261 Andrews Lake Rd · Felton, DE 19943

$279,900

3 bd · 2.0 ba · 1,612 sqft · SingleFamily public records · 33 Days on market

Built 1998 1.00 ac lot $174/sqft · 18% below area Est $355k · 21% under

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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 +17.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +3.6/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 3 bedroom, 2 full bath home situated on a 1+/- acre parcel. There is a 4-sided fireplace centrally located in the living area of the home and is visible from the living room, dining room and kitchen. Primary bedroom/bathroom are located on the right side of the home, with bedrooms 2 and 3 with a full bath on the left side of the home. Located approximately 10 miles from the Harrington Raceway & Casino, 12 miles from downtown Dover, the Dover Air Force Base and Bally's / Dover Downs Casino and approximately 40 miles from the Delaware Beach Resorts of Lewes and Rehoboth Beach.

Key facts

• 4 sided fireplace
• 1 acre parcel
• 1 acre lot

Tags

• 4 SIDED FIREPLACE
• 1 ACRE PARCEL
• 12 MILES FROM DOWNTOWN DOVER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/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 $240k (14.3% below list).
• Recommended offer: $240k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.3% in Felton — 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 72/100 on livability (#18 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Lake Forest School District (rural): math 26% / reading 44% proficiency, ranked #13 of 26 in DE (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,201 units permitted in Kent County in 2024 (116 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $108k; list at $280k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% 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 $240,000 (14.3% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.86% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• GRM: 9.7

CMA / ARV

• ARV (median comp): $355,432
• List price: $279,900
• Delta: -21.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
261 Andrews Lake Rd	0.00mi	3/2.0	1,674 (+4%)	1mo	$255,000	$152	93
151 E Chimney Top Ln	0.16mi	3/2.5	1,624 (+1%)	1mo	$325,000	$200	89
135 Albert Pl	0.30mi	3/2.0	1,566 (-3%)	8mo	$365,000	$233	75
222 N Ember Dr	0.27mi	3/2.0	1,516 (-6%)	5mo	$339,900	$224	73
264 S Ember Dr	0.36mi	3/2.0	1,566 (-3%)	10mo	$340,000	$217	70
350 Hearthstone Ln	0.34mi	3/2.0	1,528 (-5%)	11mo	$350,000	$229	66
135 Central Dr	0.44mi	4/2.0 (+1)	1,620 (+0%)	13mo	$233,000	$144	62
1680 Peach Basket Rd	0.44mi	3/1.0	1,448 (-10%)	0mo	$273,000	$189	58
158 N Ember Dr	0.21mi	3/2.0	1,827 (+13%)	13mo	$370,000	$203	57
15 Mayflower Dr	0.70mi	3/2.5	1,632 (+1%)	9mo	$359,000	$220	55
1406 Turkey Point Rd	0.73mi	3/2.0	1,680 (+4%)	4mo	$325,000	$193	55
89 Mayflower Dr	0.66mi	4/2.0 (+1)	1,476 (-8%)	12mo	$354,000	$240	41

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: -11.0%
• Equity multiple: 0.60×
• Total profit: $-31,224
• Equity at exit: $41,734

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-9,338
• Equity at exit: $24,201

Cash invested: $78,372 (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 19943

• Home prices YoY: -14.3%
• Active inventory: 137
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,400 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$88 /mo · $1,052/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $224

Break-even live

Break-even rent $2,117

Max offer price $279,900

Occupancy floor 86%

Sensitivity live

Price	-10% $382	-5% $303	+0% $224	+5% $145	+10% $65
Rent	-10% $34	-5% $129	+0% $224	+5% $319	+10% $413
Rate	-1.0pp $365	-0.5pp $295	base $224	+0.5pp $151	+1.0pp $78

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 E Chimney Top Ln Felton, DE	3.0	2.5	1586	$2,400	$1.51	44d	1	0.26mi

Listing history 7 events

1. 2026-05-07
   status Pending 603-char remark

   Show marketing remark (603 chars)

   Welcome to this 3 bedroom, 2 full bath home situated on a 1+/- acre parcel. There is a 4-sided fireplace centrally located in the living area of the home and is visible from the living room, dining room and kitchen. Primary bedroom/bathroom are located on the right side of the home, with bedrooms 2 and 3 with a full bath on the left side of the home. Located approximately 10 miles from the Harrington Raceway & Casino, 12 miles from downtown Dover, the Dover Air Force Base and Bally's / Dover Downs Casino and approximately 40 miles from the Delaware Beach Resorts of Lewes and Rehoboth Beach.

2. 2026-04-04
   listed $279,900 Active 603-char remark

   Show marketing remark (603 chars)

   Welcome to this 3 bedroom, 2 full bath home situated on a 1+/- acre parcel. There is a 4-sided fireplace centrally located in the living area of the home and is visible from the living room, dining room and kitchen. Primary bedroom/bathroom are located on the right side of the home, with bedrooms 2 and 3 with a full bath on the left side of the home. Located approximately 10 miles from the Harrington Raceway & Casino, 12 miles from downtown Dover, the Dover Air Force Base and Bally's / Dover Downs Casino and approximately 40 miles from the Delaware Beach Resorts of Lewes and Rehoboth Beach.

3. 2001-03-01
   soldstatus $107,900
4. 2001-02-12
   soldstatus $107,900 197-char remark

   Show marketing remark (197 chars)

   Ref. D772. Nice Rancher Has 4 Sided Glass Fireplace Between Living & Dining Room. Garden Tub In Master Bedroom. Range, Refrigerator & Dishwasher. Immediate Possession. Rents At $900/Mo.

5. 2000-12-05
   historical 197-char remark

   Show marketing remark (197 chars)

   Ref. D772. Nice Rancher Has 4 Sided Glass Fireplace Between Living & Dining Room. Garden Tub In Master Bedroom. Range, Refrigerator & Dishwasher. Immediate Possession. Rents At $900/Mo.

6. 2000-08-09
   listed $107,900 197-char remark

   Show marketing remark (197 chars)

   Ref. D772. Nice Rancher Has 4 Sided Glass Fireplace Between Living & Dining Room. Garden Tub In Master Bedroom. Range, Refrigerator & Dishwasher. Immediate Possession. Rents At $900/Mo.

7. 1996-12-01
   soldstatus $25,000

ⓘ 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: $1,052 · $88/mo
• Projected year-2 tax: $1,338 · $111/mo
• Expected delta: +$286/yr (+$24/mo · 27.1%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,800
• − Mortgage interest: −$15,679
• − Property taxes: −$1,052
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − Depreciation: −$8,143
• Taxable loss: −$2,081
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $3,186/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: Lake Forest School District
• NCES district ID: 1000790
• Math proficiency: 26% ▼ -23.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $52,034
• Composite: 30.47/100
• National rank: #6225
• State rank: #13 of 26 in DE

Livability — Felton

• Score: 72/100
• State rank: #18
• US rank: #6154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,167

Population outlook (Kent County) Hauer SSP2

• Today (2025): 194,477 people
• By 2030: 204,351 · +5.1%
• By 2040: 222,135 · +14.2%
• By 2050: 236,483 · +21.6%
• By 2075: 266,327 · +36.9%
• By 2100: 275,335 · +41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 18% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Scotch-Irish 2% Portuguese 2% Romanian 2%
• Foreign-born: 3% · Canada, China, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 50.2% · R 48.2% · Other 1.7%
• 2008→2024 swing: -7.8pp toward R · 2008: 9.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+4.1 2016: R+4.9 2012: D+4.9 2008: D+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.03%
• Current HPI: 209.4766
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1019.6% since first listed

7 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-04-04 Listed $279,900 BRIGHT MLS
• 2001-03-01 Sold (Public Records) $107,900 Public Records
• 2001-02-12 Sold (MLS) $107,900 BRIGHT MLS
• 2000-12-05 Listing Removed — BRIGHT MLS
• 2000-08-09 Listed $107,900 BRIGHT MLS
• 1996-12-01 Sold (Public Records) $25,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,052 · +0.4% YoY. Source: county tax records.