205 Aspen Cir · Middletown, DE 19709

$129,500

3 bd · 2.0 ba · 1,493 sqft · Other · 25 Days on market

Built 2026

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2026 Skyline "Apex 3900" manufactured home. Beautiful 3/2 double wide home with modern updates. Split floorplan with open layout, recessed lighting, vinyl flooring all throughout, walk-in closets in all bedrooms, ample storage, and 8 feet tall flat ceilings. . Stainless steel appliances in the kitchen, full size washer & dryer, large pantry with plenty of storage. Built to HUD standards with 2 x 6 exterior walls, thermal windows & shingle roof. 10-year warranty included! Lot rent of $933 monthly includes, snow removal, common ground maintenance, trash removal, utility infrastructure, nature & green spaces.

Key facts

• Built 2026
• Listed 25 days

Property features AI

Finance

• Other: Annual ground rent listed in income/expense
• Financial info: Monthly land lease of $933; Ground rent is charged; One year of land lease remaining
• HOA & community: Irrigation water rights

Exterior

• Parking: Driveway
• Utilities: Public water; Private sewer; Electric hot water; 100 amp electric service; Natural gas heating
• Home design: Manufactured / modular property; Construction not completed; Above-grade structure; Asphalt roof; Land lease ownership
• Construction: Manufactured construction materials; Asphalt roof; Above-grade other structures
• Exterior features: Not in a federal flood zone; Tidal water: No; Ground rent exists

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric oven/range; Stainless steel appliances
• Bedrooms: Three bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric); 100 amp electrical service
• Interior features: Excellent condition; No basement; Estimated living area
• Laundry & utility: Washer/dryer hookups only; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 3.0% in Middletown — 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 71/100 on livability (#17 in DE) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living C-, commute F.
• Appoquinimink School District (rural): math 37% / reading 52% proficiency, ranked #6 of 26 in DE (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 451 active listings in the ZIP; high-income renter base; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $895 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,557 (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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.11% ✓
• Cap rate: 19.33%
• Cash-on-cash: 46.55%
• DSCR: 3.07
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.07% rent growth · sell at horizon

5-year hold

• IRR: 41.7%
• Equity multiple: 2.75×
• Total profit: $63,335
• Equity at exit: $19,309

10-year hold

• IRR: 47.0%
• Equity multiple: 5.13×
• Total profit: $149,733
• Equity at exit: $11,197

Cash invested: $36,260 (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 19709

• Home prices YoY: -21.4%
• Rents YoY: 1.1%
• Active inventory: 451
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,737 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$22 /mo · $269/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $1,406

Break-even live

Break-even rent $956

Max offer price $129,500

Occupancy floor 44%

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-05
   listed $129,500 Active 642-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: $269 · $22/mo
• Projected year-2 tax: $510 · $42/mo
• Expected delta: +$241/yr (+$20/mo · 89.7%)

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

Taxation est. · year 1

• Rental income: $32,839
• − Mortgage interest: −$7,254
• − Property taxes: −$269
• − Insurance: −$648
• − Repairs & maintenance: −$2,627
• − Management: −$2,627
• − Depreciation: −$3,767
• Taxable income: $15,647
• Est. tax owed @ 24.0%: −$3,755
• After-tax cash flow: $13,122/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: Appoquinimink School District
• NCES district ID: 1000080
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $93,397
• Composite: 42.32/100
• National rank: #3256
• State rank: #6 of 26 in DE

Livability — Middletown

• Score: 71/100
• State rank: #17
• US rank: #6446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, DE
• County: New Castle County · 483,412 people
• City population: 53,234
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 53,234
• Household income: $132,956
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 268.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 23% Asian 7% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 5% Slovak 1% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.40%
• Current HPI: 317.1386
• Rent YoY: ▲ 1.07%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-30 Listing Removed — BRIGHT MLS
• 2026-05-05 Listed $129,500 BRIGHT MLS

Property tax history

-12.3%/yr

Latest (2024): $269 · +19.6% YoY. Source: county tax records.