Real Estate Investing in Dover, Delaware (19904)
Should you buy in 19904 (Dover, DE)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.4% vacancy may signal weakening demand.
What’s happening in Dover, DE (19904)?
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Market Analysis: 19904 Dover
Investors eyeing 19904 need to respect the fundamentals at play. Home values of $344K come alongside slower price movement and elevated management overhead.
The investment case in 19904 is durable only for operators who understand what they are buying. A $344K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
In the broader DE picture, 19904 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Demographically, 19904 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The right play in 19904 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Dover:
Property Strategy for 19904
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $229,512 | $1,400 | 4.4% | +8.4% | $114,756 |
| 3BR | $303,232 | $1,950 | 4.6% | +7.7% | $101,077 |
| 4BR | $390,456 | $2,180 | 4.0% | +8.2% | $97,614 |
| 5BR | $447,433 | — | — | +7.4% | $89,487 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 19904 Compare?
| Metric | 19904 | Dover | Dover, DE | Delaware |
|---|---|---|---|---|
| Home Value | $344,349 | $169,663 | N/A | $397,840 |
| 5-Year CAGR | 6.6% | 6.7% | N/A | 6.7% |
| Avg Rent | $1,716 | $1,631 | N/A | - |
| Cap Rate | 3.9% | 3.8% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 19904 (Dover, DE). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $344,349 |
| Monthly Rent | $1,716 |
| Price-to-Rent | 16.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 10.5% |
📈 Home Appreciation
| 1-Year | +3.7% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +6.6% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 Rent Trends
| 1-Year | +3.1% ▲ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (3.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 19904
Population: 38,125
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 19904
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 4,203 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Dover, DE a smart market for rental property?
Yes - Dover, DE a 3.0/5 investability score. With $344K home prices against $1,716/mo monthly rent, the market delivers a reasonable entry point for new investors.
What do rentals go for in Dover, DE?
Dover, DE rentals go for roughly $1,716/mo a month. That puts gross yield in solid territory relative to $344K acquisition costs.
Are tenants stable in Dover, DE?
The tenant pool in Dover, DE is solid, supported by local employment and population fundamentals. Rents of $1,716/mo are well-absorbed by the market.
What is the typical vacancy rate in Dover, DE?
Rental vacancy in Dover, DE is elevated. Investors should budget normal turnover but not chronic empty units.
What is the best play in Dover, DE?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Dover, DE. The numbers - $344K homes against $1,716/mo rents - support that play.
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