120 N Kirkwood St · Dover, DE 19904

$275,000

3 bd · 2.5 ba · 1,407 sqft · SingleFamily public records · 7 Days on market

Built 2020 4,356 sqft lot Est $279k · at est.

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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).

• Cash flow +14.5/30.0
• ARV discount +8.1/15.0
• DSCR +4.4/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

OFFERS DUE BY FRIDAY, 4/17 AT NOON. Remarkable home in central Dover. This remarkable home is just 5 years young but has been meticulously maintained and the case could be made that it is BETTER than NEW. In fact, shoes are not even worn inside! It is walking distance to schools and shopping. The home features living and dinning areas, a great working kitchen, mud room and powder room on the first level. Upstairs there are 3 bedrooms with the master showcasing a private bath. Through the rear, there is a one car garage, privacy fence, patio with pergola, and great usable space. Call today.

Key facts

• 4,356 sq ft lot
• Garage
• Built 2020

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $61 ($737/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 $217k (21.2% below list).
• Recommended offer: $217k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.2% in Dover — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Fairview Elementary School (math 17% / reading 27%, grade F, #70 of 105 statewide, top 70%, 281 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 (+3.3%/yr); 231 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 39% of the median local income ($67k/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 $2k of loan paydown is wiped out by about $8k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 75% 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 $216,756 (21.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.79% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $278,586
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 N Kirkwood St	0.00mi	3/2.5	1,402 (-0%)	1mo	$299,500	$214	99
209 N New St	0.18mi	3/2.5	1,380 (-2%)	2mo	$286,000	$207	87
30 N Governors Ave	0.22mi	3/1.5	1,432 (+2%)	2mo	$160,000	$112	80
17 N Kirkwood St	0.10mi	3/2.0	1,212 (-14%)	4mo	$202,000	$167	67
749 W North St	0.50mi	3/2.5	1,456 (+4%)	5mo	$280,000	$192	66
12 Clara St	0.41mi	3/2.0	1,524 (+8%)	1mo	$280,000	$184	64
128 W North St	0.53mi	3/2.0	1,336 (-5%)	7mo	$274,000	$205	59
622 N West St	0.54mi	3/1.5	1,464 (+4%)	6mo	$305,000	$208	59
324 Ross St	0.59mi	2/1.0 (-1)	1,379 (-2%)	4mo	$200,000	$145	55
31 Washington St	0.50mi	3/1.5	1,248 (-11%)	1mo	$285,000	$228	53
735 W North St	0.49mi	3/2.0	1,264 (-10%)	8mo	$249,900	$198	52
916 Forest St	0.44mi	4/2.0 (+1)	1,568 (+11%)	4mo	$290,000	$185	50

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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.48×
• Total profit: $-40,114
• Equity at exit: $41,003

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-27,673
• Equity at exit: $23,777

Cash invested: $77,000 (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 19904

• Rents YoY: 3.3%
• Active inventory: 231
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,168 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $61

Break-even live

Break-even rent $2,090

Max offer price $275,000

Occupancy floor 92%

Sensitivity live

Price	-10% $217	-5% $139	+0% $61	+5% $-16	+10% $-94
Rent	-10% $-110	-5% $-24	+0% $61	+5% $147	+10% $233
Rate	-1.0pp $200	-0.5pp $131	base $61	+0.5pp $-10	+1.0pp $-82

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,695	$2.18	45d	17	0.17mi
16 S New St #1 Dover, DE	3.0	1.0	1000	$1,950	$1.95	45d	1	0.22mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	45d	1	0.32mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$2,299	$1.81	45d	9	0.33mi
522 Carol St Dover, DE	3.0	1.5	1722	$1,950	$1.13	45d	1	0.44mi
201 N American Ave Dover, DE	3.0	2.0	1600	$2,000	$1.25	45d	1	0.45mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	45d	1	0.80mi
36 Arlberg Cir Dover, DE	3.0	2.0	1751	$2,200	$1.26	45d	1	0.87mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	45d	1	0.91mi
629 Ruth Way Dover, DE	3.0–4.0	2.0–2.5	1665	$2,850	$1.71	45d	13	1.00mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	45d	1	1.02mi
68 Village Dr Dover, DE	3.0	1.5	1530	$1,499	$0.98	45d	1	1.09mi
502 Horsey Blvd Dover, DE	3.0	2.0	1604	$2,900	$1.81	45d	1	1.10mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	45d	1	1.12mi
511 Nickerjack Way Dover, DE	3.0	2.0	1569	$2,800	$1.78	45d	1	1.14mi
820 Carvel Dr Dover, DE	1.0–2.0	1.0–1.5	782	$1,435	$1.83	45d	12	1.15mi
236 Green Blade Dr Dover, DE	3.0	2.5	1200	$1,850	$1.54	45d	1	1.19mi
541 Ruth Way Dover, DE	4.0	2.5	1761	$3,200	$1.82	45d	1	1.20mi
1300 S Farmview Dr Dover, DE	1.0–2.0	1.0–2.0	888	$1,699	$1.91	45d	8	1.21mi
22 Forest Creek Dr Dover, DE	4.0	3.0	1499	$2,200	$1.47	45d	1	1.26mi
33 Fieldstone Ct Dover, DE	2.0	1.5	1120	$1,550	$1.38	45d	1	1.27mi
63 Forest Creek Dr Dover, DE	3.0	1.5	1322	$1,600	$1.21	45d	1	1.30mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	45d	10	1.30mi
11 Dover Hall Unit 434 Dover, DE	2.0	2.0	960	$1,700	$1.77	45d	1	1.31mi
177 Willis Rd Dover, DE	1.0–2.0	1.0	851	$1,605	$1.88	45d	27	1.41mi
70 Greenway Sq Dover, DE	3.0	1.0–2.0	769	$1,975	$2.57	45d	1	1.48mi

Listing history 3 events

1. 2026-04-20
   status Pending
2. 2026-04-13
   listed $275,000 Active
3. 2026-04-06
   historical $275,000

ⓘ 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: $1,131 · $94/mo
• Projected year-2 tax: $1,363 · $114/mo
• Expected delta: +$232/yr (+$19/mo · 20.5%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $26,011
• − Mortgage interest: −$15,404
• − Property taxes: −$1,131
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,081
• − Management: −$2,081
• − Depreciation: −$8,000
• Taxable loss: −$4,061
• Est. tax savings @ 24.0%: +$975
• After-tax cash flow: $1,712/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): 38,818
• Household income: $66,908
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1500.0

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 0.64)
• Race & ethnicity: White 48% Black 35% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Hispanic 3% Romanian 2% Slovak 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 5% French/Haitian/Cajun 3% German/W. Germanic 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: ▼ -112.03%
• Current HPI: 187.6879
• Rent YoY: ▲ 3.30%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

3 events — show timeline

• 2026-04-20 Pending — BRIGHT MLS
• 2026-04-13 Listed $275,000 BRIGHT MLS
• 2026-04-06 Coming Soon $275,000 BRIGHT MLS

Property tax history

+23.4%/yr

Latest (2025): $1,131 · +3.5% YoY. Source: county tax records.