1 Read Ave Unit 110A · Dewey Beach, DE 19971

$78,000

1 bd · 1.0 ba · 480 sqft · SingleFamily · 8 Days on market

Built 1955 $435/mo HOA · 26% of rent

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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
• Schools +4.2/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Surf Club! Own a quarter share (one week per month) of this large, newly renovated, and completely turnkey condo with ocean views. Features include almost 500 square feet, king-size bed, full bathroom, kitchenette with full refrigerator/freezer, 2-burner induction stove, microwave, K-cup coffee maker and toaster, sitting area with queen-size pull out bed, 42-inch flat screen TV, and dining area with floor-to-ceiling windows to maximize views. The Surf Club HOA fee, which is only $325 per month, covers the pool, BBQ area, taxes, insurance, electric, sewer, water, internet, cable, furniture, silverware, plates, glassware, appliance repair/replacement, on-site management, and off-street parking. So, the only thing you need to worry about is which amazing restaurant to visit after a relaxing day on Dewey's beautiful, clean, and guarded beaches—all located within walking distance. When not using the unit yourself, you can let the on-site management rent it out for additional income. Call today to learn more about this unique opportunity before it's gone!

Key facts

• Rental income
• Fully furnished
• $435 HOA

Tags

• FLOOR-TO-CEILING WINDOWS
• FULLY FURNISHED
• RENTAL INCOME

Property features AI

Finance

• Other: Fractional ownership interest; In city limits; Entry floor number listed as 2
• HOA & community: Monthly HOA fee of $435; HOA covers air conditioning, heat, electricity, water, trash, taxes, insurance, exterior building maintenance, common area maintenance, custodial services/maintenance, lawn maintenance, pool(s), snow removal, management, reserve funds, high-speed internet, cable TV, standard phone service, and laundry; Community amenities include beach access, common grounds, picnic area, outdoor pool, laundry facilities, and reserved/assigned parking

Exterior

• Parking: Parking lot; Reserved/assigned parking available through association
• Utilities: Public water; Public sewer; Electric service
• Home design: Garden-style building (1–4 floors); Unit/flat; Located on entry level 2; Oceanblock location; Building name: The Surf Club
• Construction: Mixed construction materials; Pilings foundation; Architectural shingle roof; Effective renovation year 2017 (estimated)
• Exterior features: BBQ grill; Outside shower; Sandy beach frontage; Navigable tidal water with water view; Public beach access and swimming allowed; On the oceanfront (Atlantic Ocean)

Interior

• Kitchen: Cooktop; Microwave; Refrigerator
• Bedrooms: One bedroom on the main level
• Flooring: Vinyl
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Ceiling fans; Open floor plan; Combination dining/living area; Combination kitchen/living area; Dining area; Efficiency layout; Kitchen efficiency; Recessed lighting; Window treatments
• Laundry & utility: Common laundry (main floor)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).

Location & tenants

• Location reads 51/100 on livability (#75 in DE) — a working-class tenant base; expect higher turnover. Strengths: employment A+, health & safety A; Watch: schools D-, crime F, amenities 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: 331 active listings in the ZIP; solid renter incomes; 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 $539 of loan paydown is wiped out by about $2k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $78k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $186/mo; HOA is 26% of rent; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,000

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 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: 2.14% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.78%
• DSCR: 1.84
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-2,311
• Equity at exit: $11,630

10-year hold

• IRR: 7.4%
• Equity multiple: 1.57×
• Total profit: $12,416
• Equity at exit: $6,744

Cash invested: $21,840 (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 19971

• Active inventory: 331
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,666 medium
• Mortgage (P&I): −$409
• Tax est. 1.5%: −$98 /mo · $1,170/yr
• Insurance: −$32
• Flood insurance flood zone: −$186 /mo · $2,232/yr
• HOA: −$435
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $156

Break-even live

Break-even rent $1,468

Max offer price $78,000

Occupancy floor 86%

Sensitivity live

Price	-10% $210	-5% $183	+0% $156	+5% $129	+10% $102
Rent	-10% $24	-5% $90	+0% $156	+5% $222	+10% $287
Rate	-1.0pp $195	-0.5pp $176	base $156	+0.5pp $136	+1.0pp $115

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $435 · $5,220/yr
• Likely covers: watersewerelectricinternetcablepoolsecurity

Listing history 7 events

1. 2026-06-18
   days on market $78,000 Active 8 DOM
2. 2026-06-17
   days on market $78,000 Active 7 DOM
3. 2026-06-16
   days on market $78,000 Active 6 DOM
4. 2026-06-15
   days on market $78,000 Active 5 DOM
5. 2026-06-14
   days on market $78,000 Active 3 DOM
6. 2026-06-13
   remarks 663-char remark
7. 2026-06-13
   listed $78,000 Active 2 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 5/10 Major FEMA zone AO · 48% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 19 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: $19,986
• − Mortgage interest: −$4,369
• − Property taxes: −$1,170
• − Insurance: −$2,622
• − Repairs & maintenance: −$1,599
• − Management: −$1,599
• − HOA: −$5,220
• − Depreciation: −$2,269
• Taxable income: $1,139
• Est. tax owed @ 24.0%: −$273
• After-tax cash flow: $1,596/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 — Dewey Beach

• Score: 51/100
• State rank: #75
• US rank: #25267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dewey Beach, DE
• County: Sussex County · 82,708 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

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% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+50.0% since first listed

10 events — show timeline

• 2026-06-10 Listed $78,000 BRIGHT MLS
• 2020-12-28 Sold (MLS) $49,900 BRIGHT MLS
• 2020-11-18 Pending — BRIGHT MLS
• 2020-11-16 Listed $49,900 BRIGHT MLS
• 2020-06-15 Sold (MLS) $35,000 BRIGHT MLS
• 2020-03-05 Pending — BRIGHT MLS
• 2020-01-30 Listed $44,000 BRIGHT MLS
• 2005-05-02 Sold (MLS) $51,000 BRIGHT MLS
• 2005-04-05 Listing Removed — BRIGHT MLS
• 2004-11-01 Listed $52,000 BRIGHT MLS