25709 Palmetto St · Blades, DE 19973

$129,500

3 bd · 2.0 ba · 1,307 sqft · Land · 69 Days on market

Built 2021 $99/sqft · 46% below area Est $240k · 46% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

Key facts

• Open-concept home
• Large kitchen
• 4 parking spots

Tags

• OPEN-CONCEPT HOME
• LARGE KITCHEN
• DEDICATED LAUNDRY ROOM
• SHED FOR EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $130k.

Deal economics

• At list price, monthly cash flow is $843 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 4.4% in Blades — 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 67/100 on livability (#37 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, crime F.
• Seaford School District (suburban): math 25% / reading 40% proficiency, ranked #15 of 26 in DE (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 216 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 $895 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 74% 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 $121,730 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.62% ✓
• Cap rate: 14.62%
• Cash-on-cash: 29.75%
• DSCR: 2.32
• GRM: 5.2

CMA / ARV

• ARV (median comp): $239,509
• List price: $129,500
• Delta: -45.93%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.0%
• Equity multiple: 1.90×
• Total profit: $32,713
• Equity at exit: $19,309

10-year hold

• IRR: 30.1%
• Equity multiple: 3.69×
• Total profit: $97,576
• Equity at exit: $11,197

Cash invested: $36,260 (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 19973

• Home prices YoY: -17.8%
• Active inventory: 216
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$23 /mo · $276/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $843

Break-even live

Break-even rent $1,027

Max offer price $129,500

Occupancy floor 55%

Sensitivity live

Price	-10% $917	-5% $880	+0% $843	+5% $807	+10% $615
Rent	-10% $678	-5% $761	+0% $843	+5% $926	+10% $1,009
Rate	-1.0pp $909	-0.5pp $876	base $843	+0.5pp $810	+1.0pp $776

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Water St Seaford, DE	1.0–3.0	1.0–2.0	1174	$2,095	$1.78	14d	1	1.50mi

Listing history 20 events

1. 2026-06-21
   days on market $129,500 Active 69 DOM
2. 2026-06-18
   days on market $129,500 Active 67 DOM
3. 2026-06-17
   days on market $129,500 Active 66 DOM
4. 2026-06-16
   days on market $129,500 Active 65 DOM
5. 2026-06-15
   days on market $129,500 Active 64 DOM
6. 2026-06-13
   days on market $129,500 Active 62 DOM
7. 2026-06-12
   days on market $129,500 Active 61 DOM
8. 2026-06-09
   days on market $129,500 Active 58 DOM
9. 2026-06-08
   days on market $129,500 Active 57 DOM
10. 2026-06-07
    days on market $129,500 Active 56 DOM
11. 2026-06-04
    days on market $129,500 Active 52 DOM
12. 2026-06-02
    days on market $129,500 Active 51 DOM
13. 2026-06-01
    days on market $129,500 Active 50 DOM
14. 2026-05-31
    days on market $129,500 Active 49 DOM
15. 2026-05-31
    days on market $129,500 Active 48 DOM
16. 2026-04-29
    status Active 617-char remark

    Show marketing remark (617 chars)

    Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

17. 2025-12-12
    status Pending 617-char remark

    Show marketing remark (617 chars)

    Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

18. 2025-12-12
    historical 617-char remark

    Show marketing remark (617 chars)

    Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

19. 2025-10-14
    historical Active Under Contract 617-char remark

    Show marketing remark (617 chars)

    Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

20. 2025-09-27
    listed $129,500 Active 617-char remark

    Show marketing remark (617 chars)

    Step into this stunning open-concept home featuring 3 spacious bedrooms and 2 full bathrooms. The bright and airy layout includes a large kitchen perfect for cooking and entertaining, with ample counter space and storage. Enjoy the privacy and comfort of a master bedroom with en-suite bath, plus the convenience of a dedicated laundry room. Outside, you’ll find a beautifully maintained backyard, ideal for relaxing or hosting gatherings. Additional features include a shed for extra storage and a driveway that fits up to 4 vehicles. Don’t miss this home that combines comfort, style, and functionality!

ⓘ 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: $276 · $23/mo
• Projected year-2 tax: $514 · $43/mo
• Expected delta: +$237/yr (+$20/mo · 85.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,140
• − Mortgage interest: −$7,254
• − Property taxes: −$276
• − Insurance: −$1,314
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$3,767
• Taxable income: $8,506
• Est. tax owed @ 24.0%: −$2,041
• After-tax cash flow: $8,080/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: Seaford School District
• NCES district ID: 1001530
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $48,427
• Composite: 28.07/100
• National rank: #6835
• State rank: #15 of 26 in DE

Livability — Blades

• Score: 67/100
• State rank: #37
• US rank: #10492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 25,786

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 0.61)
• Race & ethnicity: White 58% Black 20% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Dominican 2%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 5% Vietnamese 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: ▼ -62.40%
• Current HPI: 288.5652
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

5 events — show timeline

• 2026-04-29 Relisted — BRIGHT MLS
• 2025-12-12 Pending — BRIGHT MLS
• 2025-12-12 Listing Removed — BRIGHT MLS
• 2025-10-14 Contingent — BRIGHT MLS
• 2025-09-27 Listed $129,500 BRIGHT MLS

Property tax history

+4.0%/yr

Latest (2019): $276 · +2.6% YoY. Source: county tax records.