22365 Langford Ln · Lewes, DE 19958

$679,990

4 bd · 3.5 ba · 2,993 sqft · MultiFamily · 108 Days on market

Built 2026 Good condition $227/sqft · 38% below area Est $1.089M · 38% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Schools +5.1/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Cash flow +3.2/30.0
• Rent growth +2.7/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover unparalleled resort-style living just moments from the beach at Mitchell's Corner, a stunning community of new-construction luxury townhomes and coastal villas east of Route 1 in Lewes, DE. With endless amenities, floorplans offering up to 5 beds, 4 baths, 3,186 sq. ft. , you're sure to find your dream home. Each spacious luxury townhome and coastal villa features designer-curated interior finishes in your choice of our Loft, Farmhouse, Classic, or Elements Looks. Bike to Lewes Beach, Cape Henlopen State Park, and Downtown Lewes, or stay home and enjoy amenities like a resort-style pool, splash zone with waterslides, mini golf, indoor and outdoor pickleball, and more!

Key facts

• Luxury townhomes
• New construction
• Resort style pool

Tags

• NEW CONSTRUCTION
• LUXURY TOWNHOMES
• COASTAL VILLAS
• RESORT STYLE POOL
• SPLASH ZONE WITH WATERSLIDES
• MINI GOLF

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $680k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-26k/yr) — negative.
• To cash-flow at today's rent, offer at most $371k (45.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $324k (52.3% below list).
• Recommended offer: $324k (52.3% below list) — sets the bar for 1% rule.
• Cap rate 2.5% 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: Lewes Elementary School (math 58% / reading 60%, grade B-, #4 of 105 statewide, top 4%, 582 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; 1116 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 40% of the median local income ($97k/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 $5k of loan paydown is wiped out by about $20k 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 108 days — a 9% lower offer ($619k) is reasonable based on typical stale-listing flexibility.

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 $324,211 (52.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.48% ✗
• Cap rate: 2.52%
• Cash-on-cash: -13.47%
• DSCR: 0.40
• GRM: 17.5

CMA / ARV

• ARV (median comp): $1,088,623
• List price: $679,990
• Delta: -37.54%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22405 Langford Ln	0.07mi	4/3.5	2,581 (-14%)	0mo	$709,990	$275	74
22413 Langford Ln	0.09mi	4/3.5	2,581 (-14%)	2mo	$714,990	$277	72
11886 Haslet Rd	0.59mi	4/3.5	2,800 (-6%)	0mo	$925,000	$330	61
327 Captains Cir	1.15mi	4/2.5	2,913 (-3%)	1mo	$1,562,500	$536	56
17307 N Village Main Blvd	1.34mi	4/3.5	2,650 (-12%)	2mo	$565,000	$213	45
829 Savannah Rd	0.66mi	3/3.0 (-1)	2,500 (-16%)	0mo	$1,470,000	$588	37
102 Mallard Dr	0.68mi	5/3.5 (+1)	2,535 (-15%)	2mo	$665,000	$262	37
17653 Gate Dr #1	1.20mi	3/3.5 (-1)	2,588 (-14%)	1mo	$480,000	$185	37
15501 Solomon Way	1.31mi	3/3.0 (-1)	2,441 (-18%)	0mo	$734,990	$301	33
34944 Compass Cv	0.90mi	3/3.0 (-1)	2,400 (-20%)	1mo	$620,000	$258	32
33766 Catching Cove Ct Lot 23	0.81mi	3/2.5 (-1)	2,293 (-23%)	0mo	$702,295	$306	31
33809 Joel Ln	1.28mi	3/2.5 (-1)	2,379 (-20%)	1mo	$789,990	$332	30

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: -44.0%
• Equity multiple: -0.33×
• Total profit: $-253,425
• Equity at exit: $101,389

10-year hold

• IRR: -93.5%
• Equity multiple: -1.23×
• Total profit: $-423,744
• Equity at exit: $58,793

Cash invested: $190,397 (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 →

Active competition Active MLS

• For sale now: 24 active
• Median asking: $716,990 ($249/sqft)
• Median days on market: 25 d
• This list price: 12% of active listings are priced below it
• ARV vs active asking: +46.3% above 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: 1116
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,242 medium
• Mortgage (P&I): −$3,566
• Tax est. 1.5%: −$850 /mo · $10,200/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $-2,138

Break-even live

Break-even rent $5,948

Max offer price $370,619

Occupancy floor —

Sensitivity live

Price	-10% $-1,668	-5% $-1,903	+0% $-2,138	+5% $-2,373	+10% $-2,608
Rent	-10% $-2,394	-5% $-2,266	+0% $-2,138	+5% $-2,010	+10% $-1,882
Rate	-1.0pp $-1,796	-0.5pp $-1,965	base $-2,138	+0.5pp $-2,314	+1.0pp $-2,493

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: $169,998
• Closing costs: $20,400
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	139d	1	0.34mi
31389 Causey Rd Lewes, DE	3.0	2.5	2010	$2,975	$1.48	6d	1	0.61mi
119 Dewey Ave Lewes, DE	3.0	3.0	2325	$3,750	$1.61	109d	1	0.82mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,995	$1.70	6d	1	0.89mi
1546 Savannah Rd Lewes, DE	3.0	2.5	1800	$2,500	$1.39	6d	1	0.98mi
353 Savannah Rd #3 Lewes, DE	1.0	1.0	—	$1,728	—	6d	1	1.01mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	139d	1	1.03mi
34673 Villa Cir #305 Lewes, DE	3.0	2.0	1200	$2,200	$1.83	6d	1	1.08mi
34670 Villa Cir Lewes, DE	2.0	2.0	986	$1,875	$1.90	6d	1	1.10mi
17059 S Brandt St #3206 Lewes, DE	2.0	2.0	1052	$1,850	$1.76	117d	1	1.29mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	139d	1	1.33mi
45 Tiffany Dr Rehoboth Beach, DE	3.0	2.0	1404	$2,600	$1.85	6d	1	1.38mi
33451 Mackenzie Way Lewes, DE	1.0–3.0	1.0–2.0	1078	$1,929	$1.79	6d	6	1.42mi

Property features AI

Finance

• Financial info: List price $724,990

Exterior

• Parking: 2 parking spaces
• Home design: Single-family propertySpec build — Bluemont plan

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 3 full bathrooms1 half bathroom (3.5 total)
• Interior features: Open living area (approx. 2993 total living area)Spec home — Bluemont plan

Listing history 50 events

1. 2026-08-30
   days on market $679,990 Active 108 DOM
2. 2026-08-29
   days on market $679,990 Active 107 DOM
3. 2026-08-28
   days on market $679,990 Active 106 DOM
4. 2026-08-27
   days on market $679,990 Active 105 DOM
5. 2026-08-25
   days on market $679,990 Active 103 DOM
6. 2026-08-24
   days on market $679,990 Active 102 DOM
7. 2026-08-23
   days on market $679,990 Active 101 DOM
8. 2026-08-22
   pricedays on market $679,990 Active 100 DOM
9. 2026-08-21
   days on market $689,990 Active 99 DOM
10. 2026-08-20
    days on market $689,990 Active 98 DOM
11. 2026-08-19
    days on market $689,990 Active 97 DOM
12. 2026-08-18
    days on market $689,990 Active 96 DOM
13. 2026-08-17
    days on market $689,990 Active 95 DOM
14. 2026-08-16
    days on market $689,990 Active 94 DOM
15. 2026-08-15
    days on market $689,990 Active 93 DOM
16. 2026-08-14
    days on market $689,990 Active 92 DOM
17. 2026-08-13
    days on market $689,990 Active 91 DOM
18. 2026-08-12
    days on market $689,990 Active 90 DOM
19. 2026-08-11
    days on market $689,990 Active 89 DOM
20. 2026-08-10
    days on market $689,990 Active 88 DOM
21. 2026-08-09
    days on market $689,990 Active 87 DOM
22. 2026-08-08
    days on market $689,990 Active 86 DOM
23. 2026-08-07
    days on market $689,990 Active 85 DOM
24. 2026-08-06
    days on market $689,990 Active 84 DOM
25. 2026-08-05
    price $689,990 Active 83 DOM
26. 2026-08-05
    days on market $699,990 Active 83 DOM
27. 2026-08-04
    days on market $699,990 Active 82 DOM
28. 2026-08-03
    days on market $699,990 Active 81 DOM
29. 2026-07-31
    days on market $699,990 Active 78 DOM
30. 2026-07-30
    days on market $699,990 Active 77 DOM
31. 2026-07-29
    days on market $699,990 Active 76 DOM
32. 2026-07-27
    days on market $699,990 Active 74 DOM
33. 2026-07-25
    days on market $699,990 Active 72 DOM
34. 2026-07-24
    days on market $699,990 Active 71 DOM
35. 2026-07-23
    days on market $699,990 Active 70 DOM
36. 2026-07-22
    days on market $699,990 Active 69 DOM
37. 2026-07-21
    days on market $699,990 Active 68 DOM
38. 2026-07-18
    days on market $699,990 Active 65 DOM
39. 2026-07-16
    days on market $699,990 Active 63 DOM
40. 2026-07-16
    days on market $699,990 Active 62 DOM
41. 2026-07-14
    days on market $699,990 Active 61 DOM
42. 2026-07-13
    days on market $699,990 Active 60 DOM
43. 2026-07-12
    days on market $699,990 Active 59 DOM
44. 2026-07-11
    days on market $699,990 Active 58 DOM
45. 2026-07-10
    days on market $699,990 Active 57 DOM
46. 2026-07-09
    days on market $699,990 Active 56 DOM
47. 2026-07-08
    pricedays on market $699,990 Active 55 DOM
48. 2026-07-07
    days on market $709,990 Active 54 DOM
49. 2026-07-06
    days on market $709,990 Active 53 DOM
50. 2026-07-06
    days on market $709,990 Active 52 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 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: $38,905
• − Mortgage interest: −$38,090
• − Property taxes: −$10,200
• − Insurance: −$3,400
• − Repairs & maintenance: −$3,112
• − Management: −$3,112
• − Depreciation: −$19,782
• Taxable loss: −$38,791
• Est. tax savings @ 24.0%: +$9,310
• After-tax cash flow: $-16,346/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 · 3 photos

Good 80/100 Cosmetic rehab Est. rehab $14,965–$44,895 screening

This multi-family property is in good condition with a cosmetic rehab level, ready for a fresh coat of paint and window cleaning to enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean windows — Improves natural light and aesthetics ↑

ⓘ 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.

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Lewes Elementary School B- DE #4/105 Nat'l #8,048/41,679 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

Property features AI

Finance

• Financial info: List price $724,990

Exterior

• Parking: 2 parking spaces
• Home design: Single-family propertySpec build — Bluemont plan

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 3 full bathrooms1 half bathroom (3.5 total)
• Interior features: Open living area (approx. 2993 total living area)Spec home — Bluemont plan