33 S Governors Ave · Dover, DE 19904

$149,900

3 bd · 3.0 ba · 1,923 sqft · MultiFamily public records · 87 Days on market

Built 1902 Fair condition 5,793 sqft lot Garage $78/sqft · 38% below area Est $238k · 37% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New roof in 2018. The units are rented at $750, $450, $400, and the garage is rented for $105 per month. All tenants would like to stay. Rents are well below market price due to the length the tenants have been in the property. The property could use a little TLC, but is structurally sound. Appraiser's required repairs will be considered by the seller, but Home Inspection would be for the buyer information only. Seller will not do any repairs not required for financing. The listing agent is the owner of the property.

Key facts

• 5,793 sq ft lot
• 2 garage spots
• Built 1902

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$238,175) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $872 ($10k/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: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 4.5% 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: Booker T. Washington Elementary School (math 27% / reading 42%, grade F, #34 of 105 statewide, top 37%, 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 (+3.3%/yr); 302 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 93d 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 41% 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 $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 + 3.3% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $125k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• 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 $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.53% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.93%
• DSCR: 2.11
• GRM: 5.5

CMA / ARV

• ARV (median comp): $238,175
• List price: $149,900
• Delta: -37.06%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
56 S Governors Ave	0.05mi	3/—	1,820 (-5%)	10mo	$310,000	$170	81
214 W Division St	0.08mi	4/— (+1)	2,072 (+8%)	7mo	$125,000	$60	72
34 N Governors Ave	0.15mi	4/2.0 (+1)	1,676 (-13%)	9mo	$325,000	$194	55
34 N New St	0.18mi	2/3.0 (-1)	1,627 (-15%)	14mo	$225,000	$138	50
29 N New St	0.16mi	3/2.0	1,591 (-17%)	22mo	$215,000	$135	45

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: 18.7%
• Equity multiple: 1.76×
• Total profit: $31,909
• Equity at exit: $22,351

10-year hold

• IRR: 27.2%
• Equity multiple: 3.43×
• Total profit: $102,049
• 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 19904

• Rents YoY: 3.3%
• Active inventory: 302
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,290 high
• Mortgage (P&I): −$786
• Tax from tax record: −$89 /mo · $1,064/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $872

Break-even live

Break-even rent $1,186

Max offer price $149,900

Occupancy floor 57%

Sensitivity live

Price	-10% $957	-5% $914	+0% $872	+5% $829	+10% $787
Rent	-10% $691	-5% $781	+0% $872	+5% $962	+10% $1,053
Rate	-1.0pp $947	-0.5pp $910	base $872	+0.5pp $833	+1.0pp $794

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 W Division St Dover, DE	3.0	2.0	2072	$2,350	$1.13	93d	1	0.07mi
216 W Division St Dover, DE	3.0	1.0	2072	$2,200	$1.06	93d	1	0.08mi
16 S New St #1 Dover, DE	3.0	1.0	1000	$1,950	$1.95	93d	1	0.09mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$2,299	$1.81	93d	9	0.31mi
201 N American Ave Dover, DE	3.0	2.0	1600	$2,000	$1.25	93d	1	0.38mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,695	$2.18	93d	17	0.39mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	93d	1	0.43mi
104 Bayard Ave Dover, DE	3.0	2.5	2168	$2,350	$1.08	93d	1	0.61mi
522 Carol St Dover, DE	3.0	1.5	1722	$1,950	$1.13	93d	1	0.68mi
416 Sussex Ave Unit 102 Dover, DE	3.0	2.0	—	$1,820	—	93d	1	0.74mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	93d	1	0.74mi
416 Sussex Ave Dover, DE	2.0	2.0	—	$1,591	—	93d	1	0.74mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	93d	1	0.82mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	93d	1	0.89mi
629 Ruth Way Dover, DE	3.0–4.0	2.0–2.5	1665	$2,850	$1.71	93d	13	0.98mi
502 Horsey Blvd Dover, DE	3.0	2.0	1604	$2,900	$1.81	93d	1	1.05mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	93d	1	1.07mi
511 Nickerjack Way Dover, DE	3.0	2.0	1569	$2,800	$1.78	93d	1	1.09mi
820 Carvel Dr Dover, DE	1.0–2.0	1.0–1.5	782	$1,435	$1.83	93d	12	1.11mi
143 Mitscher Rd Dover, DE	2.0	1.0	770	$1,500	$1.95	93d	1	1.11mi
512 Nickerjack Way Dover, DE	3.0	2.5	—	$2,800	—	93d	1	1.12mi
541 Ruth Way Dover, DE	4.0	2.5	1761	$3,200	$1.82	93d	1	1.14mi
36 Arlberg Cir Dover, DE	3.0	2.0	1751	$2,200	$1.26	93d	1	1.18mi
177 Willis Rd Dover, DE	1.0–2.0	1.0	851	$1,605	$1.88	93d	27	1.25mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,875	$2.62	93d	22	1.29mi
892 Woodcrest Dr Dover, DE	2.0	1.0–1.5	521	$1,690	$3.24	93d	15	1.30mi
68 Village Dr Dover, DE	3.0	1.5	1530	$1,499	$0.98	93d	1	1.39mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	93d	10	1.41mi
1300 S Farmview Dr Dover, DE	1.0–2.0	1.0–2.0	888	$1,699	$1.91	93d	8	1.45mi
236 Green Blade Dr Dover, DE	3.0	2.5	1200	$1,850	$1.54	93d	1	1.47mi

Property features AI

Finance

• Financial info: Fee simple ownershipThree units total, all currently leased

Exterior

• Parking: Detached rear-entry garage (2-car)Two additional off-street spacesOn-street parking availableTotal of 4 garage/parking spaces
• Utilities: Public waterPublic sewerElectric service
• Home design: Detached structureTwo stories
• Construction: Vinyl sidingShingle roofCrawl space foundationBuilt (year source: Assessor)
• Exterior features: Lot approximately 46.00 x 138.37Above- and below-grade structures including garages

Interior

• Bedrooms: Three one-bedroom units (multi-unit property)
• Heating & cooling: Electric baseboard heatingElectric hot water
• Interior features: Vinyl wall and ceiling surfacesNo basement

Listing history 50 events

1. 2026-08-08
   days on market $149,900 Active 87 DOM
2. 2026-08-07
   days on market $149,900 Active 86 DOM
3. 2026-08-06
   days on market $149,900 Active 85 DOM
4. 2026-08-05
   days on market $149,900 Active 84 DOM
5. 2026-08-04
   days on market $149,900 Active 83 DOM
6. 2026-08-03
   days on market $149,900 Active 82 DOM
7. 2026-07-31
   days on market $149,900 Active 79 DOM
8. 2026-07-29
   days on market $149,900 Active 77 DOM
9. 2026-07-27
   days on market $149,900 Active 75 DOM
10. 2026-07-25
    days on market $149,900 Active 73 DOM
11. 2026-07-23
    days on market $149,900 Active 71 DOM
12. 2026-07-22
    days on market $149,900 Active 70 DOM
13. 2026-07-21
    days on market $149,900 Active 69 DOM
14. 2026-07-18
    days on market $149,900 Active 66 DOM
15. 2026-07-16
    days on market $149,900 Active 64 DOM
16. 2026-07-16
    days on market $149,900 Active 63 DOM
17. 2026-07-14
    days on market $149,900 Active 62 DOM
18. 2026-07-13
    days on market $149,900 Active 61 DOM
19. 2026-07-12
    days on market $149,900 Active 60 DOM
20. 2026-07-11
    days on market $149,900 Active 59 DOM
21. 2026-07-10
    days on market $149,900 Active 58 DOM
22. 2026-07-09
    days on market $149,900 Active 57 DOM
23. 2026-07-08
    days on market $149,900 Active 56 DOM
24. 2026-07-07
    days on market $149,900 Active 55 DOM
25. 2026-07-06
    days on market $149,900 Active 54 DOM
26. 2026-07-05
    days on market $149,900 Active 53 DOM
27. 2026-07-04
    days on market $149,900 Active 52 DOM
28. 2026-07-03
    days on market $149,900 Active 51 DOM
29. 2026-07-02
    days on market $149,900 Active 50 DOM
30. 2026-07-01
    days on market $149,900 Active 49 DOM
31. 2026-06-30
    days on market $149,900 Active 48 DOM
32. 2026-06-29
    days on market $149,900 Active 47 DOM
33. 2026-06-28
    days on market $149,900 Active 46 DOM
34. 2026-06-28
    days on market $149,900 Active 45 DOM
35. 2026-06-27
    days on market $149,900 Active 44 DOM
36. 2026-06-26
    days on market $149,900 Active 43 DOM
37. 2026-06-23
    days on market $149,900 Active 40 DOM
38. 2026-06-22
    days on market $149,900 Active 39 DOM
39. 2026-06-19
    days on market $149,900 Active 37 DOM
40. 2026-06-18
    days on market $149,900 Active 36 DOM
41. 2026-06-17
    days on market $149,900 Active 35 DOM
42. 2026-06-16
    days on market $149,900 Active 34 DOM
43. 2026-06-15
    days on market $149,900 Active 33 DOM
44. 2026-06-14
    days on market $149,900 Active 31 DOM
45. 2026-06-13
    days on market $149,900 Active 30 DOM
46. 2026-06-10
    days on market $149,900 Active 28 DOM
47. 2026-06-09
    days on market $149,900 Active 27 DOM
48. 2026-06-08
    days on market $149,900 Active 26 DOM
49. 2026-06-07
    days on market $149,900 Active 25 DOM
50. 2026-06-02
    days on market $149,900 Active 20 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: $1,064 · $89/mo
• Projected year-2 tax: $1,064 · $89/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $27,480
• − Mortgage interest: −$8,397
• − Property taxes: −$1,064
• − Insurance: −$750
• − Repairs & maintenance: −$2,198
• − Management: −$2,198
• − Depreciation: −$4,361
• Taxable income: $8,513
• Est. tax owed @ 24.0%: −$2,043
• After-tax cash flow: $8,420/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 · 4 photos

Fair 45/100 Moderate rehab Est. rehab $48,075–$86,535 screening

This property requires moderate renovations, including a new roof and exterior repairs, to improve its condition and resale value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows appear to be old and possibly in need of replacement.
• Major Electrical (electrical) — The electrical panel is not visible, but the house appears old and may require an upgrade.
• Major Plumbing (plumbing) — The exterior of the house shows signs of wear and tear, which could indicate plumbing issues.

Repairs flagged

• Major roof — Signs of wear visible
• Major exterior siding — Peeling paint and siding
• Major HVAC/mechanicals — No visible condition

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental appeal ↑
• Both New roof — Essential for structural integrity and resale value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Booker T. Washington Elementary School F DE #34/105 Nat'l #23,081/41,679 Middle Central Middle School F DE #27/36 Nat'l #11,382/14,009 High Dover High School F DE #22/40 Nat'l #10,273/17,239

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

C Composite livability gradescore 67/100

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 · 194,477 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: 13% of renters

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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%

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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%

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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

Property features AI

Finance

• Financial info: Fee simple ownershipThree units total, all currently leased

Exterior

• Parking: Detached rear-entry garage (2-car)Two additional off-street spacesOn-street parking availableTotal of 4 garage/parking spaces
• Utilities: Public waterPublic sewerElectric service
• Home design: Detached structureTwo stories
• Construction: Vinyl sidingShingle roofCrawl space foundationBuilt (year source: Assessor)
• Exterior features: Lot approximately 46.00 x 138.37Above- and below-grade structures including garages

Interior

• Bedrooms: Three one-bedroom units (multi-unit property)
• Heating & cooling: Electric baseboard heatingElectric hot water
• Interior features: Vinyl wall and ceiling surfacesNo basement

Price history

+190.5% since first listed

24 events — show timeline

• 2026-05-13 Price Changed $149,900 BRIGHT MLS
• 2026-05-13 Relisted — BRIGHT MLS
• 2026-05-06 Listed $275,000 BRIGHT MLS
• 2026-05-06 Listing Removed — BRIGHT MLS
• 2023-02-28 Sold (MLS) $175,000 BRIGHT MLS
• 2022-12-13 Pending — BRIGHT MLS
• 2022-12-11 Listing Removed — BRIGHT MLS
• 2022-12-01 Price Changed $175,000 BRIGHT MLS
• 2022-11-28 Price Changed $185,000 BRIGHT MLS
• 2022-11-16 Listed $195,000 BRIGHT MLS
• 2021-04-23 Listing Removed — BRIGHT MLS
• 2021-04-01 Price Changed $165,000 BRIGHT MLS
• 2021-03-28 Price Changed $169,900 BRIGHT MLS
• 2021-03-15 Price Changed $175,000 BRIGHT MLS
• 2021-03-10 Listed $185,000 BRIGHT MLS
• 2015-09-01 Listing Removed — BRIGHT MLS
• 2015-09-01 Listing Removed — BRIGHT MLS
• 2014-01-13 Listed $125,000 BRIGHT MLS
• 2014-01-13 Listed $125,000 BRIGHT MLS
• 2007-02-12 Listing Removed — BRIGHT MLS
• 2006-11-27 Listed $249,900 BRIGHT MLS
• 2005-04-14 Sold (Public Records) $96,286 Public Records
• 2005-04-14 Sold (Public Records) $96,300 Public Records
• 1985-10-01 Sold (Public Records) $51,600 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,064 · -42.6% YoY. Source: county tax records.