35893 Zion Church Rd · Frankford, DE 19945

$295,000

3 bd · 2.0 ba · 780 sqft · SingleFamily · 129 Days on market

Built 1946 7,841 sqft lot $378/sqft · 13% below area Est $339k · 13% under

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Why this score? — see what drove the D 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 +13.4/15.0
• Appreciation +10.0/10.0
• Cash flow +6.3/30.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.6/10.0

Listing remarks MLS

Conveniently located with easy access to all that coastal Delaware has to offer, this 3 bedroom, 2 bath home is just minutes from schools, shopping, Beebe Healthcare, and only 15 minutes to Bethany Beach and Fenwick Island. Recent updates include new windows with a transferable warranty and refreshed bathrooms. The inviting front porch adds charm, while the spacious backyard offers plenty of room to for your boat & beach gear. Original hardwood under the carpets. With no HOA restrictions, this property would make a great primary residence, second home, retirement retreat, or investment opportunity. Home is being sold AS-IS and is ready for new owners to make it their own.

Key facts

• Original hardwood
• Spacious backyard
• Inviting front porch

Tags

• NEW WINDOWS WARRANTY
• REFRESHED BATHROOMS
• INVITING FRONT PORCH
• SPACIOUS BACKYARD
• ORIGINAL HARDWOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $295k.

Deal economics

• At list price, monthly cash flow is $-528 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (35.2% below list).
• Recommended offer: $191k (35.2% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 1.9% in Frankford — 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 (#58 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment C-, amenities F, commute F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Showell (Phillip C.) Elementary School (math 27% / reading 37%, grade F, #44 of 105 statewide, top 46%, 279 students, 0% FRL); Selbyville Middle School (math 20% / reading 49%, grade F, #12 of 36 statewide, top 34%, 719 students, 0% FRL); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 285 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 $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $76k; list at $295k implies a 286% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• 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 $191,211 (35.2% 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 129 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 4.14%
• Cash-on-cash: -7.67%
• DSCR: 0.66
• GRM: 12.9

CMA / ARV

• ARV (median comp): $339,411
• List price: $295,000
• Delta: -13.08%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.9%
• Equity multiple: 2.54×
• Total profit: $127,058
• Equity at exit: $265,759

10-year hold

• IRR: 17.5%
• Equity multiple: 5.85×
• Total profit: $400,673
• Equity at exit: $573,120

Cash invested: $82,600 (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 19945

• Home prices YoY: 16.9%
• Active inventory: 285
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $1,912 medium
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $-528

Break-even live

Break-even rent $2,581

Max offer price $218,581

Occupancy floor —

Sensitivity live

Price	-10% $-324	-5% $-426	+0% $-528	+5% $-630	+10% $-732
Rent	-10% $-679	-5% $-604	+0% $-528	+5% $-453	+10% $-377
Rate	-1.0pp $-380	-0.5pp $-453	base $-528	+0.5pp $-605	+1.0pp $-682

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $295,000 Active 129 DOM
2. 2026-06-18
   days on market $295,000 Active 126 DOM
3. 2026-06-17
   days on market $295,000 Active 125 DOM
4. 2026-06-16
   days on market $295,000 Active 124 DOM
5. 2026-06-15
   days on market $295,000 Active 123 DOM
6. 2026-06-14
   days on market $295,000 Active 121 DOM
7. 2026-06-13
   days on market $295,000 Active 120 DOM
8. 2026-06-10
   days on market $295,000 Active 118 DOM
9. 2026-06-09
   days on market $295,000 Active 117 DOM
10. 2026-06-08
    days on market $295,000 Active 116 DOM
11. 2026-06-07
    days on market $295,000 Active 115 DOM
12. 2026-06-02
    days on market $295,000 Active 110 DOM
13. 2026-06-01
    days on market $295,000 Active 109 DOM
14. 2026-05-31
    days on market $295,000 Active 108 DOM
15. 2026-05-30
    days on market $295,000 Active 107 DOM
16. 2026-05-18
    price $295,000 686-char remark

    Show marketing remark (686 chars)

    Conveniently located with easy access to all that coastal Delaware has to offer, this 3 bedroom, 2 bath home is just minutes from schools, shopping, Beebe Healthcare, and only 15 minutes to Bethany Beach and Fenwick Island. Recent updates include new windows with a transferable warranty and refreshed bathrooms. The inviting front porch adds charm, while the spacious backyard offers plenty of room to for your boat & beach gear. Original hardwood under the carpets. With no HOA restrictions, this property would make a great primary residence, second home, retirement retreat, or investment opportunity. Home is being sold AS-IS and is ready for new owners to make it their own.

17. 2026-03-12
    price $305,000 686-char remark

    Show marketing remark (686 chars)

    Conveniently located with easy access to all that coastal Delaware has to offer, this 3 bedroom, 2 bath home is just minutes from schools, shopping, Beebe Healthcare, and only 15 minutes to Bethany Beach and Fenwick Island. Recent updates include new windows with a transferable warranty and refreshed bathrooms. The inviting front porch adds charm, while the spacious backyard offers plenty of room to for your boat & beach gear. Original hardwood under the carpets. With no HOA restrictions, this property would make a great primary residence, second home, retirement retreat, or investment opportunity. Home is being sold AS-IS and is ready for new owners to make it their own.

18. 2026-02-12
    listed $325,000 Active 686-char remark

    Show marketing remark (686 chars)

    Conveniently located with easy access to all that coastal Delaware has to offer, this 3 bedroom, 2 bath home is just minutes from schools, shopping, Beebe Healthcare, and only 15 minutes to Bethany Beach and Fenwick Island. Recent updates include new windows with a transferable warranty and refreshed bathrooms. The inviting front porch adds charm, while the spacious backyard offers plenty of room to for your boat & beach gear. Original hardwood under the carpets. With no HOA restrictions, this property would make a great primary residence, second home, retirement retreat, or investment opportunity. Home is being sold AS-IS and is ready for new owners to make it their own.

19. 2013-05-14
    soldstatus $76,500
20. 2013-05-09
    soldstatus $76,500 221-char remark

    Show marketing remark (221 chars)

    Reduced! Nicley maintained 2 story bungalow located in Roxanna, just a few miles to the beach. Original hardwoood floors, vinyl sided. Bathroom and electric service are updated. Handicap ramp, sunporch, and shed included.

21. 2013-03-26
    historical 221-char remark

    Show marketing remark (221 chars)

    Reduced! Nicley maintained 2 story bungalow located in Roxanna, just a few miles to the beach. Original hardwoood floors, vinyl sided. Bathroom and electric service are updated. Handicap ramp, sunporch, and shed included.

22. 2012-02-02
    listed $99,900 221-char remark

    Show marketing remark (221 chars)

    Reduced! Nicley maintained 2 story bungalow located in Roxanna, just a few miles to the beach. Original hardwoood floors, vinyl sided. Bathroom and electric service are updated. Handicap ramp, sunporch, and shed included.

ⓘ 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 ≥102°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,945
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$1,836
• − Management: −$1,836
• − Depreciation: −$8,582
• Taxable loss: −$11,732
• Est. tax savings @ 24.0%: +$2,816
• After-tax cash flow: $-3,522/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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Frankford

• Score: 63/100
• State rank: #58
• US rank: #15562

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,917

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 (77%)
• Race & ethnicity: White 77% Black 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 46.51%
• Current HPI: 322.2407
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+195.3% since first listed

7 events — show timeline

• 2026-05-18 Price Changed $295,000 BRIGHT MLS
• 2026-03-12 Price Changed $305,000 BRIGHT MLS
• 2026-02-12 Listed $325,000 BRIGHT MLS
• 2013-05-14 Sold (Public Records) $76,500 Public Records
• 2013-05-09 Sold (MLS) $76,500 BRIGHT MLS
• 2013-03-26 Listing Removed — BRIGHT MLS
• 2012-02-02 Listed $99,900 BRIGHT MLS

Property tax history

+8.3%/yr

Latest (2025): $534 · +97.6% YoY. Source: county tax records.