Seaview II Plan · Lewes, DE 19958

$689,990

4 bd · 3.5 ba · 2,581 sqft · MultiFamily · 124 Days on market

Excellent condition ↓ 1% 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
• Condition / age +4.8/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Cash flow +1.4/30.0
• 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 Seaview II offers: Enjoy townhome living with less stairs — everything you need is within 2 stories. HovHall, Stuff of Life room, laundry room, and pantry located off 2-car garage, perfect for unloading groceries and keeping messes out of your home. First-floor primary suite with walk-in closet and bathroom with double sinks. Welcoming kitchen open to dining area and great room, perfect for entertaining. Second primary suite located near bedrooms 3 and 4 on second floor. Versatile loft space makes for the perfect reading nook, video game den, home office, or play area. Looking for a home with a basement near Lewes Beach? Check out our Seaview II floorplan and visit us to tour the model home. .

Key facts

• Luxury townhomes
• New construction
• Resort style pool

Tags

• NEW CONSTRUCTION
• LUXURY TOWNHOMES
• COASTAL VILLAS
• RESORT STYLE POOL
• SPLASH ZONE WITH WATERSLIDES
• MINI GOLF

🏗️ New construction. The $689,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $864,425.

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $690k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-3k ($-41k/yr) — negative.
• To cash-flow at today's rent, offer at most $371k (46.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $324k (53.0% below list).
• Recommended offer: $324k (53.0% below list) — sets the bar for 1% rule.

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.
• Market conditions: Rents flat; 818 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• This rent runs 40% 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 $6k of loan paydown is wiped out by about $26k 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 124 days — a 12% lower offer ($607k) 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 $324,434 (53.0% 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 124 days. Have you received any prior offers? Is the seller open to a 53% 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: 0.38% ✗
• Cap rate: 1.56%
• Cash-on-cash: -16.91%
• DSCR: 0.25
• GRM: 22.2

CMA / ARV

• ARV (median comp): $864,425
• List price: $689,990
• Delta: -20.18%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -51.9%
• Equity multiple: -0.51×
• Total profit: $-364,383
• Equity at exit: $128,889

10-year hold

• IRR: —
• Equity multiple: -1.58×
• Total profit: $-624,770
• Equity at exit: $74,740

Cash invested: $242,039 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,244 medium
• Mortgage (P&I): −$4,533
• Tax est. 1.5%: −$1,081 /mo · $12,966/yr
• Insurance: −$360
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $-3,411

Break-even live

Break-even rent $7,562

Max offer price $370,874

Occupancy floor —

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: $216,106
• Closing costs: $25,933
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Dewey Ave Lewes, DE	3.0	3.0	2325	$3,750	$1.61	13d	1	0.95mi
306 Bayberry Dr Lewes, DE	4.0	3.5	2448	$2,993	$1.22	43d	1	1.26mi
33176 Denton St Lewes, DE	4.0	3.5	1800	$2,650	$1.47	43d	1	1.46mi

Listing history 18 events

1. 2026-06-18
   days on market $689,990 Active 124 DOM
2. 2026-06-17
   days on market $689,990 Active 123 DOM
3. 2026-06-16
   days on market $689,990 Active 122 DOM
4. 2026-06-15
   days on market $689,990 Active 121 DOM
5. 2026-06-14
   days on market $689,990 Active 119 DOM
6. 2026-06-13
   days on market $689,990 Active 118 DOM
7. 2026-06-10
   days on market $689,990 Active 116 DOM
8. 2026-06-09
   days on market $689,990 Active 115 DOM
9. 2026-06-08
   days on market $689,990 Active 114 DOM
10. 2026-06-07
    days on market $689,990 Active 113 DOM
11. 2026-06-05
    days on market $689,990 Active 110 DOM
12. 2026-06-03
    days on market $689,990 Active 109 DOM
13. 2026-06-02
    days on market $689,990 Active 108 DOM
14. 2026-06-01
    days on market $689,990 Active 107 DOM
15. 2026-05-31
    days on market $689,990 Active 106 DOM
16. 2026-05-30
    days on market $689,990 Active 105 DOM
17. 2026-03-18
    price $689,990 1451-char remark

    Show marketing remark (1451 chars)

    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 Seaview II offers: Enjoy townhome living with less stairs — everything you need is within 2 stories. HovHall, Stuff of Life room, laundry room, and pantry located off 2-car garage, perfect for unloading groceries and keeping messes out of your home. First-floor primary suite with walk-in closet and bathroom with double sinks. Welcoming kitchen open to dining area and great room, perfect for entertaining. Second primary suite located near bedrooms 3 and 4 on second floor. Versatile loft space makes for the perfect reading nook, video game den, home office, or play area. Looking for a home with a basement near Lewes Beach? Check out our Seaview II floorplan and visit us to tour the model home. .

18. 2026-02-14
    listed $699,990 Active 1451-char remark

    Show marketing remark (1451 chars)

    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 Seaview II offers: Enjoy townhome living with less stairs — everything you need is within 2 stories. HovHall, Stuff of Life room, laundry room, and pantry located off 2-car garage, perfect for unloading groceries and keeping messes out of your home. First-floor primary suite with walk-in closet and bathroom with double sinks. Welcoming kitchen open to dining area and great room, perfect for entertaining. Second primary suite located near bedrooms 3 and 4 on second floor. Versatile loft space makes for the perfect reading nook, video game den, home office, or play area. Looking for a home with a basement near Lewes Beach? Check out our Seaview II floorplan and visit us to tour the model home. .

ⓘ 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: $38,932
• − Mortgage interest: −$48,421
• − Property taxes: −$12,966
• − Insurance: −$4,322
• − Repairs & maintenance: −$3,115
• − Management: −$3,115
• − Depreciation: −$25,147
• Taxable loss: −$58,154
• Est. tax savings @ 24.0%: +$13,957
• After-tax cash flow: $-26,973/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 modern finishes and a prime location. It is move-in ready and offers high potential for value appreciation.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Updating the flooring in the bathrooms — Modern flooring can improve both resale and rental value.
• Both Upgrading the kitchen appliances — New appliances can attract more buyers and renters.
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more convenient and energy-efficient.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring in the bathrooms — Modern flooring can improve both resale and rental value. ↑
• Both Upgrading the kitchen appliances — New appliances can attract more buyers and renters. ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more convenient and energy-efficient. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 82,708 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: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-1.4% since first listed

2 events — show timeline

• 2026-03-18 Price Changed $689,990 Zillow
• 2026-02-14 Listed $699,990 Zillow