21731 Zoar Rd · Georgetown, DE 19947

$299,900

4 bd · 2.0 ba · 1,568 sqft · SingleFamily public records · 30 Days on market

Built 1943 Est $367k · 18% 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 +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming Georgetown home tucked away in a peaceful setting just outside the commercial district, offering the perfect balance of privacy and convenience. Situated on just over a third of an acre with no HOA, this property provides plenty of space and flexibility for everyday living. Inside, the light-filled interior creates a warm and inviting atmosphere, complemented by an upgraded kitchen featuring modern finishes and thoughtful touches. The home offers 3 comfortable bedrooms, 2 full bathrooms, and a versatile bonus room on the second level—ideal for a home office, playroom, guest space, or hobby area. Outside, the spacious lot offers ample parking and room to enjoy

Key facts

• Built 1943

Property features AI

Exterior

• Home design: Living area approximately 1,568 square feet
• Exterior features: Single family property

Interior

• Interior features: 4 total bedrooms; 2 total bathrooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $136 ($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 $280k (6.8% below list).
• Recommended offer: $280k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.4% in Georgetown — 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 68/100 on livability (#35 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living B+; Watch: amenities D+, commute D+, crime 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: Georgetown Elementary School (math 15% / reading 24%, grade F, #78 of 105 statewide, top 78%, 840 students, 0% FRL); Georgetown Middle School (math 19% / reading 37%, grade F, #18 of 36 statewide, top 51%, 885 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: 204 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $9k 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 30 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $279,500 (6.8% below list)

Questions for the listing agent

1. Built in 1943 — 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: 0.93% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $366,912
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21457 Park Ave	0.61mi	3/2.0 (-1)	1,456 (-7%)	19mo	$340,000	$234	38

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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-39,924
• Equity at exit: $44,716

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-23,480
• Equity at exit: $25,930

Cash invested: $83,972 (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 19947

• Home prices YoY: -9.3%
• Active inventory: 204
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,795 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $136

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 90%

Sensitivity live

Price	-10% $343	-5% $239	+0% $136	+5% $32	+10% $-72
Rent	-10% $-85	-5% $25	+0% $136	+5% $246	+10% $356
Rate	-1.0pp $287	-0.5pp $212	base $136	+0.5pp $58	+1.0pp $-21

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
585 West Way Georgetown, DE	4.0	2.5	1960	$2,795	$1.43	15d	1	0.96mi

Listing history 15 events

1. 2026-06-21
   days on market $299,900 Coming Soon 30 DOM
2. 2026-06-18
   days on market $299,900 Coming Soon 27 DOM
3. 2026-06-17
   days on market $299,900 Coming Soon 26 DOM
4. 2026-06-16
   days on market $299,900 Coming Soon 25 DOM
5. 2026-06-15
   days on market $299,900 Coming Soon 24 DOM
6. 2026-06-14
   days on market $299,900 Coming Soon 22 DOM
7. 2026-06-13
   days on market $299,900 Coming Soon 21 DOM
8. 2026-06-10
   days on market $299,900 Coming Soon 19 DOM
9. 2026-06-09
   days on market $299,900 Coming Soon 18 DOM
10. 2026-06-08
    days on market $299,900 Coming Soon 17 DOM
11. 2026-06-07
    days on market $299,900 Coming Soon 16 DOM
12. 2026-06-02
    days on market $299,900 Coming Soon 11 DOM
13. 2026-06-01
    days on market $299,900 Coming Soon 10 DOM
14. 2026-05-31
    days on market $299,900 Coming Soon 9 DOM
15. 2026-05-30
    days on market $299,900 Coming Soon 8 DOM

ⓘ 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: $33,540
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,683
• − Management: −$2,683
• − Depreciation: −$8,724
• Taxable loss: −$3,348
• Est. tax savings @ 24.0%: +$803
• After-tax cash flow: $2,430/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 — Georgetown

• Score: 68/100
• State rank: #35
• US rank: #9760

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Georgetown, DE
• Population (ZIP): 19,343

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 48% Hispanic / Latino 37% Two or more races 11% Black 10% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 19% · Canada
• Languages at home: 65% English-only · Spanish 33% 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: ▼ -35.22%
• Current HPI: 341.8283
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0