33 S Governors Ave · Dover, DE 19904

$149,900

3 bd · 3.0 ba · 1,923 sqft · Other public records · 37 Days on market

Built 1902 5,793 sqft lot $78/sqft · 38% below area Est $237k · 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
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Property features AI

Finance

• Financial info: Fee simple ownership; Three units total, all currently leased

Exterior

• Parking: Detached rear-entry garage (2-car); Two additional off-street spaces; On-street parking available; Total of 4 garage/parking spaces
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached structure; Two stories
• Construction: Vinyl siding; Shingle roof; Crawl space foundation; Built (year source: Assessor)
• Exterior features: Lot approximately 46.00 x 138.37; Above- and below-grade structures including garages

Interior

• Bedrooms: Three one-bedroom units (multi-unit property)
• Heating & cooling: Electric baseboard heating; Electric hot water
• Interior features: Vinyl wall and ceiling surfaces; No basement

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$236,992) 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 other listed at $150k.

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: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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: 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); 225 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 37 days — a 3% lower offer ($145k) 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 $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.53% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.93%
• DSCR: 2.11
• GRM: 5.5

CMA / ARV

• ARV (median comp): $236,992
• List price: $149,900
• Delta: -36.75%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

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: 225
• 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%

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 17 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	43d	1	0.07mi
216 W Division St Dover, DE	3.0	1.0	2072	$2,200	$1.06	43d	1	0.08mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$2,299	$1.81	43d	9	0.31mi
201 N American Ave Dover, DE	3.0	2.0	1600	$2,000	$1.25	43d	1	0.38mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,695	$2.18	43d	17	0.39mi
104 Bayard Ave Dover, DE	3.0	2.5	2168	$2,350	$1.08	43d	1	0.61mi
522 Carol St Dover, DE	3.0	1.5	1722	$1,950	$1.13	43d	1	0.68mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.74mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	43d	1	0.89mi
629 Ruth Way Dover, DE	3.0–4.0	2.0–2.5	1665	$2,850	$1.71	43d	13	0.98mi
502 Horsey Blvd Dover, DE	3.0	2.0	1604	$2,900	$1.81	43d	1	1.05mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	43d	1	1.07mi
511 Nickerjack Way Dover, DE	3.0	2.0	1569	$2,800	$1.78	43d	1	1.09mi
541 Ruth Way Dover, DE	4.0	2.5	1761	$3,200	$1.82	43d	1	1.14mi
36 Arlberg Cir Dover, DE	3.0	2.0	1751	$2,200	$1.26	43d	1	1.18mi
68 Village Dr Dover, DE	3.0	1.5	1530	$1,499	$0.98	43d	1	1.39mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	43d	10	1.41mi

Listing history 39 events

1. 2026-06-19
   days on market $149,900 Active 37 DOM
2. 2026-06-18
   days on market $149,900 Active 36 DOM
3. 2026-06-17
   days on market $149,900 Active 35 DOM
4. 2026-06-16
   days on market $149,900 Active 34 DOM
5. 2026-06-15
   days on market $149,900 Active 33 DOM
6. 2026-06-14
   days on market $149,900 Active 31 DOM
7. 2026-06-13
   days on market $149,900 Active 30 DOM
8. 2026-06-10
   days on market $149,900 Active 28 DOM
9. 2026-06-09
   days on market $149,900 Active 27 DOM
10. 2026-06-08
    days on market $149,900 Active 26 DOM
11. 2026-06-07
    days on market $149,900 Active 25 DOM
12. 2026-06-02
    days on market $149,900 Active 20 DOM
13. 2026-06-01
    days on market $149,900 Active 19 DOM
14. 2026-05-31
    days on market $149,900 Active 18 DOM
15. 2026-05-30
    days on market $149,900 Active 17 DOM
16. 2026-05-13
    price $149,900 773-char remark
17. 2026-05-13
    status Active 773-char remark
18. 2026-05-06
    historical 773-char remark
19. 2026-05-06
    listed $275,000 773-char remark
20. 2023-02-28
    soldstatus $175,000 Closed 523-char remark

    Show marketing remark (523 chars)

    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.

21. 2022-12-13
    status Pending 523-char remark

    Show marketing remark (523 chars)

    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.

22. 2022-12-11
    historical 523-char remark

    Show marketing remark (523 chars)

    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.

23. 2022-12-01
    price $175,000 523-char remark

    Show marketing remark (523 chars)

    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.

24. 2022-11-28
    price $185,000 523-char remark

    Show marketing remark (523 chars)

    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.

25. 2022-11-16
    listed $195,000 Active 523-char remark

    Show marketing remark (523 chars)

    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.

26. 2021-04-23
    historical
27. 2021-04-01
    price $165,000
28. 2021-03-28
    price $169,900
29. 2021-03-15
    price $175,000
30. 2021-03-10
    listed $185,000 Active
31. 2015-09-01
    historical
32. 2015-09-01
    historical
33. 2014-01-13
    listed $125,000
34. 2014-01-13
    listed $125,000
35. 2007-02-12
    historical
36. 2006-11-27
    listed $249,900
37. 2005-04-14
    soldstatus $96,300
38. 2005-04-14
    soldstatus $96,286
39. 1985-10-01
    soldstatus $51,600

ⓘ 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.

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

+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.