28 S Queen St · Dover, DE 19904

$249,000

5 bd · 1.5 ba · 2,108 sqft · SingleFamily public records · 24 Days on market

Built 1954 9,017 sqft lot Est $297k · 16% under

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Why this score? — see what drove the B 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 +29.2/30.0
• ARV discount +14.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• 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

Nestled in the heart of downtown Dover, this classic Colonial-style residence that perfectly balances mid-century character with immense modern revitalization. Built in 1954, this substantial home welcomes you with a versatile layout featuring up to five spacious bedrooms and two full bathrooms, providing plenty of room for a growing family or a multi-functional home office setup. The main level flows effortlessly through expansive formal living and dining rooms characterized by vintage details along with modern updates. Make your way into an eat-in kitchen and two charming enclosed porches that invite natural light. There is a deck just off of these areas to enjoy outdoor living. Beyond th

Key facts

• Enclosed porches
• Versatile layout
• Full basement

Tags

• COLONIAL STYLE RESIDENCE
• VERSATILE LAYOUT
• EXPANSIVE FORMAL LIVING
• ENCLOSED PORCHES
• OUTDOOR LIVING
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $866 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $245k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• At $2,995/mo this rent would consume 54% of the median local household income ($67k/yr) (locally 1500% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $249k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $245,265 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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?
4. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.91%
• DSCR: 1.66
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $297,228
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 S New St	0.07mi	6/2.0 (+1)	2,000 (-5%)	10mo	$225,000	$113	72
220 N Bradford St	0.34mi	4/2.0 (-1)	2,058 (-2%)	4mo	$290,000	$141	70
317 S Governors Ave	0.35mi	4/1.5 (-1)	2,003 (-5%)	20mo	$225,000	$112	54
862 Forest St	0.41mi	4/3.0 (-1)	1,900 (-10%)	8mo	$322,000	$169	47
215 Columbia Ave	0.71mi	5/3.0	1,964 (-7%)	6mo	$325,000	$165	44
428 S Governors Ave	0.42mi	4/2.0 (-1)	1,824 (-14%)	10mo	$220,000	$121	42
53 Washington St	0.61mi	4/2.5 (-1)	2,424 (+15%)	1mo	$395,000	$163	36

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: 5.8%
• Equity multiple: 1.22×
• Total profit: $15,652
• Equity at exit: $37,127

10-year hold

• IRR: 15.4%
• Equity multiple: 2.26×
• Total profit: $88,064
• Equity at exit: $21,529

Cash invested: $69,720 (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: 6.9×

Monthly cashflow live

• Estimated rent: $2,995 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$90 /mo · $1,082/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $866

Break-even live

Break-even rent $1,898

Max offer price $249,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,007	-5% $937	+0% $866	+5% $796	+10% $725
Rent	-10% $630	-5% $748	+0% $866	+5% $985	+10% $1,103
Rate	-1.0pp $992	-0.5pp $930	base $866	+0.5pp $802	+1.0pp $736

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
629 Ruth Way Dover, DE	3.0–4.0	2.0–2.5	1665	$3,200	$1.92	44d	13	0.91mi
541 Ruth Way Dover, DE	4.0	2.5	1761	$3,200	$1.82	44d	1	1.09mi
22 Forest Creek Dr Dover, DE	4.0	3.0	1499	$2,200	$1.47	44d	1	1.43mi

Listing history 25 events

1. 2026-06-02
   status $249,000 Pending 24 DOM
2. 2026-06-01
   days on market $249,000 Active 24 DOM
3. 2026-05-31
   days on market $249,000 Active 23 DOM
4. 2026-05-30
   days on market $249,000 Active 22 DOM
5. 2026-03-16
   status Pending
6. 2026-03-13
   price $249,000
7. 2026-02-25
   listed $299,000 Active
8. 2025-11-28
   historical
9. 2025-11-21
   price $299,900
10. 2025-11-21
    status Active
11. 2025-06-14
    historical
12. 2025-05-24
    listed $325,000 Active
13. 2025-05-09
    historical
14. 2025-04-04
    soldstatus $160,000
15. 2023-03-31
    soldstatus $116,000
16. 2023-03-31
    listed $116,000
17. 2020-02-05
    historical
18. 2020-01-27
    soldstatus $43,000 Closed
19. 2020-01-07
    status Pending
20. 2019-12-25
    historical
21. 2019-12-09
    listed $45,000 Active
22. 2019-03-12
    status Pending
23. 2019-03-05
    historical
24. 2018-10-14
    price $99,000
25. 2018-07-12
    listed $115,000 Active

ⓘ 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: $1,082 · $90/mo
• Projected year-2 tax: $1,263 · $105/mo
• Expected delta: +$181/yr (+$15/mo · 16.7%)

ⓘ 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: $35,941
• − Mortgage interest: −$13,948
• − Property taxes: −$1,082
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,875
• − Management: −$2,875
• − Depreciation: −$7,244
• Taxable income: $6,672
• Est. tax owed @ 24.0%: −$1,601
• After-tax cash flow: $8,796/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

+116.5% since first listed

21 events — show timeline

• 2026-03-16 Pending — BRIGHT MLS
• 2026-03-13 Price Changed $249,000 BRIGHT MLS
• 2026-02-25 Listed $299,000 BRIGHT MLS
• 2025-11-28 Listing Removed — BRIGHT MLS
• 2025-11-21 Price Changed $299,900 BRIGHT MLS
• 2025-11-21 Relisted — BRIGHT MLS
• 2025-06-14 Listing Removed — BRIGHT MLS
• 2025-05-24 Listed $325,000 BRIGHT MLS
• 2025-05-09 Coming Soon — BRIGHT MLS
• 2025-04-04 Sold (Public Records) $160,000 Public Records
• 2023-03-31 Listed $116,000 BRIGHT MLS
• 2023-03-31 Sold (MLS) $116,000 BRIGHT MLS
• 2020-02-05 Listing Removed — BRIGHT MLS
• 2020-01-27 Sold (MLS) $43,000 BRIGHT MLS
• 2020-01-07 Pending — BRIGHT MLS
• 2019-12-25 Listing Removed — BRIGHT MLS
• 2019-12-09 Listed $45,000 BRIGHT MLS
• 2019-03-12 Pending — BRIGHT MLS
• 2019-03-05 Listing Removed — BRIGHT MLS
• 2018-10-14 Price Changed $99,000 BRIGHT MLS
• 2018-07-12 Listed $115,000 BRIGHT MLS

Property tax history

+4.2%/yr

Latest (2025): $1,082 · +3.5% YoY. Source: county tax records.