Richmond Plan · Millsboro, DE 19966

$408,990

5 bd · 3.0 ba · 2,238 sqft · SingleFamily · 135 Days on market

Good condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +5.7/30.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This two-story home features an inviting open-concept layout on the first floor combining the Great Room, dining room and kitchen, with a secondary bedroom located near the entry. Four additional bedrooms can be found upstairs, including the expansive owner's suite. A two-car garage completes the layout.

Key facts

• Secondary bedroom
• Kitchen
• Dining room

Tags

• OPEN-CONCEPT LAYOUT
• GREAT ROOM
• DINING ROOM
• KITCHEN
• SECONDARY BEDROOM
• OWNER'S SUITE

🏗️ New construction. The $408,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $465,914.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $409k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-943 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $329k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $288k (29.5% below list).
• Recommended offer: $288k (29.5% below list) — sets the bar for 1% rule.

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: 999 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 44% 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 $3k of loan paydown is wiped out by about $14k 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 135 days — a 12% lower offer ($360k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $288,218 (29.5% 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 135 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
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: 0.62% ✗
• Cap rate: 3.86%
• Cash-on-cash: -8.67%
• DSCR: 0.61
• GRM: 13.5

CMA / ARV

• ARV (median comp): $465,914
• List price: $408,990
• Delta: -10.07%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28103 Kingsbury Ln	0.05mi	5/3.0	2,238 (0%)	3mo	$399,500	$179	95
29478 Glenwood Dr	0.46mi	4/3.0 (-1)	2,260 (+1%)	6mo	$477,500	$211	67
29067 Eastmeadow Rd	0.17mi	4/3.0 (-1)	2,571 (+15%)	1mo	$465,540	$181	62
400 Old Landing Rd	0.83mi	4/2.5 (-1)	2,200 (-2%)	21mo	$227,500	$103	38
26045 Tulip Xing	0.65mi	5/2.5	1,950 (-13%)	24mo	$422,000	$216	26
27004 Greenleaf Dr	0.81mi	4/2.5 (-1)	1,903 (-15%)	10mo	$390,000	$205	25

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: -31.6%
• Equity multiple: -0.04×
• Total profit: $-135,509
• Equity at exit: $69,469

10-year hold

• IRR: -35.6%
• Equity multiple: -0.50×
• Total profit: $-195,151
• Equity at exit: $40,284

Cash invested: $130,456 (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: 11 active · 5 under contract
• Months of supply: 16.5 mo (6%/mo absorbed)
• Median asking: $448,990 ($186/sqft)
• Median days on market: 112 d
• This list price: 27% of active listings are priced below it
• ARV vs active asking: +11.7% above current asking $/sqft

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

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,882 medium
• Mortgage (P&I): −$2,443
• Tax est. 1.5%: −$582 /mo · $6,989/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $-943

Break-even live

Break-even rent $4,076

Max offer price $329,474

Occupancy floor —

Sensitivity live

Price	-10% $-621	-5% $-782	+0% $-943	+5% $-1,104	+10% $-1,265
Rent	-10% $-1,171	-5% $-1,057	+0% $-943	+5% $-829	+10% $-715
Rate	-1.0pp $-708	-0.5pp $-824	base $-943	+0.5pp $-1,064	+1.0pp $-1,186

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: $116,479
• Closing costs: $13,977
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29273 Oxford Dr Millsboro, DE	4.0	3.5	2560	$2,600	$1.02	62d	1	0.36mi

Listing history 50 events

1. 2026-08-08
   days on market $408,990 Active 135 DOM
2. 2026-08-07
   days on market $408,990 Active 134 DOM
3. 2026-08-06
   days on market $408,990 Active 133 DOM
4. 2026-08-05
   days on market $408,990 Active 132 DOM
5. 2026-08-04
   days on market $408,990 Active 131 DOM
6. 2026-08-03
   days on market $408,990 Active 130 DOM
7. 2026-07-31
   days on market $408,990 Active 127 DOM
8. 2026-07-29
   pricedays on market $408,990 Active 125 DOM
9. 2026-07-27
   days on market $418,990 Active 123 DOM
10. 2026-07-25
    days on market $418,990 Active 121 DOM
11. 2026-07-24
    days on market $418,990 Active 120 DOM
12. 2026-07-23
    days on market $418,990 Active 119 DOM
13. 2026-07-22
    days on market $418,990 Active 118 DOM
14. 2026-07-21
    days on market $418,990 Active 117 DOM
15. 2026-07-18
    days on market $418,990 Active 114 DOM
16. 2026-07-16
    days on market $418,990 Active 112 DOM
17. 2026-07-16
    days on market $418,990 Active 111 DOM
18. 2026-07-13
    days on market $418,990 Active 109 DOM
19. 2026-07-12
    days on market $418,990 Active 108 DOM
20. 2026-07-11
    days on market $418,990 Active 107 DOM
21. 2026-07-10
    days on market $418,990 Active 106 DOM
22. 2026-07-09
    days on market $418,990 Active 105 DOM
23. 2026-07-08
    days on market $418,990 Active 104 DOM
24. 2026-07-07
    days on market $418,990 Active 103 DOM
25. 2026-07-06
    days on market $418,990 Active 102 DOM
26. 2026-07-05
    days on market $418,990 Active 101 DOM
27. 2026-07-04
    days on market $418,990 Active 100 DOM
28. 2026-07-03
    days on market $418,990 Active 99 DOM
29. 2026-07-02
    days on market $418,990 Active 98 DOM
30. 2026-07-01
    days on market $418,990 Active 97 DOM
31. 2026-06-30
    days on market $418,990 Active 96 DOM
32. 2026-06-29
    days on market $418,990 Active 95 DOM
33. 2026-06-28
    days on market $418,990 Active 94 DOM
34. 2026-06-28
    days on market $418,990 Active 93 DOM
35. 2026-06-27
    days on market $418,990 Active 92 DOM
36. 2026-06-25
    days on market $418,990 Active 90 DOM
37. 2026-06-23
    days on market $418,990 Active 88 DOM
38. 2026-06-21
    days on market $418,990 Active 87 DOM
39. 2026-06-18
    days on market $418,990 Active 84 DOM
40. 2026-06-17
    days on market $418,990 Active 83 DOM
41. 2026-06-16
    days on market $418,990 Active 82 DOM
42. 2026-06-15
    days on market $418,990 Active 81 DOM
43. 2026-06-14
    days on market $418,990 Active 79 DOM
44. 2026-06-13
    days on market $418,990 Active 78 DOM
45. 2026-06-10
    days on market $418,990 Active 76 DOM
46. 2026-06-09
    days on market $418,990 Active 75 DOM
47. 2026-06-08
    days on market $418,990 Active 74 DOM
48. 2026-06-07
    remarks 397-char remark
49. 2026-06-07
    pricedays on market $418,990 Active 73 DOM
50. 2026-06-02
    days on market $416,990 Active 68 DOM

ⓘ 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 · 16 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: $34,586
• − Mortgage interest: −$26,098
• − Property taxes: −$6,989
• − Insurance: −$2,330
• − Repairs & maintenance: −$2,767
• − Management: −$2,767
• − Depreciation: −$13,554
• Taxable loss: −$19,918
• Est. tax savings @ 24.0%: +$4,780
• After-tax cash flow: $-6,535/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 Cosmetic rehab Est. rehab $11,190–$33,570 screening

This two-story home features an inviting open-concept layout with a modern kitchen and spacious living areas. The exterior is well-maintained, and the interior is in good condition with neutral paint and hardwood floors. Minor updates to the exterior and front door can significantly enhance its value.

Value-add opportunities

• Both Paint the exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Replace the front door — A new front door can improve the home's curb appeal and security. ↑
• Both Clean the windows — Clean windows can make the home appear more inviting and increase its value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary East Millsboro Elementary School F DE #44/105 Nat'l #24,950/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

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 · 248,853 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: 5% 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: 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%

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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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-26 Listed $416,990 Zillow