231 Magnolia Dr · Millsboro, DE 19966

$239,900

2 bd · 1.0 ba · 866 sqft · SingleFamily public records · 93 Days on market

Built 1993 2,178 sqft lot $277/sqft · 11% above area Est $254k · 6% under $33/mo HOA · 2% 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).

• Cash flow +13.2/30.0
• ARV discount +10.1/15.0
• DSCR +4.0/10.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for the perfect second home near the beaches or a low-maintenance coastal retreat? Welcome to 231 Magnolia Dr. in Magnolia Meadows. This charming 2-bedroom home with a 1-car garage has been thoughtfully updated and is move-in ready. Recent improvements include a new architectural roof, new flooring throughout, and fresh paint, making it easy to simply unpack and start enjoying. The home also features a bright 3-season sunroom, perfect for relaxing with your morning coffee or unwinding after a day at the beach. Step outside to the private backyard with patio, ideal for entertaining, grilling, or enjoying peaceful evenings outdoors. Conveniently located just off Route 113, you'll have easy access to Delaware’s beautiful beaches, shopping, dining, and everyday amenities. Whether you're looking for a vacation getaway, downsizing opportunity, or year-round residence, this home offers comfort, updates, and a great location.

Key facts

• $33 HOA
• Garage
• Built 1993

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-4 ($-49/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (24.6% below list).
• Recommended offer: $181k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.3% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, 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: East Millsboro Elementary School (math 24% / reading 40%, grade F, #44 of 105 statewide, top 46%, 815 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 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: 870 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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 93 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $122k; list at $240k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $180,878 (24.6% 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 93 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Crime grade is D 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. 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: 0.75% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 11.1

CMA / ARV

• ARV (median comp): $254,478
• List price: $239,900
• Delta: -5.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 Scott Dr	0.30mi	2/2.0	980 (+13%)	14mo	$61,000	$62	49
405 Union St	0.32mi	3/1.0 (+1)	960 (+11%)	21mo	$80,000	$83	44
109 Laurel Rd	0.62mi	2/1.0	928 (+7%)	21mo	$280,000	$302	42
241 W Church St	0.70mi	2/2.0	960 (+11%)	12mo	$280,000	$292	36

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: -16.5%
• Equity multiple: 0.42×
• Total profit: $-39,243
• Equity at exit: $35,770

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-34,954
• Equity at exit: $20,742

Cash invested: $67,172 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 870
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,809 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$42 /mo · $504/yr
• Insurance: −$100
• HOA: −$33
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-4

Break-even live

Break-even rent $1,814

Max offer price $239,185

Occupancy floor 95%

Sensitivity live

Price	-10% $132	-5% $64	+0% $-4	+5% $-345	+10% $-428
Rent	-10% $-147	-5% $-75	+0% $-4	+5% $67	+10% $139
Rate	-1.0pp $117	-0.5pp $57	base $-4	+0.5pp $-66	+1.0pp $-129

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $33 · $396/yr

Listing history 12 events

1. 2026-06-09
   status $239,900 Pending 93 DOM
2. 2026-06-08
   days on market $239,900 Active 93 DOM
3. 2026-06-07
   days on market $239,900 Active 92 DOM
4. 2026-06-02
   days on market $239,900 Active 87 DOM
5. 2026-06-01
   days on market $239,900 Active 86 DOM
6. 2026-05-31
   days on market $239,900 Active 85 DOM
7. 2026-05-30
   days on market $239,900 Active 84 DOM
8. 2026-04-22
   price $239,900 945-char remark

   Show marketing remark (945 chars)

   Looking for the perfect second home near the beaches or a low-maintenance coastal retreat? Welcome to 231 Magnolia Dr. in Magnolia Meadows. This charming 2-bedroom home with a 1-car garage has been thoughtfully updated and is move-in ready. Recent improvements include a new architectural roof, new flooring throughout, and fresh paint, making it easy to simply unpack and start enjoying. The home also features a bright 3-season sunroom, perfect for relaxing with your morning coffee or unwinding after a day at the beach. Step outside to the private backyard with patio, ideal for entertaining, grilling, or enjoying peaceful evenings outdoors. Conveniently located just off Route 113, you'll have easy access to Delaware’s beautiful beaches, shopping, dining, and everyday amenities. Whether you're looking for a vacation getaway, downsizing opportunity, or year-round residence, this home offers comfort, updates, and a great location.

9. 2026-03-24
   price $249,900 945-char remark

   Show marketing remark (945 chars)

   Looking for the perfect second home near the beaches or a low-maintenance coastal retreat? Welcome to 231 Magnolia Dr. in Magnolia Meadows. This charming 2-bedroom home with a 1-car garage has been thoughtfully updated and is move-in ready. Recent improvements include a new architectural roof, new flooring throughout, and fresh paint, making it easy to simply unpack and start enjoying. The home also features a bright 3-season sunroom, perfect for relaxing with your morning coffee or unwinding after a day at the beach. Step outside to the private backyard with patio, ideal for entertaining, grilling, or enjoying peaceful evenings outdoors. Conveniently located just off Route 113, you'll have easy access to Delaware’s beautiful beaches, shopping, dining, and everyday amenities. Whether you're looking for a vacation getaway, downsizing opportunity, or year-round residence, this home offers comfort, updates, and a great location.

10. 2026-03-08
    listed $259,900 Active 945-char remark

    Show marketing remark (945 chars)

    Looking for the perfect second home near the beaches or a low-maintenance coastal retreat? Welcome to 231 Magnolia Dr. in Magnolia Meadows. This charming 2-bedroom home with a 1-car garage has been thoughtfully updated and is move-in ready. Recent improvements include a new architectural roof, new flooring throughout, and fresh paint, making it easy to simply unpack and start enjoying. The home also features a bright 3-season sunroom, perfect for relaxing with your morning coffee or unwinding after a day at the beach. Step outside to the private backyard with patio, ideal for entertaining, grilling, or enjoying peaceful evenings outdoors. Conveniently located just off Route 113, you'll have easy access to Delaware’s beautiful beaches, shopping, dining, and everyday amenities. Whether you're looking for a vacation getaway, downsizing opportunity, or year-round residence, this home offers comfort, updates, and a great location.

11. 2026-03-07
    historical $259,900 945-char remark

    Show marketing remark (945 chars)

    Looking for the perfect second home near the beaches or a low-maintenance coastal retreat? Welcome to 231 Magnolia Dr. in Magnolia Meadows. This charming 2-bedroom home with a 1-car garage has been thoughtfully updated and is move-in ready. Recent improvements include a new architectural roof, new flooring throughout, and fresh paint, making it easy to simply unpack and start enjoying. The home also features a bright 3-season sunroom, perfect for relaxing with your morning coffee or unwinding after a day at the beach. Step outside to the private backyard with patio, ideal for entertaining, grilling, or enjoying peaceful evenings outdoors. Conveniently located just off Route 113, you'll have easy access to Delaware’s beautiful beaches, shopping, dining, and everyday amenities. Whether you're looking for a vacation getaway, downsizing opportunity, or year-round residence, this home offers comfort, updates, and a great location.

12. 2014-03-19
    soldstatus $122,000

ⓘ 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: $504 · $42/mo
• Projected year-2 tax: $947 · $79/mo
• Expected delta: +$444/yr (+$37/mo · 88.2%)

ⓘ 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 ≥103°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,705
• − Mortgage interest: −$13,438
• − Property taxes: −$504
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − HOA: −$396
• − Depreciation: −$6,979
• Taxable loss: −$4,284
• Est. tax savings @ 24.0%: +$1,028
• After-tax cash flow: $980/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 — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millsboro, DE
• County: Sussex County · 82,708 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+96.6% since first listed

5 events — show timeline

• 2026-04-22 Price Changed $239,900 BRIGHT MLS
• 2026-03-24 Price Changed $249,900 BRIGHT MLS
• 2026-03-08 Listed $259,900 BRIGHT MLS
• 2026-03-07 Coming Soon $259,900 BRIGHT MLS
• 2014-03-19 Sold (Public Records) $122,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $504 · -5.8% YoY. Source: county tax records.