827 W South St · Smyrna, DE 19977

$180,000

3 bd · 2.0 ba · 1,271 sqft · SingleFamily public records

Built 2010 0.27 ac lot Est $294k · 39% under ↓ 10% since listing

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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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.5/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

R-11020 Nice 3 bedroom, 2 bath ranch Located in town Smyrna. The Living room, kitchen/dinette, and laundry have a breakfast bar. Laundry room includes washer/dryer/utility sink. There is an open front porch and a large rear yard with a storage shed. Smyrna and close to schools, shopping, dining, close access to Route 1 interstate. Move In ready and freshly painted.

Key facts

• 0.27 acre lot
• 4 parking spots
• Built 2010

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.9% vs local median 3.5% in Smyrna — 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 69/100 on livability (#29 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Smyrna School District (rural): math 22% / reading 39% proficiency, ranked #16 of 26 in DE (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 2 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 $1k of loan paydown is wiped out by about $5k 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 20y 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, 71% 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 $180,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is D 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?
3. 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.
4. 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.
5. 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: 1.05% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $293,601
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 W Commerce St	0.19mi	3/2.0	1,232 (-3%)	12mo	$315,000	$256	76
615 Lexington Ave	0.24mi	3/2.5	1,320 (+4%)	10mo	$305,000	$231	72
722 W Glenwood Ave	0.44mi	3/1.0	1,281 (+1%)	6mo	$237,000	$185	69
525 W Commerce St	0.34mi	3/1.5	1,369 (+8%)	1mo	$283,000	$207	68
803 Culbreath St	0.35mi	2/1.0 (-1)	1,316 (+4%)	9mo	$205,000	$156	61
812 W South St	0.05mi	3/1.0	1,107 (-13%)	14mo	$257,500	$233	60
722 W Commerce St	0.21mi	3/2.0	1,440 (+13%)	14mo	$305,000	$212	56
133 W Frazier St	0.67mi	3/1.0	1,316 (+4%)	7mo	$320,000	$243	53
3 S Howard St	0.29mi	3/2.5	1,446 (+14%)	12mo	$330,000	$228	51
115 Sheridan Ln	0.62mi	3/1.5	1,304 (+3%)	19mo	$350,000	$268	49
422 W South St	0.41mi	3/1.5	1,442 (+14%)	13mo	$335,000	$232	46
20 S Union St	0.66mi	3/1.5	1,386 (+9%)	14mo	$270,000	$195	40

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-4,515
• Equity at exit: $26,839

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $27,659
• Equity at exit: $15,563

Cash invested: $50,400 (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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$88 /mo · $1,056/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $388

Break-even live

Break-even rent $1,401

Max offer price $180,000

Occupancy floor 74%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Rehoboth Cir Clayton, DE	2.0	2.0	1056	$1,575	$1.49	22d	1	1.24mi
50 Harkins Dr Smyrna, DE	3.0	1.5	1300	$2,200	$1.69	43d	1	1.41mi

Listing history 2 events

1. 2026-05-31
   remarks 22-char remark
2. 2026-05-31
   listed $180,000 Pending

ⓘ 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: $1,056 · $88/mo
• Projected year-2 tax: $1,056 · $88/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 71% 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: $22,708
• − Mortgage interest: −$10,083
• − Property taxes: −$1,056
• − Insurance: −$900
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − Depreciation: −$5,236
• Taxable income: $1,799
• Est. tax owed @ 24.0%: −$432
• After-tax cash flow: $4,224/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: Smyrna School District
• NCES district ID: 1001620
• Math proficiency: 22% ▼ -25.00%
• Reading proficiency: 39% ▼ -17.00%
• Median HH income: $61,704
• Composite: 27.67/100
• National rank: #6915
• State rank: #16 of 26 in DE

Livability — Smyrna

• Score: 69/100
• State rank: #29
• US rank: #8702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Smyrna, DE
• Population (ZIP): 27,164

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 0.59)
• Race & ethnicity: White 56% Black 29% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 5% Hispanic 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -110.14%
• Current HPI: 267.998
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-10.0% since first listed

10 events — show timeline

• 2026-05-30 Listed $180,000 BRIGHT MLS
• 2026-05-30 Listing Removed — BRIGHT MLS
• 2019-09-17 Sold (Public Records) $182,000 Public Records
• 2019-09-13 Sold (MLS) $185,000 BRIGHT MLS
• 2019-08-22 Pending — BRIGHT MLS
• 2019-07-12 Contingent — BRIGHT MLS
• 2019-07-02 Price Changed $185,000 BRIGHT MLS
• 2019-06-24 Listed $195,000 BRIGHT MLS
• 2007-03-02 Listing Removed — BRIGHT MLS
• 2006-10-17 Listed $199,900 BRIGHT MLS

Property tax history

+3.6%/yr

Latest (2025): $1,056 · -0.6% YoY. Source: county tax records.