3 Redding Cir · Middletown, DE 19709

$280,000

3 bd · 1.0 ba · 1,725 sqft · SingleFamily public records · 19 Days on market

Built 1960 6,969 sqft lot Est $388k · 28% under

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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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

Key facts

• 6,969 sq ft lot
• 3 parking spots
• Built 1960

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $546 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.0% in Middletown — 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 71/100 on livability (#17 in DE) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living C-, commute F.
• Appoquinimink School District (rural): math 37% / reading 52% proficiency, ranked #6 of 26 in DE (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Appoquinimink High School (math 40% / reading 67%, grade C-, #4 of 40 statewide, top 8%, 1,484 students, 0% FRL) — zoned schools average 0% FRL vs 18% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.1%/yr); 451 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $195k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $275,800 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — 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 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?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $388,125
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3 Redding Cir	0.00mi	3/1.0	1,725 (0%)	0mo	$315,000	$183	100
533 Janvier Dr	0.29mi	3/2.0	1,775 (+3%)	5mo	$384,900	$217	74
102 E Redding St	0.34mi	3/2.0	1,850 (+7%)	2mo	$417,000	$225	67
125 E Lake St	0.16mi	4/2.0 (+1)	1,675 (-3%)	20mo	$120,000	$72	62
201 Fields Ter	0.06mi	3/1.0	1,925 (+12%)	19mo	$245,000	$127	62
520 Janvier Dr	0.25mi	3/2.5	1,600 (-7%)	12mo	$416,000	$260	60
107 E Hoffecker St	0.35mi	4/2.5 (+1)	1,800 (+4%)	7mo	$430,000	$239	59
314 Jefferson St	0.26mi	3/2.0	1,550 (-10%)	19mo	$350,000	$226	51
505-A New St	0.44mi	3/1.5	1,600 (-7%)	24mo	$350,000	$219	46
703 S Broad St	0.62mi	3/1.0	1,550 (-10%)	19mo	$333,000	$215	38
320 Marldale Dr	0.64mi	4/2.5 (+1)	1,900 (+10%)	7mo	$445,000	$234	37
13 Brady Cir	0.63mi	4/2.5 (+1)	1,950 (+13%)	6mo	$490,000	$251	33

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 · 1.07% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.80×
• Total profit: $-16,058
• Equity at exit: $41,749

10-year hold

• IRR: 1.8%
• Equity multiple: 1.12×
• Total profit: $9,154
• Equity at exit: $24,209

Cash invested: $78,400 (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 19709

• Home prices YoY: -21.4%
• Rents YoY: 1.1%
• Active inventory: 451
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,821 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$97 /mo · $1,168/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $546

Break-even live

Break-even rent $2,130

Max offer price $280,000

Occupancy floor 76%

Sensitivity live

Price	-10% $705	-5% $626	+0% $546	+5% $467	+10% $388
Rent	-10% $324	-5% $435	+0% $546	+5% $658	+10% $769
Rate	-1.0pp $687	-0.5pp $618	base $546	+0.5pp $474	+1.0pp $400

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 E Cochran St Middletown, DE	4.0	3.5	2200	$3,150	$1.43	3d	1	0.23mi
407 Champs Ln Middletown, DE	2.0	2.5	1250	$2,000	$1.60	44d	1	0.99mi
274 Vincent Cir Middletown, DE	3.0	1.5	1670	$2,000	$1.20	5d	1	1.02mi
132 Rosie Dr Middletown, DE	2.0	2.5	1450	$1,990	$1.37	21d	1	1.06mi
138 Rosie Dr Middletown, DE	3.0	2.5	1510	$2,150	$1.42	20d	1	1.07mi
404 Naughty Ln Unit 404 Middletown, DE	3.0	3.0	1200	$2,600	$2.17	24d	1	1.10mi
511 Sally Ln Unit 511 Middletown, DE	3.0	1.5	1835	$2,450	$1.34	44d	1	1.11mi
1600 Lake Seymour Dr Middletown, DE	1.0–3.0	1.0–2.0	1267	$2,495	$1.97	1d	1	1.22mi
447 Toftrees Dr Middletown, DE	3.0	2.5	1900	$2,550	$1.34	13d	1	1.23mi

Listing history 11 events

1. 2026-04-06
   status Pending
2. 2026-03-19
   listed $280,000 Active
3. 2026-03-18
   historical $280,000
4. 2019-06-18
   soldstatus $195,000
5. 2019-06-14
   soldstatus $195,000 Closed 180-char remark

   Show marketing remark (180 chars)

   Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

6. 2019-05-11
   status Pending 180-char remark

   Show marketing remark (180 chars)

   Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

7. 2019-05-02
   price $199,900 180-char remark

   Show marketing remark (180 chars)

   Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

8. 2019-04-10
   status Active 180-char remark

   Show marketing remark (180 chars)

   Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

9. 2019-04-09
   listed $209,900 Active 180-char remark

   Show marketing remark (180 chars)

   Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

10. 2019-04-09
    historical 180-char remark

    Show marketing remark (180 chars)

    Come see this newly remodeled home. Equipped with stainless steel appliances, and a massive finished basement, you will be sure to love this home. Listing Agent is also the seller.

11. 1993-01-28
    soldstatus $69,500

ⓘ 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: $1,168 · $97/mo
• Projected year-2 tax: $1,396 · $116/mo
• Expected delta: +$228/yr (+$19/mo · 19.5%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,854
• − Mortgage interest: −$15,684
• − Property taxes: −$1,168
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,708
• − Management: −$2,708
• − Depreciation: −$8,145
• Taxable income: $2,040
• Est. tax owed @ 24.0%: −$490
• After-tax cash flow: $6,067/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: Appoquinimink School District
• NCES district ID: 1000080
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $93,397
• Composite: 42.32/100
• National rank: #3256
• State rank: #6 of 26 in DE

Livability — Middletown

• Score: 71/100
• State rank: #17
• US rank: #6446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, DE
• County: New Castle County · 483,412 people
• City population: 53,234
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 53,234
• Household income: $132,956
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 268.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 23% Asian 7% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 5% Slovak 1% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.40%
• Current HPI: 317.1386
• Rent YoY: ▲ 1.07%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+302.9% since first listed

11 events — show timeline

• 2026-04-06 Pending — BRIGHT MLS
• 2026-03-19 Listed $280,000 BRIGHT MLS
• 2026-03-18 Coming Soon $280,000 BRIGHT MLS
• 2019-06-18 Sold (Public Records) $195,000 Public Records
• 2019-06-14 Sold (MLS) $195,000 BRIGHT MLS
• 2019-05-11 Pending — BRIGHT MLS
• 2019-05-02 Price Changed $199,900 BRIGHT MLS
• 2019-04-10 Relisted — BRIGHT MLS
• 2019-04-09 Listing Removed — BRIGHT MLS
• 2019-04-09 Listed $209,900 BRIGHT MLS
• 1993-01-28 Sold (Public Records) $69,500 Public Records

Property tax history

+5.1%/yr

Latest (2024): $1,168 · +19.6% YoY. Source: county tax records.