408 Moore Pl #408 · Dover, DE 19901

$149,900

3 bd · 2.0 ba · 1,620 sqft · SingleFamily · 386 Days on market

Built 2004 Est $165k · 9% under $1/mo HOA ↓ 12% since listing

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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 +29.0/30.0
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Most desirable Dover model with granite countertops, gas fireplace with built-ins on either side, 3+ season room off kitchen and more! Wild Meadows is a land lease community Monthly lot rent is under $800 per month and includes clubhouse, pool, gym, lawn mowing and all activities in this active 55+ adult community . A large attached garage provides parking for one car as well as additional storage. Enjoy the clubhouse where you can find a heated pool, hot tub, gym, library and many community activities. Convenient access to historic downtown Dover, hospitals, shopping , dining and entertainment. Only an hour drive to Delaware beaches. Buyer must apply and be approved by Wild Meadows/

Key facts

• Garage
• Community pool
• Built 2004

Property features AI

Finance

• Other: Property manager present; Accessibility features: 36+ inch wide halls, level entry main, no stairs; Unit has one floor; Senior community age requirement: 55
• Financial info: Land lease payment $865 monthly; Ground rent years remaining: 99
• HOA & community: Community amenities include billiard room, clubhouse, exercise/fitness center, game room, library, party room, shuffleboard, hot tub, and swimming pool; HOA fee $10 annually; Ground rent / land lease exists (land lease monthly)

Exterior

• Parking: Attached oversized front-entry garage with garage door opener; Asphalt driveway
• Security: Sprinkler system
• Utilities: Public water; Public sewer; Electric service available; Natural gas available; Cable TV; Phone service; Underground utilities; Hot water: electric; Internet: cable, satellite, other
• Home design: Detached single-family home; One-floor living (single story, entry level 1); Main entrance faces west; Senior community (55+)
• Construction: Built by Marlette; Construction: block, frame, vinyl siding, composition; Composite roof; Block foundation with crawl space; Building not winterized
• Exterior features: Porch(es); Exterior lighting; Gutter system; Lawn sprinkler; Rear yard; Level lot; Landscaping; Front yard; Community heated, fenced vinyl pool

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Icemaker; Gas oven/range; Refrigerator
• Bedrooms: Three bedrooms on the main level; Entry-level bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms on the main level; Two full bathrooms total
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans; 200+ amp electrical service with circuit breakers
• Interior features: Stall shower; Ceiling fan(s); Crown moldings; Dining area; Formal separate dining room; Kitchen island; Pantry; Sprinkler system; Walk-in closets; Upgraded countertops; Window treatments; Drywall walls and ceilings
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

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 $150k).
• Recommended offer: $132k (12.0% 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: schools C-, crime F, commute F.
• 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.
• Market conditions: Rents rising (+2.0%/yr); 184 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 386 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 386 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 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. 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: 1.31% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.63%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $165,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
424 Moore Pl #424	0.03mi	3/2.0	1,620 (0%)	6mo	$175,000	$108	94
310 Persimmon Cir W #310	0.14mi	3/2.0	1,620 (0%)	2mo	$185,000	$114	92
420 Moore Pl #420	0.05mi	3/2.0	1,620 (0%)	9mo	$165,000	$102	90
518 Weaver Dr #518	0.03mi	3/2.0	1,728 (+7%)	5mo	$165,000	$95	83
56 Primrose Dr E	0.25mi	3/2.0	1,512 (-7%)	1mo	$223,000	$147	76
125 Kurt Dr #125	0.14mi	3/2.0	1,735 (+7%)	11mo	$159,900	$92	72
206 Persimmon Cir	0.19mi	3/2.0	1,512 (-7%)	10mo	$215,000	$142	71
222 Persimmon Cir W #222	0.07mi	3/2.0	1,408 (-13%)	9mo	$131,000	$93	68
119 Kurt Dr	0.18mi	3/2.0	1,791 (+11%)	9mo	$167,000	$93	67
106 Kurt Dr #106	0.08mi	2/2.0 (-1)	1,408 (-13%)	6mo	$120,000	$85	65
549 Weaver Dr #549	0.16mi	2/2.0 (-1)	1,408 (-13%)	8mo	$115,000	$82	59
825 Bacon Ave	0.65mi	3/1.5	1,591 (-2%)	9mo	$304,900	$192	58

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: 4.0%
• Equity multiple: 1.15×
• Total profit: $6,429
• Equity at exit: $22,351

10-year hold

• IRR: 12.6%
• Equity multiple: 1.95×
• Total profit: $40,052
• Equity at exit: $12,961

Cash invested: $41,972 (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: 184
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,960 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$1
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $512

Break-even live

Break-even rent $1,313

Max offer price $149,900

Occupancy floor 69%

Sensitivity live

Price	-10% $615	-5% $563	+0% $512	+5% $460	+10% $408
Rent	-10% $357	-5% $434	+0% $512	+5% $589	+10% $666
Rate	-1.0pp $587	-0.5pp $550	base $512	+0.5pp $473	+1.0pp $433

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: $37,475
• Closing costs: $4,497
• 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	44d	10	1.00mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	44d	1	1.17mi

HOA detail

• Monthly dues: $1 · $12/yr
• Likely covers: gaspoolgym

Listing history 20 events

1. 2026-06-19
   days on market $149,900 Active 386 DOM
2. 2026-06-18
   days on market $149,900 Active 385 DOM
3. 2026-06-17
   days on market $149,900 Active 384 DOM
4. 2026-06-16
   days on market $149,900 Active 383 DOM
5. 2026-06-15
   days on market $149,900 Active 382 DOM
6. 2026-06-14
   days on market $149,900 Active 380 DOM
7. 2026-06-13
   statusdays on market $149,900 Active 379 DOM
8. 2026-04-20
   historical Active Under Contract
9. 2026-03-19
   price $149,900
10. 2026-03-17
    status Active
11. 2026-03-16
    historical Active Under Contract
12. 2026-03-13
    price $155,000
13. 2026-01-01
    status Active
14. 2025-12-31
    historical
15. 2025-09-08
    price $159,000
16. 2025-08-06
    price $165,000
17. 2025-05-19
    status Active
18. 2025-05-13
    historical Active Under Contract
19. 2025-04-01
    listed $170,000 Active
20. 2025-03-26
    historical $170,000

ⓘ 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: $23,522
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,882
• − Management: −$1,882
• − HOA: −$12
• − Depreciation: −$4,361
• Taxable income: $3,991
• Est. tax owed @ 24.0%: −$958
• 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.

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

-11.8% since first listed

13 events — show timeline

• 2026-04-20 Contingent — BRIGHT MLS
• 2026-03-19 Price Changed $149,900 BRIGHT MLS
• 2026-03-17 Relisted — BRIGHT MLS
• 2026-03-16 Contingent — BRIGHT MLS
• 2026-03-13 Price Changed $155,000 BRIGHT MLS
• 2026-01-01 Relisted — BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-09-08 Price Changed $159,000 BRIGHT MLS
• 2025-08-06 Price Changed $165,000 BRIGHT MLS
• 2025-05-19 Relisted — BRIGHT MLS
• 2025-05-13 Contingent — BRIGHT MLS
• 2025-04-01 Listed $170,000 BRIGHT MLS
• 2025-03-26 Coming Soon $170,000 BRIGHT MLS