36506 Pebble Dr #125 · Millsboro, DE 19966

$159,900

3 bd · 2.0 ba · 1,916 sqft · SingleFamily · 171 Days on market

Built 1982 Good condition $83/sqft · 34% below area Est $243k · 34% 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
• Condition / age +3.8/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Pot-Nets Coveside, where bay living, space to entertain, and everyday comfort come together. This well-maintained 3-bedroom, 2-bath home sits on a large lot and features a huge side deck—perfect for gatherings, summer evenings, or relaxing after a day on the water. The original side of the home has been drywalled on both the ceilings and walls, creating a clean, finished feel buyers appreciate. Major updates include a roof and one of two HVAC systems newly replaced, along with a newer washer and dryer. Outside, a large fenced-in area provides an ideal space for pets, while the expansive asphalt driveway offers plenty of parking for family and guests. Coveside offers direct access to Rehoboth Bay, playgrounds, and a tennis court within the community, and is just across the street from Seaside’s private beaches and resort-style amenities. Whether you’re looking for a primary residence or a coastal escape, this home combines thoughtful updates, outdoor living, and the Pot-Nets lifestyle that makes every day feel like a getaway.

Key facts

• Large fenced-in area
• Huge side deck
• Private beaches

Tags

• HUGE SIDE DECK
• LARGE FENCED-IN AREA
• EXPANSIVE ASPHALT DRIVEWAY
• DIRECT ACCESS TO REHOBOTH BAY
• PRIVATE BEACHES
• RESORT-STYLE AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.4% 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: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 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; 2 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 37% 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 $1k of loan paydown is wiped out by about $5k 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 171 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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.
7. 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.
8. 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: 1.52% ✓
• Cap rate: 12.43%
• Cash-on-cash: 21.92%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $243,011
• List price: $159,900
• Delta: -34.20%
• 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
36529 Pebble Dr	0.09mi	3/2.0	1,932 (+1%)	2mo	$195,000	$101	93
9 Burrwood Ct	0.28mi	3/2.5	1,959 (+2%)	1mo	$465,000	$237	80
36487 Pebble Dr #2	0.05mi	4/2.0 (+1)	2,040 (+6%)	10mo	$245,000	$120	74
26406 Pine Cone Dr #155	0.22mi	3/2.0	1,768 (-8%)	6mo	$310,000	$175	71
26590 Driftwood Dr #84	0.27mi	4/2.0 (+1)	1,768 (-8%)	1mo	$289,666	$164	68
26367 West Pintail Rd #81	0.41mi	3/2.0	1,768 (-8%)	0mo	$229,000	$130	68
35615 Knoll Way #43056	0.56mi	3/2.0	1,904 (-1%)	8mo	$215,000	$113	66
26279 Bayside Dr #175	0.25mi	3/2.0	1,715 (-10%)	8mo	$154,900	$90	64
26363 West Pintail Rd #78	0.39mi	4/3.0 (+1)	1,768 (-8%)	5mo	$297,652	$168	55
26383 Jennifer Lee Dr #178	0.61mi	3/2.0	1,680 (-12%)	1mo	$67,000	$40	50
36946 Beach Plum Row #10	0.63mi	4/3.0 (+1)	2,036 (+6%)	6mo	$283,423	$139	46
36904 Beach Plum Row #2	0.56mi	4/2.5 (+1)	2,128 (+11%)	3mo	$376,292	$177	46

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-2,832
• Equity at exit: $23,842

10-year hold

• IRR: 8.2%
• Equity multiple: 1.63×
• Total profit: $28,139
• Equity at exit: $13,825

Cash invested: $44,772 (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: 31 active · 11 under contract
• Months of supply: 11.6 mo (9%/mo absorbed)
• Median asking: $189,900 ($116/sqft)
• Median days on market: 111 d
• This list price: 39% of active listings are priced below it
• ARV vs active asking: +8.9% vs 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: 5.5×

Monthly cashflow live

• Estimated rent: $2,434 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $357

Break-even live

Break-even rent $1,982

Max offer price $159,900

Occupancy floor 80%

Sensitivity live

Price	-10% $468	-5% $413	+0% $357	+5% $302	+10% $247
Rent	-10% $165	-5% $261	+0% $357	+5% $453	+10% $550
Rate	-1.0pp $438	-0.5pp $398	base $357	+0.5pp $316	+1.0pp $274

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: $39,975
• Closing costs: $4,797
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	93d	1	0.71mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	62d	1	0.76mi

Listing history 44 events

1. 2026-07-25
   days on market $159,900 Active 171 DOM
2. 2026-07-24
   days on market $159,900 Active 170 DOM
3. 2026-07-23
   days on market $159,900 Active 169 DOM
4. 2026-07-22
   days on market $159,900 Active 168 DOM
5. 2026-07-21
   days on market $159,900 Active 167 DOM
6. 2026-07-18
   days on market $159,900 Active 164 DOM
7. 2026-07-16
   days on market $159,900 Active 162 DOM
8. 2026-07-16
   days on market $159,900 Active 161 DOM
9. 2026-07-13
   days on market $159,900 Active 159 DOM
10. 2026-07-12
    days on market $159,900 Active 158 DOM
11. 2026-07-11
    days on market $159,900 Active 157 DOM
12. 2026-07-10
    days on market $159,900 Active 156 DOM
13. 2026-07-09
    days on market $159,900 Active 155 DOM
14. 2026-07-08
    days on market $159,900 Active 154 DOM
15. 2026-07-07
    days on market $159,900 Active 153 DOM
16. 2026-07-06
    days on market $159,900 Active 152 DOM
17. 2026-07-05
    days on market $159,900 Active 151 DOM
18. 2026-07-04
    days on market $159,900 Active 150 DOM
19. 2026-07-03
    days on market $159,900 Active 149 DOM
20. 2026-07-02
    days on market $159,900 Active 148 DOM
21. 2026-07-01
    days on market $159,900 Active 147 DOM
22. 2026-06-30
    days on market $159,900 Active 146 DOM
23. 2026-06-29
    days on market $159,900 Active 145 DOM
24. 2026-06-28
    days on market $159,900 Active 144 DOM
25. 2026-06-28
    days on market $159,900 Active 143 DOM
26. 2026-06-27
    days on market $159,900 Active 142 DOM
27. 2026-06-25
    days on market $159,900 Active 140 DOM
28. 2026-06-23
    days on market $159,900 Active 138 DOM
29. 2026-06-21
    days on market $159,900 Active 137 DOM
30. 2026-06-18
    days on market $159,900 Active 134 DOM
31. 2026-06-17
    days on market $159,900 Active 133 DOM
32. 2026-06-16
    days on market $159,900 Active 132 DOM
33. 2026-06-15
    days on market $159,900 Active 131 DOM
34. 2026-06-14
    days on market $159,900 Active 129 DOM
35. 2026-06-13
    days on market $159,900 Active 128 DOM
36. 2026-06-10
    days on market $159,900 Active 126 DOM
37. 2026-06-09
    days on market $159,900 Active 125 DOM
38. 2026-06-08
    days on market $159,900 Active 124 DOM
39. 2026-06-07
    days on market $159,900 Active 123 DOM
40. 2026-06-02
    days on market $159,900 Active 118 DOM
41. 2026-06-01
    days on market $159,900 Active 117 DOM
42. 2026-05-31
    days on market $159,900 Active 116 DOM
43. 2026-05-30
    days on market $159,900 Active 115 DOM
44. 2026-02-04
    listed $159,900 Active 1069-char remark

    Show marketing remark (1069 chars)

    Welcome to Pot-Nets Coveside, where bay living, space to entertain, and everyday comfort come together. This well-maintained 3-bedroom, 2-bath home sits on a large lot and features a huge side deck—perfect for gatherings, summer evenings, or relaxing after a day on the water. The original side of the home has been drywalled on both the ceilings and walls, creating a clean, finished feel buyers appreciate. Major updates include a roof and one of two HVAC systems newly replaced, along with a newer washer and dryer. Outside, a large fenced-in area provides an ideal space for pets, while the expansive asphalt driveway offers plenty of parking for family and guests. Coveside offers direct access to Rehoboth Bay, playgrounds, and a tennis court within the community, and is just across the street from Seaside’s private beaches and resort-style amenities. Whether you’re looking for a primary residence or a coastal escape, this home combines thoughtful updates, outdoor living, and the Pot-Nets lifestyle that makes every day feel like a getaway.

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°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: $29,207
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$6,325
• − Repairs & maintenance: −$2,337
• − Management: −$2,337
• − Depreciation: −$4,652
• Taxable income: $2,202
• Est. tax owed @ 24.0%: −$529
• After-tax cash flow: $3,760/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 75/100 Cosmetic rehab Est. rehab $9,580–$28,740 screening

This well-maintained 3-bedroom home with a large fenced yard and modern updates is ready for a new owner. A fresh coat of paint on the exterior would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace outdoor furniture — Improves outdoor living space and aesthetics ↑
• Both Upgrade flooring in bathrooms — Modernizes spaces and adds 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 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 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

• 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

• 2026-02-04 Listed $159,900 BRIGHT MLS