Dover / Delaware market

4 Replies

Hey BP,

So I'm looking to gain more knowledge on the Dover and Wilmington markets. I went to school in Dover and graduated 2 years ago and live in DC but just don't see myself getting anything here right now. I really want to make sure the cash flow makes sense and I just dont think its a wise decision to make long term acq decisions based on hopes of appreciation. Like who knows that we see appreciation in markets like this 7 years from now that we saw in 09. I'd rather bank on cash flow hence why I'm looking at a market I lived in before. I'm looking towards student housing, military housing, and maybe housing for travel nurses? Hows cash flow? Anyone familiar with Dover or surrounding areas? I know there's DelReia but want to ask around on here first. Any info on Dover or surrounding areas would be great...considering Wilmington also , but I don't know that market and from what I'm reading on here , its block to block and tough to tell sometimes so I would have to find a realtor that either invests in that market or just has some experience there.

Thanks,

Originally posted by @Agyei Axum :

Hey BP,

So I'm looking to gain more knowledge on the Dover and Wilmington markets. I went to school in Dover and graduated 2 years ago and live in DC but just don't see myself getting anything here right now. I really want to make sure the cash flow makes sense and I just dont think its a wise decision to make long term acq decisions based on hopes of appreciation. Like who knows that we see appreciation in markets like this 7 years from now that we saw in 09. I'd rather bank on cash flow hence why I'm looking at a market I lived in before. I'm looking towards student housing, military housing, and maybe housing for travel nurses? Hows cash flow? Anyone familiar with Dover or surrounding areas? I know there's DelReia but want to ask around on here first. Any info on Dover or surrounding areas would be great...considering Wilmington also , but I don't know that market and from what I'm reading on here , its block to block and tough to tell sometimes so I would have to find a realtor that either invests in that market or just has some experience there.

Thanks,

Agyei - For things specific to the Delaware market your best bet will be DelREIA as there aren't many investors in Delaware on here. That being said for Dover reach out to @Blaine Brown . If you want to chat Wilmington some time, I'd be more than happy to do so. 

Hello @Agyei Axum. Most of my investing is done in Kent and Sussex. A handful of SFRs are in Dover itself. Like anywhere else, deals are hard to come by. Knowing your criteria for cash flow would be helpful to answer your cash flow question. I have been successful at cash flowing a property while still pulling out all of my capital. Others I know can purchase off the MLS and put 20% down and cash flow. Regarding military, only one tenant is military and is great. Everyone else I rent to is great too. As you know Dover has a lot more going on than just the base.

As far as student rentals I don't know much about.  I guess what I would consider a part of town where a student rental would be located is a part of town I will not buy a property.

If you're looking at Wilmington then James if your guy.  Too complex of a place for me to attempt to learn.

Just moved to Dover a few months ago (Air Force). I agree with what Blaine said, the area around Wesley college is a definite no go for me. The crime rate is far higher in that neighborhood than the rest of Dover. I'm unsure about the areas around Wilmington University, Dover and DSU. I can tell you that most people in the military want to be in the Caesar Rodney school district and/or Camden-Wyoming.

I wish i could give you more info, however I will be closing on my first property in the state of Delaware in 2 weeks. 

Hi- I live in downtown Dover; almost directly across from Wesley College, but up a block. 

State Street is like a dividing line in town- on the East side of State St are more expensive homes, safe neighborhood, etc. On the west side of State St and the west side of town in general, property values are lower, crime is higher, etc. 
I happen to live on the east side of State on Hazel Road. (side note- this street apparently used to have locally well known politicians, doctors, and lawyers live on it... so folks who have been in Dove a long time will say "oooooh, Hazel Rd. that's such a nice street...it's kind of funny and odd all at the same time)

That said, I am not aware of any college students who live on the East side of state street, even though it is literally right there by the college. It may be that they do and I just don't know it. 

So if you could find a deal that is on American, Pennsylvania, Hazel, Rodney, etc it would be walking distance to Wesley College. But enrollment is down at the college- I wouldn't count on that as a great opportunity. 

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