6 E 4th · Blades, DE 19973

$170,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 58 Days on market

Built 1900 0.33 ac lot $142/sqft · 23% below area Est $221k · 23% under ↓ 5% since listing

---

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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +6.2/10.0
• Livability +3.4/5.0
• 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

Charming 100+-year-old home full of potential — ready for your touch of modern updates and personalization. Sited on a generous, park-like lot with * possible subdivision opportunity (buyer to verify with county concerning subdividing). Perfect for investors, visionaries, or anyone seeking historic charm and room to grow. Property is being sold as-is, inspection for information purposes only.

Key facts

• 0.33 acre lot
• Built 1900
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 4.4% in Blades — 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 (#37 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, crime F.
• Seaford School District (suburban): math 25% / reading 40% proficiency, ranked #15 of 26 in DE (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 216 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 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.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.12% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.87%
• DSCR: 1.57
• GRM: 7.4

CMA / ARV

• ARV (median comp): $221,200
• List price: $170,000
• Delta: -23.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 W High St	0.18mi	3/2.0	1,148 (-4%)	3mo	$275,000	$240	78
203 E 7th St	0.25mi	3/1.0	1,176 (-2%)	9mo	$230,000	$196	77
114 E 6th St	0.15mi	3/2.0	1,130 (-6%)	12mo	$280,000	$248	69
304 E 6th St	0.34mi	3/2.0	1,243 (+4%)	8mo	$315,000	$253	68
408 Summit Dr	0.42mi	3/2.0	1,270 (+6%)	9mo	$315,000	$248	59
303 E 5th St	0.34mi	3/2.0	1,270 (+6%)	18mo	$306,000	$241	55
114 N Conwell St	0.55mi	3/2.0	1,261 (+5%)	11mo	$279,000	$221	53
414 Summit Dr	0.44mi	3/2.0	1,266 (+6%)	18mo	$310,000	$245	51
209 N Pine St	0.64mi	3/2.0	1,300 (+8%)	9mo	$249,900	$192	44
533 E Poplar St	0.69mi	2/1.0 (-1)	1,100 (-8%)	5mo	$235,000	$214	44
501 Highland Ct	0.43mi	3/2.0	1,360 (+13%)	15mo	$312,500	$230	41
321 E 6th St	0.45mi	3/2.0	1,378 (+15%)	19mo	$319,000	$231	34

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $4,900
• Equity at exit: $25,348

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $45,829
• Equity at exit: $14,698

Cash invested: $47,600 (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 19973

• Home prices YoY: -17.8%
• Active inventory: 216
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,911 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$37 /mo · $445/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $511

Break-even live

Break-even rent $1,265

Max offer price $170,000

Occupancy floor 68%

Sensitivity live

Price	-10% $607	-5% $559	+0% $511	+5% $463	+10% $414
Rent	-10% $360	-5% $435	+0% $511	+5% $586	+10% $662
Rate	-1.0pp $596	-0.5pp $554	base $511	+0.5pp $467	+1.0pp $422

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Water St Seaford, DE	1.0–3.0	1.0–2.0	1174	$2,095	$1.78	14d	1	0.49mi
604 Sussex Ave Unit B Seaford, DE	2.0	1.0	792	$1,100	$1.39	22d	1	1.45mi

Listing history 19 events

1. 2026-06-21
   days on market $170,000 Active 58 DOM
2. 2026-06-18
   days on market $170,000 Active 56 DOM
3. 2026-06-17
   days on market $170,000 Active 55 DOM
4. 2026-06-16
   days on market $170,000 Active 54 DOM
5. 2026-06-15
   days on market $170,000 Active 53 DOM
6. 2026-06-13
   days on market $170,000 Active 51 DOM
7. 2026-06-12
   days on market $170,000 Active 50 DOM
8. 2026-06-09
   days on market $170,000 Active 47 DOM
9. 2026-06-08
   days on market $170,000 Active 46 DOM
10. 2026-06-07
    remarks 364-char remark
11. 2026-06-07
    pricedays on market $170,000 Active 45 DOM
12. 2026-06-04
    days on market $189,900 Active 41 DOM
13. 2026-06-02
    days on market $189,900 Active 40 DOM
14. 2026-06-01
    days on market $189,900 Active 39 DOM
15. 2026-05-31
    days on market $189,900 Active 38 DOM
16. 2026-05-31
    days on market $189,900 Active 37 DOM
17. 2026-05-09
    price $189,900 402-char remark

    Show marketing remark (402 chars)

    Charming 100+-year-old home full of potential — ready for your touch of modern updates and personalization. Sited on a generous, park-like lot with * possible subdivision opportunity (buyer to verify with county concerning subdividing). Perfect for investors, visionaries, or anyone seeking historic charm and room to grow. Property is being sold as-is, inspection for information purposes only.

18. 2026-04-24
    listed $199,900 Active 402-char remark

    Show marketing remark (402 chars)

    Charming 100+-year-old home full of potential — ready for your touch of modern updates and personalization. Sited on a generous, park-like lot with * possible subdivision opportunity (buyer to verify with county concerning subdividing). Perfect for investors, visionaries, or anyone seeking historic charm and room to grow. Property is being sold as-is, inspection for information purposes only.

19. 2026-04-19
    historical $199,900 402-char remark

    Show marketing remark (402 chars)

    Charming 100+-year-old home full of potential — ready for your touch of modern updates and personalization. Sited on a generous, park-like lot with * possible subdivision opportunity (buyer to verify with county concerning subdividing). Perfect for investors, visionaries, or anyone seeking historic charm and room to grow. Property is being sold as-is, inspection for information purposes only.

ⓘ 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: $445 · $37/mo
• Projected year-2 tax: $715 · $60/mo
• Expected delta: +$271/yr (+$23/mo · 60.9%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,938
• − Mortgage interest: −$9,523
• − Property taxes: −$445
• − Insurance: −$850
• − Repairs & maintenance: −$1,835
• − Management: −$1,835
• − Depreciation: −$4,945
• Taxable income: $3,505
• Est. tax owed @ 24.0%: −$841
• After-tax cash flow: $5,287/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: Seaford School District
• NCES district ID: 1001530
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $48,427
• Composite: 28.07/100
• National rank: #6835
• State rank: #15 of 26 in DE

Livability — Blades

• Score: 67/100
• State rank: #37
• US rank: #10492

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: Blades, DE
• Population (ZIP): 25,786

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Black 20% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Dominican 2%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 5% Vietnamese 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.40%
• Current HPI: 288.5652
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-5.0% since first listed

3 events — show timeline

• 2026-05-09 Price Changed $189,900 BRIGHT MLS
• 2026-04-24 Listed $199,900 BRIGHT MLS
• 2026-04-19 Coming Soon $199,900 BRIGHT MLS

Property tax history

+13.7%/yr

Latest (2025): $445 · +220.5% YoY. Source: county tax records.