17247 Pine Water Dr · Lewes, DE 19958

$124,000

3 bd · 2.0 ba · 1,800 sqft · Land · 238 Days on market

Built 2023 38 ac lot $69/sqft · 70% below area ↓ 16% since listing

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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 +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

Key facts

• Mudroom
• Center island
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• STAINLESS STEEL APPLIANCES
• CENTER ISLAND
• BUILT-IN MICROWAVE
• LUXURY VINYL PLANK FLOORING
• MUDROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $124k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $124k).
• Recommended offer: $109k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 1.7% in Lewes — 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 67/100 on livability (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: commute F, cost of living F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 818 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 32% of the median local income ($97k/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 $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 238 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $109,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 238 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: 2.11% ✓
• Cap rate: 19.25%
• Cash-on-cash: 46.29%
• DSCR: 3.06
• GRM: 4.0

CMA / ARV

• ARV (median comp): $415,149
• List price: $124,000
• Delta: -70.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 41.1%
• Equity multiple: 2.71×
• Total profit: $59,428
• Equity at exit: $18,489

10-year hold

• IRR: 46.3%
• Equity multiple: 5.00×
• Total profit: $138,902
• Equity at exit: $10,721

Cash invested: $34,720 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,614 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$24 /mo · $290/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $1,339

Break-even live

Break-even rent $919

Max offer price $124,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,409	-5% $1,374	+0% $1,339	+5% $1,304	+10% $1,269
Rent	-10% $1,133	-5% $1,236	+0% $1,339	+5% $1,443	+10% $1,546
Rate	-1.0pp $1,402	-0.5pp $1,371	base $1,339	+0.5pp $1,307	+1.0pp $1,274

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16832 Ole Grist Run Milton, DE	3.0	2.0	1375	$2,300	$1.67	44d	1	0.41mi
16894 Beulah Blvd Milton, DE	3.0	2.0	1875	$2,695	$1.44	21d	3	0.72mi
29662 Riverstone Dr Milton, DE	4.0	3.0	2532	$2,900	$1.15	14d	1	0.74mi

Listing history 21 events

1. 2026-06-18
   days on market $124,000 Active 238 DOM
2. 2026-06-17
   days on market $124,000 Active 237 DOM
3. 2026-06-16
   days on market $124,000 Active 236 DOM
4. 2026-06-15
   days on market $124,000 Active 235 DOM
5. 2026-06-14
   days on market $124,000 Active 233 DOM
6. 2026-06-13
   pricedays on market $124,000 Active 232 DOM
7. 2026-06-10
   days on market $133,000 Active 230 DOM
8. 2026-06-09
   days on market $133,000 Active 229 DOM
9. 2026-06-08
   days on market $133,000 Active 228 DOM
10. 2026-06-07
    days on market $133,000 Active 227 DOM
11. 2026-06-05
    days on market $133,000 Active 224 DOM
12. 2026-06-03
    days on market $133,000 Active 223 DOM
13. 2026-06-02
    days on market $133,000 Active 222 DOM
14. 2026-06-01
    days on market $133,000 Active 221 DOM
15. 2026-05-31
    days on market $133,000 Active 220 DOM
16. 2026-05-30
    days on market $133,000 Active 219 DOM
17. 2026-03-03
    price $138,000 1313-char remark

    Show marketing remark (1313 chars)

    Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

18. 2026-01-24
    price $145,000 1313-char remark

    Show marketing remark (1313 chars)

    Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

19. 2025-11-13
    price $155,000 1313-char remark

    Show marketing remark (1313 chars)

    Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

20. 2025-10-23
    listed $165,000 Active 1313-char remark

    Show marketing remark (1313 chars)

    Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

21. 2025-10-23
    historical $165,000 1313-char remark

    Show marketing remark (1313 chars)

    Welcome to this meticulous, light and bright 3-bedroom, 2-bathroom home located in the desirable Sweetbriar community of Lewes, Delaware—a charming waterfront neighborhood perfectly positioned for coastal living. Step inside to find an inviting open-concept layout designed for comfort and style. The kitchen is a chef’s delight, featuring stainless steel appliances, double sinks, a center island with counter seating, a built-in microwave, and elegant luxury vinyl plank flooring that flows seamlessly into the carpeted living and dining rooms. The primary bedroom suite offers a peaceful retreat with an ensuite bathroom complete with a step-in shower. Additional conveniences include a mudroom with washer/dryer hookups, a coat and shoe rack with bench, and a welcoming covered front porch—perfect for relaxing and enjoying the tranquil surroundings. Backing to trees for added privacy, this home offers a serene setting while being just minutes from downtown Lewes, Red Mill Pond, and miles of Delaware shoreline. Enjoy easy access to the bike trail, Rehoboth Beach outlets, shopping, dining, entertainment, and endless opportunities for boating, fishing, and outdoor recreation. Experience the perfect blend of coastal charm, modern comfort, and convenient location in this Sweetbriar gem!

ⓘ 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: $290 · $24/mo
• Projected year-2 tax: $504 · $42/mo
• Expected delta: +$215/yr (+$18/mo · 74.2%)

ⓘ 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 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,373
• − Mortgage interest: −$6,946
• − Property taxes: −$290
• − Insurance: −$620
• − Repairs & maintenance: −$2,510
• − Management: −$2,510
• − Depreciation: −$3,607
• Taxable income: $14,890
• Est. tax owed @ 24.0%: −$3,574
• After-tax cash flow: $12,498/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: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

Livability — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 31,938
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-16.4% since first listed

5 events — show timeline

• 2026-03-03 Price Changed $138,000 BRIGHT MLS
• 2026-01-24 Price Changed $145,000 BRIGHT MLS
• 2025-11-13 Price Changed $155,000 BRIGHT MLS
• 2025-10-23 Listed $165,000 BRIGHT MLS
• 2025-10-23 Coming Soon $165,000 BRIGHT MLS

Property tax history

+2.9%/yr

Latest (2021): $290 · +0.3% YoY. Source: county tax records.