128 Ivy Ridge Ct #128 · Smyrna, DE 19977

$70,000

2 bd · 2.0 ba · 924 sqft · SingleFamily · 298 Days on market

Built 1984 Good condition $76/sqft · at area comps Est $67k · at est. $685/mo HOA · 42% of rent ↓ 5% since listing

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Why this score? — see what drove the C 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 +21.5/30.0
• 1% rule +10.0/10.0
• DSCR +6.9/10.0
• ARV discount +5.3/15.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this one!!! Move in Ready! Location!!! Completely renovated inside and out. Holly Hill estates is a beautiful community. New kitchen, new bathrooms, new floor, new roof. 2 bedrooms, 2 bathrooms, open concept. Immediate occupancy upon park approval. Don't let this one get away! Call for a showing today!

Key facts

• Built 1984
• Listed 297 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.5% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 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 $484 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.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 42% of rent.
• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
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: 2.30% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• GRM: 3.6

CMA / ARV

• ARV (median comp): $66,711
• List price: $70,000
• Delta: 4.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
93 Ivy Ridge Ct #93	0.08mi	2/2.0	924 (0%)	12mo	$49,900	$54	86
184 Hemlock Way	0.11mi	2/2.0	924 (0%)	14mo	$62,000	$67	84
222 Laurel Ln #222	0.20mi	2/2.0	924 (0%)	10mo	$52,000	$56	83
158 Hemlock Way #158	0.07mi	3/2.0 (+1)	924 (0%)	14mo	$68,600	$74	80
227 Laurel Ln #227	0.17mi	2/1.0	924 (0%)	10mo	$41,500	$45	80
122 Ivy Ridge Ct #122	0.06mi	2/2.0	980 (+6%)	17mo	$65,000	$66	73
24 Spruce Ct #24	0.26mi	3/2.0 (+1)	980 (+6%)	1mo	$62,900	$64	72
68 Juniper Ct #68	0.16mi	3/2.0 (+1)	1,056 (+14%)	16mo	$37,000	$35	50
223 Laurel Ln #223	0.19mi	3/1.5 (+1)	1,056 (+14%)	12mo	$22,500	$21	50

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: -5.7%
• Equity multiple: 0.79×
• Total profit: $-4,190
• Equity at exit: $10,437

10-year hold

• IRR: 4.6%
• Equity multiple: 1.35×
• Total profit: $6,797
• Equity at exit: $6,052

Cash invested: $19,600 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,613 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$685
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $105

Break-even live

Break-even rent $1,479

Max offer price $70,000

Occupancy floor 88%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $685 · $8,220/yr

Listing history 18 events

1. 2026-06-19
   days on market $70,000 Active 298 DOM
2. 2026-06-18
   days on market $70,000 Active 297 DOM
3. 2026-06-17
   days on market $70,000 Active 296 DOM
4. 2026-06-16
   days on market $70,000 Active 295 DOM
5. 2026-06-15
   days on market $70,000 Active 294 DOM
6. 2026-06-14
   days on market $70,000 Active 292 DOM
7. 2026-06-13
   days on market $70,000 Active 291 DOM
8. 2026-06-10
   days on market $70,000 Active 289 DOM
9. 2026-06-09
   days on market $70,000 Active 288 DOM
10. 2026-06-08
    days on market $70,000 Active 287 DOM
11. 2026-06-07
    days on market $70,000 Active 286 DOM
12. 2026-06-05
    days on market $70,000 Active 283 DOM
13. 2026-06-02
    days on market $70,000 Active 281 DOM
14. 2026-06-01
    days on market $70,000 Active 280 DOM
15. 2026-05-31
    days on market $70,000 Active 279 DOM
16. 2026-05-30
    days on market $70,000 Active 278 DOM
17. 2025-11-04
    price $70,000 322-char remark

    Show marketing remark (322 chars)

    Don't miss out on this one!!! Move in Ready! Location!!! Completely renovated inside and out. Holly Hill estates is a beautiful community. New kitchen, new bathrooms, new floor, new roof. 2 bedrooms, 2 bathrooms, open concept. Immediate occupancy upon park approval. Don't let this one get away! Call for a showing today!

18. 2025-08-25
    listed $74,000 Active 322-char remark

    Show marketing remark (322 chars)

    Don't miss out on this one!!! Move in Ready! Location!!! Completely renovated inside and out. Holly Hill estates is a beautiful community. New kitchen, new bathrooms, new floor, new roof. 2 bedrooms, 2 bathrooms, open concept. Immediate occupancy upon park approval. Don't let this one get away! Call for a showing today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $19,353
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − HOA: −$8,220
• − Depreciation: −$2,036
• Taxable income: $679
• Est. tax owed @ 24.0%: −$163
• After-tax cash flow: $1,101/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 80/100 Cosmetic rehab

This single-family home is move-in ready with a fresh exterior, new kitchen and bathrooms, and efficient HVAC. It offers a good investment opportunity with potential for further improvements.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace air conditioning unit — Ensures efficient cooling and heating
• Both Install new window treatments — Improves energy efficiency and aesthetics
• Both Add landscaping around the foundation — Enhances curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace air conditioning unit — Ensures efficient cooling and heating ↑
• Both Install new window treatments — Improves energy efficiency and aesthetics ↑
• Both Add landscaping around the foundation — Enhances curb appeal and property value ↑

ⓘ 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: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-5.4% since first listed

2 events — show timeline

• 2025-11-04 Price Changed $70,000 BRIGHT MLS
• 2025-08-25 Listed $74,000 BRIGHT MLS