29000 Indian Harbor Dr #32 · Ocean View, DE 19930

$1,199,999

4 bd · 3.0 ba · 712 sqft · Condo public records · 539 Days on market

Built 1984 $1685/sqft · 142% above area Est $1125k · 7% over $592/mo HOA · 14% of rent

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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 +4.5/15.0
• Livability +3.5/5.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

Key facts

• $592 HOA
• Built 1984
• Listed 539 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-6k ($-73k/yr) — negative.
• To cash-flow at today's rent, offer at most $321k (73.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $414k (65.5% below list).
• Recommended offer: $321k (73.2% below list) — sets the bar for cash-flow.
• Cap rate 0.7% vs local median 1.9% in Ocean View — 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 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: 89 active listings in the ZIP; 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 $8k of loan paydown is wiped out by about $36k 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 539 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $321,350 (73.2% 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 539 days. Have you received any prior offers? Is the seller open to a 73% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.35% ✗
• Cap rate: 0.68%
• Cash-on-cash: -20.04%
• DSCR: 0.11
• GRM: 24.1

CMA / ARV

• ARV (median comp): $1,125,076
• List price: $1,199,999
• Delta: 6.66%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -62.3%
• Equity multiple: -0.73×
• Total profit: $-580,480
• Equity at exit: $178,924

10-year hold

• IRR: —
• Equity multiple: -1.98×
• Total profit: $-1,000,578
• Equity at exit: $103,754

Cash invested: $336,000 (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 19930

• Active inventory: 89
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $4,143 medium
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$592
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $-6,072

Break-even live

Break-even rent $11,830

Max offer price $321,350

Occupancy floor —

Sensitivity live

Price	-10% $-5,243	-5% $-5,658	+0% $-6,072	+5% $-6,487	+10% $-6,901
Rent	-10% $-6,399	-5% $-6,236	+0% $-6,072	+5% $-5,908	+10% $-5,745
Rate	-1.0pp $-5,468	-0.5pp $-5,767	base $-6,072	+0.5pp $-6,383	+1.0pp $-6,699

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $592 · $7,104/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $1,199,999 Active 539 DOM
2. 2026-06-17
   days on market $1,199,999 Active 538 DOM
3. 2026-06-16
   days on market $1,199,999 Active 537 DOM
4. 2026-06-15
   days on market $1,199,999 Active 536 DOM
5. 2026-06-14
   days on market $1,199,999 Active 534 DOM
6. 2026-06-13
   days on market $1,199,999 Active 533 DOM
7. 2026-06-10
   days on market $1,199,999 Active 531 DOM
8. 2026-06-09
   days on market $1,199,999 Active 530 DOM
9. 2026-06-08
   days on market $1,199,999 Active 529 DOM
10. 2026-06-07
    days on market $1,199,999 Active 528 DOM
11. 2026-06-02
    days on market $1,199,999 Active 523 DOM
12. 2026-06-01
    days on market $1,199,999 Active 522 DOM
13. 2026-05-31
    days on market $1,199,999 Active 521 DOM
14. 2026-05-30
    days on market $1,199,999 Active 520 DOM
15. 2025-09-29
    price $1,199,999 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

16. 2025-02-12
    price $1,200,000 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

17. 2025-02-12
    status Active 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

18. 2024-12-03
    historical 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

19. 2024-10-16
    listed $1,199,999 Active 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

20. 2024-10-16
    historical $1,199,999 1319-char remark

    Show marketing remark (1319 chars)

    The ultimate location for the perfect beach home! This gorgeous, end unit, multi-level townhome in the gated, well-established North Bethany Indian Harbor Villas community features 4 bedrooms, 2.5 baths, and truly exceptional views of the ocean, bay, and a WWII watchtower from its four balconies. Offered fully furnished, the unit boasts a kitchen that was completely redone in 2024 with stainless steel appliances and granite countertops, a brand-new hot water heater, new flooring and fresh paint, central air conditioning, a lovely wood-burning fireplace in a living room containing comfortable, leather seating, 1/2 bath on living level floor, an outdoor shower, and so much more. Walk outside and follow a private boardwalk across the dunes to the pristine and uncrowded Delaware State Park Beach. Quiet while also centrally located, the unit is within a 4 miles radius of the Indian Harbor Inlet with marina, fishing, crabbing, the Big Chill restaurant, and frequent festivals and events; the ever-popular Matt’s Fish Camp and Blue Coast restaurants; and all that the quaint town of Bethany Beach has to offer. Incredible opportunity to secure ocean front property with a successful summer rental history that's the perfect location for making magical family beach memories! Showings available at any time.

ⓘ 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 AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,719
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$11,525
• − Repairs & maintenance: −$3,978
• − Management: −$3,978
• − HOA: −$7,104
• − Depreciation: −$34,909
• Taxable loss: −$96,992
• Est. tax savings @ 24.0%: +$23,278
• After-tax cash flow: $-49,588/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

• Population (ZIP): 2,873

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 (89%)
• Race & ethnicity: White 89% Native American 5% Two or more races 3%
• Common ancestry: Slovak 6% Romanian 4% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · French/Haitian/Cajun 5% Other Indo-European 2% 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: ▼ -321.05%
• Current HPI: 348.1348
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

6 events — show timeline

• 2025-09-29 Price Changed $1,199,999 BRIGHT MLS
• 2025-02-12 Price Changed $1,200,000 BRIGHT MLS
• 2025-02-12 Relisted — BRIGHT MLS
• 2024-12-03 Listing Removed — BRIGHT MLS
• 2024-10-16 Listed $1,199,999 BRIGHT MLS
• 2024-10-16 Coming Soon $1,199,999 BRIGHT MLS

Property tax history

+7.6%/yr

Latest (2025): $2,218 · +84.4% YoY. Source: county tax records.