6 Dover Cir · Clayton, DE 19938

$145,900

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 60 Days on market

Built 2026 4,791 sqft lot $100/sqft · 11% above area Est $141k · 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 +22.1/30.0
• DSCR +7.1/10.0
• ARV discount +6.0/15.0
• 1% rule +5.8/10.0
• Livability +3.6/5.0
• 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

Welcome to this brand new home in the peaceful community of Clayton Court—move-in ready and waiting for you! Nestled in a quiet cul-de-sac, this 3-bedroom, 2-bath home offers the perfect blend of comfort, style, and convenience. Step inside to find a bright, open layout featuring drywall throughout, durable luxury vinyl flooring, and recessed lighting that adds a modern touch. The kitchen comes fully equipped with stainless steel appliances, including a gas range—perfect for everyday living and entertaining. You’ll also appreciate the efficiency of gas heat and the added durability of architectural shingles. Located just minutes from the local high school and everyday essentials, Clayton Court provides a serene setting without sacrificing convenience. Monthly lot rent is $614 and includes snow removal, plus enjoy a $30/month discount when you pay on time. Don’t miss your chance to own a beautiful, low-maintenance new home in a great location—schedule your tour today!

Key facts

• Quiet cul-de-sac
• Open layout
• Recessed lighting

Tags

• BRAND NEW HOME
• QUIET CUL-DE-SAC
• OPEN LAYOUT
• DURABLE LUXURY VINYL FLOORING
• RECESSED LIGHTING
• FULLY EQUIPPED KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $146k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $142k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 1.9% in Clayton — 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 72/100 on livability (#11 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Clayton Elementary School (math 27% / reading 37%, grade F, #44 of 105 statewide, top 46%, 475 students, 0% FRL); Smyrna Middle School (math 18% / reading 41%, grade F, #16 of 36 statewide, top 43%, 1,027 students, 0% FRL); Smyrna High School (math 21% / reading 45%, grade F, #22 of 40 statewide, top 56%, 1,807 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 31 active listings in the ZIP; 1 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 $4k 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

• It's been on market 60 days — a 3% lower offer ($142k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 63% 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 $141,523 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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: 1.08% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.93%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $141,190
• List price: $145,900
• Delta: 3.34%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-8,589
• Equity at exit: $21,754

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $11,969
• Equity at exit: $12,615

Cash invested: $40,852 (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 19938

• Home prices YoY: -26.8%
• Active inventory: 31
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,575 medium
• Mortgage (P&I): −$765
• Tax est. 1.5%: −$182 /mo · $2,188/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $236

Break-even live

Break-even rent $1,276

Max offer price $145,900

Occupancy floor 80%

Sensitivity live

Price	-10% $337	-5% $286	+0% $236	+5% $186	+10% $135
Rent	-10% $112	-5% $174	+0% $236	+5% $298	+10% $360
Rate	-1.0pp $309	-0.5pp $273	base $236	+0.5pp $198	+1.0pp $160

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Rehoboth Cir Clayton, DE	2.0	2.0	1056	$1,575	$1.49	23d	1	0.12mi

Listing history 9 events

1. 2026-06-09
   status $145,900 Pending 60 DOM
2. 2026-06-08
   days on market $145,900 Active 60 DOM
3. 2026-06-07
   days on market $145,900 Active 59 DOM
4. 2026-06-05
   days on market $145,900 Active 56 DOM
5. 2026-06-02
   days on market $145,900 Active 54 DOM
6. 2026-06-01
   days on market $145,900 Active 53 DOM
7. 2026-05-31
   days on market $145,900 Active 52 DOM
8. 2026-05-30
   days on market $145,900 Active 51 DOM
9. 2026-04-09
   listed $145,900 Active 1011-char remark

   Show marketing remark (1011 chars)

   Welcome to this brand new home in the peaceful community of Clayton Court—move-in ready and waiting for you! Nestled in a quiet cul-de-sac, this 3-bedroom, 2-bath home offers the perfect blend of comfort, style, and convenience. Step inside to find a bright, open layout featuring drywall throughout, durable luxury vinyl flooring, and recessed lighting that adds a modern touch. The kitchen comes fully equipped with stainless steel appliances, including a gas range—perfect for everyday living and entertaining. You’ll also appreciate the efficiency of gas heat and the added durability of architectural shingles. Located just minutes from the local high school and everyday essentials, Clayton Court provides a serene setting without sacrificing convenience. Monthly lot rent is $614 and includes snow removal, plus enjoy a $30/month discount when you pay on time. Don’t miss your chance to own a beautiful, low-maintenance new home in a great location—schedule your tour today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 63% 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: $18,900
• − Mortgage interest: −$8,173
• − Property taxes: −$2,188
• − Insurance: −$730
• − Repairs & maintenance: −$1,512
• − Management: −$1,512
• − Depreciation: −$4,244
• Taxable income: $541
• Est. tax owed @ 24.0%: −$130
• After-tax cash flow: $2,702/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 — Clayton

• Score: 72/100
• State rank: #11
• US rank: #5758

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clayton, DE
• Population (ZIP): 9,867

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: Predominantly White (71%)
• Race & ethnicity: White 71% Black 21% Hispanic / Latino 5% Two or more races 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Subsaharan African 1%
• Foreign-born: 5% · Canada, Vietnam, South Korea
• Languages at home: 92% English-only · Spanish 3% Korean 1% Vietnamese 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: ▼ -70.09%
• Current HPI: 191.9556
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-09 Listed $145,900 BRIGHT MLS

Property tax history

+8.2%/yr

Latest (2025): $215 · +3817.1% YoY. Source: county tax records.