181 Front St · Leipsic, DE 19901

$139,000

3 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 233 Days on market

Built 1800 6,316 sqft lot $109/sqft · 55% below area

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Why this score? — see what drove the B- 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 +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming bargain in the historic crabbing and fishing village of Leipsic, just off scenic Route 9. Perfect for nature lovers and outdoor enthusiasts, this cozy home offers small-town living surrounded by wildlife and waterways. Located on a corner lot in the heart of town, it features a new well casing, submerged pump, and a handicap-accessible ramp. Enjoy the peaceful, coastal lifestyle Leipsic is known for! Seller Is licensed real estate agent.

Key facts

• Submerged pump
• New well casing
• Coastal lifestyle

Tags

• CORNER LOT
• NEW WELL CASING
• SUBMERGED PUMP
• HANDICAP-ACCESSIBLE RAMP
• COASTAL LIFESTYLE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#65 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: schools F, crime F, amenities F.
• Capital School District (urban): math 14% / reading 31% proficiency, ranked #24 of 26 in DE (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.0%/yr); 184 active listings in the ZIP; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 37% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 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 233 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $139k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% 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 $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1800 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• GRM: 5.6

CMA / ARV

• ARV (median comp): $299,372
• List price: $139,000
• Delta: -53.57%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
273 Main St	0.20mi	3/2.0	1,254 (-2%)	14mo	$310,000	$247	72
258 Main St	0.21mi	3/2.0	1,316 (+3%)	13mo	$285,000	$217	70
68 West St	0.08mi	2/1.0 (-1)	1,178 (-8%)	23mo	$249,500	$212	58

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 · 2.03% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-6,872
• Equity at exit: $20,725

10-year hold

• IRR: 3.5%
• Equity multiple: 1.24×
• Total profit: $9,487
• Equity at exit: $12,018

Cash invested: $38,920 (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 19901

• Rents YoY: 2.0%
• Active inventory: 184
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,054 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$137 /mo · $1,642/yr
• Insurance: −$58
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $273

Break-even live

Break-even rent $1,709

Max offer price $139,000

Occupancy floor 82%

Sensitivity live

Price	-10% $351	-5% $312	+0% $273	+5% $233	+10% $194
Rent	-10% $110	-5% $192	+0% $273	+5% $354	+10% $435
Rate	-1.0pp $343	-0.5pp $308	base $273	+0.5pp $237	+1.0pp $200

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $139,000 Active 233 DOM
2. 2026-06-18
   days on market $139,000 Active 232 DOM
3. 2026-06-17
   days on market $139,000 Active 231 DOM
4. 2026-06-16
   days on market $139,000 Active 230 DOM
5. 2026-06-15
   days on market $139,000 Active 229 DOM
6. 2026-06-14
   days on market $139,000 Active 227 DOM
7. 2026-06-13
   days on market $139,000 Active 226 DOM
8. 2026-06-10
   days on market $139,000 Active 224 DOM
9. 2026-06-09
   days on market $139,000 Active 223 DOM
10. 2026-06-08
    days on market $139,000 Active 222 DOM
11. 2026-06-07
    days on market $139,000 Active 221 DOM
12. 2026-06-02
    days on market $139,000 Active 216 DOM
13. 2026-06-01
    days on market $139,000 Active 215 DOM
14. 2026-05-31
    days on market $139,000 Active 214 DOM
15. 2026-05-30
    days on market $139,000 Active 213 DOM
16. 2026-03-24
    price $139,000 464-char remark

    Show marketing remark (464 chars)

    Discover this charming bargain in the historic crabbing and fishing village of Leipsic, just off scenic Route 9. Perfect for nature lovers and outdoor enthusiasts, this cozy home offers small-town living surrounded by wildlife and waterways. Located on a corner lot in the heart of town, it features a new well casing, submerged pump, and a handicap-accessible ramp. Enjoy the peaceful, coastal lifestyle Leipsic is known for! Seller Is licensed real estate agent.

17. 2026-01-28
    price $149,000 464-char remark

    Show marketing remark (464 chars)

    Discover this charming bargain in the historic crabbing and fishing village of Leipsic, just off scenic Route 9. Perfect for nature lovers and outdoor enthusiasts, this cozy home offers small-town living surrounded by wildlife and waterways. Located on a corner lot in the heart of town, it features a new well casing, submerged pump, and a handicap-accessible ramp. Enjoy the peaceful, coastal lifestyle Leipsic is known for! Seller Is licensed real estate agent.

18. 2025-10-29
    listed $169,000 Active 464-char remark

    Show marketing remark (464 chars)

    Discover this charming bargain in the historic crabbing and fishing village of Leipsic, just off scenic Route 9. Perfect for nature lovers and outdoor enthusiasts, this cozy home offers small-town living surrounded by wildlife and waterways. Located on a corner lot in the heart of town, it features a new well casing, submerged pump, and a handicap-accessible ramp. Enjoy the peaceful, coastal lifestyle Leipsic is known for! Seller Is licensed real estate agent.

19. 2024-06-24
    historical
20. 2022-04-01
    listed $189,000 Active
21. 2020-12-31
    historical
22. 2020-02-27
    listed $159,000 Active
23. 2015-10-16
    soldstatus $60,000

ⓘ 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: $1,642 · $137/mo
• Projected year-2 tax: $1,642 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $24,652
• − Mortgage interest: −$7,786
• − Property taxes: −$1,642
• − Insurance: −$5,814
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − Depreciation: −$4,044
• Taxable income: $1,422
• Est. tax owed @ 24.0%: −$341
• After-tax cash flow: $2,931/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: Capital School District
• NCES district ID: 1000190
• Math proficiency: 14% ▼ -17.00%
• Reading proficiency: 31% ▼ -12.00%
• Median HH income: $48,499
• Composite: 19.78/100
• National rank: #8703
• State rank: #24 of 26 in DE

Livability — Leipsic

• Score: 61/100
• State rank: #65
• US rank: #18106

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leipsic, DE
• County: Kent County · 82,184 people
• Metro: Dover, DE
• Population (ZIP): 37,763
• Household income: $66,388
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1320.0

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 0.68)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Romanian 2% Hispanic 1% Lithuanian 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -113.29%
• Current HPI: 199.5132
• Rent YoY: ▲ 2.03%
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

+131.7% since first listed

8 events — show timeline

• 2026-03-24 Price Changed $139,000 BRIGHT MLS
• 2026-01-28 Price Changed $149,000 BRIGHT MLS
• 2025-10-29 Listed $169,000 BRIGHT MLS
• 2024-06-24 Listing Removed — BRIGHT MLS
• 2022-04-01 Listed $189,000 BRIGHT MLS
• 2020-12-31 Listing Removed — BRIGHT MLS
• 2020-02-27 Listed $159,000 BRIGHT MLS
• 2015-10-16 Sold (Public Records) $60,000 Public Records

Property tax history

+12.9%/yr

Latest (2025): $1,642 · +6.4% YoY. Source: county tax records.