22365 Langford Ln · Lewes, DE 19958

$719,990

4 bd · 3.5 ba · 2,993 sqft · MultiFamily · 35 Days on market

Built 2026 $241/sqft · 17% below area Est $864k · 17% 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 +4.2/10.0
• Livability +3.4/5.0
• Cash flow +3.0/30.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 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! Offered By: K

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

Property features AI

Finance

• Financial info: List price $724,990

Exterior

• Parking: 2 parking spaces
• Home design: Single-family property; Spec build — Bluemont plan

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 3 full bathrooms; 1 half bathroom (3.5 total)
• Interior features: Open living area (approx. 2993 total living area); Spec home — Bluemont plan

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $720k.

Deal economics

• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $381k (47.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $333k (53.8% below list).
• Recommended offer: $333k (53.8% below list) — sets the bar for 1% rule.
• Cap rate 2.4% vs local median 1.7% 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.
• Market conditions: Rents flat; 818 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 41% 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 $22k 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 35 days — a 3% lower offer ($698k) 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 $332,976 (53.8% 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 35 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.46% ✗
• Cap rate: 2.38%
• Cash-on-cash: -13.96%
• DSCR: 0.38
• GRM: 18.0

CMA / ARV

• ARV (median comp): $864,425
• List price: $719,990
• Delta: -16.71%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -45.0%
• Equity multiple: -0.36×
• Total profit: $-273,294
• Equity at exit: $107,353

10-year hold

• IRR: -96.9%
• Equity multiple: -1.28×
• Total profit: $-458,787
• Equity at exit: $62,252

Cash invested: $201,597 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $3,330 medium
• Mortgage (P&I): −$3,776
• Tax est. 1.5%: −$900 /mo · $10,800/yr
• Insurance: −$300
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $-2,345

Break-even live

Break-even rent $6,298

Max offer price $380,639

Occupancy floor —

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: $179,998
• Closing costs: $21,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Dewey Ave Lewes, DE	3.0	3.0	2325	$3,750	$1.61	13d	1	0.82mi
306 Bayberry Dr Lewes, DE	4.0	3.5	2448	$2,993	$1.22	43d	1	1.14mi

Listing history 18 events

1. 2026-06-18
   days on market $719,990 Active 35 DOM
2. 2026-06-17
   days on market $719,990 Active 34 DOM
3. 2026-06-16
   days on market $719,990 Active 33 DOM
4. 2026-06-15
   days on market $719,990 Active 32 DOM
5. 2026-06-14
   days on market $719,990 Active 30 DOM
6. 2026-06-13
   days on market $719,990 Active 29 DOM
7. 2026-06-10
   days on market $719,990 Active 27 DOM
8. 2026-06-09
   pricedays on market $719,990 Active 26 DOM
9. 2026-06-08
   days on market $724,990 Active 25 DOM
10. 2026-06-07
    days on market $724,990 Active 24 DOM
11. 2026-06-05
    days on market $724,990 Active 21 DOM
12. 2026-06-03
    days on market $724,990 Active 20 DOM
13. 2026-06-02
    days on market $724,990 Active 19 DOM
14. 2026-06-01
    days on market $724,990 Active 18 DOM
15. 2026-05-31
    days on market $724,990 Active 17 DOM
16. 2026-05-30
    days on market $724,990 Active 16 DOM
17. 2026-05-14
    listed $724,990 Active 1374-char remark
18. 2026-03-20
    soldstatus $2,142,000

ⓘ 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: $39,957
• − Mortgage interest: −$40,331
• − Property taxes: −$10,800
• − Insurance: −$3,600
• − Repairs & maintenance: −$3,197
• − Management: −$3,197
• − Depreciation: −$20,945
• Taxable loss: −$42,112
• Est. tax savings @ 24.0%: +$10,107
• After-tax cash flow: $-18,035/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: 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

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 · 82,708 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: 545.0

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 (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%

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