32377 Back Nine Way #3747 · Millsboro, DE 19966

$333,000

4 bd · 2.5 ba · 2,432 sqft · Condo · 261 Days on market

Built 2005 Good condition $137/sqft · 8% below area Est $362k · 8% under $321/mo HOA · 10% of rent ↓ 1% since listing

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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 +11.0/15.0
• Cash flow +10.3/30.0
• 1% rule +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this meticulously maintained 3 bedroom 2.5 bath townhome located in the highly sought after Baywood Greens community. Spread across two spacious levels with a finished basement, this home offers both comfort and style. Recent updates include beautiful new hardwood floors upstairs and in the inviting family room, adding a modern touch to the open concept living spaces. The home has been well maintained with frequently serviced HVAC and a replaced A/C unit. The unit also has brand new washer and dryer! Step outside into your private courtyard, perfect for enjoying a peaceful moment or hosting friends. The home also features a two car garage, a charming front porch, and a balcony with stunning views of the signature eighteenth green, clubhouse, and driving range, an ideal setting for watching sunsets or the occasional wedding! As a resident of Baywood Greens, you will enjoy exclusive perks such as special discounts on golf at the renowned Baywood Greens course and on food at the clubhouse. The community is known for its active atmosphere with frequent events that bring neighbors together and create a strong sense of belonging. For those who enjoy an active lifestyle, the community offers access to both tennis and pickleball courts, providing endless opportunities for fun and friendly competition. You will also have access to private beaches and a private pool for relaxation, as well as rentable boat slips for boating enthusiasts. For dog owners, the community features designated dog parks that offer plenty of space for pets to socialize and play. This quarters land lease and HOA included in sale!

Key facts

• Balcony with views
• Private pool
• Finished basement

Tags

• PRIVATE COURTYARD
• FINISHED BASEMENT
• LUXURY VINYL PLANK FLOORING
• BALCONY WITH VIEWS
• PRIVATE POOL

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath condo listed at $333k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-186 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (7.4% below list).
• Recommended offer: $293k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 3.4% 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: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 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: 999 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; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $3,084/mo this rent would consume 47% of the median local household income ($78k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 261 days — a 12% lower offer ($293k) is reasonable based on typical stale-listing flexibility.

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 $293,040 (12.0% 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 261 days. Have you received any prior offers? Is the seller open to a 12% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• GRM: 9.0

CMA / ARV

• ARV (median comp): $361,502
• List price: $333,000
• Delta: -7.88%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32431 Back Nine Way #3761	0.12mi	3/2.5 (-1)	2,365 (-3%)	0mo	$262,000	$111	85
26178 Milby Cir	1.40mi	4/3.5	2,400 (-1%)	1mo	$465,000	$194	58
24913 Rivers Edge Rd	1.35mi	4/2.0	2,281 (-6%)	2mo	$500,000	$219	51
32555 Long Iron Way #3211	0.43mi	3/2.5 (-1)	3,000 (+23%)	1mo	$375,000	$125	49
24904 Crooked Stick Way #4335	0.44mi	3/2.0 (-1)	1,860 (-24%)	0mo	$345,000	$185	47
24811 Rivers Edge Rd	0.99mi	4/2.5	2,153 (-12%)	1mo	$489,900	$228	45
25061 Dogleg Way #4085	0.49mi	3/2.0 (-1)	1,854 (-24%)	1mo	$380,435	$205	44
24819 Rivers Edge Rd	1.04mi	3/2.5 (-1)	2,195 (-10%)	1mo	$460,000	$210	43
34423 Derrickson Dr	1.37mi	4/3.0	2,868 (+18%)	1mo	$800,000	$279	37
33370 Court Dr	1.46mi	4/2.0	1,857 (-24%)	1mo	$340,000	$183	37
24879 Rivers Edge Rd	1.43mi	3/2.0 (-1)	1,872 (-23%)	1mo	$460,000	$246	32
33876 Sea Otter Way	1.46mi	5/3.5 (+1)	2,927 (+20%)	0mo	$625,000	$214	31

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: -20.2%
• Equity multiple: 0.30×
• Total profit: $-65,548
• Equity at exit: $49,651

10-year hold

• IRR: -13.0%
• Equity multiple: 0.24×
• Total profit: $-71,322
• Equity at exit: $28,792

Cash invested: $93,240 (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: 999
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,084 medium
• Mortgage (P&I): −$1,746
• Tax est. 1.5%: −$416 /mo · $4,995/yr
• Insurance: −$139
• HOA: −$321
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $-186

Break-even live

Break-even rent $3,319

Max offer price $306,120

Occupancy floor —

Sensitivity live

Price	-10% $44	-5% $-71	+0% $-186	+5% $-301	+10% $-416
Rent	-10% $-429	-5% $-308	+0% $-186	+5% $-64	+10% $58
Rate	-1.0pp $-18	-0.5pp $-101	base $-186	+0.5pp $-272	+1.0pp $-360

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: $83,250
• Closing costs: $9,990
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32814 Greens Way #3160 Millsboro, DE	4.0	3.5	3300	$3,200	$0.97	93d	1	0.28mi
24850 Rivers Edge Rd Millsboro, DE	3.0	2.5	2069	$2,300	$1.11	93d	1	1.16mi
24201 Hammerhead Dr Millsboro, DE	3.0	3.0	1751	$3,200	$1.83	62d	1	1.43mi

HOA detail $321/mo · $3,852/yr condo

• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $333,000 Active 261 DOM
2. 2026-08-07
   days on market $333,000 Active 260 DOM
3. 2026-08-06
   days on market $333,000 Active 259 DOM
4. 2026-08-05
   days on market $333,000 Active 258 DOM
5. 2026-08-04
   days on market $333,000 Active 257 DOM
6. 2026-08-03
   days on market $333,000 Active 256 DOM
7. 2026-07-31
   days on market $333,000 Active 253 DOM
8. 2026-07-29
   days on market $333,000 Active 251 DOM
9. 2026-07-27
   days on market $333,000 Active 249 DOM
10. 2026-07-25
    days on market $333,000 Active 247 DOM
11. 2026-07-24
    days on market $333,000 Active 246 DOM
12. 2026-07-23
    days on market $333,000 Active 245 DOM
13. 2026-07-22
    days on market $333,000 Active 244 DOM
14. 2026-07-21
    days on market $333,000 Active 243 DOM
15. 2026-07-18
    days on market $333,000 Active 240 DOM
16. 2026-07-16
    days on market $333,000 Active 238 DOM
17. 2026-07-16
    days on market $333,000 Active 237 DOM
18. 2026-07-13
    days on market $333,000 Active 235 DOM
19. 2026-07-12
    days on market $333,000 Active 234 DOM
20. 2026-07-11
    days on market $333,000 Active 233 DOM
21. 2026-07-10
    days on market $333,000 Active 232 DOM
22. 2026-07-09
    days on market $333,000 Active 231 DOM
23. 2026-07-08
    days on market $333,000 Active 230 DOM
24. 2026-07-07
    days on market $333,000 Active 229 DOM
25. 2026-07-06
    days on market $333,000 Active 228 DOM
26. 2026-07-05
    days on market $333,000 Active 227 DOM
27. 2026-07-04
    days on market $333,000 Active 226 DOM
28. 2026-07-03
    days on market $333,000 Active 225 DOM
29. 2026-07-02
    days on market $333,000 Active 224 DOM
30. 2026-07-01
    days on market $333,000 Active 223 DOM
31. 2026-06-30
    days on market $333,000 Active 222 DOM
32. 2026-06-29
    days on market $333,000 Active 221 DOM
33. 2026-06-28
    days on market $333,000 Active 220 DOM
34. 2026-06-28
    days on market $333,000 Active 219 DOM
35. 2026-06-27
    days on market $333,000 Active 218 DOM
36. 2026-06-25
    days on market $333,000 Active 216 DOM
37. 2026-06-23
    days on market $333,000 Active 214 DOM
38. 2026-06-21
    days on market $333,000 Active 213 DOM
39. 2026-06-18
    days on market $333,000 Active 210 DOM
40. 2026-06-17
    days on market $333,000 Active 209 DOM
41. 2026-06-16
    days on market $333,000 Active 208 DOM
42. 2026-06-15
    days on market $333,000 Active 207 DOM
43. 2026-06-14
    days on market $333,000 Active 205 DOM
44. 2026-06-13
    days on market $333,000 Active 204 DOM
45. 2026-06-10
    days on market $333,000 Active 202 DOM
46. 2026-06-09
    days on market $333,000 Active 201 DOM
47. 2026-06-08
    days on market $333,000 Active 200 DOM
48. 2026-06-07
    days on market $333,000 Active 199 DOM
49. 2026-06-02
    days on market $333,000 Active 194 DOM
50. 2026-06-01
    days on market $333,000 Active 193 DOM

ⓘ 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 ≥101°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: $37,011
• − Mortgage interest: −$18,653
• − Property taxes: −$4,995
• − Insurance: −$1,665
• − Repairs & maintenance: −$2,961
• − Management: −$2,961
• − HOA: −$3,852
• − Depreciation: −$9,687
• Taxable loss: −$7,764
• Est. tax savings @ 24.0%: +$1,863
• After-tax cash flow: $-366/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $12,160–$36,480 screening

This well-maintained and updated townhome in Baywood Greens offers a good condition with recent improvements and a private courtyard, making it a great investment opportunity.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — fresh paint can make a home more appealing ↑
• Both HVAC servicing — ensures comfort and energy efficiency ↑

ⓘ 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 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

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

• County: Sussex County · 248,853 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: 5% 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: 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%

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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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-1.2% since first listed

3 events — show timeline

• 2026-04-02 Price Changed $333,000 BRIGHT MLS
• 2026-01-15 Price Changed $335,000 BRIGHT MLS
• 2025-11-20 Listed $337,000 BRIGHT MLS