133 S Main St · Smyrna, DE 19977

$549,900

5 bd · 5.0 ba · 4,518 sqft · MultiFamily public records · 44 Days on market

Built 1870 10,454 sqft lot $122/sqft · 16% above area Est $458k · 20% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Cash Cow! 5 Rented Apartment Units In Smyrna. Leases Will Survive Sale. Possible 20K Annual Income Plus Depreciation & Tax Advantages! $1800 Mo. Income For $130000 Purchase Price.

Key facts

• Lobby
• Basement
• Parking lot

Tags

• 5 UNITS
• LOBBY
• BASEMENT
• PARKING LOT
• STREET PARKING
• FRONT AND REAR ENTRANCES

Property features AI

Finance

• Financial info: Total actual rent: $58,500; Net operating income: $51,473; Operating expenses: $7,027 (includes insurance); Income primarily from apartment rentals; Existing leases are month-to-month; No rent control

Exterior

• Parking: 8 total parking spaces; 4 off-street spaces; 4 spaces in parking lot; Parking surface: crushed stone; Parking is free
• Utilities: Public water; Public sewer; Natural gas available; Cable TV available
• Home design: Semi-detached building; 4 total stories; Fee simple ownership
• Construction: Aluminum siding; Stone foundation; Above-grade and below-grade structures; Year built: estimated
• Exterior features: Lot approximately 66.5 x 157.48; Blacktop road access; Road maintained by city/county; Tidal water: none

Interior

• Bedrooms: Three 1-bedroom units; One 2-bedroom unit; One 3-bedroom unit
• Heating & cooling: Baseboard hot water heating; Cooling varies by unit (multi-unit system); Heating fuel: natural gas; Hot water: natural gas
• Interior features: No basement; Property condition is average to good

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $550k).
• Recommended offer: $533k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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.
• Zoned schools: 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: 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 $4k of loan paydown is wiped out by about $16k 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 + 3.0% rent growth), your $154k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 31y 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 $130k; list at $550k implies a 323% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $533,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1870 — 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. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 12.85%
• Cash-on-cash: 23.40%
• DSCR: 2.04
• GRM: 5.7

CMA / ARV

• ARV (median comp): $458,418
• List price: $549,900
• Delta: 19.96%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 16.4%
• Equity multiple: 1.66×
• Total profit: $101,993
• Equity at exit: $81,992

10-year hold

• IRR: 25.0%
• Equity multiple: 3.17×
• Total profit: $334,487
• Equity at exit: $47,545

Cash invested: $153,972 (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: 28.4×

Monthly cashflow live

• Estimated rent: $8,064 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$255 /mo · $3,060/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,693
• Net cashflow: $3,003

Break-even live

Break-even rent $4,263

Max offer price $549,900

Occupancy floor 58%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$8,065
Total (5 units)			$8,064

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $549,900 Active 44 DOM
2. 2026-06-18
   days on market $549,900 Active 43 DOM
3. 2026-06-17
   days on market $549,900 Active 42 DOM
4. 2026-06-16
   days on market $549,900 Active 41 DOM
5. 2026-06-15
   days on market $549,900 Active 40 DOM
6. 2026-06-14
   days on market $549,900 Active 38 DOM
7. 2026-06-13
   days on market $549,900 Active 37 DOM
8. 2026-06-10
   days on market $549,900 Active 35 DOM
9. 2026-06-09
   days on market $549,900 Active 34 DOM
10. 2026-06-08
    days on market $549,900 Active 33 DOM
11. 2026-06-07
    days on market $549,900 Active 32 DOM
12. 2026-06-05
    days on market $549,900 Active 29 DOM
13. 2026-06-02
    days on market $549,900 Active 27 DOM
14. 2026-06-01
    days on market $549,900 Active 26 DOM
15. 2026-05-31
    days on market $549,900 Active 25 DOM
16. 2026-05-30
    days on market $549,900 Active 24 DOM
17. 2026-05-15
    historical Active Under Contract 508-char remark
18. 2026-05-01
    listed $549,900 Active 508-char remark
19. 2026-03-31
    historical
20. 2025-05-09
    status Active
21. 2025-05-02
    historical Active Under Contract
22. 2025-03-05
    listed $580,000 Active
23. 1995-10-16
    soldstatus $129,900

    Show marketing remark (186 chars)

    Cash Cow! 5 Rented Apartment Units In Smyrna. Leases Will Survive Sale. Possible 20K Annual Income Plus Depreciation & Tax Advantages! $1800 Mo. Income For $130000 Purchase Price.

24. 1995-10-01
    soldstatus $125,000
25. 1995-07-13
    listed $129,900

    Show marketing remark (186 chars)

    Cash Cow! 5 Rented Apartment Units In Smyrna. Leases Will Survive Sale. Possible 20K Annual Income Plus Depreciation & Tax Advantages! $1800 Mo. Income For $130000 Purchase Price.

26. 1990-03-01
    soldstatus $99,500

ⓘ 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: $3,060 · $255/mo
• Projected year-2 tax: $3,125 · $260/mo
• Expected delta: +$65/yr (+$5/mo · 2.1%)

ⓘ 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 69% 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: $96,768
• − Mortgage interest: −$30,803
• − Property taxes: −$3,060
• − Insurance: −$2,750
• − Repairs & maintenance: −$7,741
• − Management: −$7,741
• − Depreciation: −$15,997
• Taxable income: $28,676
• Est. tax owed @ 24.0%: −$6,882
• After-tax cash flow: $29,150/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 — 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

+452.7% since first listed

11 events — show timeline

• 2026-05-20 Relisted — BRIGHT MLS
• 2026-05-15 Contingent — BRIGHT MLS
• 2026-05-01 Listed $549,900 BRIGHT MLS
• 2026-03-31 Listing Removed — BRIGHT MLS
• 2025-05-09 Relisted — BRIGHT MLS
• 2025-05-02 Contingent — BRIGHT MLS
• 2025-03-05 Listed $580,000 BRIGHT MLS
• 1995-10-16 Sold (MLS) $129,900 BRIGHT MLS
• 1995-10-01 Sold (Public Records) $125,000 Public Records
• 1995-07-13 Listed $129,900 BRIGHT MLS
• 1990-03-01 Sold (Public Records) $99,500 Public Records

Property tax history

+9.9%/yr

Latest (2025): $3,060 · -0.6% YoY. Source: county tax records.