34909 Oak Dr #10660 · Lewes, DE 19958

$98,000

3 bd · 1.5 ba · 980 sqft · SingleFamily · 138 Days on market

Built 1978 Good condition $100/sqft · 10% below area Est $109k · 10% under ↓ 27% 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
• ARV discount +11.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on Lot H-091 is a beautiful, 1978, 3 bedroom 1 and a half bath newly remodeled home with Brand New Roof with Lifetime Warranty and New Electrical Panel for sale listed at $125,000. The 2 smaller bedrooms have a jack-and-jill bathroom, which great for kids or guests. Perfect for a beach/vacation home on the beautiful Rehoboth Bay! This home will include the kitchen dinette set, sofa, 2 chairs, washer and dryer, appliances and misc. items. There is plenty of parking and shed is included along with the outdoor shower. The 2026 lot rent is $914/month and will include sewer, trash removal services, amenities, and snow removal. 24-hour on-call maintenance, and on-site management. Discover your dream of affordable waterfront living in West Bay Park, a gem close to Lewes, Rehoboth Beach, and Dewey Beach. Our newly listed home offers the luxury of resort community living with marina access without the hefty price tag. This home is part of a vibrant community where scenic waterfront views and amenities of higher-priced neighborhoods come as a standard.

Key facts

• Brand new roof
• Lifetime warranty
• Outdoor shower

Tags

• BRAND NEW ROOF
• LIFETIME WARRANTY
• NEW ELECTRICAL PANEL
• JACK-AND-JILL BATHROOM
• OUTDOOR SHOWER
• MARINA ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $98k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $86k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 1.9% 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.
• Zoned schools: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 942 active listings in the ZIP; solid renter incomes; 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 $678 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $27k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.36% ✓
• Cap rate: 20.38%
• Cash-on-cash: 50.33%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (median comp): $108,564
• List price: $98,000
• Delta: -9.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34994 North Dr	0.17mi	2/2.0 (-1)	1,000 (+2%)	1mo	$150,000	$150	81
34970 South Dr Unit D-11	0.18mi	2/1.0 (-1)	960 (-2%)	2mo	$122,000	$127	80
34972 North Dr Unit B-13	0.14mi	3/2.0	924 (-6%)	3mo	$100,000	$108	80
23309 Lawrence Ln #44993	0.70mi	2/2.0 (-1)	980 (0%)	4mo	$79,000	$81	57
35016 South Dr #45220	0.23mi	3/2.0	1,120 (+14%)	11mo	$120,000	$107	55
34938 North Dr Unit B6	0.12mi	2/1.0 (-1)	1,116 (+14%)	12mo	$50,000	$45	54
23323 Timothy Ln #37273	0.62mi	2/2.0 (-1)	980 (0%)	18mo	$72,500	$74	49
23290 Timothy Ln #52696	0.66mi	3/2.0	924 (-6%)	11mo	$110,000	$119	48
34339 Cedar Ln	0.74mi	2/2.0 (-1)	980 (0%)	17mo	$200,000	$204	44

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 1.85×
• Total profit: $23,332
• Equity at exit: $14,612

10-year hold

• IRR: 27.7%
• Equity multiple: 3.12×
• Total profit: $58,302
• Equity at exit: $8,473

Cash invested: $27,440 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 3 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $152,400 ($154/sqft)
• Median days on market: 36 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -28.2% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19958

• Rents YoY: 0.8%
• Active inventory: 942
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,314 medium
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $690

Break-even live

Break-even rent $1,440

Max offer price $98,000

Occupancy floor 65%

Sensitivity live

Price	-10% $758	-5% $724	+0% $690	+5% $657	+10% $623
Rent	-10% $508	-5% $599	+0% $690	+5% $782	+10% $873
Rate	-1.0pp $740	-0.5pp $715	base $690	+0.5pp $665	+1.0pp $639

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: $24,500
• Closing costs: $2,940
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $98,000 Active 138 DOM
2. 2026-08-07
   days on market $98,000 Active 137 DOM
3. 2026-08-06
   days on market $98,000 Active 136 DOM
4. 2026-08-05
   days on market $98,000 Active 135 DOM
5. 2026-08-04
   days on market $98,000 Active 134 DOM
6. 2026-08-03
   days on market $98,000 Active 133 DOM
7. 2026-07-31
   days on market $98,000 Active 130 DOM
8. 2026-07-30
   days on market $98,000 Active 129 DOM
9. 2026-07-29
   days on market $98,000 Active 128 DOM
10. 2026-07-27
    days on market $98,000 Active 126 DOM
11. 2026-07-25
    days on market $98,000 Active 124 DOM
12. 2026-07-24
    days on market $98,000 Active 123 DOM
13. 2026-07-23
    days on market $98,000 Active 122 DOM
14. 2026-07-22
    days on market $98,000 Active 121 DOM
15. 2026-07-21
    days on market $98,000 Active 120 DOM
16. 2026-07-18
    days on market $98,000 Active 117 DOM
17. 2026-07-16
    days on market $98,000 Active 115 DOM
18. 2026-07-16
    days on market $98,000 Active 114 DOM
19. 2026-07-14
    pricedays on market $98,000 Active 113 DOM
20. 2026-07-13
    days on market $110,000 Active 112 DOM
21. 2026-07-12
    days on market $110,000 Active 111 DOM
22. 2026-07-11
    days on market $110,000 Active 110 DOM
23. 2026-07-10
    days on market $110,000 Active 109 DOM
24. 2026-07-09
    days on market $110,000 Active 108 DOM
25. 2026-07-08
    days on market $110,000 Active 107 DOM
26. 2026-07-07
    days on market $110,000 Active 106 DOM
27. 2026-07-06
    days on market $110,000 Active 105 DOM
28. 2026-07-05
    days on market $110,000 Active 104 DOM
29. 2026-07-04
    days on market $110,000 Active 103 DOM
30. 2026-07-03
    days on market $110,000 Active 102 DOM
31. 2026-07-02
    days on market $110,000 Active 101 DOM
32. 2026-07-01
    days on market $110,000 Active 100 DOM
33. 2026-06-30
    days on market $110,000 Active 99 DOM
34. 2026-06-29
    days on market $110,000 Active 98 DOM
35. 2026-06-28
    days on market $110,000 Active 97 DOM
36. 2026-06-28
    days on market $110,000 Active 96 DOM
37. 2026-06-27
    days on market $110,000 Active 95 DOM
38. 2026-06-25
    days on market $110,000 Active 93 DOM
39. 2026-06-23
    days on market $110,000 Active 91 DOM
40. 2026-06-22
    days on market $110,000 Active 90 DOM
41. 2026-06-18
    days on market $110,000 Active 87 DOM
42. 2026-06-17
    days on market $110,000 Active 86 DOM
43. 2026-06-16
    days on market $110,000 Active 85 DOM
44. 2026-06-15
    days on market $110,000 Active 84 DOM
45. 2026-06-14
    days on market $110,000 Active 82 DOM
46. 2026-06-13
    pricedays on market $110,000 Active 81 DOM
47. 2026-06-10
    days on market $125,000 Active 79 DOM
48. 2026-06-09
    days on market $125,000 Active 78 DOM
49. 2026-06-08
    days on market $125,000 Active 77 DOM
50. 2026-06-07
    days on market $125,000 Active 76 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 63% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 18 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: $27,769
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$6,015
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − Depreciation: −$2,851
• Taxable income: $7,500
• Est. tax owed @ 24.0%: −$1,800
• After-tax cash flow: $6,485/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $4,900–$14,700 screening

This 1978 single-family home is in good condition with a new roof and modern updates, making it a great investment for both resale and rental.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal ↑
• Rental Replace outdoor shower — Improves guest experience ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 50/100

Zoned Schools

Elementary Rehoboth Elementary School C DE #8/105 Nat'l #9,513/41,679 Middle Beacon Middle School B- DE #1/36 Nat'l #2,418/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

C Composite livability gradescore 67/100

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 · 248,853 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: 11% of renters

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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%

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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%

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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

-26.7% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $110,000 BRIGHT MLS
• 2026-03-23 Listed $125,000 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-09-11 Price Changed $110,000 BRIGHT MLS
• 2025-08-19 Relisted — BRIGHT MLS
• 2025-08-17 Listing Removed — BRIGHT MLS
• 2025-07-11 Price Changed $120,000 BRIGHT MLS
• 2025-05-01 Price Changed $140,000 BRIGHT MLS
• 2025-02-14 Listed $150,000 BRIGHT MLS