11 SE 2nd St · Milford, DE 19963

$198,900

3 bd · 2.0 ba · 768 sqft · SingleFamily public records · 35 Days on market

Built 1880 4,792 sqft lot $259/sqft · 56% above area Est $293k · 32% 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 +18.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tenant-occupied—48-hour notice required. This charming two-story farmhouse-style home is ideally located in the heart of downtown Milford. Offering three bedrooms and two full baths, the layout features a spacious living room and a formal dining room, perfect for everyday living and entertaining. All bedrooms are situated on the second level along with a full bath. The home includes a galley-style kitchen, an inviting enclosed front porch, and a rear yard for outdoor enjoyment. Additional highlights include a newly installed heating system and a covered carport. Enjoy the convenience of being within walking distance to the Riverwalk, local eateries, specialty shops, pubs, schools, and everyday essentials. Experience all that Milford has to offer, including its vibrant community events and small-town charm.

Key facts

• Rear yard
• Covered carport
• Galley style kitchen

Tags

• TWO STORY FARMHOUSE STYLE
• GALLEY STYLE KITCHEN
• ENCLOSED FRONT PORCH
• REAR YARD
• NEWLY INSTALLED HEATING SYSTEM
• COVERED CARPORT

🏷️ Possibly a rental listed for sale. The $198,900 price doesn't fit this home's estimated sale value (~$293,232) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (13.2% below list).
• Recommended offer: $173k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.7% in Milford — 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 62/100 on livability (#61 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools D+, crime F, amenities F.
• Milford School District (town): math 18% / reading 32% proficiency, ranked #22 of 26 in DE (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 207 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; list at $199k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 76% 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 $172,733 (13.2% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.87% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.18%
• DSCR: 1.19
• GRM: 9.6

CMA / ARV

• ARV (median comp): $293,232
• List price: $198,900
• Delta: -32.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 Pierce St	0.47mi	4/2.0 (+1)	842 (+10%)	20mo	$325,000	$386	40
605 N Washington	0.61mi	2/1.0 (-1)	873 (+14%)	15mo	$229,900	$263	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-19,987
• Equity at exit: $29,657

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,915
• Equity at exit: $17,197

Cash invested: $55,692 (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 19963

• Active inventory: 207
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,727 medium
• Mortgage (P&I): −$1,043
• Tax from tax record: −$45 /mo · $539/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $194

Break-even live

Break-even rent $1,482

Max offer price $198,900

Occupancy floor 84%

Sensitivity live

Price	-10% $306	-5% $250	+0% $194	+5% $137	+10% $81
Rent	-10% $57	-5% $126	+0% $194	+5% $262	+10% $330
Rate	-1.0pp $294	-0.5pp $244	base $194	+0.5pp $142	+1.0pp $90

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 N Washington St Milford, DE	3.0	1.5	1050	$1,500	$1.43	44d	1	0.42mi
100 Valley Dr Milford, DE	1.0–3.0	1.0–2.0	1011	$2,009	$1.99	44d	13	0.55mi

Listing history 3 events

1. 2026-04-14
   listed $198,900 Active 823-char remark

   Show marketing remark (823 chars)

   Tenant-occupied—48-hour notice required. This charming two-story farmhouse-style home is ideally located in the heart of downtown Milford. Offering three bedrooms and two full baths, the layout features a spacious living room and a formal dining room, perfect for everyday living and entertaining. All bedrooms are situated on the second level along with a full bath. The home includes a galley-style kitchen, an inviting enclosed front porch, and a rear yard for outdoor enjoyment. Additional highlights include a newly installed heating system and a covered carport. Enjoy the convenience of being within walking distance to the Riverwalk, local eateries, specialty shops, pubs, schools, and everyday essentials. Experience all that Milford has to offer, including its vibrant community events and small-town charm.

2. 2003-01-15
   soldstatus $75,000 123-char remark

   Show marketing remark (123 chars)

   2028- 3 Bedroom, 1 1/2 bath Two-Story with new roof 3 yrs ago, hardwood flooring, all appliances & formal dining room

3. 2002-05-07
   listed $75,000 123-char remark

   Show marketing remark (123 chars)

   2028- 3 Bedroom, 1 1/2 bath Two-Story with new roof 3 yrs ago, hardwood flooring, all appliances & formal dining room

ⓘ 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: $539 · $45/mo
• Projected year-2 tax: $846 · $71/mo
• Expected delta: +$308/yr (+$26/mo · 57.1%)

ⓘ 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 7/10 Severe 76% 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: $20,728
• − Mortgage interest: −$11,141
• − Property taxes: −$539
• − Insurance: −$994
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − Depreciation: −$5,786
• Taxable loss: −$1,049
• Est. tax savings @ 24.0%: +$252
• After-tax cash flow: $2,577/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: Milford School District
• NCES district ID: 1001080
• Math proficiency: 18% ▼ -26.00%
• Reading proficiency: 32% ▼ -19.00%
• Median HH income: $51,794
• Composite: 22.18/100
• National rank: #8162
• State rank: #22 of 26 in DE

Livability — Milford

• Score: 62/100
• State rank: #61
• US rank: #16211

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, DE
• Population (ZIP): 22,544

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Hispanic 3% Romanian 2% Slovak 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 84% English-only · Spanish 7% French/Haitian/Cajun 5% Other Indo-European 2%

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: ▼ -135.01%
• Current HPI: 227.2369
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+165.2% since first listed

3 events — show timeline

• 2026-04-14 Listed $198,900 BRIGHT MLS
• 2003-01-15 Sold (MLS) $75,000 BRIGHT MLS
• 2002-05-07 Listed $75,000 BRIGHT MLS

Property tax history

+6.3%/yr

Latest (2025): $539 · +52.3% YoY. Source: county tax records.