609 N Washington St · Milford, DE 19963

$230,000

2 bd · 1.5 ba · 1,184 sqft · SingleFamily public records

Built 1949 8,407 sqft lot Est $275k · 16% 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 +14.8/15.0
• Cash flow +13.6/30.0
• DSCR +4.1/10.0
• Livability +3.1/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't Wait. .. . Four Bedroom With Central Air. Good In-Town Location. Well Kept. Some New Carpeting. Upstairs Rec Room Could Be 5th Bedroom. City Taxes Are $349.32 Annually.

Key facts

• 8,407 sq ft lot
• Built 1949

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $12 ($149/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 $175k (23.7% below list).
• Recommended offer: $175k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Milford — 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 62/100 on livability (#61 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools D+, crime F, amenities F.
• Milford School District (town): math 18% / reading 32% proficiency, ranked #22 of 26 in DE (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 207 active listings in the ZIP; 5 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).

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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 26y 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.
• Current owner paid $132k; list at $230k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 76% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,409 (23.7% below list)

Questions for the listing agent

1. Built in 1949 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.76% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $274,688
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 N Washington St	0.31mi	3/1.0 (+1)	1,180 (-0%)	6mo	$255,000	$216	74
419 N Walnut St	0.20mi	3/1.0 (+1)	1,248 (+5%)	7mo	$221,450	$177	69
1 Governor Burton Ct	0.15mi	3/2.0 (+1)	1,292 (+9%)	8mo	$330,990	$256	64
803 N Washington St	0.22mi	3/2.0 (+1)	1,288 (+9%)	6mo	$286,000	$222	63
208 East St	0.31mi	3/1.0 (+1)	1,110 (-6%)	10mo	$250,000	$225	60
213 N Washington St	0.30mi	3/2.0 (+1)	1,100 (-7%)	10mo	$306,000	$278	59
37 General Torbert Dr	0.16mi	3/2.0 (+1)	1,326 (+12%)	9mo	$340,000	$256	58
205 N Washington St	0.33mi	3/2.0 (+1)	1,040 (-12%)	8mo	$275,000	$264	51
515 Truitt Ave	0.41mi	3/2.0 (+1)	1,268 (+7%)	14mo	$294,500	$232	50
106 Brady Dr	0.38mi	3/2.0 (+1)	1,352 (+14%)	3mo	$287,000	$212	49
435 North St	0.28mi	3/1.0 (+1)	1,008 (-15%)	12mo	$250,000	$248	45
120 Mccolley St	0.74mi	2/1.0	1,056 (-11%)	13mo	$170,000	$161	35

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-36,587
• Equity at exit: $34,294

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-31,275
• Equity at exit: $19,886

Cash invested: $64,400 (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 19963

• Active inventory: 207
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,754 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$71 /mo · $856/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $12

Break-even live

Break-even rent $1,738

Max offer price $230,000

Occupancy floor 94%

Sensitivity live

Price	-10% $143	-5% $77	+0% $12	+5% $-53	+10% $-118
Rent	-10% $-126	-5% $-57	+0% $12	+5% $82	+10% $151
Rate	-1.0pp $128	-0.5pp $71	base $12	+0.5pp $-47	+1.0pp $-108

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 N Washington St Milford, DE	3.0	1.5	1050	$1,500	$1.43	45d	1	0.20mi
400 N Walnut St Milford, DE	3.0	2.0	1200	$2,100	$1.75	45d	1	0.28mi
139 NW Front St Milford, DE	1.0	1.0	700	$1,450	$2.07	45d	1	0.51mi
100 Valley Dr Milford, DE	1.0–3.0	1.0–2.0	1011	$1,754	$1.74	45d	13	0.64mi
17151 Windward Blvd Unit 8-203 Milford, DE	3.0	2.0	1456	$2,195	$1.51	45d	1	1.34mi

Listing history 11 events

1. 2026-05-28
   historical
2. 2026-05-28
   listed $230,000
3. 2004-07-06
   soldstatus $131,500
4. 2004-06-30
   soldstatus $131,500 174-char remark

   Show marketing remark (174 chars)

   Don't Wait. .. . Four Bedroom With Central Air. Good In-Town Location. Well Kept. Some New Carpeting. Upstairs Rec Room Could Be 5th Bedroom. City Taxes Are $349.32 Annually.

5. 2004-05-25
   historical 174-char remark

   Show marketing remark (174 chars)

   Don't Wait. .. . Four Bedroom With Central Air. Good In-Town Location. Well Kept. Some New Carpeting. Upstairs Rec Room Could Be 5th Bedroom. City Taxes Are $349.32 Annually.

6. 2004-05-15
   listed $131,500 174-char remark

   Show marketing remark (174 chars)

   Don't Wait. .. . Four Bedroom With Central Air. Good In-Town Location. Well Kept. Some New Carpeting. Upstairs Rec Room Could Be 5th Bedroom. City Taxes Are $349.32 Annually.

7. 2000-05-31
   soldstatus $85,500
8. 2000-05-31
   soldstatus $85,500
9. 2000-05-30
   soldstatus $85,500 148-char remark

   Show marketing remark (148 chars)

   Great Starter Home; Great Location. Ready To Move In. (Home Has One Full Bath And Potential For Additional 1/2 Bath -- All That's Needed Is Commode)

10. 2000-04-05
    historical 148-char remark

    Show marketing remark (148 chars)

    Great Starter Home; Great Location. Ready To Move In. (Home Has One Full Bath And Potential For Additional 1/2 Bath -- All That's Needed Is Commode)

11. 2000-02-28
    listed $85,500 148-char remark

    Show marketing remark (148 chars)

    Great Starter Home; Great Location. Ready To Move In. (Home Has One Full Bath And Potential For Additional 1/2 Bath -- All That's Needed Is Commode)

ⓘ 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: $856 · $71/mo
• Projected year-2 tax: $1,095 · $91/mo
• Expected delta: +$239/yr (+$20/mo · 27.9%)

ⓘ 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 ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 76% 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: $21,049
• − Mortgage interest: −$12,884
• − Property taxes: −$856
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,684
• − Management: −$1,684
• − Depreciation: −$6,691
• Taxable loss: −$3,900
• Est. tax savings @ 24.0%: +$936
• After-tax cash flow: $1,085/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: Milford School District
• NCES district ID: 1001080
• Math proficiency: 18% ▼ -26.00%
• Reading proficiency: 32% ▼ -19.00%
• Median HH income: $51,794
• Composite: 22.18/100
• National rank: #8162
• State rank: #22 of 26 in DE

Livability — Milford

• Score: 62/100
• State rank: #61
• US rank: #16211

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, DE
• Population (ZIP): 22,544

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 0.56)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Hispanic 3% Romanian 2% Slovak 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 84% English-only · Spanish 7% French/Haitian/Cajun 5% Other Indo-European 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: ▼ -135.01%
• Current HPI: 227.2369
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+169.0% since first listed

11 events — show timeline

• 2026-05-28 Listing Removed — BRIGHT MLS
• 2026-05-28 Listed $230,000 BRIGHT MLS
• 2004-07-06 Sold (Public Records) $131,500 Public Records
• 2004-06-30 Sold (MLS) $131,500 BRIGHT MLS
• 2004-05-25 Listing Removed — BRIGHT MLS
• 2004-05-15 Listed $131,500 BRIGHT MLS
• 2000-05-31 Sold (Public Records) $85,500 Public Records
• 2000-05-31 Sold (Public Records) $85,500 Public Records
• 2000-05-30 Sold (MLS) $85,500 BRIGHT MLS
• 2000-04-05 Listing Removed — BRIGHT MLS
• 2000-02-28 Listed $85,500 BRIGHT MLS

Property tax history

+5.0%/yr

Latest (2025): $856 · -4.2% YoY. Source: county tax records.