118 W Milby St · Harrington, DE 19952

$220,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 24 Days on market

Built 1930 9,148 sqft lot Est $193k · 14% over

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Why this score? — see what drove the F 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 +9.7/30.0
• Appreciation +4.0/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• ARV discount +1.1/15.0

Listing remarks MLS

Mr-6657 Two Bedroom Cape, Would Be Great For First Time Starter Home.

Key facts

• 9,148 sq ft lot
• Built 1930
• Listed 23 days

Property features AI

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached property; Built year reported by assessor
• Construction: Block foundation; Above-grade and below-grade structures noted
• Exterior features: Lot dimensions approximately 50 x 182.5; Ground rent paid annually; No tidal water

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central heating; Electric baseboard heating; Central air conditioning; Electric hot water
• Interior features: No basement; Finished above-grade living area reported by assessor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (32.9% below list).
• Recommended offer: $148k (32.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.9% in Harrington — 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 73/100 on livability (#9 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.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Forest High School (math 27% / reading 47%, grade F, #16 of 40 statewide, top 38%, 870 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 72 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 (-2.1%/yr); year-one equity from $2k 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 24 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 29y 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.
• Current owner paid $16k; list at $220k implies a 1275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $147,534 (32.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1930 — 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. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.67% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.85%
• DSCR: 0.87
• GRM: 12.4

CMA / ARV

• ARV (on-the-fly): $192,576
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 Calvin St	0.59mi	2/1.0	812 (-0%)	15mo	$245,000	$302	59
141 W Mispillion St	0.15mi	2/1.0	900 (+10%)	22mo	$212,000	$236	57
101 East St	0.48mi	2/1.5	881 (+8%)	10mo	$140,000	$159	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.41×
• Total profit: $-36,394
• Equity at exit: $42,035

10-year hold

• IRR: -7.9%
• Equity multiple: 0.41×
• Total profit: $-36,406
• Equity at exit: $35,264

Cash invested: $61,600 (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 19952

• Home prices YoY: -0.8%
• Active inventory: 72
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,475 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$66 /mo · $797/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-146

Break-even live

Break-even rent $1,661

Max offer price $194,159

Occupancy floor —

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $220,000 Active 24 DOM
2. 2026-06-18
   days on market $220,000 Active 23 DOM
3. 2026-06-17
   days on market $220,000 Active 22 DOM
4. 2026-06-16
   days on market $220,000 Active 21 DOM
5. 2026-06-15
   remarks 428-char remark
6. 2026-06-15
   days on market $220,000 Active 20 DOM
7. 2026-06-14
   days on market $220,000 Active 18 DOM
8. 2026-06-13
   days on market $220,000 Active 17 DOM
9. 2026-06-10
   days on market $220,000 Active 15 DOM
10. 2026-06-09
    days on market $220,000 Active 14 DOM
11. 2026-06-08
    days on market $220,000 Active 13 DOM
12. 2026-06-07
    days on market $220,000 Active 12 DOM
13. 2026-06-05
    days on market $220,000 Active 9 DOM
14. 2026-06-03
    days on market $220,000 Active 8 DOM
15. 2026-06-02
    days on market $220,000 Active 7 DOM
16. 2026-06-01
    days on market $220,000 Active 6 DOM
17. 2026-05-31
    days on market $220,000 Active 5 DOM
18. 2026-05-30
    days on market $220,000 Active 4 DOM
19. 2026-05-26
    listed $220,000 Active
20. 1999-10-25
    soldstatus $16,000
21. 1999-10-07
    soldstatus $16,000 70-char remark

    Show marketing remark (70 chars)

    Mr-6657 Two Bedroom Cape, Would Be Great For First Time Starter Home.

22. 1999-09-21
    historical 70-char remark

    Show marketing remark (70 chars)

    Mr-6657 Two Bedroom Cape, Would Be Great For First Time Starter Home.

23. 1997-12-10
    listed $16,000 70-char remark

    Show marketing remark (70 chars)

    Mr-6657 Two Bedroom Cape, Would Be Great For First Time Starter Home.

ⓘ 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: $797 · $66/mo
• Projected year-2 tax: $1,037 · $86/mo
• Expected delta: +$239/yr (+$20/mo · 30.0%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $17,704
• − Mortgage interest: −$12,323
• − Property taxes: −$797
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − Depreciation: −$6,400
• Taxable loss: −$5,749
• Est. tax savings @ 24.0%: +$1,380
• After-tax cash flow: $-376/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: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

Livability — Harrington

• Score: 73/100
• State rank: #9
• US rank: #5270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrington, DE
• Population (ZIP): 10,730

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 (84%)
• Race & ethnicity: White 84% Black 8% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 2% Romanian 1% Portuguese 1%
• Foreign-born: 3% · Canada, Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 4% Vietnamese 1% 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: ▼ -2.07%
• Current HPI: 268.56
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1275.0% since first listed

5 events — show timeline

• 2026-05-26 Listed $220,000 BRIGHT MLS
• 1999-10-25 Sold (Public Records) $16,000 Public Records
• 1999-10-07 Sold (MLS) $16,000 BRIGHT MLS
• 1999-09-21 Listing Removed — BRIGHT MLS
• 1997-12-10 Listed $16,000 BRIGHT MLS

Property tax history

+8.7%/yr

Latest (2025): $797 · +0.4% YoY. Source: county tax records.