393 Phillips Ave · Newark, DE 19711

$379,000

4 bd · 2.0 ba · 2,425 sqft · SingleFamily · 5 Days on market

Built 1964 0.37 ac lot $156/sqft · 26% below area Est $511k · 26% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.5/30.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +3.9/5.0
• 1% rule +2.8/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained and updated (4 sided brick) ranch home, in the heart of the City of Newark and within walking distance to: U of D, library, James Frail trail and all the wonderful amenities of the City including community pools, parks, shopping, transit, etc. The home is loaded with lots of upgrades, including newer roof, replacement windows, re-pointed brick/chimney, driveway with 2 off-street parking spaces and recent energy efficient heat and central air provided by heat pump and oil furnace. Hardwood floors in living room and main level bedrooms. Large eat-in kitchen with access to a large, lovely back-yard with shed (included as-is where-is). Lower level is finished and has window-well egress and full bath, family room, and additional room/bedroom. A great home for a resident owner or for an investor, owner has had 4

Key facts

• 0.37 acre lot
• 2 parking spots
• Built 1964

Property features AI

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Detached single-family home; West-facing main entrance; Pitched architectural shingle roof
• Construction: Brick construction; Block foundation; Replacement windows
• Exterior features: Exterior lighting; Front yard; Rear yard

Interior

• Kitchen: Cooktop; Dishwasher; Freezer
• Bedrooms: Three bedrooms on the main level; One bedroom on the lower level (entry-level)
• Flooring: Carpet; Ceramic tile; Hardwood; Vinyl
• Bathrooms: Two full bathrooms (one on main level, one on lower level)
• Heating & cooling: Forced air heating with heat pump and oil backup; Central air conditioning; Energy Star cooling system; Heat pump(s); Electric heating fuel (where applicable)
• Interior features: Attic; Breakfast area; Ceiling fans; Flat/level layout; Traditional floor plan; Wood floors; Brick and drywall walls/ceilings; Double entry and storm doors
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $379k.

Deal economics

• At list price, monthly cash flow is $15 ($182/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 $296k (21.8% below list).
• Recommended offer: $296k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.4% in Newark — 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 85/100 on livability (#1 in DE, #569 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: West Park Place Elementary School (math 52% / reading 62%, grade C+, #7 of 105 statewide, top 6%, 319 students, 0% FRL); Shue-Medill Middle School (math 21% / reading 30%, grade F, #21 of 36 statewide, top 57%, 808 students, 0% FRL); Newark High School (math 27% / reading 42%, grade F, #18 of 40 statewide, top 49%, 1,105 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 130 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• This rent runs 37% of the median local income ($95k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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

• Climate carrying-cost: major wind risk, 27% 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 $296,398 (21.8% below list)

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
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: 0.78% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• GRM: 10.7

CMA / ARV

• ARV (median comp): $511,176
• List price: $379,000
• Delta: -25.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
393 Phillips Ave	0.00mi	4/2.0	2,425 (0%)	0mo	$410,050	$169	100
436 Orchard Rd	0.11mi	4/2.5	2,500 (+3%)	19mo	$540,000	$216	72
78 W Park Pl	0.28mi	3/2.0 (-1)	2,300 (-5%)	14mo	$535,000	$233	61
201 Winslow Rd	0.48mi	4/2.5	2,579 (+6%)	8mo	$540,000	$209	58
49 Winslow Rd	0.45mi	4/2.0	2,675 (+10%)	12mo	$625,000	$234	52
271 Orchard Rd	0.33mi	3/2.5 (-1)	2,275 (-6%)	21mo	$550,000	$242	50
216 Orchard Rd	0.46mi	4/3.0	2,775 (+14%)	2mo	$730,000	$263	49
820 Leeds Ln	0.47mi	5/1.5 (+1)	2,590 (+7%)	16mo	$385,000	$149	46
25 Shull Dr	0.54mi	4/1.5	2,590 (+7%)	19mo	$450,000	$174	45
808 Kenyon Ln	0.70mi	4/2.0	2,066 (-15%)	2mo	$385,000	$186	41

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 · 5.45% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.50×
• Total profit: $-53,098
• Equity at exit: $56,510

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-13,244
• Equity at exit: $32,769

Cash invested: $106,120 (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 19711

• Rents YoY: 5.5%
• Active inventory: 130
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,964 high
• Mortgage (P&I): −$1,988
• Tax from tax record: −$181 /mo · $2,171/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $15

Break-even live

Break-even rent $2,945

Max offer price $379,000

Occupancy floor 94%

Sensitivity live

Price	-10% $230	-5% $122	+0% $15	+5% $-92	+10% $-199
Rent	-10% $-219	-5% $-102	+0% $15	+5% $132	+10% $249
Rate	-1.0pp $206	-0.5pp $112	base $15	+0.5pp $-83	+1.0pp $-183

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 S Main St Ste 107 Newark, DE	2.0–4.0	1.0–3.0	1567	$5,100	$3.25	2d	1	0.61mi
303 Ellis Ct Newark, DE	4.0	3.5	2575	$2,950	$1.15	5d	1	1.02mi
7 Elk Ln Newark, DE	4.0	2.5	2635	$2,700	$1.02	44d	1	1.09mi
703 Bent Ln Newark, DE	4.0	2.0	2575	$3,200	$1.24	13d	1	1.13mi
1 Bassett Pl Newark, DE	5.0	2.0	1700	$2,750	$1.62	44d	1	1.23mi
5 Farnsworth Rd Newark, DE	4.0	2.0	1700	$2,500	$1.47	25d	1	1.31mi
111 Edjil Dr Newark, DE	4.0	2.0	1984	$2,500	$1.26	3d	1	1.33mi

Listing history 6 events

1. 2026-05-17
   listed $379,000 Active 508-char remark
2. 2026-05-14
   historical $379,000 508-char remark
3. 2020-08-03
   soldstatus $281,500
4. 2020-07-31
   soldstatus $281,500 Closed 835-char remark

   Show marketing remark (835 chars)

   Well-maintained and updated (4 sided brick) ranch home, in the heart of the City of Newark and within walking distance to: U of D, library, James Frail trail and all the wonderful amenities of the City including community pools, parks, shopping, transit, etc. The home is loaded with lots of upgrades, including newer roof, replacement windows, re-pointed brick/chimney, driveway with 2 off-street parking spaces and recent energy efficient heat and central air provided by heat pump and oil furnace. Hardwood floors in living room and main level bedrooms. Large eat-in kitchen with access to a large, lovely back-yard with shed (included as-is where-is). Lower level is finished and has window-well egress and full bath, family room, and additional room/bedroom. A great home for a resident owner or for an investor, owner has had 4

5. 2020-06-19
   status Pending 835-char remark

   Show marketing remark (835 chars)

   Well-maintained and updated (4 sided brick) ranch home, in the heart of the City of Newark and within walking distance to: U of D, library, James Frail trail and all the wonderful amenities of the City including community pools, parks, shopping, transit, etc. The home is loaded with lots of upgrades, including newer roof, replacement windows, re-pointed brick/chimney, driveway with 2 off-street parking spaces and recent energy efficient heat and central air provided by heat pump and oil furnace. Hardwood floors in living room and main level bedrooms. Large eat-in kitchen with access to a large, lovely back-yard with shed (included as-is where-is). Lower level is finished and has window-well egress and full bath, family room, and additional room/bedroom. A great home for a resident owner or for an investor, owner has had 4

6. 2020-06-18
   listed $274,000 Active 835-char remark

   Show marketing remark (835 chars)

   Well-maintained and updated (4 sided brick) ranch home, in the heart of the City of Newark and within walking distance to: U of D, library, James Frail trail and all the wonderful amenities of the City including community pools, parks, shopping, transit, etc. The home is loaded with lots of upgrades, including newer roof, replacement windows, re-pointed brick/chimney, driveway with 2 off-street parking spaces and recent energy efficient heat and central air provided by heat pump and oil furnace. Hardwood floors in living room and main level bedrooms. Large eat-in kitchen with access to a large, lovely back-yard with shed (included as-is where-is). Lower level is finished and has window-well egress and full bath, family room, and additional room/bedroom. A great home for a resident owner or for an investor, owner has had 4

ⓘ 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: $2,171 · $181/mo
• Projected year-2 tax: $2,185 · $182/mo
• Expected delta: +$14/yr (+$1/mo · 0.6%)

ⓘ 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 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,568
• − Mortgage interest: −$21,230
• − Property taxes: −$2,171
• − Insurance: −$1,895
• − Repairs & maintenance: −$2,845
• − Management: −$2,845
• − Depreciation: −$11,025
• Taxable loss: −$6,445
• Est. tax savings @ 24.0%: +$1,547
• After-tax cash flow: $1,729/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: Christina School District
• NCES district ID: 1000200
• Math proficiency: 22% ▼ -12.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $58,838
• Composite: 24.93/100
• National rank: #7567
• State rank: #18 of 26 in DE

Livability — Newark

• Score: 85/100
• State rank: #1
• US rank: #569

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newark, DE
• County: New Castle County · 483,412 people
• City population: 135,862
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 49,432
• Household income: $95,403
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 2167.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Two or more races 9% Hispanic / Latino 9% Black 9% Asian 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 5% Slovak 2% Italian 2%
• Foreign-born: 12% · China, Canada, Vietnam
• Languages at home: 84% English-only · Spanish 5% Other Indo-European 3% Chinese 3%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.42%
• Current HPI: 225.6592
• Rent YoY: ▲ 5.45%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+49.7% since first listed

8 events — show timeline

• 2026-06-09 Sold (MLS) $410,050 BRIGHT MLS
• 2026-05-21 Pending — BRIGHT MLS
• 2026-05-17 Listed $379,000 BRIGHT MLS
• 2026-05-14 Coming Soon $379,000 BRIGHT MLS
• 2020-08-03 Sold (Public Records) $281,500 Public Records
• 2020-07-31 Sold (MLS) $281,500 BRIGHT MLS
• 2020-06-19 Pending — BRIGHT MLS
• 2020-06-18 Listed $274,000 BRIGHT MLS

Property tax history

+17.3%/yr

Latest (2024): $2,171 · +2.5% YoY. Source: county tax records.