4306 Caitlins Way #4306 · Millsboro, DE 19966

$240,000

3 bd · 2.0 ba · 1,488 sqft · Condo · 82 Days on market

Built 2006 $161/sqft · 11% below area Est $268k · 11% under $220/mo HOA · 10% of rent

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Why this score? — see what drove the D 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 +12.3/15.0
• Cash flow +10.5/30.0
• 1% rule +4.3/10.0
• Livability +3.3/5.0
• DSCR +3.0/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This one will not last long! Located in the Villages at Millwood is where you will find this beautifully refreshed 3 bedroom, 2 bathroom condo located in a desirable elevator building. Step inside and discover the open floor plan designed for everyday living. The living and dining areas flow seamlessly to the kitchen with large island and new stainless steel appliances. The primary suite offers a generous walk-in closet and ensuite bathroom. The secondary bedrooms provide options for guests or home office space and have a conveniently located full bathroom nearby. Recent updates include fresh painting throughout, new laminate flooring in the common areas and new bedroom carpeting. Additionally there is an assigned parking space adjacent to the building for added convenience. Priced to sell!

Key facts

• $220 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (7.3% below list).
• Recommended offer: $222k (7.3% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.3% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute 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: East Millsboro Elementary School (math 24% / reading 40%, grade F, #44 of 105 statewide, top 46%, 815 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 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: 870 active listings in the ZIP; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 34% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 82 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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

• Climate carrying-cost: 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 $222,423 (7.3% 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 82 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.93% ✗
• Cap rate: 5.69%
• Cash-on-cash: -2.17%
• DSCR: 0.90
• GRM: 9.0

CMA / ARV

• ARV (median comp): $268,372
• List price: $240,000
• Delta: -10.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.8%
• Equity multiple: 0.31×
• Total profit: $-46,456
• Equity at exit: $35,785

10-year hold

• IRR: -12.5%
• Equity multiple: 0.26×
• Total profit: $-49,728
• Equity at exit: $20,751

Cash invested: $67,200 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 870
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,224 medium
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$220
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $-121

Break-even live

Break-even rent $2,378

Max offer price $222,427

Occupancy floor —

Sensitivity live

Price	-10% $44	-5% $-39	+0% $-121	+5% $-204	+10% $-287
Rent	-10% $-297	-5% $-209	+0% $-121	+5% $-34	+10% $54
Rate	-1.0pp $-1	-0.5pp $-60	base $-121	+0.5pp $-184	+1.0pp $-247

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $240,000 Active 82 DOM
2. 2026-06-18
   days on market $240,000 Active 79 DOM
3. 2026-06-17
   days on market $240,000 Active 78 DOM
4. 2026-06-16
   days on market $240,000 Active 77 DOM
5. 2026-06-15
   days on market $240,000 Active 76 DOM
6. 2026-06-14
   days on market $240,000 Active 74 DOM
7. 2026-06-13
   days on market $240,000 Active 73 DOM
8. 2026-06-10
   days on market $240,000 Active 71 DOM
9. 2026-06-09
   days on market $240,000 Active 70 DOM
10. 2026-06-09
    status $240,000 Active 69 DOM
11. 2026-06-07
    statusdays on market $240,000 Pending 69 DOM
12. 2026-06-02
    days on market $240,000 Active 68 DOM
13. 2026-06-01
    days on market $240,000 Active 67 DOM
14. 2026-05-31
    days on market $240,000 Active 66 DOM
15. 2026-05-30
    days on market $240,000 Active 65 DOM
16. 2026-04-30
    price $240,000 801-char remark

    Show marketing remark (801 chars)

    This one will not last long! Located in the Villages at Millwood is where you will find this beautifully refreshed 3 bedroom, 2 bathroom condo located in a desirable elevator building. Step inside and discover the open floor plan designed for everyday living. The living and dining areas flow seamlessly to the kitchen with large island and new stainless steel appliances. The primary suite offers a generous walk-in closet and ensuite bathroom. The secondary bedrooms provide options for guests or home office space and have a conveniently located full bathroom nearby. Recent updates include fresh painting throughout, new laminate flooring in the common areas and new bedroom carpeting. Additionally there is an assigned parking space adjacent to the building for added convenience. Priced to sell!

17. 2026-04-16
    price $245,000 801-char remark

    Show marketing remark (801 chars)

    This one will not last long! Located in the Villages at Millwood is where you will find this beautifully refreshed 3 bedroom, 2 bathroom condo located in a desirable elevator building. Step inside and discover the open floor plan designed for everyday living. The living and dining areas flow seamlessly to the kitchen with large island and new stainless steel appliances. The primary suite offers a generous walk-in closet and ensuite bathroom. The secondary bedrooms provide options for guests or home office space and have a conveniently located full bathroom nearby. Recent updates include fresh painting throughout, new laminate flooring in the common areas and new bedroom carpeting. Additionally there is an assigned parking space adjacent to the building for added convenience. Priced to sell!

18. 2026-03-26
    listed $250,000 Active 801-char remark

    Show marketing remark (801 chars)

    This one will not last long! Located in the Villages at Millwood is where you will find this beautifully refreshed 3 bedroom, 2 bathroom condo located in a desirable elevator building. Step inside and discover the open floor plan designed for everyday living. The living and dining areas flow seamlessly to the kitchen with large island and new stainless steel appliances. The primary suite offers a generous walk-in closet and ensuite bathroom. The secondary bedrooms provide options for guests or home office space and have a conveniently located full bathroom nearby. Recent updates include fresh painting throughout, new laminate flooring in the common areas and new bedroom carpeting. Additionally there is an assigned parking space adjacent to the building for added convenience. Priced to sell!

19. 2009-09-17
    historical
20. 2008-09-23
    listed $157,000
21. 2008-01-08
    historical
22. 2007-09-17
    listed $182,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°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: $26,691
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,135
• − Management: −$2,135
• − HOA: −$2,640
• − Depreciation: −$6,982
• Taxable loss: −$5,445
• Est. tax savings @ 24.0%: +$1,307
• After-tax cash flow: $-150/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 — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millsboro, DE
• County: Sussex County · 82,708 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+31.2% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $240,000 BRIGHT MLS
• 2026-04-16 Price Changed $245,000 BRIGHT MLS
• 2026-03-26 Listed $250,000 BRIGHT MLS
• 2009-09-17 Listing Removed — BRIGHT MLS
• 2008-09-23 Listed $157,000 BRIGHT MLS
• 2008-01-08 Listing Removed — BRIGHT MLS
• 2007-09-17 Listed $182,900 BRIGHT MLS