15 S Governors Ave · Dover, DE 19904

$225,000

2 bd · 2.0 ba · 1,732 sqft · SingleFamily public records · 51 Days on market

Built 1900 5,793 sqft lot $130/sqft · 15% above area Est $196k · 15% over

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Why this score? — see what drove the D 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 +18.7/30.0
• DSCR +5.9/10.0
• 1% rule +3.9/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.9/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

HARD TO FIND 4 bedroom, detached home at this price! Fully updated in 2023. Conveniently located to anywhere in Dover and beyond! Only available due to a life change and relocation, this home features updated kitchen and bathrooms, tile throughout, FIRST FLOOR BEDROOM and full bath on first and second floor; which many will need. Make your plan to tour and make this home your own! Furniture in the home can be included in the sale! Photos were taken before seller moved in. All offers are subject to 3rd party mortgage company approval and subject to the Seller(s) acceptance of those approval terms. Property is being sold as-is with no warranties expressed or implied. Home inspections are for informational purposes only. Buyer may be responsible for any of their own lender required repairs.

Key facts

• 5,793 sq ft lot
• Built 1900
• Listed 50 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (10.7% below list).
• Recommended offer: $201k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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: schools C-, crime F, commute F.
• 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.
• Market conditions: Rents rising (+3.3%/yr); 225 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 36% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 24 sale attempts since 32y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $200,843 (10.7% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 9.3

CMA / ARV

• ARV (median comp): $196,396
• List price: $225,000
• Delta: 14.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 S Queen St	0.16mi	3/2.5 (+1)	1,700 (-2%)	2mo	$285,000	$168	81
54 S Governors Ave	0.08mi	3/2.5 (+1)	1,768 (+2%)	7mo	$210,000	$119	80
46 Rodney Rd	0.52mi	3/1.5 (+1)	1,701 (-2%)	8mo	$290,000	$170	59
317 N New St	0.35mi	3/1.5 (+1)	1,638 (-5%)	11mo	$135,000	$82	59
131 N Kirkwood St	0.26mi	3/2.5 (+1)	1,610 (-7%)	16mo	$250,000	$155	56
12 Clara St	0.45mi	3/2.0 (+1)	1,524 (-12%)	1mo	$280,000	$184	54
311 N Governors Ave	0.34mi	3/2.5 (+1)	1,900 (+10%)	9mo	$335,000	$176	53
228 N Governors Ave	0.28mi	3/2.0 (+1)	1,956 (+13%)	10mo	$180,000	$92	52
529 Greenhill Rd	0.65mi	3/1.0 (+1)	1,804 (+4%)	2mo	$220,000	$122	52
307 N Governors Ave	0.34mi	2/2.0	1,472 (-15%)	9mo	$203,000	$138	52
224 Columbia Ave	0.65mi	3/2.0 (+1)	1,794 (+4%)	11mo	$325,000	$181	49
834 Slaughter St	0.66mi	3/2.5 (+1)	1,900 (+10%)	4mo	$365,000	$192	43

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: -9.4%
• Equity multiple: 0.65×
• Total profit: $-21,753
• Equity at exit: $33,548

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,480
• Equity at exit: $19,454

Cash invested: $63,000 (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 19904

• Rents YoY: 3.3%
• Active inventory: 225
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,008 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$90 /mo · $1,083/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $223

Break-even live

Break-even rent $1,727

Max offer price $225,000

Occupancy floor 84%

Sensitivity live

Price	-10% $350	-5% $286	+0% $223	+5% $159	+10% $95
Rent	-10% $64	-5% $143	+0% $223	+5% $302	+10% $381
Rate	-1.0pp $336	-0.5pp $280	base $223	+0.5pp $164	+1.0pp $105

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 21 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	44d	1	0.05mi
216 W Division St Dover, DE	3.0	1.0	2072	$2,200	$1.06	44d	1	0.05mi
5 S State St Dover, DE	1.0	1.5	1100	$1,200	$1.09	44d	1	0.14mi
201 N American Ave Dover, DE	3.0	2.0	1600	$2,000	$1.25	44d	1	0.32mi
100 Isabelle Isle Dover, DE	2.0–3.0	2.0	1273	$1,859	$1.46	44d	9	0.35mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,210	$1.78	44d	17	0.39mi
46 Lincoln St Dover, DE	2.0	2.0	1073	$1,700	$1.58	44d	1	0.46mi
104 Bayard Ave Dover, DE	3.0	2.5	2168	$2,350	$1.08	44d	1	0.61mi
522 Carol St Dover, DE	3.0	1.5	1722	$1,950	$1.13	44d	1	0.63mi
205 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	44d	1	0.80mi
424 Ridgely Blvd Dover, DE	3.0	2.5	1432	$2,000	$1.40	44d	1	0.95mi
91 Chatham Ct Dover, DE	2.0	2.5	1530	$1,750	$1.14	44d	1	1.00mi
629 Ruth Way Dover, DE	3.0–4.0	2.0–2.5	1665	$2,850	$1.71	44d	13	1.04mi
502 Horsey Blvd Dover, DE	3.0	2.0	1604	$2,900	$1.81	44d	1	1.11mi
36 Arlberg Cir Dover, DE	3.0	2.0	1751	$2,200	$1.26	44d	1	1.15mi
511 Nickerjack Way Dover, DE	3.0	2.0	1569	$2,800	$1.78	44d	1	1.15mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,653	$2.31	44d	22	1.30mi
6000 Winners Cir Dover, DE	2.0	2.0	1269	$1,920	$1.51	44d	10	1.34mi
68 Village Dr Dover, DE	3.0	1.5	1530	$1,499	$0.98	44d	1	1.35mi
1300 S Farmview Dr Dover, DE	1.0–2.0	1.0–2.0	888	$1,699	$1.91	44d	8	1.46mi
236 Green Blade Dr Dover, DE	3.0	2.5	1200	$1,850	$1.54	44d	1	1.46mi

Listing history 50 events

1. 2026-06-19
   days on market $225,000 Active 51 DOM
2. 2026-06-18
   days on market $225,000 Active 50 DOM
3. 2026-06-17
   days on market $225,000 Active 49 DOM
4. 2026-06-16
   days on market $225,000 Active 48 DOM
5. 2026-06-15
   days on market $225,000 Active 47 DOM
6. 2026-06-14
   days on market $225,000 Active 45 DOM
7. 2026-06-13
   days on market $225,000 Active 44 DOM
8. 2026-06-10
   days on market $225,000 Active 42 DOM
9. 2026-06-09
   days on market $225,000 Active 41 DOM
10. 2026-06-08
    days on market $225,000 Active 40 DOM
11. 2026-06-07
    days on market $225,000 Active 39 DOM
12. 2026-06-03
    price $225,000 Active 34 DOM
13. 2026-06-02
    days on market $236,500 Active 34 DOM
14. 2026-06-01
    days on market $236,500 Active 33 DOM
15. 2026-05-31
    days on market $236,500 Active 32 DOM
16. 2026-05-30
    days on market $236,500 Active 31 DOM
17. 2026-05-14
    price $236,500 799-char remark

    Show marketing remark (799 chars)

    HARD TO FIND 4 bedroom, detached home at this price! Fully updated in 2023. Conveniently located to anywhere in Dover and beyond! Only available due to a life change and relocation, this home features updated kitchen and bathrooms, tile throughout, FIRST FLOOR BEDROOM and full bath on first and second floor; which many will need. Make your plan to tour and make this home your own! Furniture in the home can be included in the sale! Photos were taken before seller moved in. All offers are subject to 3rd party mortgage company approval and subject to the Seller(s) acceptance of those approval terms. Property is being sold as-is with no warranties expressed or implied. Home inspections are for informational purposes only. Buyer may be responsible for any of their own lender required repairs.

18. 2026-04-30
    listed $249,900 Active 799-char remark

    Show marketing remark (799 chars)

    HARD TO FIND 4 bedroom, detached home at this price! Fully updated in 2023. Conveniently located to anywhere in Dover and beyond! Only available due to a life change and relocation, this home features updated kitchen and bathrooms, tile throughout, FIRST FLOOR BEDROOM and full bath on first and second floor; which many will need. Make your plan to tour and make this home your own! Furniture in the home can be included in the sale! Photos were taken before seller moved in. All offers are subject to 3rd party mortgage company approval and subject to the Seller(s) acceptance of those approval terms. Property is being sold as-is with no warranties expressed or implied. Home inspections are for informational purposes only. Buyer may be responsible for any of their own lender required repairs.

19. 2025-12-31
    historical
20. 2025-08-06
    listed $275,000 Active
21. 2025-08-05
    historical
22. 2023-06-29
    soldstatus $245,000
23. 2023-03-09
    historical
24. 2023-01-14
    price $279,900
25. 2022-10-20
    price $299,000
26. 2022-10-01
    price $324,900
27. 2022-09-17
    listed $349,900 Active
28. 2022-09-15
    historical
29. 2022-06-27
    soldstatus $89,900
30. 2022-06-17
    soldstatus $89,900 Closed
31. 2022-03-31
    status Pending
32. 2022-03-30
    historical
33. 2022-03-22
    status Active
34. 2022-03-22
    status Pending
35. 2022-01-27
    price $89,900
36. 2021-11-22
    status Active
37. 2021-10-01
    historical
38. 2021-08-23
    price $85,000
39. 2021-06-02
    price $89,900
40. 2021-04-28
    status Active
41. 2021-04-27
    historical
42. 2021-03-30
    status Active
43. 2021-03-23
    historical Active Under Contract
44. 2021-02-26
    price $85,900
45. 2021-02-25
    price $86,900
46. 2021-02-24
    price $85,900
47. 2020-11-20
    status Active
48. 2020-11-18
    historical Active Under Contract
49. 2020-10-27
    listed $86,900 Active
50. 2020-09-25
    historical

ⓘ 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: $1,083 · $90/mo
• Projected year-2 tax: $1,194 · $100/mo
• Expected delta: +$111/yr (+$9/mo · 10.2%)

ⓘ 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: $24,101
• − Mortgage interest: −$12,603
• − Property taxes: −$1,083
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$6,545
• Taxable loss: −$1,112
• Est. tax savings @ 24.0%: +$267
• After-tax cash flow: $2,940/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

+275.4% since first listed

69 events — show timeline

• 2026-05-14 Price Changed $236,500 BRIGHT MLS
• 2026-04-30 Listed $249,900 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-08-06 Listed $275,000 BRIGHT MLS
• 2025-08-05 Coming Soon — BRIGHT MLS
• 2023-06-29 Sold (Public Records) $245,000 Public Records
• 2023-03-09 Listing Removed — BRIGHT MLS
• 2023-01-14 Price Changed $279,900 BRIGHT MLS
• 2022-10-20 Price Changed $299,000 BRIGHT MLS
• 2022-10-01 Price Changed $324,900 BRIGHT MLS
• 2022-09-17 Listed $349,900 BRIGHT MLS
• 2022-09-15 Coming Soon — BRIGHT MLS
• 2022-06-27 Sold (Public Records) $89,900 Public Records
• 2022-06-17 Sold (MLS) $89,900 BRIGHT MLS
• 2022-03-31 Pending — BRIGHT MLS
• 2022-03-30 Listing Removed — BRIGHT MLS
• 2022-03-22 Relisted — BRIGHT MLS
• 2022-03-22 Pending — BRIGHT MLS
• 2022-01-27 Price Changed $89,900 BRIGHT MLS
• 2021-11-22 Relisted — BRIGHT MLS
• 2021-10-01 Listing Removed — BRIGHT MLS
• 2021-08-23 Price Changed $85,000 BRIGHT MLS
• 2021-06-02 Price Changed $89,900 BRIGHT MLS
• 2021-04-28 Relisted — BRIGHT MLS
• 2021-04-27 Listing Removed — BRIGHT MLS
• 2021-03-30 Relisted — BRIGHT MLS
• 2021-03-23 Contingent — BRIGHT MLS
• 2021-02-26 Price Changed $85,900 BRIGHT MLS
• 2021-02-25 Price Changed $86,900 BRIGHT MLS
• 2021-02-24 Price Changed $85,900 BRIGHT MLS
• 2020-11-20 Relisted — BRIGHT MLS
• 2020-11-18 Contingent — BRIGHT MLS
• 2020-10-27 Listed $86,900 BRIGHT MLS
• 2020-09-25 Listing Removed — BRIGHT MLS
• 2020-08-19 Price Changed $86,900 BRIGHT MLS
• 2020-06-09 Price Changed $87,900 BRIGHT MLS
• 2019-09-12 Listed $89,900 BRIGHT MLS
• 2018-08-21 Listing Removed — BRIGHT MLS
• 2018-08-21 Listed $109,900 BRIGHT MLS
• 2017-05-27 Listing Removed — BRIGHT MLS
• 2017-04-06 Listed $30,000 BRIGHT MLS
• 2015-09-16 Listing Removed — BRIGHT MLS
• 2014-09-17 Listed $72,500 BRIGHT MLS
• 2014-04-29 Listing Removed — BRIGHT MLS
• 2013-07-26 Listed $75,000 BRIGHT MLS
• 2013-05-14 Listing Removed — BRIGHT MLS
• 2011-09-01 Listed $69,900 BRIGHT MLS
• 2010-11-01 Listing Removed — BRIGHT MLS
• 2009-11-12 Listed $120,000 BRIGHT MLS
• 2006-11-30 Sold (MLS) $123,000 BRIGHT MLS
• 2006-11-01 Listing Removed — BRIGHT MLS
• 2006-10-18 Listed $123,000 BRIGHT MLS
• 2002-03-12 Sold (Public Records) $66,000 Public Records
• 2002-03-06 Sold (MLS) $66,000 BRIGHT MLS
• 2002-01-24 Listing Removed — BRIGHT MLS
• 2001-10-26 Listed $66,000 BRIGHT MLS
• 2000-01-28 Listing Removed — BRIGHT MLS
• 2000-01-24 Listing Removed — BRIGHT MLS
• 2000-01-24 Listed $69,900 BRIGHT MLS
• 1998-07-02 Listed $74,000 BRIGHT MLS
• 1998-02-21 Listing Removed — BRIGHT MLS
• 1997-02-21 Listed $74,000 BRIGHT MLS
• 1996-11-04 Listed $78,500 BRIGHT MLS
• 1996-11-04 Listing Removed — BRIGHT MLS
• 1996-08-13 Listing Removed — BRIGHT MLS
• 1996-01-30 Listed $83,000 BRIGHT MLS
• 1995-03-23 Listing Removed — BRIGHT MLS
• 1994-10-20 Listed $89,500 BRIGHT MLS
• 1989-06-01 Sold (Public Records) $63,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,083 · +3.5% YoY. Source: county tax records.