32902 Horsey Church Rd · Laurel, DE 19956

$230,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 17 Days on market

Built 2000 0.33 ac lot $192/sqft · 12% below area Est $261k · 12% under

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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).

• ARV discount +12.8/15.0
• Cash flow +12.6/30.0
• Appreciation +10.0/10.0
• DSCR +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +1.8/10.0

Listing remarks

Discover the potential of this unique property located at 32902 Horsey Church Rd in Laurel, Delaware. Set on a cozy 0.34+/- acre lot, this charming home offers a quiet, relaxed lifestyle in a peaceful setting. The main residence features 3 bedrooms and 1 full bathroom, providing a comfortable living space with plenty of character. In addition to the main home, this property includes an additional shed that has been utilized as extra living space—perfect for a home office, hobby room, or guest area. You can enjoy the benefits of quiet countryside living while remaining within easy reach of the local amenities and community offerings of Laurel. Property is being sold AS-IS, WHERE-IS, wi

Key facts

• Additional shed
• 0.33 acre lot
• 4 parking spots

Tags

• ADDITIONAL SHED

Property features AI

Exterior

• Parking: Paved driveway; Four driveway parking spaces (4 total garage/parking spaces listed)
• Utilities: Well water; Gravity septic field; Propane hot water
• Home design: Detached home; Estimated 1,200 finished square feet; Fee simple ownership; Not in a federal flood zone; 2+ access exits
• Construction: Stick built construction; Shingle roof; Crawl space foundation; Storm windows with screens; Other structures above and below grade
• Exterior features: Play equipment; Shed

Interior

• Kitchen: Gas range / oven; Refrigerator; Microwave; Icemaker; Exhaust fan
• Bedrooms: One bedroom on the main level; Two bedrooms on the upper level
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Wall unit heating; Ductless / mini-split cooling; Electric heating and cooling
• Interior features: Ceiling fans; Window treatments; Storm door
• Laundry & utility: Washer and dryer on the main floor; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-29 ($-343/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (26.1% below list).
• Recommended offer: $170k (26.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.7% in Laurel — 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 63/100 on livability (#57 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D+, schools F, crime F.
• Laurel School District (suburban): math 15% / reading 27% proficiency, ranked #25 of 26 in DE (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 92 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $169,919 (26.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 11.3

CMA / ARV

• ARV (median comp): $260,903
• List price: $230,000
• Delta: -11.84%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.92×
• Total profit: $123,332
• Equity at exit: $207,202

10-year hold

• IRR: 21.2%
• Equity multiple: 6.66×
• Total profit: $364,411
• Equity at exit: $446,839

Cash invested: $64,400 (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 19956

• Home prices YoY: 10.5%
• Active inventory: 92
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,699 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$69 /mo · $828/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $-29

Break-even live

Break-even rent $1,735

Max offer price $224,944

Occupancy floor 97%

Sensitivity live

Price	-10% $102	-5% $36	+0% $-29	+5% $-94	+10% $-159
Rent	-10% $-163	-5% $-96	+0% $-29	+5% $38	+10% $106
Rate	-1.0pp $87	-0.5pp $30	base $-29	+0.5pp $-88	+1.0pp $-149

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $230,000 Active 17 DOM
2. 2026-06-17
   days on market $230,000 Active 16 DOM
3. 2026-06-16
   days on market $230,000 Active 15 DOM
4. 2026-05-13
   listed $230,000 Active 730-char remark
5. 2011-10-25
   historical
6. 2010-11-08
   listed $65,000
7. 2009-07-15
   historical
8. 2008-08-01
   historical
9. 2008-05-13
   listed $74,900
10. 2008-05-13
    listed $74,900
11. 2005-10-07
    listed $53,000
12. 2005-10-07
    historical

ⓘ 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: $828 · $69/mo
• Projected year-2 tax: $1,081 · $90/mo
• Expected delta: +$253/yr (+$21/mo · 30.6%)

ⓘ 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 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,390
• − Mortgage interest: −$12,884
• − Property taxes: −$828
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$6,691
• Taxable loss: −$4,425
• Est. tax savings @ 24.0%: +$1,062
• After-tax cash flow: $718/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: Laurel School District
• NCES district ID: 1000810
• Math proficiency: 15% ▼ -22.00%
• Reading proficiency: 27% ▼ -19.00%
• Median HH income: $47,135
• Composite: 18.42/100
• National rank: #8933
• State rank: #25 of 26 in DE

Livability — Laurel

• Score: 63/100
• State rank: #57
• US rank: #15428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 16,274

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 (68%)
• Race & ethnicity: White 68% Black 16% Hispanic / Latino 14% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Russian 2% Italian 1% Hispanic 1%
• Foreign-born: 9% · Canada
• Languages at home: 86% English-only · Spanish 12% 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: ▲ 28.72%
• Current HPI: 301.6055
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+334.0% since first listed

11 events — show timeline

• 2026-06-16 Relisted — BRIGHT MLS
• 2026-05-28 Listing Removed — BRIGHT MLS
• 2026-05-13 Listed $230,000 BRIGHT MLS
• 2011-10-25 Listing Removed — BRIGHT MLS
• 2010-11-08 Listed $65,000 BRIGHT MLS
• 2009-07-15 Listing Removed — BRIGHT MLS
• 2008-08-01 Listing Removed — BRIGHT MLS
• 2008-05-13 Listed $74,900 BRIGHT MLS
• 2008-05-13 Listed $74,900 BRIGHT MLS
• 2005-10-07 Listed $53,000 BRIGHT MLS
• 2005-10-07 Listing Removed — BRIGHT MLS

Property tax history

+10.1%/yr

Latest (2025): $828 · +91.7% YoY. Source: county tax records.