701 E Grove St · Delmar, DE 19940

$100,000

3 bd · 2.0 ba · 1,128 sqft · SingleFamily public records · 1 Days on market

Built 1974

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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 +20.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

? ?This property is now under auction terms. No minimum starting bid required. All auction properties are subject to a 5% buyer?s premium with a minimum of $2,000 and subject to a reserve price as well as seller confirmation. Seller has the right (a) to change the date, place, and terms of the sale; (b) to remove the property from the market; and (c) to sell the property prior to the sale.

Key facts

• Close to schools
• Close to shopping
• Built 1974

Tags

• EXCELLENT NEIGHBORHOOD
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO PUBLIC TRANSPORTATION
• CLOSE TO FIRE DEPARTMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (3.7% below list).
• Recommended offer: $96k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.1% in Delmar — 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 62/100 on livability (#63 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Delmar School District (suburban): math 20% / reading 38% proficiency, ranked #17 of 26 in DE (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 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 $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.
• Current owner paid $30k; list at $100k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,322 (3.7% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $218,832
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 N Hantwerker Dr	0.23mi	3/1.0	1,000 (-11%)	1mo	$274,000	$274	66
13 Shannon St #37811	0.68mi	3/2.0	1,124 (-0%)	12mo	$115,000	$102	58
16 W East St	0.58mi	3/2.0	1,104 (-2%)	18mo	$235,900	$214	55
6 Shannon St	0.65mi	3/2.0	1,178 (+4%)	10mo	$70,000	$59	54
5 Shannon St #51719	0.63mi	3/2.0	1,064 (-6%)	9mo	$49,000	$46	54
403 N 2nd St	0.36mi	3/2.0	1,226 (+9%)	18mo	$309,500	$252	54
3 W Pine St	0.60mi	3/2.0	1,162 (+3%)	18mo	$225,000	$194	52
39 Shannon St	0.67mi	2/2.0 (-1)	1,085 (-4%)	7mo	$25,000	$23	52
104 Highland Ave	0.38mi	3/1.5	1,034 (-8%)	20mo	$224,900	$218	50
608 Delaware Ave	0.10mi	4/1.5 (+1)	1,272 (+13%)	22mo	$262,000	$206	49
8 W Grove St	0.51mi	2/1.0 (-1)	1,080 (-4%)	18mo	$122,920	$114	45

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: 28.2%
• Equity multiple: 3.24×
• Total profit: $62,587
• Equity at exit: $90,088

10-year hold

• IRR: 24.6%
• Equity multiple: 7.35×
• Total profit: $177,861
• Equity at exit: $194,278

Cash invested: $28,000 (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 19940

• Home prices YoY: 6.2%
• Active inventory: 41
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$67 /mo · $804/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $128

Break-even live

Break-even rent $801

Max offer price $100,000

Occupancy floor 82%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-26
   listed $100,000 Active
2. 2016-01-08
   soldstatus $30,500 392-char remark

   Show marketing remark (392 chars)

   ? ?This property is now under auction terms. No minimum starting bid required. All auction properties are subject to a 5% buyer?s premium with a minimum of $2,000 and subject to a reserve price as well as seller confirmation. Seller has the right (a) to change the date, place, and terms of the sale; (b) to remove the property from the market; and (c) to sell the property prior to the sale.

3. 2015-12-03
   historical 392-char remark

   Show marketing remark (392 chars)

   ? ?This property is now under auction terms. No minimum starting bid required. All auction properties are subject to a 5% buyer?s premium with a minimum of $2,000 and subject to a reserve price as well as seller confirmation. Seller has the right (a) to change the date, place, and terms of the sale; (b) to remove the property from the market; and (c) to sell the property prior to the sale.

4. 2015-10-28
   listed $27,900 392-char remark

   Show marketing remark (392 chars)

   ? ?This property is now under auction terms. No minimum starting bid required. All auction properties are subject to a 5% buyer?s premium with a minimum of $2,000 and subject to a reserve price as well as seller confirmation. Seller has the right (a) to change the date, place, and terms of the sale; (b) to remove the property from the market; and (c) to sell the property prior to the sale.

ⓘ 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: $804 · $67/mo
• Projected year-2 tax: $804 · $67/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,559
• − Mortgage interest: −$5,602
• − Property taxes: −$804
• − Insurance: −$500
• − Repairs & maintenance: −$925
• − Management: −$925
• − Depreciation: −$2,909
• Taxable loss: −$105
• Est. tax savings @ 24.0%: +$25
• After-tax cash flow: $1,560/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: Delmar School District
• NCES district ID: 1000270
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 38% ▼ -13.00%
• Median HH income: $46,620
• Composite: 24.98/100
• National rank: #7561
• State rank: #17 of 26 in DE

Livability — Delmar

• Score: 62/100
• State rank: #63
• US rank: #16926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delmar, DE
• Population (ZIP): 7,108

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 (66%)
• Race & ethnicity: White 66% Black 16% Two or more races 13% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Italian 2% Slovak 2% Hispanic 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 1% French/Haitian/Cajun 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: ▲ 16.92%
• Current HPI: 288.6213
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+258.4% since first listed

4 events — show timeline

• 2026-05-26 Listed $100,000 FSBO.com
• 2016-01-08 Sold (MLS) $30,500 BRIGHT MLS
• 2015-12-03 Listing Removed — BRIGHT MLS
• 2015-10-28 Listed $27,900 BRIGHT MLS

Property tax history

+7.3%/yr

Latest (2025): $804 · +94.4% YoY. Source: county tax records.