23849 Ross Station Rd · Seaford, DE 19973

$200,000

5 bd · 2.0 ba · 1,824 sqft · SingleFamily public records · 22 Days on market

Built 1990 0.44 ac lot Est $319k · 37% under ↓ 9% since listing

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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 +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BACK ON THE MARKET BY NO FAULT OF SELLER. Huge opportunity for the right investor or contractor! This 5 bed 2 bath home needs some TLC, but has huge upside potential. Huge detached building would be perfect for a contractor or hobbyist. Just passed electrical inspection. Home sold in as-is condition. CASH ONLY. Inspections for informational purposes only.

Key facts

• 0.44 acre lot
• Garage
• Built 1990

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/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 $194k (3.2% below list).
• Recommended offer: $194k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 8.2% vs local median 4.4% in Seaford — 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 64/100 on livability (#54 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D, crime F.
• Seaford School District (suburban): math 25% / reading 40% proficiency, ranked #15 of 26 in DE (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 215 active listings in the ZIP; 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 22 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 11% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,635 (3.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.97% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.90%
• DSCR: 1.31
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $319,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 Chatham Dr	0.48mi	4/2.5 (-1)	1,780 (-2%)	10mo	$315,000	$177	58
407 Terre St	0.51mi	4/2.5 (-1)	1,780 (-2%)	12mo	$324,990	$183	56
501 Chatham Dr	0.45mi	4/2.5 (-1)	1,998 (+10%)	6mo	$339,090	$170	51
513 Chatham Dr	0.48mi	4/2.5 (-1)	1,700 (-7%)	10mo	$319,990	$188	51
405 Terre St Lot 75	0.50mi	4/2.5 (-1)	1,943 (+6%)	10mo	$339,990	$175	51
503 Chatham Dr	0.46mi	4/2.5 (-1)	1,998 (+10%)	7mo	$340,000	$170	50
502 Chatham Dr	0.48mi	4/2.5 (-1)	1,998 (+10%)	7mo	$329,990	$165	49
511 Chatham Dr	0.48mi	4/2.5 (-1)	1,998 (+10%)	10mo	$349,990	$175	47
713 Bristol Dr Lot 35	0.53mi	4/2.5 (-1)	1,998 (+10%)	12mo	$344,990	$173	42
23279 Atlanta Rd	0.71mi	4/2.0 (-1)	1,971 (+8%)	10mo	$409,000	$208	40
415 N Phillips St	0.74mi	4/2.0 (-1)	1,950 (+7%)	12mo	$325,000	$167	39
304 Williams St	0.72mi	4/2.0 (-1)	1,650 (-10%)	10mo	$285,000	$173	37

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: -5.8%
• Equity multiple: 0.79×
• Total profit: $-11,992
• Equity at exit: $29,821

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $15,631
• Equity at exit: $17,292

Cash invested: $56,000 (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 19973

• Home prices YoY: -17.8%
• Active inventory: 215
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,936 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$76 /mo · $909/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $322

Break-even live

Break-even rent $1,529

Max offer price $200,000

Occupancy floor 78%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-24
   status Pending
2. 2026-04-24
   price $200,000
3. 2026-04-15
   price $169,000
4. 2026-04-02
   listed $179,900 Active
5. 2026-03-22
   historical
6. 2026-03-04
   price $199,900
7. 2026-02-11
   price $209,900
8. 2026-02-10
   status Active
9. 2026-01-05
   status Pending
10. 2025-12-28
    status Active
11. 2025-10-23
    status Pending
12. 2025-10-16
    price $199,900
13. 2025-09-22
    listed $219,900 Active

ⓘ 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: $909 · $76/mo
• Projected year-2 tax: $1,035 · $86/mo
• Expected delta: +$125/yr (+$10/mo · 13.8%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $23,236
• − Mortgage interest: −$11,203
• − Property taxes: −$909
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$5,818
• Taxable income: $588
• Est. tax owed @ 24.0%: −$141
• After-tax cash flow: $3,720/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: Seaford School District
• NCES district ID: 1001530
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $48,427
• Composite: 28.07/100
• National rank: #6835
• State rank: #15 of 26 in DE

Livability — Seaford

• Score: 64/100
• State rank: #54
• US rank: #14448

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seaford, DE
• Population (ZIP): 25,786

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 0.61)
• Race & ethnicity: White 58% Black 20% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Dominican 2%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 5% Vietnamese 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: ▼ -62.40%
• Current HPI: 288.5652
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-9.0% since first listed

13 events — show timeline

• 2026-04-24 Pending — BRIGHT MLS
• 2026-04-24 Price Changed $200,000 BRIGHT MLS
• 2026-04-15 Price Changed $169,000 BRIGHT MLS
• 2026-04-02 Listed $179,900 BRIGHT MLS
• 2026-03-22 Listing Removed — BRIGHT MLS
• 2026-03-04 Price Changed $199,900 BRIGHT MLS
• 2026-02-11 Price Changed $209,900 BRIGHT MLS
• 2026-02-10 Relisted — BRIGHT MLS
• 2026-01-05 Pending — BRIGHT MLS
• 2025-12-28 Relisted — BRIGHT MLS
• 2025-10-23 Pending — BRIGHT MLS
• 2025-10-16 Price Changed $199,900 BRIGHT MLS
• 2025-09-22 Listed $219,900 BRIGHT MLS

Property tax history

+2.6%/yr

Latest (2025): $909 · +3.6% YoY. Source: county tax records.