158 Caveat Rd #200 · Magnolia, DE 19962

$125,000

4 bd · 2.0 ba · 2,002 sqft · SingleFamily · 232 Days on market

Built 2007 Fair condition $62/sqft · 70% below area ↓ 17% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

Key facts

• 2 parking spots
• Built 2007
• Listed 232 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 2.3% in Magnolia — 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 64/100 on livability (#51 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, employment A-, housing B+; Watch: schools F, crime F, amenities F.
• Caesar Rodney School District (suburban): math 26% / reading 49% proficiency, ranked #9 of 26 in DE (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 125 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $864 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 + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 232 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.48% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.46%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $417,508
• List price: $125,000
• Delta: -70.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Caveat Rd #200	0.00mi	4/2.0	2,002 (0%)	1mo	$112,000	$56	99
29 Wanchese Dr	0.35mi	3/2.0 (-1)	1,951 (-2%)	1mo	$514,990	$264	73
88 Wanchese Dr	0.32mi	3/2.0 (-1)	1,951 (-2%)	5mo	$499,990	$256	72
104 Wanchese Dr	0.34mi	3/2.0 (-1)	1,951 (-2%)	7mo	$469,900	$241	69
105 Jury Dr #5	0.26mi	3/2.0 (-1)	1,792 (-10%)	3mo	$125,000	$70	63
125 Buxton Cir	0.49mi	3/2.0 (-1)	1,951 (-2%)	10mo	$549,900	$282	60
30 Manteo Dr	0.32mi	3/2.0 (-1)	1,778 (-11%)	8mo	$439,900	$247	55
179 Buxton Cir	0.49mi	3/2.0 (-1)	1,778 (-11%)	3mo	$499,990	$281	51
273 Buxton Cir	0.44mi	3/2.0 (-1)	1,778 (-11%)	9mo	$444,900	$250	48
62 Buxton Cir	0.45mi	3/2.0 (-1)	1,778 (-11%)	9mo	$500,900	$282	48
245 Buxton Cir	0.46mi	3/2.0 (-1)	1,778 (-11%)	10mo	$489,900	$276	46
357 Barefoot Ln	0.73mi	3/2.0 (-1)	1,752 (-12%)	1mo	$257,000	$147	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.51×
• Total profit: $17,787
• Equity at exit: $18,638

10-year hold

• IRR: 21.7%
• Equity multiple: 2.84×
• Total profit: $64,552
• Equity at exit: $10,808

Cash invested: $35,000 (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 19962

• Home prices YoY: -29.4%
• Active inventory: 125
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $597

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 63%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Willow Dr Frederica, DE	3.0–4.0	2.0	1312	$1,849	$1.41	43d	1	0.36mi

Listing history 6 events

1. 2026-05-13
   status Pending 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

2. 2026-05-08
   historical 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

3. 2026-04-02
   price $125,000 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

4. 2025-11-10
   price $140,000 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

5. 2025-09-19
   listed $150,000 Active 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

6. 2025-09-18
   historical $150,000 951-char remark

   Show marketing remark (951 chars)

   Welcome to this fantastic home in the community of Barkers Landing conveniently located close to RT1, Dover Air Force Base, and Bowers Beach. Enjoy a cozy and functional living space with four bedrooms and two full bathrooms, providing ample room for relaxation and privacy. The spacious living room opens to the dining area, ideal for entertaining. The kitchen features generous cabinet and counter space, and a family room off the kitchen offers additional living space. The primary bedroom has an extra space that would be perfect for a home office or sitting room. The primary has an attached full bathroom with a soaking tub, stall shower and a walk-in closet. This property also offers a shed for additional storage space. Close to Route 1, commuting becomes a breeze, providing easy access to nearby amenities, shopping centers, entertainment options, and Delaware beaches. Don’t miss out on this great property, schedule your tour today!

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

Taxation est. · year 1

• Rental income: $22,188
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$3,636
• Taxable income: $5,500
• Est. tax owed @ 24.0%: −$1,320
• After-tax cash flow: $5,842/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 · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update its dated kitchen and bathrooms, and to freshen up the exterior. With these updates, it could significantly increase its resale value.

Repairs flagged

• Moderate Kitchen cabinets — Dated appearance
• Moderate Bathroom fixtures — Dated appearance
• Moderate Exterior siding — Weathered appearance

Value-add opportunities

• Resale Painting and updating kitchen cabinets — Fresh paint and updated cabinets would enhance curb appeal and interior aesthetics
• Resale Updating bathroom fixtures — Modern fixtures would improve the bathroom's functionality and appearance
• Resale Re-siding the exterior — Fresh siding would improve the home's curb appeal and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated appearance	Moderate	$3,000–15,000
Bathroom fixtures · Dated appearance	Moderate	$3,000–15,000
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale Painting and updating kitchen cabinets — Fresh paint and updated cabinets would enhance curb appeal and interior aesthetics ↑
• Resale Updating bathroom fixtures — Modern fixtures would improve the bathroom's functionality and appearance ↑
• Resale Re-siding the exterior — Fresh siding would improve the home's curb appeal and increase its value ↑

ⓘ 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: Caesar Rodney School District
• NCES district ID: 1000180
• Math proficiency: 26% ▼ -21.00%
• Reading proficiency: 49% ▼ -14.00%
• Median HH income: $61,187
• Composite: 33.4/100
• National rank: #5475
• State rank: #9 of 26 in DE

Livability — Magnolia

• Score: 64/100
• State rank: #51
• US rank: #13984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,618

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 0.61)
• Race & ethnicity: White 58% Black 23% Two or more races 10% Hispanic / Latino 6% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Swiss 4% Italian 3% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Tagalog/Filipino 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: ▼ -77.63%
• Current HPI: 186.7318
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-16.7% since first listed

6 events — show timeline

• 2026-05-13 Pending — BRIGHT MLS
• 2026-05-08 Listing Removed — BRIGHT MLS
• 2026-04-02 Price Changed $125,000 BRIGHT MLS
• 2025-11-10 Price Changed $140,000 BRIGHT MLS
• 2025-09-19 Listed $150,000 BRIGHT MLS
• 2025-09-18 Coming Soon $150,000 BRIGHT MLS