ELM Plan · Millville, DE 19945

$422,990

5 bd · 3.0 ba · 2,415 sqft · SingleFamily · 2 Days on market

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

The Elm, a contemporary 2,415 square feet two-story home, features five bedrooms, three bathrooms, a loft and a two-car garage. As you step into the home's distinct foyer you will notice that the stairs are separated from the main living space. Continuing into the home, the open-concept floorplan comes to life as you take in the kitchen, dining area and living room. The spacious kitchen showcases an abundance of cabinetry and counter space, an ample walk-in pantry, a large island with sink and additional room for seating and stainless-steel appliances. The kitchen has an eat-in dining space that flows perfectly into the sizeable living room. A coat closet is tucked away near the entrance of

Key facts

• 2 garage spots
• Listed 2 days

Property features AI

Finance

• Other: Address: Frankford, DE 19945
• Financial info: List price $422,990

Exterior

• Parking: 2 garage spaces; 2 total parking spaces
• Home design: New construction plan; Single-family property (ELM plan)
• Exterior features: Living area approximately 2415

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 3 full bathrooms
• Interior features: Plan model named ELM

🏗️ New construction. The $422,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $834,273.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $423k.

Deal economics

• At list price, monthly cash flow is $-4k ($-48k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (38.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (46.3% below list).
• Recommended offer: $227k (46.3% below list) — sets the bar for 1% rule.
• Cap rate 0.6% vs local median 2.4% in Millville — 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 64/100 on livability (#49 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A, housing A; Watch: schools F, amenities F, 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.
• Market conditions: 281 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $89k of equity ($6k loan paydown + $83k 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 ~$143k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $226,976 (46.3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 0.27% ✗
• Cap rate: 0.58%
• Cash-on-cash: -20.41%
• DSCR: 0.09
• GRM: 30.6

CMA / ARV

• ARV (median comp): $834,273
• List price: $422,990
• Delta: -49.30%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24003 Pembroke Ln	0.64mi	4/2.5 (-1)	2,272 (-6%)	21mo	$530,000	$233	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.3%
• Equity multiple: 1.86×
• Total profit: $201,400
• Equity at exit: $751,580

10-year hold

• IRR: 11.5%
• Equity multiple: 4.39×
• Total profit: $792,116
• Equity at exit: $1,620,810

Cash invested: $233,597 (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: 281
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,270 medium
• Mortgage (P&I): −$4,375
• Tax est. 1.5%: −$1,043 /mo · $12,514/yr
• Insurance: −$348
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-3,972

Break-even live

Break-even rent $7,298

Max offer price $259,466

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: $208,568
• Closing costs: $25,028
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $422,990 Active 2 DOM
2. 2026-06-16
   days on marketlisting id $422,990 Active 1 DOM
3. 2026-06-16
   days on market $422,990 Active 89 DOM
4. 2026-06-15
   days on market $422,990 Active 88 DOM
5. 2026-06-14
   days on market $422,990 Active 86 DOM
6. 2026-06-13
   days on market $422,990 Active 85 DOM
7. 2026-06-10
   days on market $422,990 Active 83 DOM
8. 2026-06-09
   days on market $422,990 Active 82 DOM
9. 2026-06-08
   days on market $422,990 Active 81 DOM
10. 2026-06-07
    days on market $422,990 Active 80 DOM
11. 2026-06-02
    days on market $422,990 Active 75 DOM
12. 2026-06-01
    days on market $422,990 Active 74 DOM
13. 2026-05-31
    days on market $422,990 Active 73 DOM
14. 2026-05-30
    days on market $422,990 Active 72 DOM
15. 2026-03-20
    listed $422,990 Active 1489-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,237
• − Mortgage interest: −$46,732
• − Property taxes: −$12,514
• − Insurance: −$4,171
• − Repairs & maintenance: −$2,179
• − Management: −$2,179
• − Depreciation: −$24,270
• Taxable loss: −$64,808
• Est. tax savings @ 24.0%: +$15,554
• After-tax cash flow: $-32,114/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 — Millville

• Score: 64/100
• State rank: #49
• US rank: #13839

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

• Census place: Millville, DE
• 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