311 S Cass St · Middletown, DE 19709

$335,000

3 bd · 1.0 ba · 1,450 sqft · Townhouse public records · 6 Days on market

Built 1935 6,534 sqft lot Est $276k · 22% over

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Why this score? — see what drove the F 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 +13.8/30.0
• DSCR +4.2/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• 1% rule +2.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this newly renovated home in the Appoquinimink School District. This is a 3 bedroom 1 and half bath, with hardwoods throughout the whole first floor. Home is ready for its new owner! Schedule you appointments today!

Key facts

• Covered front porch
• Remodeled kitchen
• Stainless appliances

Tags

• REMODELED KITCHEN
• COVERED FRONT PORCH
• OPEN CONCEPT DESIGN
• BUTCHER BLOCK COUNTERTOPS
• STAINLESS APPLIANCES
• COVERED REAR DECK

Property features AI

Exterior

• Parking: Paved driveway parking; Three total driveway/garage/parking spaces
• Utilities: 200+ amp electric service with circuit breakers; Electric heating fuel; Electric hot water; Public water; Public sewer
• Home design: Semi-detached home; Single-family style with above-grade finished living area
• Construction: Vinyl siding; Block foundation; Built (year estimated)
• Exterior features: Deck(s); Not in a federal flood zone; Public water and public sewer

Interior

• Kitchen: Dishwasher; Disposal; Electric oven/range
• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood; Vinyl
• Bathrooms: One full bathroom (upper level); One half bathroom (main level)
• Heating & cooling: Heat pump with electric backup; Central air
• Interior features: Attic; Formal separate dining room; Kitchen island; Pantry; Wood floors
• Laundry & utility: Laundry on upper floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $335k.

Deal economics

• At list price, monthly cash flow is $30 ($363/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (22.3% below list).
• Recommended offer: $260k (22.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: Silver Lake Elementary School (math 30% / reading 38%, grade F, #40 of 105 statewide, top 38%, 602 students, 0% FRL); Meredith (Everett) Middle School (math 25% / reading 45%, grade F, #11 of 36 statewide, top 29%, 810 students, 0% FRL); Middletown High School (math 41% / reading 61%, grade D+, #5 of 40 statewide, top 10%, 1,355 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 $10k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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 $270k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $260,233 (22.3% below list)

Questions for the listing agent

1. Built in 1935 — 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. 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?
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: 0.78% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $275,500
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 E Main St	0.31mi	3/2.0	1,575 (+9%)	19mo	$201,000	$128	51
84 Franklin Dr	0.66mi	3/1.5	1,650 (+14%)	6mo	$250,000	$152	40
31 Franklin Dr	0.72mi	3/1.5	1,625 (+12%)	16mo	$325,200	$200	31
114 Littondale Ct	0.54mi	3/2.5	1,650 (+14%)	19mo	$357,000	$216	30
46 Franklin Dr	0.73mi	2/1.5 (-1)	1,650 (+14%)	18mo	$314,000	$190	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 · 1.07% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.39×
• Total profit: $-57,455
• Equity at exit: $49,950

10-year hold

• IRR: -13.4%
• Equity multiple: 0.28×
• Total profit: $-67,685
• Equity at exit: $28,965

Cash invested: $93,800 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,602 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$129 /mo · $1,551/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $30

Break-even live

Break-even rent $2,564

Max offer price $335,000

Occupancy floor 94%

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 Champs Ln Middletown, DE	2.0	2.5	1250	$2,000	$1.60	43d	1	0.86mi
1600 Lake Seymour Dr Middletown, DE	1.0–3.0	1.0–2.0	1267	$2,495	$1.97	1d	1	0.92mi
274 Vincent Cir Middletown, DE	3.0	1.5	1670	$2,000	$1.20	4d	1	0.96mi
132 Rosie Dr Middletown, DE	2.0	2.5	1450	$1,990	$1.37	20d	1	0.96mi
138 Rosie Dr Middletown, DE	3.0	2.5	1510	$2,150	$1.42	19d	1	0.97mi
511 Sally Ln Unit 511 Middletown, DE	3.0	1.5	1835	$2,450	$1.34	43d	1	1.06mi
404 Naughty Ln Unit 404 Middletown, DE	3.0	3.0	1200	$2,600	$2.17	24d	1	1.06mi
500 Westown Way Middletown, DE	1.0–3.0	1.0–2.0	1267	$2,595	$2.05	1d	1	1.21mi
250 Celebration Ct Middletown, DE	1.0–2.0	1.0–2.0	1125	$2,320	$2.06	1d	5	1.50mi

Listing history 6 events

1. 2026-06-18
   days on market $335,000 Active 6 DOM
2. 2026-06-17
   days on market $335,000 Active 5 DOM
3. 2026-06-16
   days on market $335,000 Active 4 DOM
4. 2026-06-15
   days on market $335,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $335,000 Active 1 DOM

ⓘ 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: $1,551 · $129/mo
• Projected year-2 tax: $1,747 · $146/mo
• Expected delta: +$196/yr (+$16/mo · 12.6%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $31,228
• − Mortgage interest: −$18,765
• − Property taxes: −$1,551
• − Insurance: −$1,675
• − Repairs & maintenance: −$2,498
• − Management: −$2,498
• − Depreciation: −$9,745
• Taxable loss: −$5,505
• Est. tax savings @ 24.0%: +$1,321
• After-tax cash flow: $1,684/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

+781.6% since first listed

12 events — show timeline

• 2026-06-12 Listed $335,000 BRIGHT MLS
• 2023-05-05 Sold (MLS) $270,000 BRIGHT MLS
• 2023-05-03 Sold (Public Records) $270,000 Public Records
• 2023-04-06 Contingent — BRIGHT MLS
• 2023-03-08 Relisted — BRIGHT MLS
• 2023-03-04 Contingent — BRIGHT MLS
• 2023-02-27 Listed $274,900 BRIGHT MLS
• 2004-02-03 Sold (Public Records) $125,000 Public Records
• 2004-01-15 Sold (MLS) $125,000 BRIGHT MLS
• 2003-11-07 Listing Removed — BRIGHT MLS
• 2003-11-04 Listed $125,000 BRIGHT MLS
• 1986-05-01 Sold (Public Records) $38,000 Public Records

Property tax history

+5.1%/yr

Latest (2024): $1,551 · +19.6% YoY. Source: county tax records.