Bar Harbor Plan · Lewes, DE 19958

$679,990

4 bd · 3.5 ba · 2,856 sqft · MultiFamily · 267 Days on market

Excellent condition ↓ 15% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +5.1/10.0
• Condition / age +4.8/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover unparalleled resort-style living just moments from the beach at Mitchell's Corner, a stunning community of new-construction luxury townhomes and coastal villas east of Route 1 in Lewes, DE. With endless amenities, floorplans offering up to 5 beds, 4 baths, 3,186 sq. ft. , you're sure to find your dream home. Each spacious luxury townhome and coastal villa features designer-curated interior finishes in your choice of our Loft, Farmhouse, Classic, or Elements Looks. Bike to Lewes Beach, Cape Henlopen State Park, and Downtown Lewes, or stay home and enjoy amenities like a resort-style pool, splash zone with waterslides, mini golf, indoor and outdoor pickleball, and more! Offered By: K. Hovnanian At Mitchell's Corner, LLC The Bar Harbor offers: HovHall with valet helps keep your home clean and organized as you enter through 2-car garage. First-floor Extra Suite and activity room offer private space for guests, space for a home office, and room for kids to play. Stately kitchen with large island open to a dining area and great room designed for spending time with friends and family. Convenient half bath off great room. Sunroom and deck allow you to enjoy the outdoors from the comfort of home. Palatial primary suite with double-vanity bathroom, two walk-in closets, and a second deck. Laundry room ideally located near bedrooms on third floor.

Key facts

• Resort style pool
• Stately kitchen
• Activity room

Tags

• RESORT STYLE POOL
• SPLASH ZONE WITH WATERSLIDES
• INDOOR AND OUTDOOR PICKLEBALL
• FIRST FLOOR EXTRA SUITE
• ACTIVITY ROOM
• STATELY KITCHEN

🏗️ New construction. The $679,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $1,067,167.

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $680k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-5k ($-59k/yr) — negative.
• To cash-flow at today's rent, offer at most $352k (48.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (54.7% below list).
• Recommended offer: $308k (54.7% below list) — sets the bar for 1% rule.
• Cap rate 0.7% vs local median 1.9% in Lewes — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 67/100 on livability (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: commute F, cost of living F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lewes Elementary School (math 58% / reading 60%, grade B-, #4 of 105 statewide, top 4%, 582 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 1255 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 38% of the median local income ($97k/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 $7k of loan paydown is wiped out by about $32k 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 267 days — a 12% lower offer ($598k) 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 $308,125 (54.7% 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 267 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.29% ✗
• Cap rate: 0.74%
• Cash-on-cash: -19.84%
• DSCR: 0.12
• GRM: 28.9

CMA / ARV

• ARV (median comp): $1,067,167
• List price: $679,990
• Delta: -36.28%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22355 Langford Ln	0.16mi	4/3.5	2,856 (0%)	0mo	$699,990	$245	92
22361 Langford Ln	0.15mi	4/3.5	2,969 (+4%)	0mo	$674,990	$227	86
22357 Langford Ln	0.15mi	4/3.5	2,969 (+4%)	1mo	$659,990	$222	85
22419 Langford Ln	0.07mi	4/3.5	2,581 (-10%)	1mo	$699,990	$271	80
22532 Albion Ln	0.09mi	4/3.5	2,581 (-10%)	0mo	$754,990	$293	80
11745 Shrewsbury Ter	0.08mi	5/4.0 (+1)	3,186 (+12%)	0mo	$840,990	$264	70
33773 Catching Cv	0.88mi	4/3.5	2,850 (-0%)	1mo	$745,000	$261	64
33827 Joel Ln	1.43mi	4/3.5	3,187 (+12%)	1mo	$910,000	$286	45
15507 Solomon Way	1.41mi	4/3.5	3,210 (+12%)	0mo	$879,990	$274	44
323 Bayberry Dr	1.20mi	4/3.5	2,448 (-14%)	0mo	$740,000	$302	41
33100 Grape Vine Ct	1.48mi	4/3.0	2,220 (-22%)	1mo	$700,000	$315	37
829 Savannah Rd	0.78mi	3/3.0 (-1)	2,500 (-12%)	2mo	$1,470,000	$588	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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -59.2%
• Equity multiple: -0.65×
• Total profit: $-494,324
• Equity at exit: $159,118

10-year hold

• IRR: —
• Equity multiple: -1.88×
• Total profit: $-861,999
• Equity at exit: $92,269

Cash invested: $298,807 (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 →

Active competition Active MLS

• For sale now: 23 active
• Median asking: $714,990 ($254/sqft)
• Median days on market: 50 d
• This list price: 13% of active listings are priced below it
• ARV vs active asking: +47.0% above current asking $/sqft

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

ZIP-level market 19958

• Rents YoY: 0.8%
• Active inventory: 1255
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $3,081 high
• Mortgage (P&I): −$5,596
• Tax est. 1.5%: −$1,334 /mo · $16,008/yr
• Insurance: −$445
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $-4,941

Break-even live

Break-even rent $9,335

Max offer price $352,231

Occupancy floor —

Sensitivity live

Price	-10% $-4,203	-5% $-4,572	+0% $-4,941	+5% $-5,310	+10% $-5,678
Rent	-10% $-5,184	-5% $-5,062	+0% $-4,941	+5% $-4,819	+10% $-4,697
Rate	-1.0pp $-4,403	-0.5pp $-4,669	base $-4,941	+0.5pp $-5,217	+1.0pp $-5,499

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: $266,792
• Closing costs: $32,015
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	184d	1	0.22mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,288	$2.70	10d	12	0.22mi
31389 Causey Rd Lewes, DE	3.0	2.5	2010	$2,975	$1.48	51d	1	0.47mi
31389 Causey Rd Lewes, DE	3.0	2.5	2010	$2,975	$1.48	1d	1	0.47mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,995	$1.70	10d	1	0.77mi
1517 Savannah Rd Lewes, DE	3.0	1.0	986	$2,000	$2.03	22d	1	0.83mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	184d	1	0.90mi
34673 Villa Cir #305 Lewes, DE	3.0	2.0	1200	$2,200	$1.83	10d	1	0.94mi
34677 Villa Cir #502 Lewes, DE	3.0	2.0	1250	$2,050	$1.64	10d	1	0.95mi
119 Dewey Ave Lewes, DE	3.0	3.0	2325	$3,750	$1.61	154d	1	0.95mi
34670 Villa Cir Lewes, DE	2.0	2.0	986	$1,875	$1.90	37d	2	0.96mi
34670 Villa Cir Lewes, DE	2.0	2.0	493	$1,875	$3.80	0d	2	0.96mi
1546 Savannah Rd Lewes, DE	3.0	2.5	1800	$2,500	$1.39	51d	1	0.98mi
34704 Villa Cir #1201 Lewes, DE	2.0	2.0	1074	$1,800	$1.68	10d	1	1.00mi
34642 Bay Crossing Blvd #702 Lewes, DE	3.0	2.0	1400	$2,200	$1.57	44d	1	1.01mi
353 Savannah Rd #3 Lewes, DE	1.0	1.0	—	$1,732	—	10d	1	1.14mi
45 Tiffany Dr Rehoboth Beach, DE	3.0	2.0	1404	$2,500	$1.78	10d	1	1.23mi
45 Bryan Dr Rehoboth Beach, DE	3.0	2.0	1378	$2,700	$1.96	10d	1	1.23mi
17059 S Brandt St #3206 Lewes, DE	2.0	2.0	1052	$1,850	$1.76	162d	1	1.32mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	184d	1	1.37mi
33451 Mackenzie Way Lewes, DE	1.0–3.0	1.0–2.0	1078	$1,929	$1.79	7d	7	1.38mi
225 Ocean View Blvd Lewes, DE	3.0	2.5	2306	$2,795	$1.21	10d	1	1.39mi
225 Ocean View Blvd Lewes, DE	3.0	2.5	2306	$2,795	$1.21	22d	1	1.39mi

Listing history 50 events

1. 2026-11-08
   days on market $679,990 Active 267 DOM
2. 2026-11-07
   days on market $679,990 Active 266 DOM
3. 2026-11-06
   days on market $679,990 Active 265 DOM
4. 2026-11-05
   days on market $679,990 Active 264 DOM
5. 2026-11-04
   days on market $679,990 Active 263 DOM
6. 2026-11-02
   days on market $679,990 Active 261 DOM
7. 2026-11-01
   days on market $679,990 Active 260 DOM
8. 2026-10-31
   days on market $679,990 Active 259 DOM
9. 2026-10-30
   days on market $679,990 Active 258 DOM
10. 2026-10-29
    days on market $679,990 Active 257 DOM
11. 2026-10-28
    days on market $679,990 Active 256 DOM
12. 2026-10-27
    days on market $679,990 Active 255 DOM
13. 2026-10-26
    days on market $679,990 Active 254 DOM
14. 2026-10-25
    days on market $679,990 Active 253 DOM
15. 2026-10-24
    days on market $679,990 Active 252 DOM
16. 2026-10-23
    days on market $679,990 Active 251 DOM
17. 2026-10-22
    days on market $679,990 Active 250 DOM
18. 2026-10-21
    days on market $679,990 Active 249 DOM
19. 2026-10-20
    days on market $679,990 Active 248 DOM
20. 2026-10-19
    days on market $679,990 Active 247 DOM
21. 2026-10-18
    days on market $679,990 Active 246 DOM
22. 2026-10-17
    days on market $679,990 Active 245 DOM
23. 2026-10-16
    days on market $679,990 Active 244 DOM
24. 2026-10-15
    days on market $679,990 Active 243 DOM
25. 2026-10-14
    days on market $679,990 Active 242 DOM
26. 2026-10-13
    days on market $679,990 Active 241 DOM
27. 2026-10-12
    days on market $679,990 Active 240 DOM
28. 2026-10-11
    days on market $679,990 Active 239 DOM
29. 2026-10-10
    days on market $679,990 Active 238 DOM
30. 2026-10-09
    days on market $679,990 Active 237 DOM
31. 2026-10-08
    days on market $679,990 Active 236 DOM
32. 2026-10-07
    days on market $679,990 Active 235 DOM
33. 2026-10-06
    days on market $679,990 Active 234 DOM
34. 2026-10-05
    days on market $679,990 Active 233 DOM
35. 2026-10-04
    days on market $679,990 Active 232 DOM
36. 2026-10-04
    days on market $679,990 Active 231 DOM
37. 2026-10-02
    days on market $679,990 Active 230 DOM
38. 2026-10-01
    days on market $679,990 Active 229 DOM
39. 2026-09-30
    days on market $679,990 Active 228 DOM
40. 2026-09-29
    days on market $679,990 Active 227 DOM
41. 2026-09-28
    days on market $679,990 Active 226 DOM
42. 2026-09-27
    days on market $679,990 Active 225 DOM
43. 2026-09-26
    days on market $679,990 Active 224 DOM
44. 2026-09-25
    days on market $679,990 Active 223 DOM
45. 2026-09-24
    days on market $679,990 Active 222 DOM
46. 2026-09-24
    days on market $679,990 Active 221 DOM
47. 2026-09-22
    pricedays on market $679,990 Active 220 DOM
48. 2026-09-21
    days on market $779,990 Active 219 DOM
49. 2026-09-20
    days on market $779,990 Active 218 DOM
50. 2026-09-18
    days on market $779,990 Active 216 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: $36,975
• − Mortgage interest: −$59,778
• − Property taxes: −$16,008
• − Insurance: −$5,336
• − Repairs & maintenance: −$2,958
• − Management: −$2,958
• − Depreciation: −$31,045
• Taxable loss: −$81,107
• Est. tax savings @ 24.0%: +$19,466
• After-tax cash flow: $-39,823/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

Excellent 95/100 None rehab

This multi-family property is in excellent condition with a modern and well-maintained interior and exterior. It offers a great opportunity for investors looking to add value through minor upgrades and improvements.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Both Painting exterior trim — Fresh paint can make the home look more inviting and increase its value. ↑
• Both Upgrading light fixtures — Modern light fixtures can improve the home's curb appeal and functionality. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and marketability. ↑
• Both Upgrading appliances — Modern appliances can make the home more appealing to potential buyers and renters. ↑

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Lewes Elementary School B- DE #4/105 Nat'l #8,048/41,679 Middle Beacon Middle School B- DE #1/36 Nat'l #2,418/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

Schools (NCES district)

• District: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

C Composite livability gradescore 67/100

Livability — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

Amenities B- Commute F Cost of living F Crime A+ Employment A+ Housing C+ 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: 31,938
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 11% 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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-15.1% since first listed

2 events — show timeline

• 2026-03-18 Price Changed $659,990 Zillow
• 2026-02-14 Listed $776,990 Zillow