24 Spruce Ct #24 · Smyrna, DE 19977

$69,900

3 bd · 2.0 ba · 980 sqft · SingleFamily · 22 Days on market

Built 1989 Poor condition $71/sqft · 22% above area Est $57k · 22% over $685/mo HOA · 36% of rent

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Why this score? — see what drove the C 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this beautifully renovated 3BR/2BA manufactured home in Smyrna! Bright, open living space with a stunning new kitchen, new window, sleek finishes, new vinyl flooring and a cozy electric fireplace perfect for relaxing nights. Private owner’s suite offers a peaceful retreat with its own full bath. Both bathrooms have been updated with clean contemporary finishes. Additional upgrades include a new hot water heater, giving peace of mind for years to come. Location, Location, Location! Ideally situated in the heart of Smyrna, this home is just minutes from shopping, dining, major routes, with easy access to Delaware beaches for weekend getaways. Agent related to seller.

Key facts

• Renovated home
• New kitchen
• New hot water heater

Tags

• RENOVATED HOME
• NEW KITCHEN
• COZY ELECTRIC FIREPLACE
• PRIVATE OWNER'S SUITE
• UPDATED BATHROOMS
• NEW HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 3.5% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $70k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.
• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,851 (1.5% below list)

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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 2.73% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.73%
• DSCR: 1.92
• GRM: 3.1

CMA / ARV

• ARV (median comp): $57,375
• List price: $69,900
• Delta: 21.83%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Spruce Ct #24	0.00mi	3/2.0	980 (0%)	1mo	$62,900	$64	100
222 Laurel Ln #222	0.06mi	2/2.0 (-1)	924 (-6%)	10mo	$52,000	$56	75
223 Laurel Ln #223	0.07mi	3/1.5	1,056 (+8%)	12mo	$22,500	$21	72
122 Ivy Ridge Ct #122	0.21mi	2/2.0 (-1)	980 (0%)	17mo	$65,000	$66	71
227 Laurel Ln #227	0.09mi	2/1.0 (-1)	924 (-6%)	10mo	$41,500	$45	69
158 Hemlock Way #158	0.24mi	3/2.0	924 (-6%)	14mo	$68,600	$74	68
68 Juniper Ct #68	0.12mi	3/2.0	1,056 (+8%)	16mo	$37,000	$35	68
93 Ivy Ridge Ct #93	0.17mi	2/2.0 (-1)	924 (-6%)	13mo	$49,900	$54	67
184 Hemlock Way	0.21mi	2/2.0 (-1)	924 (-6%)	14mo	$62,000	$67	64
2318 S Dupont Blvd	0.23mi	3/1.0	1,120 (+14%)	15mo	$260,000	$232	49
737 Vinway St #56	0.38mi	2/2.0 (-1)	1,092 (+11%)	14mo	$130,000	$119	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.54×
• Total profit: $10,655
• Equity at exit: $10,422

10-year hold

• IRR: 22.7%
• Equity multiple: 2.98×
• Total profit: $38,832
• Equity at exit: $6,044

Cash invested: $19,572 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,907 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$685
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $338

Break-even live

Break-even rent $1,479

Max offer price $69,900

Occupancy floor 77%

Sensitivity live

Price	-10% $386	-5% $362	+0% $338	+5% $314	+10% $290
Rent	-10% $187	-5% $263	+0% $338	+5% $413	+10% $489
Rate	-1.0pp $373	-0.5pp $356	base $338	+0.5pp $320	+1.0pp $302

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $685 · $8,220/yr
• Likely covers: waterelectric

Listing history 5 events

1. 2026-05-13
   status Pending 691-char remark

   Show marketing remark (691 chars)

   Step into this beautifully renovated 3BR/2BA manufactured home in Smyrna! Bright, open living space with a stunning new kitchen, new window, sleek finishes, new vinyl flooring and a cozy electric fireplace perfect for relaxing nights. Private owner’s suite offers a peaceful retreat with its own full bath. Both bathrooms have been updated with clean contemporary finishes. Additional upgrades include a new hot water heater, giving peace of mind for years to come. Location, Location, Location! Ideally situated in the heart of Smyrna, this home is just minutes from shopping, dining, major routes, with easy access to Delaware beaches for weekend getaways. Agent related to seller.

2. 2026-04-30
   price $69,900 691-char remark

   Show marketing remark (691 chars)

   Step into this beautifully renovated 3BR/2BA manufactured home in Smyrna! Bright, open living space with a stunning new kitchen, new window, sleek finishes, new vinyl flooring and a cozy electric fireplace perfect for relaxing nights. Private owner’s suite offers a peaceful retreat with its own full bath. Both bathrooms have been updated with clean contemporary finishes. Additional upgrades include a new hot water heater, giving peace of mind for years to come. Location, Location, Location! Ideally situated in the heart of Smyrna, this home is just minutes from shopping, dining, major routes, with easy access to Delaware beaches for weekend getaways. Agent related to seller.

3. 2026-04-21
   listed $74,700 Active 691-char remark

   Show marketing remark (691 chars)

   Step into this beautifully renovated 3BR/2BA manufactured home in Smyrna! Bright, open living space with a stunning new kitchen, new window, sleek finishes, new vinyl flooring and a cozy electric fireplace perfect for relaxing nights. Private owner’s suite offers a peaceful retreat with its own full bath. Both bathrooms have been updated with clean contemporary finishes. Additional upgrades include a new hot water heater, giving peace of mind for years to come. Location, Location, Location! Ideally situated in the heart of Smyrna, this home is just minutes from shopping, dining, major routes, with easy access to Delaware beaches for weekend getaways. Agent related to seller.

4. 2026-02-03
   soldstatus $35,000 Closed 728-char remark

   Show marketing remark (728 chars)

   Welcome, to this beautifully updated 3 bedroom and 2 bath mobile home located in the desirable community of Holly Hill Estates. This spacious home features brand new flooring and new carpet along with freshly painted interior. The open concept living area flows into a bright kitchen and dining space. The primary suite features a private en suite bathroom complemented by two additional bedrooms ideal for family, guests or a home office. Holly Hill Estates offers a welcoming neighborhood atmosphere with convenient access to shopping, dining, schools and major highways. Lot rent is $685 per month which includes water and community maintenance. Move-in ready and beautifully refreshed-schedule your showing today. Cash only.

5. 2026-01-03
   listed $35,000 Active 728-char remark

   Show marketing remark (728 chars)

   Welcome, to this beautifully updated 3 bedroom and 2 bath mobile home located in the desirable community of Holly Hill Estates. This spacious home features brand new flooring and new carpet along with freshly painted interior. The open concept living area flows into a bright kitchen and dining space. The primary suite features a private en suite bathroom complemented by two additional bedrooms ideal for family, guests or a home office. Holly Hill Estates offers a welcoming neighborhood atmosphere with convenient access to shopping, dining, schools and major highways. Lot rent is $685 per month which includes water and community maintenance. Move-in ready and beautifully refreshed-schedule your showing today. Cash only.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,878
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − HOA: −$8,220
• − Depreciation: −$2,033
• Taxable income: $3,651
• Est. tax owed @ 24.0%: −$876
• After-tax cash flow: $3,181/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This home requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed in the kitchen, bathrooms, roof, exterior, flooring, interior walls, windows, HVAC, and landscaping to make it move-in ready.

Repairs flagged

• Major kitchen — No photos of the kitchen
• Major bathrooms — No photos of the bathrooms
• Major roof — No photos of the roof
• Major exterior — No photos of the exterior
• Major flooring — No photos of the flooring
• Major interior walls/paint — No photos of the interior walls/paint
• Major windows — No photos of the windows
• Major foundation/structure — No photos of the foundation/structure
• Major HVAC/mechanicals — No photos of the HVAC/mechanicals
• Major landscaping/curb appeal — No photos of the landscaping/curb appeal

Value-add opportunities

• Both New kitchen and bathrooms — Updating these areas would significantly improve the home's appeal and functionality
• Both New roof and exterior siding — These updates would enhance the home's curb appeal and structural integrity
• Both New flooring and interior paint — These updates would improve the home's aesthetic and living experience
• Both New windows and HVAC system — These updates would improve energy efficiency and comfort
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal would attract more potential buyers/tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen · No photos of the kitchen	Major	$15,000–50,000
bathrooms · No photos of the bathrooms	Major	$15,000–50,000
roof · No photos of the roof	Major	$15,000–50,000
exterior · No photos of the exterior	Major	$15,000–50,000
flooring · No photos of the flooring	Major	$15,000–50,000
interior walls/paint · No photos of the interior walls/paint	Major	$15,000–50,000
windows · No photos of the windows	Major	$15,000–50,000
foundation/structure · No photos of the foundation/structure	Major	$15,000–50,000
HVAC/mechanicals · No photos of the HVAC/mechanicals	Major	$15,000–50,000
landscaping/curb appeal · No photos of the landscaping/curb appeal	Major	$15,000–50,000
Total estimated repair cost · 10 items		$150,000–500,000

Value-add ROI direction

• Both New kitchen and bathrooms — Updating these areas would significantly improve the home's appeal and functionality ↑
• Both New roof and exterior siding — These updates would enhance the home's curb appeal and structural integrity ↑
• Both New flooring and interior paint — These updates would improve the home's aesthetic and living experience ↑
• Both New windows and HVAC system — These updates would improve energy efficiency and comfort ↑
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal would attract more potential buyers/tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

Amenities F Commute F Cost of living A+ Crime D- Employment B- Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+99.7% since first listed

5 events — show timeline

• 2026-05-13 Pending — BRIGHT MLS
• 2026-04-30 Price Changed $69,900 BRIGHT MLS
• 2026-04-21 Listed $74,700 BRIGHT MLS
• 2026-02-03 Sold (MLS) $35,000 BRIGHT MLS
• 2026-01-03 Listed $35,000 BRIGHT MLS