234 Fire Box Dr · Felton, DE 19943

$299,900

3 bd · 2.5 ba · 1,968 sqft · SingleFamily public records · 63 Days on market

Built 2004 0.26 ac lot $152/sqft · 17% below area Est $361k · 17% under $22/mo HOA · 1% of rent ↓ 9% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.1/30.0
• DSCR +4.3/10.0
• Livability +3.6/5.0
• 1% rule +3.0/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investors Alert! This 4 bed 2.5 bath contemporary style home is ready to be completed with your personal finishing touches. The property is being sold in "as is" condition.

Key facts

• 0.26 acre lot
• 2 garage spots
• Built 2004

Property features AI

Finance

• HOA & community: HOA fee $267 annually

Exterior

• Parking: Attached front-entry garage with 2 garage spaces
• Utilities: Public water; Public septic; Natural gas hot water; Natural gas heating
• Home design: Detached single-family home; Vinyl siding exterior
• Construction: Built year reported by assessor; Crawl space foundation
• Exterior features: Lot dimensions approximately 95.69 x 131.91; Not in a federal flood zone; Tidal water: none

Interior

• Bedrooms: Four bedrooms on the upper level
• Bathrooms: Two full bathrooms on upper level; One half bathroom on main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No basement; Finished living area reported by assessor

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $42 ($502/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (20.0% below list).
• Recommended offer: $240k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.3% in Felton — 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 (#18 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: 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 North Elementary School (math 37% / reading 47%, grade F, #21 of 105 statewide, top 21%, 452 students, 0% FRL); Chipman (W.T.) Middle School (math 24% / reading 45%, grade F, #12 of 36 statewide, top 34%, 965 students, 0% FRL); 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: 136 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 $2k of loan paydown is wiped out by about $9k 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 63 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% 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 $240,000 (20.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.80% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.60%
• DSCR: 1.03
• GRM: 10.4

CMA / ARV

• ARV (median comp): $360,572
• List price: $299,900
• Delta: -16.83%
• 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
107 Albert Pl	0.21mi	4/2.5 (+1)	2,078 (+6%)	5mo	$397,000	$191	72
261 Andrews Lake Rd	0.08mi	3/2.0	1,674 (-15%)	1mo	$255,000	$152	69
158 N Ember Dr	0.20mi	3/2.0	1,827 (-7%)	13mo	$370,000	$203	66
125 E Chimney Top Ln	0.11mi	4/2.5 (+1)	2,184 (+11%)	8mo	$380,400	$174	65
114 Acorn Forest Dr	0.62mi	3/2.5	1,932 (-2%)	8mo	$405,000	$210	61
480 Andrews Lake Rd	0.18mi	4/3.0 (+1)	2,128 (+8%)	13mo	$352,500	$166	60
573 N Erin Ave	0.67mi	4/2.5 (+1)	1,944 (-1%)	9mo	$395,000	$203	54
163 Mayflower Dr	0.69mi	3/2.5	2,121 (+8%)	1mo	$395,000	$186	54
248 S Ember Dr	0.28mi	4/2.5 (+1)	2,183 (+11%)	12mo	$375,000	$172	54
62 Winery Way	0.51mi	4/3.0 (+1)	2,218 (+13%)	1mo	$464,900	$210	47
89 New England Dr	0.69mi	4/2.0 (+1)	1,698 (-14%)	18mo	$397,990	$234	23
178 Plantation Dr	0.70mi	4/2.0 (+1)	1,698 (-14%)	18mo	$394,990	$233	22

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: -15.4%
• Equity multiple: 0.45×
• Total profit: $-46,032
• Equity at exit: $44,716

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-37,053
• Equity at exit: $25,930

Cash invested: $83,972 (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 19943

• Home prices YoY: -14.3%
• Active inventory: 136
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,400 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$135 /mo · $1,614/yr
• Insurance: −$125
• HOA: −$22
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $42

Break-even live

Break-even rent $2,347

Max offer price $299,900

Occupancy floor 93%

Sensitivity live

Price	-10% $212	-5% $127	+0% $42	+5% $-43	+10% $-128
Rent	-10% $-148	-5% $-53	+0% $42	+5% $137	+10% $231
Rate	-1.0pp $193	-0.5pp $118	base $42	+0.5pp $-36	+1.0pp $-115

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 E Chimney Top Ln Felton, DE	3.0	2.5	1586	$2,400	$1.51	45d	1	0.17mi

HOA detail

• Monthly dues: $22 · $264/yr

Listing history 20 events

1. 2026-06-21
   days on market $299,900 Active 63 DOM
2. 2026-06-19
   days on market $299,900 Active 61 DOM
3. 2026-06-18
   days on market $299,900 Active 60 DOM
4. 2026-06-17
   days on market $299,900 Active 59 DOM
5. 2026-06-16
   days on market $299,900 Active 58 DOM
6. 2026-06-15
   days on market $299,900 Active 57 DOM
7. 2026-06-14
   days on market $299,900 Active 55 DOM
8. 2026-06-13
   days on market $299,900 Active 54 DOM
9. 2026-06-10
   days on market $299,900 Active 52 DOM
10. 2026-06-09
    days on market $299,900 Active 51 DOM
11. 2026-06-08
    days on market $299,900 Active 50 DOM
12. 2026-06-07
    days on market $299,900 Active 49 DOM
13. 2026-06-05
    days on market $299,900 Active 46 DOM
14. 2026-06-03
    days on market $299,900 Active 45 DOM
15. 2026-06-02
    days on market $299,900 Active 44 DOM
16. 2026-06-01
    days on market $299,900 Active 43 DOM
17. 2026-05-31
    days on market $299,900 Active 42 DOM
18. 2026-05-30
    days on market $299,900 Active 41 DOM
19. 2026-05-14
    price $299,900 183-char remark
20. 2026-04-19
    listed $330,000 Active 183-char remark

ⓘ 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: $1,614 · $135/mo
• Projected year-2 tax: $1,677 · $140/mo
• Expected delta: +$63/yr (+$5/mo · 3.9%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,800
• − Mortgage interest: −$16,799
• − Property taxes: −$1,614
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − HOA: −$264
• − Depreciation: −$8,724
• Taxable loss: −$4,709
• Est. tax savings @ 24.0%: +$1,130
• After-tax cash flow: $1,632/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 — Felton

• Score: 72/100
• State rank: #18
• US rank: #6154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,167

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 (73%)
• Race & ethnicity: White 73% Black 18% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Scotch-Irish 2% Portuguese 2% Romanian 2%
• Foreign-born: 3% · Canada, China, Jamaica
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -35.03%
• Current HPI: 209.4766
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-9.1% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $299,900 BRIGHT MLS
• 2026-04-19 Listed $330,000 BRIGHT MLS

Property tax history

+2.9%/yr

Latest (2025): $1,614 · +2.2% YoY. Source: county tax records.