1117 Lorenzo Ln #270 · Smyrna, DE 19977

$170,000

3 bd · 2.0 ba · 1,529 sqft · SingleFamily · 21 Days on market

Built 2018 Good condition

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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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1117 Lorenzo Ave — a beautifully maintained 3-bedroom, 2 full bath home built in 2018, located in the highly desirable 55+ community of Bon Ayre. Offering approximately 1,529 square feet of thoughtfully designed living space, this home features a spacious and functional open layout with multiple living areas—a rare and highly desirable feature. As you step inside, you’re greeted by a bright front living room filled with natural light. Just beyond, the home opens up to a second living space/family room that flows seamlessly into the kitchen and dining area—perfect for entertaining or everyday comfort. The kitchen is a true centerpiece, featuring espresso ca

Key facts

• 2 parking spots
• Community pool
• Built 2018

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $426 ($5k/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: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 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

• It's been on market 21 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Recommended offer $167,450 (1.5% below list)

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: 1.19% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.74%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $344,025
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 Lorenzo Ln #267	0.02mi	3/2.0	1,516 (-1%)	3mo	$165,000	$109	95
1125 Lorenzo Ln #274	0.02mi	3/2.0	1,481 (-3%)	6mo	$160,000	$108	89
926 Appleberry Dr	0.15mi	2/2.0 (-1)	1,552 (+2%)	2mo	$154,900	$100	84
74 Liborio Ln	0.29mi	3/2.5	1,488 (-3%)	2mo	$335,000	$225	78
38 Liborio Ln	0.30mi	3/2.5	1,488 (-3%)	5mo	$360,000	$242	75
46 Liborio Ln	0.29mi	3/2.5	1,434 (-6%)	2mo	$355,000	$248	72
2 Liborio Ln	0.23mi	3/2.0	1,382 (-10%)	4mo	$350,888	$254	70
9 Ramunno Dr	0.37mi	3/2.5	1,656 (+8%)	1mo	$330,000	$199	66
58 Vincent Ct	0.16mi	3/2.0	1,326 (-13%)	6mo	$365,000	$275	65
63 Raphael Rd	0.45mi	3/3.5	1,604 (+5%)	6mo	$352,000	$219	59
125 E Clarendon Dr	0.64mi	2/2.0 (-1)	1,466 (-4%)	3mo	$337,500	$230	56
43 Hedgerow Hollow Rd #43	0.61mi	3/2.0	1,404 (-8%)	7mo	$115,000	$82	52

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-384
• Equity at exit: $25,348

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $34,728
• 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 19977

• Home prices YoY: -29.1%
• Active inventory: 220
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,026 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $426

Break-even live

Break-even rent $1,487

Max offer price $170,000

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

Listing history 3 events

1. 2026-04-15
   status Pending
2. 2026-03-26
   listed $170,000 Active
3. 2026-03-25
   historical $170,000

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

Taxation est. · year 1

• Rental income: $24,317
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,945
• − Management: −$1,945
• − Depreciation: −$4,945
• Taxable income: $2,558
• Est. tax owed @ 24.0%: −$614
• After-tax cash flow: $4,498/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.

Condition & rehab AI · 13 photos

Good 80/100 None rehab

This 2018-built home in a 55+ community is in good condition with modern updates and a good layout. It's move-in ready with minor maintenance needed.

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Resale trim around windows — improves home's appearance
• Both landscape front yard — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Resale trim around windows — improves home's appearance ↑
• Both landscape front yard — enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

3 events — show timeline

• 2026-04-15 Pending — BRIGHT MLS
• 2026-03-26 Listed $170,000 BRIGHT MLS
• 2026-03-25 Coming Soon $170,000 BRIGHT MLS