24934 Pot Bunker #3716 · Millsboro, DE 19966

$265,000

3 bd · 2.5 ba · 2,365 sqft · Condo · 314 Days on market

Built 2006 Good condition $112/sqft · 27% below area Est $362k · 27% under $321/mo HOA · 11% of rent ↓ 15% 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 +15.2/30.0
• ARV discount +15.0/15.0
• 1% rule +5.7/10.0
• DSCR +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

🏡 Looking for an elegant and inviting home in the sought-after community of Baywood? This 3BR, 2.5BA, beauty offers the perfect mix of comfort, style, and resort-inspired living—ideal for year-round residents or weekend retreat seekers! ✨ The main level features tile flooring, a flexible den/office with half bath, and a double-sided fireplace that warms both the living and dining rooms—perfect for cozy nights in or entertaining guests. 🍳 The beautiful eat-in kitchen offers plenty of counter space and cabinetry, while the formal dining room provides a lovely setting for special occasions (or can double as a quiet reading nook).

Key facts

• $321 HOA
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $265k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 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: 999 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 44% 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 $2k of loan paydown is wiped out by about $8k 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 314 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $29k (10%) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $233,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 6.70%
• Cash-on-cash: 1.46%
• DSCR: 1.06
• GRM: 7.8

CMA / ARV

• ARV (median comp): $361,859
• List price: $265,000
• Delta: -26.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32431 Back Nine Way #3761	0.09mi	3/2.5	2,365 (0%)	0mo	$262,000	$111	96
24960 Pot Bunker	0.05mi	4/— (+1)	2,700 (+14%)	2mo	$335,000	$124	68
24904 Crooked Stick Way #4335	0.35mi	3/2.0	1,860 (-21%)	0mo	$345,000	$185	56
26178 Milby Cir	1.29mi	4/3.5 (+1)	2,400 (+2%)	1mo	$465,000	$194	52
24819 Rivers Edge Rd	0.96mi	3/2.5	2,195 (-7%)	1mo	$460,000	$210	52
24913 Rivers Edge Rd	1.28mi	4/2.0 (+1)	2,281 (-4%)	2mo	$500,000	$219	51
25061 Dogleg Way #4085	0.58mi	3/2.0	1,854 (-22%)	1mo	$380,435	$205	45
24811 Rivers Edge Rd	0.93mi	4/2.5 (+1)	2,153 (-9%)	1mo	$489,900	$228	44
32271 Pelican Ct	0.92mi	3/—	1,800 (-24%)	2mo	$315,000	$175	38
24879 Rivers Edge Rd	1.34mi	3/2.0	1,872 (-21%)	1mo	$460,000	$246	37
458 Woodside Rd	1.21mi	3/2.0	2,016 (-15%)	2mo	$525,000	$260	37
34423 Derrickson Dr	1.25mi	4/3.0 (+1)	2,868 (+21%)	1mo	$800,000	$279	32

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-36,961
• Equity at exit: $39,512

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-23,819
• Equity at exit: $22,912

Cash invested: $74,200 (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: 999
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,839 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$321
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $90

Break-even live

Break-even rent $2,725

Max offer price $265,000

Occupancy floor 92%

Sensitivity live

Price	-10% $273	-5% $182	+0% $90	+5% $-1	+10% $-93
Rent	-10% $-134	-5% $-22	+0% $90	+5% $202	+10% $314
Rate	-1.0pp $224	-0.5pp $158	base $90	+0.5pp $21	+1.0pp $-48

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: $66,250
• Closing costs: $7,950
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32814 Greens Way #3160 Millsboro, DE	4.0	3.5	3300	$3,200	$0.97	93d	1	0.36mi
24850 Rivers Edge Rd Millsboro, DE	3.0	2.5	2069	$2,300	$1.11	93d	1	1.08mi
24201 Hammerhead Dr Millsboro, DE	3.0	3.0	1751	$3,200	$1.83	62d	1	1.36mi
24209 Hammerhead Dr Millsboro, DE	2.0	2.0	1751	$2,350	$1.34	93d	1	1.37mi

HOA detail $321/mo · $3,852/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 39 events

1. 2026-07-06
   days on market $265,000 Active 314 DOM
2. 2026-07-05
   days on market $265,000 Active 313 DOM
3. 2026-07-04
   days on market $265,000 Active 312 DOM
4. 2026-07-03
   days on market $265,000 Active 311 DOM
5. 2026-07-02
   days on market $265,000 Active 310 DOM
6. 2026-07-01
   days on market $265,000 Active 309 DOM
7. 2026-06-30
   days on market $265,000 Active 308 DOM
8. 2026-06-29
   days on market $265,000 Active 307 DOM
9. 2026-06-28
   days on market $265,000 Active 306 DOM
10. 2026-06-28
    days on market $265,000 Active 305 DOM
11. 2026-06-27
    days on market $265,000 Active 304 DOM
12. 2026-06-25
    days on market $265,000 Active 302 DOM
13. 2026-06-23
    days on market $265,000 Active 300 DOM
14. 2026-06-21
    days on market $265,000 Active 299 DOM
15. 2026-06-18
    days on market $265,000 Active 296 DOM
16. 2026-06-17
    days on market $265,000 Active 295 DOM
17. 2026-06-16
    days on market $265,000 Active 294 DOM
18. 2026-06-15
    days on market $265,000 Active 293 DOM
19. 2026-06-14
    days on market $265,000 Active 291 DOM
20. 2026-06-13
    days on market $265,000 Active 290 DOM
21. 2026-06-10
    days on market $265,000 Active 288 DOM
22. 2026-06-09
    days on market $265,000 Active 287 DOM
23. 2026-06-08
    days on market $265,000 Active 286 DOM
24. 2026-06-07
    days on market $265,000 Active 285 DOM
25. 2026-06-02
    days on market $265,000 Active 280 DOM
26. 2026-06-01
    days on market $265,000 Active 279 DOM
27. 2026-05-31
    days on market $265,000 Active 278 DOM
28. 2026-05-30
    days on market $265,000 Active 277 DOM
29. 2026-03-23
    price $265,000
30. 2025-10-14
    price $280,000
31. 2025-08-27
    listed $294,000 Active
32. 2025-08-04
    historical $294,000
33. 2025-07-31
    historical
34. 2025-06-12
    price $310,000
35. 2025-05-16
    price $315,000
36. 2025-02-25
    listed $320,000 Active
37. 2022-03-18
    soldstatus $295,000 Closed
38. 2022-01-04
    status Pending
39. 2021-07-01
    listed $310,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°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: $34,063
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,725
• − Management: −$2,725
• − HOA: −$3,852
• − Depreciation: −$7,709
• Taxable loss: −$3,092
• Est. tax savings @ 24.0%: +$742
• After-tax cash flow: $1,824/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 · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $11,825–$35,475 screening

This townhouse is in good condition with a good exterior and interior. It has a good curb appeal and is ready for minor cosmetic updates to enhance its resale and rental value.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Replace the flooring — Replacing the flooring can improve the home's rental value by providing a more comfortable and attractive living space for tenants. ↑

ⓘ 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 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 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
• 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: 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%
• 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%

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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

Price history

-14.5% since first listed

11 events — show timeline

• 2026-03-23 Price Changed $265,000 BRIGHT MLS
• 2025-10-14 Price Changed $280,000 BRIGHT MLS
• 2025-08-27 Listed $294,000 BRIGHT MLS
• 2025-08-04 Coming Soon $294,000 BRIGHT MLS
• 2025-07-31 Listing Removed — BRIGHT MLS
• 2025-06-12 Price Changed $310,000 BRIGHT MLS
• 2025-05-16 Price Changed $315,000 BRIGHT MLS
• 2025-02-25 Listed $320,000 BRIGHT MLS
• 2022-03-18 Sold (MLS) $295,000 BRIGHT MLS
• 2022-01-04 Pending — BRIGHT MLS
• 2021-07-01 Listed $310,000 BRIGHT MLS