902 Jonathan Dr #902 · Dover, DE 19901

$148,500

3 bd · 2.0 ba · 1,741 sqft · SingleFamily · 51 Days on market

Built 2004 Good condition $85/sqft · at area comps Est $145k · at est. $10/mo HOA · 1% of rent

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +6.4/15.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss the great house in Wild Meadows . This house has 3 bedrooms and 2 full baths. There is a great front porch to relax and enjoy summer evenings . Open floor plan and fireplace are a nice touch. Call to schedule your showing today. Buyers must be approved by Wild Meadows office before purchasing.

Key facts

• Cozy gas fireplace
• Inviting front porch
• Single level living

Tags

• SINGLE LEVEL LIVING
• INVITING FRONT PORCH
• COZY GAS FIREPLACE
• DEDICATED DINING AREA
• CHARMING BREAKFAST NOOK
• UPDATED HALL BATHROOM

Property features AI

Finance

• Other: Property manager present; Ground rent listed as an annual income/expense item
• Financial info: Monthly land lease (ground rent) approximately $937.19; Land lease years remaining: 99
• HOA & community: Monthly HOA fee ($10) includes lawn maintenance, pool(s), and snow removal; Community amenities include clubhouse, exercise/fitness center, outdoor pool, library, billiard and game rooms, and hot tub

Exterior

• Parking: Front-entry attached garage (1 car); Asphalt driveway with space for 2 additional vehicles (total 3 parking spaces)
• Utilities: Public water; Public sewer; Municipal trash service
• Home design: Detached home; Located in a 55+ senior community; Land lease ownership (ground rent exists)
• Construction: Vinyl siding; Architectural shingle roof; Crawl space foundation; Built above grade
• Exterior features: Corner lot; Street lights; Patio(s); Porch(es); Community in-ground vinyl pool

Interior

• Kitchen: Built-in range; Built-in microwave; Dishwasher
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: 90% efficient forced-air heating (natural gas); Central air conditioning (electric); 200+ amp electrical service
• Interior features: Soaking tub; Walk-in shower; Stall shower; Dining area; Family room off the kitchen; Gas/propane fireplace (1)
• Laundry & utility: Washer and dryer on the main floor; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $148k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $144k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 5.2% in Dover — 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 67/100 on livability (#38 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F, commute F, employment D-.
• 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.
• Zoned schools: Towne Point Elementary School (math 12% / reading 17%, grade F, #92 of 105 statewide, top 89%, 334 students, 0% FRL); Central Middle School (math 12% / reading 31%, grade F, #27 of 36 statewide, top 77%, 860 students, 0% FRL); Dover High School (math 21% / reading 45%, grade F, #22 of 40 statewide, top 56%, 1,771 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.0%/yr); 190 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 35% 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 $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 + 2.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Recommended offer $144,045 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.32% ✓
• Cap rate: 10.43%
• Cash-on-cash: 14.79%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (median comp): $145,062
• List price: $148,500
• Delta: 2.37%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 Weaver Dr #518	0.17mi	3/2.0	1,728 (-1%)	5mo	$165,000	$95	86
544 Weaver Dr #544	0.11mi	3/2.0	1,728 (-1%)	13mo	$175,000	$101	83
125 Kurt Dr #125	0.16mi	3/2.0	1,735 (-0%)	11mo	$159,900	$92	83
310 Persimmon Cir W #310	0.11mi	3/2.0	1,620 (-7%)	2mo	$185,000	$114	82
119 Kurt Dr	0.14mi	3/2.0	1,791 (+3%)	9mo	$167,000	$93	82
10 Michelle Dr #10	0.12mi	3/2.5	1,795 (+3%)	12mo	$181,900	$101	77
424 Moore Pl #424	0.17mi	3/2.0	1,620 (-7%)	6mo	$175,000	$108	76
420 Moore Pl #420	0.22mi	3/2.0	1,620 (-7%)	9mo	$165,000	$102	71
547 Weaver Dr	0.14mi	3/2.0	1,620 (-7%)	13mo	$135,000	$83	71
311 W Persimmon Cir W #311	0.06mi	2/2.0 (-1)	1,514 (-13%)	0mo	$138,000	$91	70
56 Primrose Dr E	0.24mi	3/2.0	1,512 (-13%)	1mo	$223,000	$147	66
206 Persimmon Cir	0.23mi	3/2.0	1,512 (-13%)	10mo	$215,000	$142	59

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 · 2.03% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $6,712
• Equity at exit: $22,142

10-year hold

• IRR: 12.8%
• Equity multiple: 1.97×
• Total profit: $40,387
• Equity at exit: $12,840

Cash invested: $41,580 (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: 190
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,960 medium
• Mortgage (P&I): −$779
• Tax est. 1.5%: −$186 /mo · $2,228/yr
• Insurance: −$62
• HOA: −$10
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $512

Break-even live

Break-even rent $1,312

Max offer price $148,500

Occupancy floor 69%

Sensitivity live

Price	-10% $615	-5% $564	+0% $512	+5% $461	+10% $410
Rent	-10% $358	-5% $435	+0% $512	+5% $590	+10% $667
Rate	-1.0pp $587	-0.5pp $550	base $512	+0.5pp $474	+1.0pp $435

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: $37,125
• Closing costs: $4,455
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	45d	10	1.09mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	45d	1	1.29mi

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 21 events

1. 2026-06-22
   days on market $148,500 Active 51 DOM
2. 2026-06-19
   days on market $148,500 Active 49 DOM
3. 2026-06-18
   days on market $148,500 Active 48 DOM
4. 2026-06-17
   days on market $148,500 Active 47 DOM
5. 2026-06-16
   days on market $148,500 Active 46 DOM
6. 2026-06-15
   days on market $148,500 Active 45 DOM
7. 2026-06-14
   days on market $148,500 Active 43 DOM
8. 2026-06-13
   days on market $148,500 Active 42 DOM
9. 2026-06-10
   days on market $148,500 Active 40 DOM
10. 2026-06-09
    days on market $148,500 Active 39 DOM
11. 2026-06-08
    days on market $148,500 Active 38 DOM
12. 2026-06-07
    days on market $148,500 Active 37 DOM
13. 2026-06-02
    days on market $148,500 Active 32 DOM
14. 2026-06-01
    days on market $148,500 Active 31 DOM
15. 2026-06-01
    price $148,500 Active 30 DOM
16. 2026-05-31
    days on market $149,000 Active 30 DOM
17. 2026-05-30
    days on market $149,000 Active 29 DOM
18. 2026-05-01
    listed $149,000 Active 2056-char remark
19. 2024-06-26
    soldstatus $138,000 Closed 305-char remark

    Show marketing remark (305 chars)

    Don't miss the great house in Wild Meadows . This house has 3 bedrooms and 2 full baths. There is a great front porch to relax and enjoy summer evenings . Open floor plan and fireplace are a nice touch. Call to schedule your showing today. Buyers must be approved by Wild Meadows office before purchasing.

20. 2024-06-20
    status Pending 305-char remark

    Show marketing remark (305 chars)

    Don't miss the great house in Wild Meadows . This house has 3 bedrooms and 2 full baths. There is a great front porch to relax and enjoy summer evenings . Open floor plan and fireplace are a nice touch. Call to schedule your showing today. Buyers must be approved by Wild Meadows office before purchasing.

21. 2024-05-30
    listed $138,000 Active 305-char remark

    Show marketing remark (305 chars)

    Don't miss the great house in Wild Meadows . This house has 3 bedrooms and 2 full baths. There is a great front porch to relax and enjoy summer evenings . Open floor plan and fireplace are a nice touch. Call to schedule your showing today. Buyers must be approved by Wild Meadows office before purchasing.

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

Taxation est. · year 1

• Rental income: $23,524
• − Mortgage interest: −$8,318
• − Property taxes: −$2,228
• − Insurance: −$742
• − Repairs & maintenance: −$1,882
• − Management: −$1,882
• − HOA: −$120
• − Depreciation: −$4,320
• Taxable income: $4,032
• Est. tax owed @ 24.0%: −$968
• After-tax cash flow: $5,181/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 75/100 Cosmetic rehab

This well-maintained single-family home in Wild Meadows offers a comfortable and inviting living space with a good condition score and minimal repairs needed.

Value-add opportunities

• Both paint exterior trim — enhances curb appeal
• Both replace carpet with hardwood — increases both resale and rental value
• Both install new windows — improves energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior trim — enhances curb appeal ↑
• Both replace carpet with hardwood — increases both resale and rental value ↑
• Both install new windows — improves energy efficiency and aesthetics ↑

ⓘ 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: 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 — Dover

• Score: 67/100
• State rank: #38
• US rank: #10574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dover, DE
• County: Kent County · 82,184 people
• City population: 76,581
• 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

+7.6% since first listed

5 events — show timeline

• 2026-06-01 Price Changed $148,500 BRIGHT MLS
• 2026-05-01 Listed $149,000 BRIGHT MLS
• 2024-06-26 Sold (MLS) $138,000 BRIGHT MLS
• 2024-06-20 Pending — BRIGHT MLS
• 2024-05-30 Listed $138,000 BRIGHT MLS