945 Lansdowne Rd · Middletown, DE 19709

$269,900

3 bd · 2.5 ba · 1,650 sqft · Townhouse public records · 252 Days on market

Built 2010 2,614 sqft lot $164/sqft · 30% below area Est $388k · 30% 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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• 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 MLS

"Investers Alert" - This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Buyer has approved plan for extension details can be provided upon request. This home is ready for whole renovation , buyer can design and upgrade according to their desire. Property contains a direct access garage, enjoy outdoor gatherings on the beautifully landscaped lot with a private backyard—perfect for summer barbecues or peaceful evenings. Located minutes from Route 1, shopping centers, restaurants, and parks, this home combines suburban tranquility with convenient access to everything Middletown has to offer. Seller will accept higher and best offer (if acceptable to seller) as this conditions CASH offers only, no inspections or contigency. Don’t miss this chance to invest in one of Delaware’s most desirable markets!

Key facts

• Private backyard
• Direct access garage
• Garage

Tags

• DIRECT ACCESS GARAGE
• PRIVATE BACKYARD
• BEAUTIFULLY LANDSCAPED LOT

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $270k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask is 23% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $230k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.02% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 8.2

CMA / ARV

• ARV (median comp): $387,710
• List price: $269,900
• Delta: -30.39%
• 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
417 Wilmore Dr	0.11mi	3/2.5	1,650 (0%)	0mo	$358,000	$217	95
919 Lansdowne Rd	0.07mi	3/2.5	1,675 (+2%)	6mo	$360,000	$215	89
367 Wilmore Dr	0.16mi	3/2.5	1,650 (0%)	5mo	$305,000	$185	88
304 Norwalk Way	0.27mi	3/2.5	1,650 (0%)	0mo	$345,000	$209	87
128 Springfield Cir	0.24mi	3/2.5	1,650 (0%)	3mo	$349,900	$212	86
255 Wilmore Dr	0.06mi	3/2.5	1,700 (+3%)	8mo	$368,000	$216	86
160 Gillespie Ave	0.18mi	3/2.5	1,650 (0%)	7mo	$360,000	$218	85
261 Wilmore Dr	0.05mi	3/2.5	1,800 (+9%)	1mo	$370,000	$206	82
342 Wilmore Dr	0.11mi	3/2.5	1,750 (+6%)	7mo	$350,000	$200	79
370 Mingo Way	0.25mi	3/3.0	1,751 (+6%)	4mo	$395,500	$226	73
421 Sitka Spruce Ln	0.37mi	3/2.5	1,475 (-11%)	4mo	$363,000	$246	62
189 Gillespie Ave	0.19mi	2/2.5 (-1)	1,850 (+12%)	5mo	$325,000	$176	62

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 · 1.07% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-22,327
• Equity at exit: $40,243

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-5,872
• Equity at exit: $23,336

Cash invested: $75,572 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,746 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$223 /mo · $2,674/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $419

Break-even live

Break-even rent $2,216

Max offer price $269,900

Occupancy floor 80%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
295 Mingo Way Townsend, DE	3.0	2.5	1475	$2,500	$1.69	5d	1	0.29mi

Listing history 23 events

1. 2026-06-18
   days on market $269,900 Active 252 DOM
2. 2026-06-17
   days on market $269,900 Active 251 DOM
3. 2026-06-16
   days on market $269,900 Active 250 DOM
4. 2026-06-15
   days on market $269,900 Active 249 DOM
5. 2026-06-13
   days on market $269,900 Active 247 DOM
6. 2026-06-09
   days on market $269,900 Active 243 DOM
7. 2026-06-08
   days on market $269,900 Active 242 DOM
8. 2026-06-07
   days on market $269,900 Active 241 DOM
9. 2026-06-04
   days on market $269,900 Active 238 DOM
10. 2026-06-03
    days on market $269,900 Active 237 DOM
11. 2026-06-02
    days on market $269,900 Active 236 DOM
12. 2026-06-01
    days on market $269,900 Active 235 DOM
13. 2026-05-31
    days on market $269,900 Active 234 DOM
14. 2026-01-06
    price $269,900 931-char remark

    Show marketing remark (931 chars)

    "Investers Alert" - This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Buyer has approved plan for extension details can be provided upon request. This home is ready for whole renovation , buyer can design and upgrade according to their desire. Property contains a direct access garage, enjoy outdoor gatherings on the beautifully landscaped lot with a private backyard—perfect for summer barbecues or peaceful evenings. Located minutes from Route 1, shopping centers, restaurants, and parks, this home combines suburban tranquility with convenient access to everything Middletown has to offer. Seller will accept higher and best offer (if acceptable to seller) as this conditions CASH offers only, no inspections or contigency. Don’t miss this chance to invest in one of Delaware’s most desirable markets!

15. 2025-10-27
    price $299,900 931-char remark

    Show marketing remark (931 chars)

    "Investers Alert" - This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Buyer has approved plan for extension details can be provided upon request. This home is ready for whole renovation , buyer can design and upgrade according to their desire. Property contains a direct access garage, enjoy outdoor gatherings on the beautifully landscaped lot with a private backyard—perfect for summer barbecues or peaceful evenings. Located minutes from Route 1, shopping centers, restaurants, and parks, this home combines suburban tranquility with convenient access to everything Middletown has to offer. Seller will accept higher and best offer (if acceptable to seller) as this conditions CASH offers only, no inspections or contigency. Don’t miss this chance to invest in one of Delaware’s most desirable markets!

16. 2025-10-09
    listed $219,900 Active 931-char remark

    Show marketing remark (931 chars)

    "Investers Alert" - This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Buyer has approved plan for extension details can be provided upon request. This home is ready for whole renovation , buyer can design and upgrade according to their desire. Property contains a direct access garage, enjoy outdoor gatherings on the beautifully landscaped lot with a private backyard—perfect for summer barbecues or peaceful evenings. Located minutes from Route 1, shopping centers, restaurants, and parks, this home combines suburban tranquility with convenient access to everything Middletown has to offer. Seller will accept higher and best offer (if acceptable to seller) as this conditions CASH offers only, no inspections or contigency. Don’t miss this chance to invest in one of Delaware’s most desirable markets!

17. 2023-10-20
    soldstatus $230,000
18. 2023-10-11
    soldstatus $230,000 Closed 241-char remark

    Show marketing remark (241 chars)

    Contractor Special - Cash Only!! This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Seller has never lived in property and has no information.

19. 2023-09-15
    historical Active Under Contract 241-char remark

    Show marketing remark (241 chars)

    Contractor Special - Cash Only!! This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Seller has never lived in property and has no information.

20. 2023-09-13
    listed $229,900 Active 241-char remark

    Show marketing remark (241 chars)

    Contractor Special - Cash Only!! This property has been damaged by fire and needs entire Interior renovation including HVAC, Electrical, Drywall, Fixtures, Etc. Priced Accordingly. Seller has never lived in property and has no information.

21. 2017-07-31
    historical
22. 2017-05-04
    listed $214,000
23. 2005-12-16
    soldstatus $10

ⓘ 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: $2,674 · $223/mo
• Projected year-2 tax: $2,674 · $223/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 ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,953
• − Mortgage interest: −$15,119
• − Property taxes: −$2,674
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,636
• − Management: −$2,636
• − Depreciation: −$7,852
• Taxable income: $687
• Est. tax owed @ 24.0%: −$165
• After-tax cash flow: $4,860/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

+26.1% since first listed

10 events — show timeline

• 2026-01-06 Price Changed $269,900 BRIGHT MLS
• 2025-10-27 Price Changed $299,900 BRIGHT MLS
• 2025-10-09 Listed $219,900 BRIGHT MLS
• 2023-10-20 Sold (Public Records) $230,000 Public Records
• 2023-10-11 Sold (MLS) $230,000 BRIGHT MLS
• 2023-09-15 Contingent — BRIGHT MLS
• 2023-09-13 Listed $229,900 BRIGHT MLS
• 2017-07-31 Listing Removed — BRIGHT MLS
• 2017-05-04 Listed $214,000 BRIGHT MLS
• 2005-12-16 Sold (Public Records) $10 Public Records

Property tax history

+5.1%/yr

Latest (2024): $2,674 · +19.6% YoY. Source: county tax records.