387 Waterside Sq · Bridgeville, DE 19933

$295,985

3 bd · 2.5 ba · 1,629 sqft · Townhouse · 40 Days on market

Built 2026 Good condition Garage $182/sqft · 20% below area Est $370k · 20% 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).

• ARV discount +15.0/15.0
• Cash flow +11.4/30.0
• Appreciation +5.6/10.0
• Condition / age +4.0/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Available this November, this new Nassau Cove Interior at The Villas at Heritage Shores offers effortless main-level living with a first-floor owner's suite, private open-space views, stylish finishes, and included upgrades in a welcoming resort-style setting. Set on a desirable homesite with no rear neighbors, this home backs to open space for added privacy and tranquility. A partial stone exterior enhances curb appeal, while the 1-car garage and inviting front entry make daily living easy and convenient. Inside, luxury vinyl plank flooring flows through the kitchen, dining area, baths, and laundry room, blending modern style with easy maintenance.

Key facts

• Access to golf
• Garage
• Built 2026

Tags

• FIRST FLOOR OWNER'S SUITE
• PRIVATE OPEN-SPACE VIEWS
• PARTIAL STONE EXTERIOR
• LUXURY VINYL PLANK FLOORING
• GENEROUS WALK-IN CLOSET
• ACCESS TO GOLF

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $296k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (16.8% below list).
• Recommended offer: $246k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.5% in Bridgeville — 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 64/100 on livability (#48 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A, crime B; Watch: amenities F, commute F.
• Woodbridge School District (rural): math 17% / reading 34% proficiency, ranked #21 of 26 in DE (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodbridge Early Childhood Education Center (592 students, 0% FRL); Woodbridge Middle School (math 13% / reading 37%, grade F, #22 of 36 statewide, top 63%, 598 students, 0% FRL); Woodbridge High School (math 12% / reading 27%, grade F, #32 of 40 statewide, top 85%, 723 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 133 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $2,462/mo this rent would consume 48% of the median local household income ($61k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.1% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($287k) is reasonable based on typical stale-listing flexibility.

Recommended offer $246,203 (16.8% 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 40 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.83% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $369,974
• List price: $295,985
• Delta: -20.00%
• 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
399 Heritage Shores Cir	0.08mi	2/2.0 (-1)	1,500 (-8%)	12mo	$380,000	$253	66
391 Heritage Shores Cir	0.06mi	2/2.0 (-1)	1,500 (-8%)	17mo	$339,590	$226	63
42 Whistling Duck Dr	0.49mi	2/2.0 (-1)	1,683 (+3%)	2mo	$320,000	$190	62
387 Heritage Shores Cir	0.05mi	2/2.0 (-1)	1,449 (-11%)	13mo	$349,990	$242	62
34 White Pelican Ct	0.61mi	2/2.0 (-1)	1,645 (+1%)	8mo	$305,000	$185	56
303 Waterside Sq	0.04mi	2/2.0 (-1)	1,449 (-11%)	21mo	$364,200	$251	55
30 White Pelican Ct	0.61mi	2/2.0 (-1)	1,605 (-2%)	12mo	$285,000	$178	52
98 Whistling Duck Dr	0.70mi	2/2.0 (-1)	1,602 (-2%)	9mo	$330,000	$206	50
49 Whistling Duck Dr	0.52mi	2/2.0 (-1)	1,593 (-2%)	19mo	$318,000	$200	49
64 Whistling Duck Dr	0.57mi	2/2.0 (-1)	1,658 (+2%)	18mo	$295,000	$178	48
66 Whistling Duck Dr	0.58mi	2/2.0 (-1)	1,464 (-10%)	12mo	$345,000	$236	39
36 Whistling Duck Dr	0.48mi	2/2.0 (-1)	1,870 (+15%)	21mo	$335,000	$179	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $1,228
• Equity at exit: $103,231

10-year hold

• IRR: 5.0%
• Equity multiple: 1.62×
• Total profit: $51,108
• Equity at exit: $138,893

Cash invested: $82,876 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 17 active · 2 under contract
• Months of supply: 25.5 mo (4%/mo absorbed)
• Median asking: $299,900 ($184/sqft)
• Median days on market: 72 d
• This list price: 47% of active listings are priced below it
• ARV vs active asking: +23.3% above current asking $/sqft

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

ZIP-level market 19933

• Home prices YoY: 0.4%
• Active inventory: 133
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,462 medium
• Mortgage (P&I): −$1,552
• Tax est. 1.5%: −$370 /mo · $4,440/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $-100

Break-even live

Break-even rent $2,589

Max offer price $281,445

Occupancy floor 99%

Sensitivity live

Price	-10% $104	-5% $2	+0% $-100	+5% $-203	+10% $-305
Rent	-10% $-295	-5% $-198	+0% $-100	+5% $-3	+10% $94
Rate	-1.0pp $49	-0.5pp $-25	base $-100	+0.5pp $-177	+1.0pp $-255

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: $73,996
• Closing costs: $8,880
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
377 Waterside Sq Bridgeville, DE	3.0	2.5	1253	$2,500	$2.00	93d	1	0.05mi
501 Branch Run Rd Bridgeville, DE	2.0–3.0	2.5–3.5	1635	$2,595	$1.59	62d	12	0.58mi
23613 Linkside Dr Bridgeville, DE	3.0	2.0	1650	$2,000	$1.21	93d	1	0.88mi

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $295,985

Exterior

• Parking: 1 garage space (1 total parking space)
• Utilities: Central air (has cooling)
• Home design: Nassau Cove planSpec home
• Exterior features: Property located at 387 Waterside Sq, Bridgeville, DE 19933

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms and 1 half bathroom (2.5 total)
• Heating & cooling: Central air conditioning
• Interior features: Spec single-family residence (Nassau Cove plan)Living area approximately 1,629

Listing history 30 events

1. 2026-07-08
   days on market $295,985 Active 40 DOM
2. 2026-07-06
   days on market $295,985 Active 39 DOM
3. 2026-07-05
   days on market $295,985 Active 38 DOM
4. 2026-07-04
   days on market $295,985 Active 37 DOM
5. 2026-07-03
   days on market $295,985 Active 36 DOM
6. 2026-07-02
   days on market $295,985 Active 35 DOM
7. 2026-07-01
   days on market $295,985 Active 34 DOM
8. 2026-06-30
   days on market $295,985 Active 33 DOM
9. 2026-06-29
   days on market $295,985 Active 32 DOM
10. 2026-06-28
    days on market $295,985 Active 31 DOM
11. 2026-06-27
    days on market $295,985 Active 30 DOM
12. 2026-06-26
    days on market $295,985 Active 28 DOM
13. 2026-06-22
    days on market $295,985 Active 25 DOM
14. 2026-06-21
    days on market $295,985 Active 24 DOM
15. 2026-06-21
    days on market $295,985 Active 23 DOM
16. 2026-06-18
    days on market $295,985 Active 21 DOM
17. 2026-06-17
    days on market $295,985 Active 20 DOM
18. 2026-06-16
    days on market $295,985 Active 19 DOM
19. 2026-06-15
    days on market $295,985 Active 18 DOM
20. 2026-06-13
    days on market $295,985 Active 16 DOM
21. 2026-06-12
    days on market $295,985 Active 15 DOM
22. 2026-06-09
    days on market $295,985 Active 12 DOM
23. 2026-06-08
    days on market $295,985 Active 11 DOM
24. 2026-06-07
    days on market $295,985 Active 10 DOM
25. 2026-06-07
    days on market $295,985 Active 9 DOM
26. 2026-06-04
    days on market $295,985 Active 6 DOM
27. 2026-06-02
    days on market $295,985 Active 5 DOM
28. 2026-06-01
    days on market $295,985 Active 4 DOM
29. 2026-05-31
    days on market $295,985 Active 3 DOM
30. 2026-05-31
    days on market $295,985 Active 2 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: $29,544
• − Mortgage interest: −$16,580
• − Property taxes: −$4,440
• − Insurance: −$1,480
• − Repairs & maintenance: −$2,364
• − Management: −$2,364
• − Depreciation: −$8,610
• Taxable loss: −$6,293
• Est. tax savings @ 24.0%: +$1,510
• After-tax cash flow: $304/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 · 12 photos

Good 80/100 None rehab

This townhouse is in excellent condition with modern finishes and a well-maintained exterior. It offers a good return on investment with minimal updates needed.

Value-add opportunities

• Resale Painting the interior walls — Fresh paint can enhance the home's curb appeal and make it more inviting. ↑
• Rental Landscaping the front yard — A well-maintained front yard can attract more renters and increase rental value. ↑
• Both Adding smart home features — Smart home features can improve convenience and add value for both buyers and renters. ↑

F Composite school gradezoned avg 24/100

Zoned Schools

Elementary Phillis Wheatley Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Woodbridge Middle School F DE #22/36 Nat'l #10,338/14,009 High Woodbridge High School F DE #32/40 Nat'l #14,491/17,239

Schools (NCES district)

• District: Woodbridge School District
• NCES district ID: 1001850
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $48,711
• Composite: 22.28/100
• National rank: #8137
• State rank: #21 of 26 in DE

C Composite livability gradescore 64/100

Livability — Bridgeville

• Score: 64/100
• State rank: #48
• US rank: #13807

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bridgeville, DE
• County: Sussex · 248,853 people
• City population: 11,409
• Population (ZIP): 11,409
• Household income: $61,261
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 4% 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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 22% Black 21% Two or more races 10%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 80% English-only · Spanish 16% French/Haitian/Cajun 3% 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: ▲ 1.14%
• Current HPI: 283.0199
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $295,985

Exterior

• Parking: 1 garage space (1 total parking space)
• Utilities: Central air (has cooling)
• Home design: Nassau Cove planSpec home
• Exterior features: Property located at 387 Waterside Sq, Bridgeville, DE 19933

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms and 1 half bathroom (2.5 total)
• Heating & cooling: Central air conditioning
• Interior features: Spec single-family residence (Nassau Cove plan)Living area approximately 1,629