7 S Governors Ave · Dover, DE 19904

$199,000

3 bd · 1.0 ba · 1,543 sqft · SingleFamily public records · 65 Days on market

Built 1910 4,661 sqft lot $129/sqft · at area comps Est $191k · at est.

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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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +6.3/10.0
• ARV discount +5.7/15.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 story 3 bedroom 2 bath home would make a great investment. Off street parking, large back yard.

Key facts

• Off street parking
• Large back yard
• 4,661 sq ft lot

Tags

• OFF STREET PARKING
• LARGE BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $572 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 40% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.3% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $26k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $199k implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.13% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.32%
• DSCR: 1.55
• GRM: 7.4

CMA / ARV

• ARV (median comp): $191,445
• List price: $199,000
• Delta: 3.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30 N Governors Ave	0.08mi	3/1.5	1,432 (-7%)	2mo	$160,000	$112	80
12 Clara St	0.43mi	3/2.0	1,524 (-1%)	1mo	$280,000	$184	73
24 S Queen St	0.16mi	3/2.5	1,700 (+10%)	2mo	$285,000	$168	68
120 N Kirkwood St	0.28mi	3/2.5	1,402 (-9%)	1mo	$299,500	$214	65
209 N New St	0.23mi	3/2.5	1,380 (-11%)	2mo	$286,000	$207	64
234 N Queen St	0.31mi	3/1.0	1,383 (-10%)	9mo	$240,000	$174	61
54 S Governors Ave	0.09mi	3/2.5	1,768 (+15%)	7mo	$210,000	$119	60
916 Forest St	0.66mi	4/2.0 (+1)	1,568 (+2%)	4mo	$290,000	$185	54
749 W North St	0.57mi	3/2.5	1,456 (-6%)	5mo	$280,000	$192	54
128 W North St	0.31mi	3/2.0	1,336 (-13%)	7mo	$274,000	$205	53
46 Rodney Rd	0.50mi	3/1.5	1,701 (+10%)	8mo	$290,000	$170	51
604 Lakewood Pl	0.68mi	4/2.0 (+1)	1,572 (+2%)	9mo	$300,000	$191	49

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: 2.2%
• Equity multiple: 1.09×
• Total profit: $4,804
• Equity at exit: $29,672

10-year hold

• IRR: 12.1%
• Equity multiple: 1.96×
• Total profit: $53,625
• Equity at exit: $17,206

Cash invested: $55,720 (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: 7.4×

Monthly cashflow live

• Estimated rent: $2,247 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$76 /mo · $914/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $572

Break-even live

Break-even rent $1,522

Max offer price $199,000

Occupancy floor 70%

Sensitivity live

Price	-10% $685	-5% $629	+0% $572	+5% $516	+10% $460
Rent	-10% $395	-5% $483	+0% $572	+5% $661	+10% $750
Rate	-1.0pp $672	-0.5pp $623	base $572	+0.5pp $521	+1.0pp $468

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: $49,750
• Closing costs: $5,970
• 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
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	$2,299	$1.81	44d	9	0.35mi
355A Ridgely St Dover, DE	1.0–3.0	1.0–2.5	1238	$2,695	$2.18	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
541 Ruth Way Dover, DE	4.0	2.5	1761	$3,200	$1.82	44d	1	1.21mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,875	$2.62	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 31 events

1. 2026-06-19
   days on market $199,000 Active 65 DOM
2. 2026-06-18
   days on market $199,000 Active 64 DOM
3. 2026-06-17
   days on market $199,000 Active 63 DOM
4. 2026-06-16
   days on market $199,000 Active 62 DOM
5. 2026-06-15
   days on market $199,000 Active 61 DOM
6. 2026-06-14
   days on market $199,000 Active 59 DOM
7. 2026-06-13
   days on market $199,000 Active 58 DOM
8. 2026-06-10
   days on market $199,000 Active 56 DOM
9. 2026-06-09
   days on market $199,000 Active 55 DOM
10. 2026-06-08
    days on market $199,000 Active 54 DOM
11. 2026-06-07
    days on market $199,000 Active 53 DOM
12. 2026-06-02
    days on market $199,000 Active 48 DOM
13. 2026-06-01
    days on market $199,000 Active 47 DOM
14. 2026-05-31
    days on market $199,000 Active 46 DOM
15. 2026-05-30
    days on market $199,000 Active 45 DOM
16. 2026-04-15
    listed $224,900 Active 97-char remark

    Show marketing remark (97 chars)

    2 story 3 bedroom 2 bath home would make a great investment. Off street parking, large back yard.

17. 2016-12-08
    historical
18. 2016-06-08
    listed $115,000
19. 2016-06-01
    historical
20. 2015-12-01
    listed $145,000
21. 2005-02-04
    soldstatus $63,000
22. 2005-02-04
    soldstatus $63,000
23. 2005-02-01
    soldstatus $63,000
24. 2004-12-15
    historical
25. 2004-12-07
    listed $63,000
26. 2004-07-27
    historical
27. 2004-07-27
    listed $73,500
28. 1998-11-30
    soldstatus $65,000
29. 1998-10-30
    soldstatus $65,000
30. 1998-08-11
    historical
31. 1996-02-12
    listed $65,000

ⓘ 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: $914 · $76/mo
• Projected year-2 tax: $1,034 · $86/mo
• Expected delta: +$120/yr (+$10/mo · 13.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% 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: $26,960
• − Mortgage interest: −$11,147
• − Property taxes: −$914
• − Insurance: −$995
• − Repairs & maintenance: −$2,157
• − Management: −$2,157
• − Depreciation: −$5,789
• Taxable income: $3,801
• Est. tax owed @ 24.0%: −$912
• After-tax cash flow: $5,954/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

+246.0% since first listed

16 events — show timeline

• 2026-04-15 Listed $224,900 BRIGHT MLS
• 2016-12-08 Listing Removed — BRIGHT MLS
• 2016-06-08 Listed $115,000 BRIGHT MLS
• 2016-06-01 Listing Removed — BRIGHT MLS
• 2015-12-01 Listed $145,000 BRIGHT MLS
• 2005-02-04 Sold (Public Records) $63,000 Public Records
• 2005-02-04 Sold (Public Records) $63,000 Public Records
• 2005-02-01 Sold (MLS) $63,000 BRIGHT MLS
• 2004-12-15 Listing Removed — BRIGHT MLS
• 2004-12-07 Listed $63,000 BRIGHT MLS
• 2004-07-27 Listed $73,500 BRIGHT MLS
• 2004-07-27 Listing Removed — BRIGHT MLS
• 1998-11-30 Sold (Public Records) $65,000 Public Records
• 1998-10-30 Sold (MLS) $65,000 BRIGHT MLS
• 1998-08-11 Listing Removed — BRIGHT MLS
• 1996-02-12 Listed $65,000 BRIGHT MLS

Property tax history

+3.5%/yr

Latest (2025): $914 · +3.5% YoY. Source: county tax records.