36540 Putter Ln · Ocean View, DE 19945

$469,000

3 bd · 3.0 ba · 1,230 sqft · Condo public records · 117 Days on market

Built 2014 $381/sqft · 50% above area Est $508k · 8% under $399/mo HOA · 18% of rent ↓ 5% 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
• Appreciation +10.0/10.0
• Cash flow +3.5/30.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Nestled in the peaceful community of Forest Landing, this beautifully maintained, move-in ready, low-maintenance end-unit townhouse backs to a tranquil wooded setting for added privacy. Located near Bethany Beach, it offers easy access to coastal living. Features include a screened porch, outdoor shower, and landscaped yard with sprinkler system. Inside, enjoy a two-story great room with loft, gourmet kitchen with new refrigerator, and spacious, furnished bedrooms with large walk in closets—truly turnkey. Community amenities include pool, fitness center, and pickleball courts. Attached garage and driveway parking. Close to beaches, shopping, dining, and parks.

Key facts

• Screened in porch
• Outside shower
• Well maintained lawn

Tags

• SCREENED IN PORCH
• OUTSIDE SHOWER
• WELL MAINTAINED LAWN
• SPRINKLER SYSTEM
• TRANQUIL WOODED AREA
• STYLISH LANDSCAPING

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $469k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (53.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (53.7% below list).
• Recommended offer: $217k (53.7% below list) — sets the bar for 1% rule.
• Cap rate 2.7% vs local median 1.9% in Ocean View — 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 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: 285 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $50k of equity ($3k loan paydown + $47k 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 ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($427k) 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 $216,919 (53.7% 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 117 days. Have you received any prior offers? Is the seller open to a 54% 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. Schools are A-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?
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: 0.46% ✗
• Cap rate: 2.66%
• Cash-on-cash: -12.98%
• DSCR: 0.42
• GRM: 18.0

CMA / ARV

• ARV (median comp): $507,973
• List price: $469,000
• Delta: -7.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.2%
• Equity multiple: 2.26×
• Total profit: $164,894
• Equity at exit: $422,512

10-year hold

• IRR: 14.9%
• Equity multiple: 5.24×
• Total profit: $556,692
• Equity at exit: $911,164

Cash invested: $131,320 (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: 18.0×

Monthly cashflow live

• Estimated rent: $2,169 medium
• Mortgage (P&I): −$2,459
• Tax from tax record: −$81 /mo · $969/yr
• Insurance: −$195
• HOA: −$399
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $-1,421

Break-even live

Break-even rent $3,968

Max offer price $217,978

Occupancy floor —

Sensitivity live

Price	-10% $-1,155	-5% $-1,288	+0% $-1,421	+5% $-2,089	+10% $-2,251
Rent	-10% $-1,592	-5% $-1,507	+0% $-1,421	+5% $-1,335	+10% $-1,250
Rate	-1.0pp $-1,185	-0.5pp $-1,302	base $-1,421	+0.5pp $-1,543	+1.0pp $-1,666

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30022 Center Point Rd Millville, DE	3.0	2.5	704	$2,000	$2.84	22d	1	0.61mi
35205 Tupelo Cir Frankford, DE	1.0–3.0	1.0–2.0	1046	$2,444	$2.34	14d	21	1.48mi

HOA detail condo

• Monthly dues: $399 · $4,788/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $469,000 Active 117 DOM
2. 2026-06-18
   days on market $469,000 Active 114 DOM
3. 2026-06-17
   days on market $469,000 Active 113 DOM
4. 2026-06-16
   days on market $469,000 Active 112 DOM
5. 2026-06-15
   days on market $469,000 Active 111 DOM
6. 2026-06-14
   days on market $469,000 Active 109 DOM
7. 2026-06-13
   days on market $469,000 Active 108 DOM
8. 2026-06-10
   days on market $469,000 Active 106 DOM
9. 2026-06-09
   days on market $469,000 Active 105 DOM
10. 2026-06-08
    days on market $469,000 Active 104 DOM
11. 2026-06-07
    days on market $469,000 Active 103 DOM
12. 2026-06-02
    days on market $469,000 Active 98 DOM
13. 2026-06-01
    days on market $469,000 Active 97 DOM
14. 2026-05-31
    days on market $469,000 Active 96 DOM
15. 2026-05-30
    days on market $469,000 Active 95 DOM
16. 2026-04-20
    price $469,000 674-char remark

    Show marketing remark (674 chars)

    Nestled in the peaceful community of Forest Landing, this beautifully maintained, move-in ready, low-maintenance end-unit townhouse backs to a tranquil wooded setting for added privacy. Located near Bethany Beach, it offers easy access to coastal living. Features include a screened porch, outdoor shower, and landscaped yard with sprinkler system. Inside, enjoy a two-story great room with loft, gourmet kitchen with new refrigerator, and spacious, furnished bedrooms with large walk in closets—truly turnkey. Community amenities include pool, fitness center, and pickleball courts. Attached garage and driveway parking. Close to beaches, shopping, dining, and parks.

17. 2026-03-25
    price $485,000 674-char remark

    Show marketing remark (674 chars)

    Nestled in the peaceful community of Forest Landing, this beautifully maintained, move-in ready, low-maintenance end-unit townhouse backs to a tranquil wooded setting for added privacy. Located near Bethany Beach, it offers easy access to coastal living. Features include a screened porch, outdoor shower, and landscaped yard with sprinkler system. Inside, enjoy a two-story great room with loft, gourmet kitchen with new refrigerator, and spacious, furnished bedrooms with large walk in closets—truly turnkey. Community amenities include pool, fitness center, and pickleball courts. Attached garage and driveway parking. Close to beaches, shopping, dining, and parks.

18. 2026-02-25
    listed $495,000 Active 674-char remark

    Show marketing remark (674 chars)

    Nestled in the peaceful community of Forest Landing, this beautifully maintained, move-in ready, low-maintenance end-unit townhouse backs to a tranquil wooded setting for added privacy. Located near Bethany Beach, it offers easy access to coastal living. Features include a screened porch, outdoor shower, and landscaped yard with sprinkler system. Inside, enjoy a two-story great room with loft, gourmet kitchen with new refrigerator, and spacious, furnished bedrooms with large walk in closets—truly turnkey. Community amenities include pool, fitness center, and pickleball courts. Attached garage and driveway parking. Close to beaches, shopping, dining, and parks.

ⓘ 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: $969 · $81/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$876/yr (+$73/mo · 90.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,030
• − Mortgage interest: −$26,271
• − Property taxes: −$969
• − Insurance: −$2,345
• − Repairs & maintenance: −$2,082
• − Management: −$2,082
• − HOA: −$4,788
• − Depreciation: −$13,644
• Taxable loss: −$26,151
• Est. tax savings @ 24.0%: +$6,276
• After-tax cash flow: $-10,775/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 — Ocean View

• Score: 69/100
• State rank: #27
• US rank: #8560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,093
• 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

-5.3% since first listed

3 events — show timeline

• 2026-04-20 Price Changed $469,000 BRIGHT MLS
• 2026-03-25 Price Changed $485,000 BRIGHT MLS
• 2026-02-25 Listed $495,000 BRIGHT MLS

Property tax history

+1.8%/yr

Latest (2025): $969 · -6.3% YoY. Source: county tax records.