196 Travertine Ln · Frederica, DE 19946

$406,985

5 bd · 4.0 ba · 2,540 sqft · SingleFamily · 43 Days on market

Built 2026 Good condition Garage $160/sqft · 12% below area Est $465k · 12% 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 +13.1/15.0
• Cash flow +7.4/30.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Upgraded espresso cabinetry, a spacious homesite, first-floor guest suite, and airy loft set this Hazel at Cattail Creek apart - paired with included kitchen appliances, washer, dryer, and an unfinished basement ready to grow with you. Welcome to the Hazel at Cattail Creek, where comfort and flexibility come together in a thoughtfully designed single-family home. The main level features a bright, expansive great room that flows seamlessly into the kitchen and dining area - creating an inviting space for everyday living and entertaining. The kitchen shines with rich, upgraded cabinetry, a large island, and a complete appliance package for added convenience.

Key facts

• Airy loft
• Large island
• Walk in closets

Tags

• FIRST FLOOR GUEST SUITE
• AIRY LOFT
• LARGE ISLAND
• COMPLETE APPLIANCE PACKAGE
• SEPARATE FRONT FLEX ROOM
• WALK IN CLOSETS

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath single-family listed at $407k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-517 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (18.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (28.6% below list).
• Recommended offer: $291k (28.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#34 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Forest East Elementary School (math 52% / reading 47%, grade D, #14 of 105 statewide, top 12%, 322 students, 0% FRL); Chipman (W.T.) Middle School (math 24% / reading 45%, grade F, #12 of 36 statewide, top 34%, 965 students, 0% FRL); Lake Forest High School (math 27% / reading 47%, grade F, #16 of 40 statewide, top 38%, 870 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 84 active listings in the ZIP; solid renter incomes; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 43% of the median local income ($80k/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 $3k of loan paydown is wiped out by about $12k 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 43 days — a 3% lower offer ($395k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $290,615 (28.6% 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 43 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.71% ✗
• Cap rate: 4.77%
• Cash-on-cash: -5.44%
• DSCR: 0.76
• GRM: 11.7

CMA / ARV

• ARV (median comp): $465,000
• List price: $406,985
• Delta: -12.48%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
170 Otter Way	1.08mi	4/2.5 (-1)	2,617 (+3%)	10mo	$444,000	$170	41
311 Otter Way	1.06mi	4/2.5 (-1)	2,372 (-7%)	6mo	$484,900	$204	38
358 Albacore Dr	1.38mi	5/3.5	2,671 (+5%)	27mo	$440,000	$165	34
314 Otter Way	1.09mi	4/2.5 (-1)	2,139 (-16%)	1mo	$429,900	$201	28
9 Immunity Ln #148	1.39mi	4/2.0 (-1)	2,156 (-15%)	1mo	$132,500	$61	26
158 Caveat Rd #200	1.34mi	4/2.0 (-1)	2,002 (-21%)	2mo	$112,000	$56	25
226 Bowers Beach Rd	1.43mi	4/2.0 (-1)	2,116 (-17%)	5mo	$400,000	$189	23
39 Douglas Dr	1.37mi	4/2.5 (-1)	3,082 (+21%)	10mo	$410,000	$133	21

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: -25.6%
• Equity multiple: 0.13×
• Total profit: $-98,816
• Equity at exit: $60,683

10-year hold

• IRR: -21.9%
• Equity multiple: -0.13×
• Total profit: $-128,246
• Equity at exit: $35,189

Cash invested: $113,956 (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 →

Active competition Active MLS

• For sale now: 10 active
• Median asking: $404,488 ($177/sqft)
• Median days on market: 99 d
• This list price: 60% of active listings are priced below it
• ARV vs active asking: +3.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19946

• Home prices YoY: -16.1%
• Active inventory: 84
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,906 medium
• Mortgage (P&I): −$2,134
• Tax est. 1.5%: −$509 /mo · $6,105/yr
• Insurance: −$170
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $-517

Break-even live

Break-even rent $3,560

Max offer price $332,214

Occupancy floor —

Sensitivity live

Price	-10% $-235	-5% $-376	+0% $-517	+5% $-657	+10% $-798
Rent	-10% $-746	-5% $-632	+0% $-517	+5% $-402	+10% $-287
Rate	-1.0pp $-312	-0.5pp $-413	base $-517	+0.5pp $-622	+1.0pp $-729

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: $101,746
• Closing costs: $12,210
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Living area approximately 2540Address: 196 Travertine Ln, Frederica, DE 19946List price provided

Exterior

• Parking: 2 garage spaces (2 total parking spaces)
• Utilities: Central air conditioning
• Home design: Single-family property (Hazel plan)Active listing
• Exterior features: Spec new construction (Hazel plan)

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 3 full bathrooms, 2 half bathrooms (4 total bathrooms)
• Heating & cooling: Central air
• Interior features: Central air conditioning

Listing history 37 events

1. 2026-07-13
   days on market $406,985 Active 43 DOM
2. 2026-07-12
   days on market $406,985 Active 42 DOM
3. 2026-07-11
   days on market $406,985 Active 41 DOM
4. 2026-07-10
   days on market $406,985 Active 40 DOM
5. 2026-07-09
   days on market $406,985 Active 39 DOM
6. 2026-07-08
   days on market $406,985 Active 38 DOM
7. 2026-07-07
   days on market $406,985 Active 37 DOM
8. 2026-07-06
   days on market $406,985 Active 36 DOM
9. 2026-07-05
   days on market $406,985 Active 35 DOM
10. 2026-07-04
    days on market $406,985 Active 34 DOM
11. 2026-07-03
    days on market $406,985 Active 33 DOM
12. 2026-07-02
    days on market $406,985 Active 32 DOM
13. 2026-07-01
    days on market $406,985 Active 31 DOM
14. 2026-06-30
    days on market $406,985 Active 30 DOM
15. 2026-06-29
    days on market $406,985 Active 29 DOM
16. 2026-06-28
    days on market $406,985 Active 28 DOM
17. 2026-06-28
    days on market $406,985 Active 27 DOM
18. 2026-06-27
    days on market $406,985 Active 26 DOM
19. 2026-06-26
    days on market $406,985 Active 25 DOM
20. 2026-06-23
    days on market $406,985 Active 22 DOM
21. 2026-06-21
    days on market $406,985 Active 21 DOM
22. 2026-06-19
    days on market $406,985 Active 19 DOM
23. 2026-06-18
    days on market $406,985 Active 18 DOM
24. 2026-06-17
    days on market $406,985 Active 17 DOM
25. 2026-06-16
    days on market $406,985 Active 16 DOM
26. 2026-06-15
    days on market $406,985 Active 15 DOM
27. 2026-06-14
    days on market $406,985 Active 13 DOM
28. 2026-06-13
    pricedays on market $406,985 Active 12 DOM
29. 2026-06-10
    days on market $416,985 Active 10 DOM
30. 2026-06-09
    days on market $416,985 Active 9 DOM
31. 2026-06-08
    days on market $416,985 Active 8 DOM
32. 2026-06-07
    days on market $416,985 Active 7 DOM
33. 2026-06-05
    days on market $416,985 Active 4 DOM
34. 2026-06-03
    days on market $416,985 Active 3 DOM
35. 2026-06-02
    days on market $416,985 Active 2 DOM
36. 2026-05-31
    remarks 699-char remark
37. 2026-05-31
    listed $416,985 Active 1 DOM

ⓘ 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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $34,874
• − Mortgage interest: −$22,797
• − Property taxes: −$6,105
• − Insurance: −$2,035
• − Repairs & maintenance: −$2,790
• − Management: −$2,790
• − Depreciation: −$11,840
• Taxable loss: −$13,483
• Est. tax savings @ 24.0%: +$3,236
• After-tax cash flow: $-2,965/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 · 1 photo

Good 80/100 Cosmetic rehab Est. rehab $12,700–$38,100 screening

This single-family home is in good condition with upgrades and a spacious layout. It is ready for a fresh coat of paint and landscaping to enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and property value ↑
• Both New flooring in bathrooms and kitchen — Improves functionality and aesthetics ↑
• Both New kitchen appliances — Enhances functionality and aesthetics ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Lake Forest East Elementary School D DE #14/105 Nat'l #12,785/41,679 Middle Chipman (W.t.) Middle School F DE #12/36 Nat'l #7,581/14,009 High Lake Forest High School F DE #16/40 Nat'l #9,001/17,239

Schools (NCES district)

• District: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

C Composite livability gradescore 68/100

Livability — Frederica

• Score: 68/100
• State rank: #34
• US rank: #9737

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 194,477 people
• City population: 5,603
• Metro: Dover, DE
• Population (ZIP): 5,603
• Household income: $80,459
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 6% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Black 19% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Italian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

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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: ▼ -36.16%
• Current HPI: 189.0713
• Rent YoY: —
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Living area approximately 2540Address: 196 Travertine Ln, Frederica, DE 19946List price provided

Exterior

• Parking: 2 garage spaces (2 total parking spaces)
• Utilities: Central air conditioning
• Home design: Single-family property (Hazel plan)Active listing
• Exterior features: Spec new construction (Hazel plan)

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 3 full bathrooms, 2 half bathrooms (4 total bathrooms)
• Heating & cooling: Central air
• Interior features: Central air conditioning