383 Waterside Sq · Bridgeville, DE 19933

$260,985

3 bd · 2.0 ba · 1,452 sqft · Townhouse · 12 Days on market

Built 2026 Good condition $180/sqft · 25% below area Est $346k · 25% under

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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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• Appreciation +5.6/10.0
• 1% rule +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Available this September, this new Nassau Cove Interior at The Villas at Heritage Shores offers effortless main-level living with a first-floor owner's suite, private open-space views, stylish finishes, and included upgrades in a welcoming resort-style setting. Set on a desirable homesite with no rear neighbors, this home backs to open space for added privacy and tranquility. A partial stone exterior enhances curb appeal, while the 1-car garage and inviting front entry make daily living easy and convenient. Inside, luxury vinyl plank flooring flows through the kitchen, dining area, baths, and laundry room, blending modern style with easy maintenance.

Key facts

• Access to golf
• Garage
• Built 2026

Tags

• FIRST FLOOR OWNER'S SUITE
• PRIVATE OPEN-SPACE VIEWS
• PARTIAL STONE EXTERIOR
• LUXURY VINYL PLANK FLOORING
• GENEROUS WALK-IN CLOSET
• ACCESS TO GOLF

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $261k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (5.5% below list).
• Recommended offer: $247k (5.5% below list) — sets the bar for 1% rule.
• Cap rate 8.2% vs local median 3.5% in Bridgeville — 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 64/100 on livability (#48 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A, crime B; Watch: amenities F, commute F.
• Woodbridge School District (rural): math 17% / reading 34% proficiency, ranked #21 of 26 in DE (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodbridge Early Childhood Education Center (592 students, 0% FRL); Woodbridge Middle School (math 13% / reading 37%, grade F, #22 of 36 statewide, top 63%, 598 students, 0% FRL); Woodbridge High School (math 12% / reading 27%, grade F, #32 of 40 statewide, top 85%, 723 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 133 active listings in the ZIP; 3 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; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $2,466/mo this rent would consume 48% of the median local household income ($61k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.1% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $246,607 (5.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 8.24%
• Cash-on-cash: 6.97%
• DSCR: 1.31
• GRM: 8.8

CMA / ARV

• ARV (median comp): $346,452
• List price: $260,985
• Delta: -24.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
387 Heritage Shores Cir	0.06mi	2/2.0 (-1)	1,449 (-0%)	13mo	$349,990	$242	81
399 Heritage Shores Cir	0.09mi	2/2.0 (-1)	1,500 (+3%)	12mo	$380,000	$253	75
303 Waterside Sq	0.05mi	2/2.0 (-1)	1,449 (-0%)	21mo	$364,200	$251	75
391 Heritage Shores Cir	0.07mi	2/2.0 (-1)	1,500 (+3%)	17mo	$339,590	$226	72
301 Waterside Sq	0.04mi	2/2.0 (-1)	1,500 (+3%)	23mo	$330,690	$220	68
66 Whistling Duck Dr	0.59mi	2/2.0 (-1)	1,464 (+1%)	12mo	$345,000	$236	56
30 White Pelican Ct	0.62mi	2/2.0 (-1)	1,605 (+10%)	12mo	$285,000	$178	38
49 Whistling Duck Dr	0.54mi	2/2.0 (-1)	1,593 (+10%)	19mo	$318,000	$200	38
34 White Pelican Ct	0.63mi	2/2.0 (-1)	1,645 (+13%)	8mo	$305,000	$185	37
98 Whistling Duck Dr	0.71mi	2/2.0 (-1)	1,602 (+10%)	9mo	$330,000	$206	37
64 Whistling Duck Dr	0.58mi	2/2.0 (-1)	1,658 (+14%)	18mo	$295,000	$178	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.0%
• Equity multiple: 1.46×
• Total profit: $33,587
• Equity at exit: $91,024

10-year hold

• IRR: 12.8%
• Equity multiple: 2.57×
• Total profit: $114,759
• Equity at exit: $122,469

Cash invested: $73,076 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 17 active
• Months of supply: 102.0 mo (1%/mo absorbed)
• Median asking: $299,900 ($184/sqft)
• Median days on market: 72 d
• This list price: 12% of active listings are priced below it
• ARV vs active asking: +29.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19933

• Home prices YoY: 0.4%
• Active inventory: 133
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,466 medium
• Mortgage (P&I): −$1,369
• Tax from tax record: −$46 /mo · $557/yr
• Insurance: −$109
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $424

Break-even live

Break-even rent $1,929

Max offer price $260,985

Occupancy floor 78%

Sensitivity live

Price	-10% $572	-5% $498	+0% $424	+5% $351	+10% $-36
Rent	-10% $230	-5% $327	+0% $424	+5% $522	+10% $619
Rate	-1.0pp $556	-0.5pp $491	base $424	+0.5pp $357	+1.0pp $288

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: $65,246
• Closing costs: $7,830
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
377 Waterside Sq Bridgeville, DE	3.0	2.5	1253	$2,500	$2.00	93d	1	0.02mi
501 Branch Run Rd Bridgeville, DE	2.0–3.0	2.5–3.5	1635	$2,595	$1.59	62d	12	0.57mi
23613 Linkside Dr Bridgeville, DE	3.0	2.0	1650	$2,000	$1.21	93d	1	0.83mi

Listing history 7 events

1. 2026-06-08
   days on market $260,985 Active 12 DOM
2. 2026-06-07
   days on market $260,985 Active 11 DOM
3. 2026-06-07
   days on market $260,985 Active 10 DOM
4. 2026-06-04
   days on market $260,985 Active 7 DOM
5. 2026-06-02
   days on market $260,985 Active 6 DOM
6. 2026-06-01
   days on market $260,985 Active 5 DOM
7. 2026-05-31
   pricedays on market $260,985 Active 4 DOM

ⓘ 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: $557 · $46/mo
• Projected year-2 tax: $1,035 · $86/mo
• Expected delta: +$478/yr (+$40/mo · 85.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $29,593
• − Mortgage interest: −$14,619
• − Property taxes: −$557
• − Insurance: −$1,305
• − Repairs & maintenance: −$2,367
• − Management: −$2,367
• − Depreciation: −$7,592
• Taxable income: $784
• Est. tax owed @ 24.0%: −$188
• After-tax cash flow: $4,904/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 · 0 photos

Good 75/100 Cosmetic rehab Est. rehab $7,260–$21,780 screening

This townhouse is in good condition with modern finishes and a desirable location. It offers a good return on investment with minor updates that can significantly enhance its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers or renters. ↑
• Resale Upgrading the kitchen appliances — Modern, high-end appliances can significantly increase the home's appeal to buyers. ↑
• Resale Upgrading the bathrooms with modern fixtures — Modern, high-end fixtures can significantly increase the home's appeal to buyers. ↑
• Both Upgrading the flooring to a more durable material — Durable flooring can improve the home's condition and reduce maintenance costs. ↑
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs, attracting more buyers and renters. ↑

ⓘ 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 24/100

Zoned Schools

Elementary Phillis Wheatley Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Woodbridge Middle School F DE #22/36 Nat'l #10,338/14,009 High Woodbridge High School F DE #32/40 Nat'l #14,491/17,239

Schools (NCES district)

• District: Woodbridge School District
• NCES district ID: 1001850
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $48,711
• Composite: 22.28/100
• National rank: #8137
• State rank: #21 of 26 in DE

C Composite livability gradescore 64/100

Livability — Bridgeville

• Score: 64/100
• State rank: #48
• US rank: #13807

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bridgeville, DE
• County: Sussex · 248,853 people
• City population: 11,409
• Population (ZIP): 11,409
• Household income: $61,261
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 4% 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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 22% Black 21% Two or more races 10%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 80% English-only · Spanish 16% French/Haitian/Cajun 3% 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: ▲ 1.14%
• Current HPI: 283.0199
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2024-12-20 Sold (Public Records) $5,930,000 Public Records
• 2024-12-20 Sold (Public Records) $5,930,000 Public Records

Property tax history

+71.1%/yr

Latest (2025): $557 · +71.1% YoY. Source: county tax records.