147 Sea Horse Ln · Frederica, DE 19946

$377,000

4 bd · 2.5 ba · 1,649 sqft · SingleFamily · 10 Days on market

Built 2021 0.52 ac lot $229/sqft · 25% above area Est $429k · 12% under $29/mo HOA · 1% of rent

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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 +13.0/15.0
• Cash flow +10.3/30.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

Key facts

• Modern cabinets
• Pantry closet
• 0.52 acre lot

Tags

• 0.52-ACRE INTERIOR LOT
• BOWERS LANDING COMMUNITY
• MODERN CABINETS
• STAINLESS STEEL APPLIANCES
• LARGE PENINSULA ISLAND
• PANTRY CLOSET

Property features AI

Finance

• Other: Ownership is fee simple
• HOA & community: HOA fee $350 annually

Exterior

• Parking: Attached front-entry garage with inside access (2 garage spaces); Driveway parking
• Utilities: Public water; Public sewer; Electric cooling fuel
• Home design: Detached property; Year built per assessor
• Construction: Aluminum and vinyl siding; Slab foundation; Above-grade and below-grade structures noted
• Exterior features: Lot dimensions approximately 100.00 x 230.61; No tidal water

Interior

• Bedrooms: Four bedrooms on the upper level
• Bathrooms: Two full bathrooms (upper levels); One half bathroom (main level)
• Heating & cooling: Forced air heating; Propane (leased) for heating and hot water; Central air conditioning (electric)
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $377k.

Deal economics

• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (30.3% below list).
• Recommended offer: $263k (30.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#34 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Forest East Elementary School (math 52% / reading 47%, grade D, #14 of 105 statewide, top 12%, 322 students, 0% FRL); Chipman (W.T.) Middle School (math 24% / reading 45%, grade F, #12 of 36 statewide, top 34%, 965 students, 0% FRL); Lake Forest High School (math 27% / reading 47%, grade F, #16 of 40 statewide, top 38%, 870 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 74 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).
• This rent runs 39% of the median local income ($80k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $262,917 (30.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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?
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: 0.70% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• GRM: 11.9

CMA / ARV

• ARV (median comp): $429,324
• List price: $377,000
• Delta: -9.16%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Sunshine Blvd	0.07mi	3/2.0 (-1)	1,677 (+2%)	16mo	$390,000	$233	74
292 Sand Dollar Ln	0.17mi	4/2.0	1,774 (+8%)	15mo	$400,000	$225	65
72 Coral Ct	0.17mi	4/2.0	1,460 (-12%)	8mo	$345,000	$236	64
923 Bowers Beach Rd	0.29mi	4/2.0	1,752 (+6%)	13mo	$409,900	$234	64
293 Sand Dollar Ln	0.12mi	4/2.0	1,774 (+8%)	19mo	$399,990	$225	64
261 Sand Dollar Ln	0.15mi	4/2.0	1,774 (+8%)	23mo	$420,990	$237	59
103 Barefoot Ln	0.56mi	3/2.0 (-1)	1,574 (-4%)	1mo	$260,000	$165	58
357 Barefoot Ln	0.62mi	3/2.0 (-1)	1,752 (+6%)	1mo	$257,000	$147	53
155 E Poplar St	0.73mi	3/2.0 (-1)	1,700 (+3%)	2mo	$275,000	$162	52
395 Barefoot Ln	0.63mi	3/2.0 (-1)	1,512 (-8%)	1mo	$259,000	$171	49
2349 Skeeter Neck Rd	0.67mi	3/2.0 (-1)	1,727 (+5%)	11mo	$310,000	$180	45

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

Projected returns pro-forma

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

5-year hold

• IRR: -20.3%
• Equity multiple: 0.29×
• Total profit: $-74,620
• Equity at exit: $56,212

10-year hold

• IRR: -13.5%
• Equity multiple: 0.22×
• Total profit: $-82,833
• Equity at exit: $32,596

Cash invested: $105,560 (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 19946

• Home prices YoY: -16.1%
• Active inventory: 74
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,629 medium
• Mortgage (P&I): −$1,977
• Tax from tax record: −$124 /mo · $1,487/yr
• Insurance: −$157
• HOA: −$29
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $-210

Break-even live

Break-even rent $2,895

Max offer price $339,905

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-103	+0% $-210	+5% $-317	+10% $-423
Rent	-10% $-418	-5% $-314	+0% $-210	+5% $-106	+10% $-2
Rate	-1.0pp $-20	-0.5pp $-114	base $-210	+0.5pp $-308	+1.0pp $-407

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: $94,250
• Closing costs: $11,310
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Willow Dr Frederica, DE	3.0–4.0	2.0	1312	$1,849	$1.41	45d	1	0.91mi

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 19 events

1. 2026-06-21
   days on market $377,000 Active 10 DOM
2. 2026-06-19
   days on market $377,000 Active 8 DOM
3. 2026-06-18
   days on market $377,000 Active 7 DOM
4. 2026-06-17
   days on market $377,000 Active 6 DOM
5. 2026-06-16
   days on market $377,000 Active 5 DOM
6. 2026-06-15
   days on market $377,000 Active 4 DOM
7. 2026-06-14
   days on market $377,000 Active 2 DOM
8. 2026-06-13
   remarks 699-char remark
9. 2026-06-13
   pricedays on marketlisting id $377,000 Active 1 DOM
10. 2026-05-30
    days on market $389,999 Active 77 DOM
11. 2026-05-08
    price $389,999 858-char remark
12. 2026-05-01
    price $395,000 858-char remark
13. 2026-03-15
    listed $399,999 Active 858-char remark
14. 2026-03-07
    historical $399,999 858-char remark
15. 2021-12-28
    soldstatus $358,990 Closed 1031-char remark

    Show marketing remark (1031 chars)

    This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

16. 2021-10-25
    status Pending 1031-char remark

    Show marketing remark (1031 chars)

    This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

17. 2021-10-12
    price $358,990 1031-char remark

    Show marketing remark (1031 chars)

    This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

18. 2021-10-01
    price $355,990 1031-char remark

    Show marketing remark (1031 chars)

    This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

19. 2021-09-21
    listed $352,990 Active 1031-char remark

    Show marketing remark (1031 chars)

    This new construction home on an interior homesite in the Bowers Landing community will be complete in November! The Glendale, a 1,649 square foot home, offers four bedrooms, two and a half baths and a two-car garage. You will immediately feel at home as you enter the foyer and make your way into the spacious family room. This living space flows nicely into the eat-in kitchen with modern gray cabinets, stainless steel appliances, and a large peninsula island. The pantry closet, powder room and coat closet are conveniently located off the kitchen as you exit into the garage. Upstairs, the four bedrooms provide enough space for everyone, and the second-floor laundry room, complete with a washer and dryer, simplifies an everyday chore! The white window treatment package and the exclusive D. R. Horton Smart-Home® Package through ADT included with this home will give you complete peace of mind. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built.

ⓘ 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: $1,487 · $124/mo
• Projected year-2 tax: $1,837 · $153/mo
• Expected delta: +$350/yr (+$29/mo · 23.5%)

ⓘ 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 ≥101°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,550
• − Mortgage interest: −$21,118
• − Property taxes: −$1,487
• − Insurance: −$1,885
• − Repairs & maintenance: −$2,524
• − Management: −$2,524
• − HOA: −$348
• − Depreciation: −$10,967
• Taxable loss: −$9,303
• Est. tax savings @ 24.0%: +$2,233
• After-tax cash flow: $-287/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: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

Livability — Frederica

• Score: 68/100
• State rank: #34
• US rank: #9737

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 82,184 people
• City population: 5,603
• Metro: Dover, DE
• Population (ZIP): 5,603
• Household income: $80,459
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 128.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 194,477 people
• By 2030: 204,351 · +5.1%
• By 2040: 222,135 · +14.2%
• By 2050: 236,483 · +21.6%
• By 2075: 266,327 · +36.9%
• By 2100: 275,335 · +41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Black 19% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Italian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 50.2% · R 48.2% · Other 1.7%
• 2008→2024 swing: -7.8pp toward R · 2008: 9.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+4.1 2016: R+4.9 2012: D+4.9 2008: D+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.16%
• Current HPI: 189.0713
• Rent YoY: —
• Metro: Dover, DE
• State GDP YoY: —
• F500 in state: 0

Price history

+6.8% since first listed

12 events — show timeline

• 2026-06-12 Listed $377,000 BRIGHT MLS
• 2026-06-10 Coming Soon $377,000 BRIGHT MLS
• 2026-05-30 Listing Removed — BRIGHT MLS
• 2026-05-08 Price Changed $389,999 BRIGHT MLS
• 2026-05-01 Price Changed $395,000 BRIGHT MLS
• 2026-03-15 Listed $399,999 BRIGHT MLS
• 2026-03-07 Coming Soon — BRIGHT MLS
• 2021-12-28 Sold (MLS) $358,990 BRIGHT MLS
• 2021-10-25 Pending — BRIGHT MLS
• 2021-10-12 Price Changed $358,990 BRIGHT MLS
• 2021-10-01 Price Changed $355,990 BRIGHT MLS
• 2021-09-21 Listed $352,990 BRIGHT MLS

Property tax history

+10.9%/yr

Latest (2025): $1,487 · +0.4% YoY. Source: county tax records.