35341 Bay Winds Ln #4118 · Millsboro, DE 19966

$144,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily · 214 Days on market

Built 2006 Good condition 230 ac lot $99/sqft · 54% below area ↓ 50% 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 +3.2/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

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.

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 $144k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $824 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 3.4% 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.
• Zoned schools: East Millsboro Elementary School (math 24% / reading 40%, grade F, #44 of 105 statewide, top 46%, 815 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1311 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 51d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 35% 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 $996 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 $40k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $31k (18%) 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 $126,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 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. 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: 1.60% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.52%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (median comp): $316,325
• List price: $144,000
• Delta: -54.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 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%)	11mo	$425,000	$283	66
24205 Kent Dr	0.21mi	3/2.0	1,232 (-15%)	16mo	$287,500	$233	52
26040 Hayfield Ln #34	0.93mi	3/2.0	1,514 (+4%)	11mo	$599,926	$396	50
30200 Cottage Ln	1.11mi	3/2.0	1,540 (+6%)	8mo	$365,000	$237	48
26016 Hayfield Lane - Lot #41	0.90mi	3/2.0	1,521 (+4%)	14mo	$460,000	$302	46
29237 Oxford Dr	1.07mi	3/2.0	1,576 (+8%)	12mo	$330,000	$209	42
24249 Indian Town Rd	0.63mi	2/2.0 (-1)	1,600 (+10%)	9mo	$280,000	$175	41
26022 Hayfield Ln #39	0.91mi	3/2.0	1,742 (+20%)	6mo	$557,222	$320	35
26048 Hayfield Ln #32	0.94mi	3/2.0	1,742 (+20%)	14mo	$565,418	$325	28

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: 17.9%
• Equity multiple: 1.72×
• Total profit: $29,177
• Equity at exit: $21,471

10-year hold

• IRR: 26.3%
• Equity multiple: 3.31×
• Total profit: $93,121
• Equity at exit: $12,450

Cash invested: $40,320 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active · 4 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $424,990 ($286/sqft)
• Median days on market: 705 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -23.9% vs current asking $/sqft

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

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 1311
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,303 high
• Mortgage (P&I): −$755
• Tax est. 1.5%: −$180 /mo · $2,160/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $824

Break-even live

Break-even rent $1,260

Max offer price $144,000

Occupancy floor 59%

Sensitivity live

Price	-10% $923	-5% $874	+0% $824	+5% $774	+10% $724
Rent	-10% $642	-5% $733	+0% $824	+5% $915	+10% $1,006
Rate	-1.0pp $896	-0.5pp $861	base $824	+0.5pp $787	+1.0pp $749

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: $36,000
• Closing costs: $4,320
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29369 Oxford Dr Millsboro, DE	3.0	3.5	1837	$1,900	$1.03	162d	1	1.30mi
29860 Bankert Dr Millsboro, DE	3.0	3.5	1800	$2,400	$1.33	51d	1	1.35mi
29405 Oxford Dr Millsboro, DE	3.0	3.5	1840	$2,150	$1.17	10d	1	1.35mi
29793 Oakwood Ln Millsboro, DE	3.0	3.5	1837	$2,350	$1.28	184d	1	1.37mi
29894 Bankert Dr Millsboro, DE	3.0	3.5	1800	$2,200	$1.22	51d	1	1.40mi
20262 Bridgewater Rd Millsboro, DE	2.0	2.0	1276	$1,800	$1.41	10d	1	1.45mi

Property features AI

Finance

• Financial info: Monthly land lease of $915 (approximately 2 years of lease remaining)
• HOA & community: Community poolProperty manager present

Exterior

• Parking: Driveway parking (4 spaces total)
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeVinyl sidingArchitectural shingle roofLand lease ownership
• Construction: Vinyl siding constructionArchitectural shingle roof
• Exterior features: Private beachOn the bay (Rehoboth Bay) with 50 ft of water frontageWater-oriented property with navigable, tidal waterWater access with private boat launch/ramp and private dock siteWater activities allowed: canoe/kayak, powered boats, fishing

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump with electric backupElectric heating fuelCentral airCeiling fans
• Interior features: One fireplaceNo basementLiving area source: Assessor

Listing history 50 events

1. 2026-11-08
   days on market $144,000 Active 214 DOM
2. 2026-11-07
   days on market $144,000 Active 213 DOM
3. 2026-11-06
   days on market $144,000 Active 212 DOM
4. 2026-11-05
   days on market $144,000 Active 211 DOM
5. 2026-11-04
   days on market $144,000 Active 210 DOM
6. 2026-11-02
   days on market $144,000 Active 208 DOM
7. 2026-11-01
   days on market $144,000 Active 207 DOM
8. 2026-10-31
   days on market $144,000 Active 206 DOM
9. 2026-10-30
   days on market $144,000 Active 205 DOM
10. 2026-10-29
    days on market $144,000 Active 204 DOM
11. 2026-10-28
    days on market $144,000 Active 203 DOM
12. 2026-10-27
    days on market $144,000 Active 202 DOM
13. 2026-10-26
    days on market $144,000 Active 201 DOM
14. 2026-10-25
    days on market $144,000 Active 200 DOM
15. 2026-10-24
    days on market $144,000 Active 199 DOM
16. 2026-10-23
    days on market $144,000 Active 198 DOM
17. 2026-10-22
    days on market $144,000 Active 197 DOM
18. 2026-10-21
    days on market $144,000 Active 196 DOM
19. 2026-10-20
    days on market $144,000 Active 195 DOM
20. 2026-10-19
    days on market $144,000 Active 194 DOM
21. 2026-10-18
    days on market $144,000 Active 193 DOM
22. 2026-10-17
    days on market $144,000 Active 192 DOM
23. 2026-10-16
    days on market $144,000 Active 191 DOM
24. 2026-10-15
    days on market $144,000 Active 190 DOM
25. 2026-10-14
    days on market $144,000 Active 189 DOM
26. 2026-10-13
    pricedays on market $144,000 Active 188 DOM
27. 2026-10-12
    days on market $149,000 Active 187 DOM
28. 2026-10-11
    days on market $149,000 Active 186 DOM
29. 2026-10-10
    days on market $149,000 Active 185 DOM
30. 2026-10-09
    days on market $149,000 Active 184 DOM
31. 2026-10-08
    days on market $149,000 Active 183 DOM
32. 2026-10-07
    days on market $149,000 Active 182 DOM
33. 2026-10-06
    days on market $149,000 Active 181 DOM
34. 2026-10-05
    days on market $149,000 Active 180 DOM
35. 2026-10-04
    days on market $149,000 Active 179 DOM
36. 2026-10-04
    days on market $149,000 Active 178 DOM
37. 2026-10-02
    days on market $149,000 Active 177 DOM
38. 2026-10-01
    days on market $149,000 Active 176 DOM
39. 2026-09-30
    days on market $149,000 Active 175 DOM
40. 2026-09-29
    days on market $149,000 Active 174 DOM
41. 2026-09-28
    days on market $149,000 Active 173 DOM
42. 2026-09-27
    days on market $149,000 Active 172 DOM
43. 2026-09-26
    days on market $149,000 Active 171 DOM
44. 2026-09-25
    days on market $149,000 Active 170 DOM
45. 2026-09-24
    days on market $149,000 Active 169 DOM
46. 2026-09-24
    days on market $149,000 Active 168 DOM
47. 2026-09-22
    days on market $149,000 Active 167 DOM
48. 2026-09-21
    days on market $149,000 Active 166 DOM
49. 2026-09-20
    days on market $149,000 Active 165 DOM
50. 2026-09-19
    days on market $149,000 Active 164 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $27,632
• − Mortgage interest: −$8,066
• − Property taxes: −$2,160
• − Insurance: −$720
• − Repairs & maintenance: −$2,211
• − Management: −$2,211
• − Depreciation: −$4,189
• Taxable income: $8,075
• Est. tax owed @ 24.0%: −$1,938
• After-tax cash flow: $7,949/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 Est. rehab $7,280–$21,840 screening

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 ↑

ⓘ 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 32/100

Zoned Schools

Elementary East Millsboro Elementary School F DE #44/105 Nat'l #24,950/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

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 · 248,853 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 5% 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 (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%
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Financial info: Monthly land lease of $915 (approximately 2 years of lease remaining)
• HOA & community: Community poolProperty manager present

Exterior

• Parking: Driveway parking (4 spaces total)
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeVinyl sidingArchitectural shingle roofLand lease ownership
• Construction: Vinyl siding constructionArchitectural shingle roof
• Exterior features: Private beachOn the bay (Rehoboth Bay) with 50 ft of water frontageWater-oriented property with navigable, tidal waterWater access with private boat launch/ramp and private dock siteWater activities allowed: canoe/kayak, powered boats, fishing

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump with electric backupElectric heating fuelCentral airCeiling fans
• Interior features: One fireplaceNo basementLiving area source: Assessor

Price history

-50.2% since first listed

14 events — show timeline

• 2026-06-18 Price Changed $149,000 BRIGHT MLS
• 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