106	72
216 S Washington St	0.47mi	3/1.5 (-1)	1,500 (+2%)	5mo	$240,000	$160	66
807 N Walnut St	0.49mi	3/1.5 (-1)	1,442 (-2%)	3mo	$150,000	$104	66
204 SE 2nd St	0.43mi	3/1.0 (-1)	1,448 (-2%)	8mo	$150,000	$104	63
106 Brady Dr	0.30mi	3/2.0 (-1)	1,352 (-8%)	3mo	$287,000	$212	63
206A Truitt Ave	0.41mi	3/2.5 (-1)	1,415 (-4%)	5mo	$325,000	$230	61
1 Governor Burton Ct	0.16mi	3/2.0 (-1)	1,292 (-12%)	8mo	$330,990	$256	58
107 Charles	0.59mi	3/2.5 (-1)	1,415 (-4%)	3mo	$325,000	$230	54
7 Causey Ave	0.40mi	3/2.0 (-1)	1,600 (+9%)	7mo	$320,480	$200	54
106 Causey Ave	0.50mi	4/3.0	1,648 (+12%)	2mo	$304,000	$184	49
803 N Washington St	0.47mi	3/2.0 (-1)	1,288 (-12%)	6mo	$286,000	$222	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: 6.8%
• Equity multiple: 1.27×
• Total profit: $11,198
• Equity at exit: $22,365

10-year hold

• IRR: 16.2%
• Equity multiple: 2.32×
• Total profit: $55,348
• Equity at exit: $12,969

Cash invested: $42,000 (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 19963

• Active inventory: 205
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,871 high
• Mortgage (P&I): −$787
• Tax from tax record: −$71 /mo · $850/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $558

Break-even live

Break-even rent $1,164

Max offer price $150,000

Occupancy floor 65%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 N Washington St Milford, DE	3.0	1.5	1050	$1,500	$1.43	43d	1	0.11mi
400 N Walnut St Milford, DE	3.0	2.0	1200	$2,100	$1.75	43d	1	0.15mi
100 Valley Dr Milford, DE	1.0–3.0	1.0–2.0	1011	$2,009	$1.99	43d	13	0.59mi
17151 Windward Blvd Unit 8-203 Milford, DE	3.0	2.0	1456	$2,195	$1.51	43d	1	1.13mi
6364 Pebblebrook Dr Milford, DE	3.0	2.5	1307	$2,600	$1.99	43d	1	1.32mi
10875 Farmerfield St Milford, DE	3.0	2.5	1365	$2,195	$1.61	43d	1	1.41mi

Listing history 7 events

1. 2026-06-07
   statusdays on market $150,000 Pending 23 DOM
2. 2026-06-03
   days on market $150,000 Active 21 DOM
3. 2026-06-02
   days on market $150,000 Active 20 DOM
4. 2026-06-01
   days on market $150,000 Active 19 DOM
5. 2026-05-31
   days on market $150,000 Active 18 DOM
6. 2026-05-30
   days on market $150,000 Active 17 DOM
7. 2026-05-13
   listed $150,000 Active 361-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: $850 · $71/mo
• Projected year-2 tax: $860 · $72/mo
• Expected delta: +$10/yr (+$1/mo · 1.2%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 76% 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: $22,452
• − Mortgage interest: −$8,402
• − Property taxes: −$850
• − Insurance: −$750
• − Repairs & maintenance: −$1,796
• − Management: −$1,796
• − Depreciation: −$4,364
• Taxable income: $4,494
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $5,619/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: Milford School District
• NCES district ID: 1001080
• Math proficiency: 18% ▼ -26.00%
• Reading proficiency: 32% ▼ -19.00%
• Median HH income: $51,794
• Composite: 22.18/100
• National rank: #8162
• State rank: #22 of 26 in DE

Livability — Milford

• Score: 62/100
• State rank: #61
• US rank: #16211

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A- Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, DE
• Population (ZIP): 22,544

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 0.56)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Hispanic 3% Romanian 2% Slovak 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 84% English-only · Spanish 7% French/Haitian/Cajun 5% Other Indo-European 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: ▼ -135.01%
• Current HPI: 227.2369
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-06-05 Pending — BRIGHT MLS
• 2026-05-13 Listed $150,000 BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2025): $850 · -43.5% YoY. Source: county tax records.