102 S Governors Blvd · Dover, DE 19901

$145,000

3 bd · 1.0 ba · 944 sqft · SingleFamily public records · 12 Days on market

Built 1954 Poor condition Garage $154/sqft · 34% below area Est $220k · 34% under ↓ 49% 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

Key facts

• Parking
• Built 1954
• Listed 11 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 10.3% 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: South Dover Elementary School (math 12% / reading 27%, grade F, #78 of 105 statewide, top 78%, 610 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 (+2.0%/yr); 249 active listings in the ZIP; 3 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 33% 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 $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $145,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1954 — 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: 1.24% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.14%
• DSCR: 1.63
• GRM: 6.7

CMA / ARV

• ARV (median comp): $219,739
• List price: $145,000
• Delta: -34.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 President Dr	0.08mi	3/1.0	928 (-2%)	2mo	$235,000	$253	92
126 President Dr	0.04mi	3/1.0	944 (0%)	12mo	$217,000	$230	88
153 President Dr	0.14mi	3/1.0	944 (0%)	8mo	$222,000	$235	87
115 President Dr	0.04mi	3/1.0	950 (+1%)	12mo	$219,900	$231	87
2 Congress Pl	0.30mi	3/1.0	944 (0%)	2mo	$238,000	$252	84
1 Congress Pl	0.28mi	3/1.0	944 (0%)	9mo	$240,000	$254	80
223 President	0.31mi	3/1.0	944 (0%)	8mo	$200,000	$212	79
230 President Dr	0.34mi	3/1.0	944 (0%)	14mo	$210,000	$222	72
121 S Governors Blvd	0.04mi	3/1.0	1,082 (+15%)	8mo	$152,500	$141	67
1131 S Bay Rd #84	0.46mi	2/1.0 (-1)	1,050 (+11%)	13mo	$25,000	$24	44
151 Roosevelt Ave Unit D5	0.72mi	2/1.0 (-1)	980 (+4%)	19mo	$65,500	$67	39

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: 3.4%
• Equity multiple: 1.13×
• Total profit: $5,233
• Equity at exit: $21,620

10-year hold

• IRR: 12.0%
• Equity multiple: 1.91×
• Total profit: $36,764
• Equity at exit: $12,537

Cash invested: $40,600 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 4 active · 5 under contract
• Months of supply: 4.8 mo (21%/mo absorbed)
• Median asking: $205,500 ($227/sqft)
• Median days on market: 51 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +2.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19901

• Rents YoY: 2.0%
• Active inventory: 249
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$123 /mo · $1,471/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $479

Break-even live

Break-even rent $1,194

Max offer price $145,000

Occupancy floor 68%

Sensitivity live

Price	-10% $561	-5% $520	+0% $479	+5% $437	+10% $396
Rent	-10% $336	-5% $407	+0% $479	+5% $550	+10% $621
Rate	-1.0pp $552	-0.5pp $515	base $479	+0.5pp $441	+1.0pp $403

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: $36,250
• Closing costs: $4,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,875	$2.62	93d	22	1.04mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	93d	1	1.05mi
2030 Generals Way Dover, DE	2.0	1.0	660	$1,499	$2.27	93d	1	1.05mi

Property features AI

Exterior

• Parking: Attached carportDriveway parkingTotal of 1 garage/parking space
• Utilities: Public waterPublic sewerHot water: Other
• Home design: Detached homeStick-built construction
• Construction: Concrete perimeter foundationAbove-grade and below-grade structures noted
• Exterior features: Lot dimensions approximately 75 x 110

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Interior features: No basement

Listing history 6 events

1. 2026-05-15
   listed $150,000 Active 200-char remark
2. 2018-06-28
   soldstatus $250,000 Closed 720-char remark

   Show marketing remark (720 chars)

   The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

3. 2018-06-12
   historical Active Under Contract 720-char remark

   Show marketing remark (720 chars)

   The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

4. 2018-05-11
   status Pending 720-char remark

   Show marketing remark (720 chars)

   The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

5. 2018-04-19
   historical Active Under Contract 720-char remark

   Show marketing remark (720 chars)

   The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

6. 2018-03-28
   listed $285,000 Active 720-char remark

   Show marketing remark (720 chars)

   The Hettinger 102 Apartments Property is a four ? unit multi ? family residential apartment investment property, with two units on each of two floors. Each of the apartments has one bedroom, kitchen, bathroom, and living room. All units have separate utilities meters for heat, cooking, and lights. The landlord pays sewer, water, and hot water. There is paved parking for 2 cars at the rear of the building. This property is ideally located on South Governors Avenue near Loockerman Street and Downtown Dover, with easy access to all parts of the State and the region. Coin-op laundry provides additional revenue. Tenants pay heat, electric lights, cooking. This property may be bundled with 108 South Governors Avenue.

ⓘ 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: $1,471 · $123/mo
• Projected year-2 tax: $1,471 · $123/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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $21,599
• − Mortgage interest: −$8,122
• − Property taxes: −$1,471
• − Insurance: −$725
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$4,218
• Taxable income: $3,607
• Est. tax owed @ 24.0%: −$866
• After-tax cash flow: $4,877/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 · 3 photos

Poor 20/100 Extensive rehab Est. rehab $47,200–$84,960 screening

This property requires extensive repairs and maintenance, including roof replacement, siding repair, and landscaping. Significant value can be added through these improvements, enhancing both resale and rental potential.

Repairs flagged

• Major roof — Signs of significant damage
• Major siding — Worn and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both painting and repainting the exterior — Enhances curb appeal and value ↑
• Both landscaping and yard maintenance — Improves curb appeal and rental value ↑
• Both roof repair or replacement — Critical for structural integrity and value ↑

ⓘ Rehab cost is a screening estimate — Extensive 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 25/100

Zoned Schools

Elementary South Dover Elementary School F DE #78/105 Nat'l #33,738/41,679 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

• County: Kent County · 194,477 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: 16% 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 0.68)
• 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%

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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: ▼ -113.29%
• Current HPI: 199.5132
• Rent YoY: ▲ 2.03%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Property features AI

Exterior

• Parking: Attached carportDriveway parkingTotal of 1 garage/parking space
• Utilities: Public waterPublic sewerHot water: Other
• Home design: Detached homeStick-built construction
• Construction: Concrete perimeter foundationAbove-grade and below-grade structures noted
• Exterior features: Lot dimensions approximately 75 x 110

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Interior features: No basement

Price history

-49.1% since first listed

8 events — show timeline

• 2026-05-29 Listing Removed — BRIGHT MLS
• 2026-05-21 Price Changed $145,000 BRIGHT MLS
• 2026-05-15 Listed $150,000 BRIGHT MLS
• 2018-06-28 Sold (MLS) $250,000 BRIGHT MLS
• 2018-06-12 Contingent — BRIGHT MLS
• 2018-05-11 Pending — BRIGHT MLS
• 2018-04-19 Contingent — BRIGHT MLS
• 2018-03-28 Listed $285,000 BRIGHT MLS

Property tax history

+8.3%/yr

Latest (2025): $1,471 · +48.5% YoY. Source: county tax records.