238 S Governors Blvd · Kent Acres, DE 19901

$175,000

3 bd · 1.0 ba · 944 sqft · SingleFamily public records · 211 Days on market

Built 1954 8,233 sqft lot $185/sqft · 15% below area Est $205k · 15% under

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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 +24.7/30.0
• ARV discount +14.1/15.0
• DSCR +8.0/10.0
• 1% rule +5.5/10.0
• Livability +3.3/5.0
• 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

Great opportunity to add your own equity. Priced to sell this home needs a little work but has some great bones. New siding and roof in past 2 years. Great location backing to woods. See it soon.

Key facts

• New siding
• Backing to woods
• New roof

Tags

• NEW SIDING
• NEW ROOF
• BACKING TO WOODS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#41 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety B; Watch: schools F, amenities F, commute 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 33% 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 $1k 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 211 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $175k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.05% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 7.9

CMA / ARV

• ARV (median comp): $205,282
• List price: $175,000
• Delta: -14.75%
• 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
2 Congress Pl	0.05mi	3/1.0	944 (0%)	0mo	$238,000	$252	97
223 President	0.09mi	3/1.0	944 (0%)	6mo	$200,000	$212	91
1 Congress Pl	0.07mi	3/1.0	944 (0%)	8mo	$240,000	$254	90
230 President Dr	0.06mi	3/1.0	944 (0%)	13mo	$210,000	$222	87
153 President Dr	0.23mi	3/1.0	944 (0%)	6mo	$222,000	$235	84
126 President Dr	0.32mi	3/1.0	944 (0%)	10mo	$217,000	$230	77
115 President Dr	0.35mi	3/1.0	950 (+1%)	10mo	$219,900	$231	74
121 S Governors Blvd	0.34mi	3/1.0	1,082 (+15%)	7mo	$152,500	$141	54
151 Roosevelt Ave Unit D5	0.54mi	2/1.0 (-1)	980 (+4%)	17mo	$65,500	$67	49
1131 S Bay Rd #84	0.65mi	2/1.0 (-1)	1,050 (+11%)	11mo	$25,000	$24	36
200 Beechwood Ave #214	0.74mi	3/2.0	1,064 (+13%)	13mo	$60,000	$56	30
200 Beechwood Ave #61	0.74mi	3/2.0	1,064 (+13%)	13mo	$59,000	$55	29

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-6,986
• Equity at exit: $26,093

10-year hold

• IRR: 4.8%
• Equity multiple: 1.34×
• Total profit: $16,448
• Equity at exit: $15,131

Cash invested: $49,000 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,835 high
• Mortgage (P&I): −$918
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $364

Break-even live

Break-even rent $1,374

Max offer price $175,000

Occupancy floor 75%

Sensitivity live

Price	-10% $463	-5% $414	+0% $364	+5% $315	+10% $265
Rent	-10% $219	-5% $292	+0% $364	+5% $437	+10% $509
Rate	-1.0pp $452	-0.5pp $409	base $364	+0.5pp $319	+1.0pp $273

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Generals Way Dover, DE	2.0	1.0	660	$1,499	$2.27	44d	1	1.04mi
814 New Castle Ave Dover, DE	3.0	1.0	950	$1,650	$1.74	44d	1	1.04mi
480 Country Dr Dover, DE	3.0	1.0–2.0	715	$1,875	$2.62	44d	22	1.24mi
4 Carolee Dr Dover, DE	3.0	1.0	1008	$2,100	$2.08	44d	1	1.38mi
51 Webbs Ln Dover, DE	2.0	1.0–1.5	787	$1,525	$1.94	44d	11	1.45mi

Listing history 21 events

1. 2026-06-19
   days on market $175,000 Active 211 DOM
2. 2026-06-18
   days on market $175,000 Active 210 DOM
3. 2026-06-17
   days on market $175,000 Active 209 DOM
4. 2026-06-16
   days on market $175,000 Active 208 DOM
5. 2026-06-15
   days on market $175,000 Active 207 DOM
6. 2026-06-14
   days on market $175,000 Active 205 DOM
7. 2026-06-13
   days on market $175,000 Active 204 DOM
8. 2026-06-10
   days on market $175,000 Active 202 DOM
9. 2026-06-09
   days on market $175,000 Active 201 DOM
10. 2026-06-08
    days on market $175,000 Active 200 DOM
11. 2026-06-07
    days on market $175,000 Active 199 DOM
12. 2026-06-02
    days on market $175,000 Active 194 DOM
13. 2026-06-01
    days on market $175,000 Active 193 DOM
14. 2026-05-31
    days on market $175,000 Active 192 DOM
15. 2026-05-30
    days on market $175,000 Active 191 DOM
16. 2026-04-28
    price $175,000 195-char remark

    Show marketing remark (195 chars)

    Great opportunity to add your own equity. Priced to sell this home needs a little work but has some great bones. New siding and roof in past 2 years. Great location backing to woods. See it soon.

17. 2025-12-11
    price $188,000 195-char remark

    Show marketing remark (195 chars)

    Great opportunity to add your own equity. Priced to sell this home needs a little work but has some great bones. New siding and roof in past 2 years. Great location backing to woods. See it soon.

18. 2025-11-20
    listed $189,000 Active 195-char remark

    Show marketing remark (195 chars)

    Great opportunity to add your own equity. Priced to sell this home needs a little work but has some great bones. New siding and roof in past 2 years. Great location backing to woods. See it soon.

19. 2023-09-01
    soldstatus $77,000 Closed
20. 2023-08-02
    listed Active Under Contract
21. 2023-08-02
    listed $92,000

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $1,139 · $95/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $22,021
• − Mortgage interest: −$9,803
• − Property taxes: −$1,139
• − Insurance: −$875
• − Repairs & maintenance: −$1,762
• − Management: −$1,762
• − Depreciation: −$5,091
• Taxable income: $1,590
• Est. tax owed @ 24.0%: −$382
• After-tax cash flow: $3,988/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 — Kent Acres

• Score: 66/100
• State rank: #41
• US rank: #11466

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• 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

+90.2% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $175,000 BRIGHT MLS
• 2025-12-11 Price Changed $188,000 BRIGHT MLS
• 2025-11-20 Listed $189,000 BRIGHT MLS
• 2023-09-01 Sold (MLS) $77,000 BRIGHT MLS
• 2023-08-02 Listed — BRIGHT MLS
• 2023-08-02 Listed $92,000 BRIGHT MLS

Property tax history

+7.3%/yr

Latest (2025): $1,139 · +5.1% YoY. Source: county tax records.