35341 Bay Winds Ln #4118 · Millsboro, DE 19966

$149,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily · 71 Days on market

Built 2006 Good condition 230 ac lot $102/sqft · 55% below area ↓ 47% 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
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the ultimate in waterfront living with this beautifully renovated 3-bedroom, 2-bath home, perfectly positioned along peaceful, scenic waters. Designed with both comfort and style in mind, the interior showcases modern finishes, abundant natural light, and a seamless open-concept layout ideal for both entertaining and everyday living. Step outside to your own private retreat, where a backyard oasis and personal boat dock make life on the water effortless. Whether you're setting out for a day of boating, casting a line, or simply unwinding by the shoreline, this home offers unmatched convenience and tranquility. Wake up to stunning water views and end your days surrounded by the calming sounds of nature—this property is more than a home; it’s a lifestyle. Don’t miss your chance to own this exceptional waterfront escape. Schedule your private showing today and start living the waterfront dream.

Key facts

• 230.09 acre lot
• 4 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $875 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 3.1% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 865 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 37% of the median local income ($78k/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 $1k 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 + 3.0% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $26k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $140,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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. Crime grade is D 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?
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: 1.62% ✓
• Cap rate: 13.34%
• Cash-on-cash: 25.18%
• DSCR: 2.12
• GRM: 5.1

CMA / ARV

• ARV (median comp): $328,264
• List price: $149,000
• Delta: -54.61%
• 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
24362 Boblin Ct	0.36mi	3/2.5	1,500 (+3%)	7mo	$425,000	$283	70
24249 Indian Town Rd	0.63mi	2/2.0 (-1)	1,600 (+10%)	4mo	$280,000	$175	45

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: 18.7%
• Equity multiple: 1.76×
• Total profit: $31,643
• Equity at exit: $22,216

10-year hold

• IRR: 27.1%
• Equity multiple: 3.38×
• Total profit: $99,491
• Equity at exit: $12,883

Cash invested: $41,720 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,411 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $875

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 59%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29369 Oxford Dr Millsboro, DE	3.0	3.5	1837	$1,900	$1.03	20d	1	1.30mi
29793 Oakwood Ln Millsboro, DE	3.0	3.5	1837	$2,350	$1.28	43d	1	1.37mi

Listing history 28 events

1. 2026-06-18
   price $149,000 Active 71 DOM
2. 2026-06-18
   days on market $159,000 Active 71 DOM
3. 2026-06-17
   days on market $159,000 Active 70 DOM
4. 2026-06-16
   days on market $159,000 Active 69 DOM
5. 2026-06-15
   days on market $159,000 Active 68 DOM
6. 2026-06-14
   days on market $159,000 Active 66 DOM
7. 2026-06-13
   days on market $159,000 Active 65 DOM
8. 2026-06-10
   days on market $159,000 Active 63 DOM
9. 2026-06-09
   days on market $159,000 Active 62 DOM
10. 2026-06-08
    days on market $159,000 Active 61 DOM
11. 2026-06-07
    days on market $159,000 Active 60 DOM
12. 2026-06-02
    days on market $159,000 Active 55 DOM
13. 2026-06-01
    days on market $159,000 Active 54 DOM
14. 2026-05-31
    days on market $159,000 Active 53 DOM
15. 2026-05-30
    days on market $159,000 Active 52 DOM
16. 2026-04-28
    price $159,000 933-char remark

    Show marketing remark (933 chars)

    Experience the ultimate in waterfront living with this beautifully renovated 3-bedroom, 2-bath home, perfectly positioned along peaceful, scenic waters. Designed with both comfort and style in mind, the interior showcases modern finishes, abundant natural light, and a seamless open-concept layout ideal for both entertaining and everyday living. Step outside to your own private retreat, where a backyard oasis and personal boat dock make life on the water effortless. Whether you're setting out for a day of boating, casting a line, or simply unwinding by the shoreline, this home offers unmatched convenience and tranquility. Wake up to stunning water views and end your days surrounded by the calming sounds of nature—this property is more than a home; it’s a lifestyle. Don’t miss your chance to own this exceptional waterfront escape. Schedule your private showing today and start living the waterfront dream.

17. 2026-04-09
    price $169,000 933-char remark

    Show marketing remark (933 chars)

    Experience the ultimate in waterfront living with this beautifully renovated 3-bedroom, 2-bath home, perfectly positioned along peaceful, scenic waters. Designed with both comfort and style in mind, the interior showcases modern finishes, abundant natural light, and a seamless open-concept layout ideal for both entertaining and everyday living. Step outside to your own private retreat, where a backyard oasis and personal boat dock make life on the water effortless. Whether you're setting out for a day of boating, casting a line, or simply unwinding by the shoreline, this home offers unmatched convenience and tranquility. Wake up to stunning water views and end your days surrounded by the calming sounds of nature—this property is more than a home; it’s a lifestyle. Don’t miss your chance to own this exceptional waterfront escape. Schedule your private showing today and start living the waterfront dream.

18. 2026-04-08
    listed $174,900 Active 933-char remark

    Show marketing remark (933 chars)

    Experience the ultimate in waterfront living with this beautifully renovated 3-bedroom, 2-bath home, perfectly positioned along peaceful, scenic waters. Designed with both comfort and style in mind, the interior showcases modern finishes, abundant natural light, and a seamless open-concept layout ideal for both entertaining and everyday living. Step outside to your own private retreat, where a backyard oasis and personal boat dock make life on the water effortless. Whether you're setting out for a day of boating, casting a line, or simply unwinding by the shoreline, this home offers unmatched convenience and tranquility. Wake up to stunning water views and end your days surrounded by the calming sounds of nature—this property is more than a home; it’s a lifestyle. Don’t miss your chance to own this exceptional waterfront escape. Schedule your private showing today and start living the waterfront dream.

19. 2025-03-16
    historical
20. 2024-10-11
    price $199,999
21. 2024-08-27
    price $219,000
22. 2024-08-09
    price $229,000
23. 2024-07-17
    price $239,000
24. 2024-06-24
    price $259,000
25. 2024-06-22
    price $264,000
26. 2024-06-07
    price $274,000
27. 2024-05-23
    price $289,000
28. 2024-04-26
    listed $299,000 Active

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°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: $28,938
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,315
• − Management: −$2,315
• − Depreciation: −$4,335
• Taxable income: $8,647
• Est. tax owed @ 24.0%: −$2,075
• After-tax cash flow: $8,429/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 · 11 photos

Good 80/100 Cosmetic rehab

This beautifully renovated home offers modern finishes and a seamless open-concept layout, ideal for both comfort and style. The private waterfront setting and personal boat dock make it a perfect retreat for those who love the water.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both fence — improves privacy and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both fence — improves privacy and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

Amenities D- Commute F Cost of living B+ Crime D- Employment C Housing A 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: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-46.8% since first listed

13 events — show timeline

• 2026-04-28 Price Changed $159,000 BRIGHT MLS
• 2026-04-09 Price Changed $169,000 BRIGHT MLS
• 2026-04-08 Listed $174,900 BRIGHT MLS
• 2025-03-16 Listing Removed — BRIGHT MLS
• 2024-10-11 Price Changed $199,999 BRIGHT MLS
• 2024-08-27 Price Changed $219,000 BRIGHT MLS
• 2024-08-09 Price Changed $229,000 BRIGHT MLS
• 2024-07-17 Price Changed $239,000 BRIGHT MLS
• 2024-06-24 Price Changed $259,000 BRIGHT MLS
• 2024-06-22 Price Changed $264,000 BRIGHT MLS
• 2024-06-07 Price Changed $274,000 BRIGHT MLS
• 2024-05-23 Price Changed $289,000 BRIGHT MLS
• 2024-04-26 Listed $299,000 BRIGHT MLS