28500 Ok Waw Ave #6756 · Millsboro, DE 19966

$145,000

1 bd · 1.0 ba · 850 sqft · SingleFamily · 159 Days on market

Built 1982 Fair condition 1.86 ac lot $171/sqft · 21% below area Est $183k · 21% under ↓ 29% since listing

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Why this score? — see what drove the C+ 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).

• Cash flow +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

Key facts

• Atlantic ocean
• Indian river bay
• Lewes beach

Tags

• DETACHED GARAGE
• INDIAN RIVER BAY
• ATLANTIC OCEAN
• LEWES BEACH
• CAPE HENLOPEN STATE PARK
• DOWNTOWN REHOBOTH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 159 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk; 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 $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.11% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $183,046
• List price: $145,000
• Delta: -20.78%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28307 Basin Rd	0.47mi	2/1.0 (+1)	810 (-5%)	2mo	$230,000	$284	64
33193 Pearl St	0.48mi	2/1.0 (+1)	816 (-4%)	5mo	$479,000	$587	62
28262 Cannon St	0.49mi	2/2.0 (+1)	850 (0%)	7mo	$180,000	$212	62
28367 Cherokee Ave #51076	0.15mi	2/2.0 (+1)	924 (+9%)	13mo	$70,000	$76	58
32681 Oak Orchard Rd	0.31mi	2/2.0 (+1)	960 (+13%)	13mo	$260,000	$271	44

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-9,808
• Equity at exit: $21,620

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $9,247
• Equity at exit: $12,537

Cash invested: $40,600 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $244,950 ($301/sqft)
• Median days on market: 188 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -28.4% vs current asking $/sqft

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

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $214

Break-even live

Break-even rent $1,339

Max offer price $145,000

Occupancy floor 82%

Sensitivity live

Price	-10% $314	-5% $264	+0% $214	+5% $164	+10% $114
Rent	-10% $87	-5% $150	+0% $214	+5% $278	+10% $341
Rate	-1.0pp $287	-0.5pp $251	base $214	+0.5pp $176	+1.0pp $138

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: $36,250
• Closing costs: $4,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $145,000 Active 159 DOM
2. 2026-08-07
   days on market $145,000 Active 158 DOM
3. 2026-08-06
   days on market $145,000 Active 157 DOM
4. 2026-08-05
   days on market $145,000 Active 156 DOM
5. 2026-08-04
   days on market $145,000 Active 155 DOM
6. 2026-08-03
   days on market $145,000 Active 154 DOM
7. 2026-07-31
   days on market $145,000 Active 151 DOM
8. 2026-07-29
   days on market $145,000 Active 149 DOM
9. 2026-07-27
   days on market $145,000 Active 147 DOM
10. 2026-07-25
    days on market $145,000 Active 145 DOM
11. 2026-07-24
    days on market $145,000 Active 144 DOM
12. 2026-07-23
    days on market $145,000 Active 143 DOM
13. 2026-07-22
    days on market $145,000 Active 142 DOM
14. 2026-07-21
    days on market $145,000 Active 141 DOM
15. 2026-07-18
    days on market $145,000 Active 138 DOM
16. 2026-07-16
    days on market $145,000 Active 136 DOM
17. 2026-07-16
    days on market $145,000 Active 135 DOM
18. 2026-07-13
    days on market $145,000 Active 133 DOM
19. 2026-07-12
    days on market $145,000 Active 132 DOM
20. 2026-07-11
    days on market $145,000 Active 131 DOM
21. 2026-07-10
    days on market $145,000 Active 130 DOM
22. 2026-07-09
    days on market $145,000 Active 129 DOM
23. 2026-07-08
    days on market $145,000 Active 128 DOM
24. 2026-07-07
    days on market $145,000 Active 127 DOM
25. 2026-07-06
    days on market $145,000 Active 126 DOM
26. 2026-07-05
    days on market $145,000 Active 125 DOM
27. 2026-07-04
    days on market $145,000 Active 124 DOM
28. 2026-07-03
    days on market $145,000 Active 123 DOM
29. 2026-07-02
    days on market $145,000 Active 122 DOM
30. 2026-07-01
    days on market $145,000 Active 121 DOM
31. 2026-06-30
    days on market $145,000 Active 120 DOM
32. 2026-06-29
    days on market $145,000 Active 119 DOM
33. 2026-06-28
    days on market $145,000 Active 118 DOM
34. 2026-06-28
    days on market $145,000 Active 117 DOM
35. 2026-06-27
    days on market $145,000 Active 116 DOM
36. 2026-06-25
    days on market $145,000 Active 114 DOM
37. 2026-06-23
    pricedays on market $145,000 Active 112 DOM
38. 2026-06-21
    days on market $150,000 Active 111 DOM
39. 2026-06-18
    days on market $150,000 Active 108 DOM
40. 2026-06-17
    days on market $150,000 Active 107 DOM
41. 2026-06-16
    days on market $150,000 Active 106 DOM
42. 2026-06-15
    days on market $150,000 Active 105 DOM
43. 2026-06-14
    days on market $150,000 Active 103 DOM
44. 2026-06-13
    days on market $150,000 Active 102 DOM
45. 2026-06-10
    days on market $150,000 Active 100 DOM
46. 2026-06-09
    days on market $150,000 Active 99 DOM
47. 2026-06-08
    days on market $150,000 Active 98 DOM
48. 2026-06-07
    days on market $150,000 Active 97 DOM
49. 2026-06-02
    days on market $150,000 Active 92 DOM
50. 2026-06-01
    days on market $150,000 Active 91 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 7/10 Severe FEMA zone X (unshaded) · 85% 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: $19,315
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$1,392
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$4,218
• Taxable income: $318
• Est. tax owed @ 24.0%: −$76
• After-tax cash flow: $2,492/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 · 1 photo

Fair 45/100 Moderate rehab Est. rehab $21,250–$38,250 screening

This home requires significant repairs and updates to improve its condition and value. Key areas needing attention include the exterior, roof, flooring, and HVAC system.

Repairs flagged

• Major siding — Severe weathering and damage
• Major roof — Significant damage and discoloration
• Major flooring — Worn-out carpet
• Major paint — Peeling paint on exterior and interior
• Major windows — Older windows with peeling paint
• Major HVAC — No recent maintenance visible

Value-add opportunities

• Resale new siding — Enhances curb appeal and durability ↑
• Resale new roof — Improves structural integrity and longevity ↑
• Resale new flooring — Fresh carpet or hardwood improves aesthetics ↑
• Resale new paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale new windows — Modern windows improve energy efficiency and aesthetics ↑
• Resale HVAC upgrade — Modern HVAC system improves comfort and energy efficiency ↑
• Both landscaping — Fresh landscaping enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate 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

-28.6% since first listed

19 events — show timeline

• 2026-05-19 Price Changed $150,000 BRIGHT MLS
• 2026-05-18 Relisted — BRIGHT MLS
• 2026-05-07 Contingent — BRIGHT MLS
• 2026-02-19 Listed $159,000 BRIGHT MLS
• 2025-09-22 Listing Removed — BRIGHT MLS
• 2025-08-18 Price Changed $174,900 BRIGHT MLS
• 2025-07-12 Price Changed $179,900 BRIGHT MLS
• 2025-05-07 Price Changed $189,900 BRIGHT MLS
• 2025-04-11 Price Changed $199,900 BRIGHT MLS
• 2025-01-22 Listed $205,000 BRIGHT MLS
• 2024-12-12 Coming Soon — BRIGHT MLS
• 2022-05-09 Sold (MLS) $130,000 BRIGHT MLS
• 2022-04-15 Pending — BRIGHT MLS
• 2022-04-07 Price Changed $129,995 BRIGHT MLS
• 2021-12-28 Price Changed $150,000 BRIGHT MLS
• 2021-12-09 Price Changed $170,000 BRIGHT MLS
• 2021-12-04 Relisted — BRIGHT MLS
• 2021-12-03 Listing Removed — BRIGHT MLS
• 2021-11-14 Listed $209,995 BRIGHT MLS