31706 Janice Rd · Lewes, DE 19958

$115,000

3 bd · 2.0 ba · 1,325 sqft · SingleFamily · 208 Days on market

Built 2018 Good condition $87/sqft · 25% above area Est $92k · 25% over ↓ 15% since listing

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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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to your 3-bedroom, 2 Bath, ranch style home. Located in a prime location this home offers an open floor plan with its very own front porch. Kitchen and living area are open to one another with lots of room to entertain. Separate laundry area with exterior access to the outdoor space. Owners' bedroom provides and stand up shower and good closet space. The additional guest bedrooms allow friends and family their own space. Don't let this home slip away are this remarkable price.

Key facts

• Open floor plan
• Good closet space
• Front porch

Tags

• OPEN FLOOR PLAN
• FRONT PORCH
• SEPARATE LAUNDRY AREA
• OUTDOOR SPACE
• OWNERS BEDROOM
• GOOD CLOSET SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 1.7% in Lewes — 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 (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: commute F, cost of living F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Milton Elementary School (math 47% / reading 57%, grade C-, #13 of 105 statewide, top 12%, 556 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 822 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 31% of the median local income ($97k/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 $795 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($101k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.16% ✓
• Cap rate: 18.49%
• Cash-on-cash: 43.56%
• DSCR: 2.94
• GRM: 3.9

CMA / ARV

• ARV (median comp): $91,793
• List price: $115,000
• Delta: 25.28%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31743 Siham Rd	0.02mi	3/2.0	1,296 (-2%)	3mo	$70,000	$54	93
17654 Maryann Dr Unit H51	0.29mi	3/—	1,344 (+1%)	4mo	$90,000	$67	81
31656 Janice Rd #55316	0.09mi	3/2.0	1,260 (-5%)	9mo	$85,000	$67	80
31655 Janice Rd Unit A-36	0.10mi	3/2.0	1,456 (+10%)	2mo	$134,000	$92	78
31614 Dogwood Ct	0.36mi	3/2.0	1,344 (+1%)	5mo	$72,500	$54	77
31785 Siham Rd #54218	0.09mi	3/2.0	1,248 (-6%)	12mo	$55,000	$44	77
31588 Oak Ct	0.35mi	4/1.5 (+1)	1,386 (+5%)	6mo	$75,000	$54	64
12 Andover Ln	0.49mi	3/2.0	1,248 (-6%)	10mo	$115,000	$92	59
31692 Renee Rd	0.35mi	3/2.0	1,152 (-13%)	6mo	$77,000	$67	56
2 Liverpool Ln	0.67mi	2/2.0 (-1)	1,296 (-2%)	7mo	$174,500	$135	55
25 Kings Xing	0.60mi	3/2.0	1,488 (+12%)	1mo	$207,444	$139	51
31309 Coventry Dr	0.57mi	3/2.0	1,500 (+13%)	3mo	$470,000	$313	49

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 37.9%
• Equity multiple: 2.57×
• Total profit: $50,397
• Equity at exit: $17,147

10-year hold

• IRR: 43.3%
• Equity multiple: 4.68×
• Total profit: $118,495
• Equity at exit: $9,943

Cash invested: $32,200 (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 19958

• Rents YoY: 0.8%
• Active inventory: 822
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,486 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $1,169

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,248	-5% $1,209	+0% $1,169	+5% $1,129	+10% $1,089
Rent	-10% $973	-5% $1,071	+0% $1,169	+5% $1,267	+10% $1,365
Rate	-1.0pp $1,227	-0.5pp $1,198	base $1,169	+0.5pp $1,139	+1.0pp $1,109

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20141 Riesling Ln #306 Lewes, DE	2.0	2.0	1600	$2,600	$1.62	45d	1	0.35mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.37mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.38mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	15d	17	0.43mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	45d	1	0.51mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	22d	1	0.73mi
33106 N Village Loop #1103 Lewes, DE	2.0	2.0	1144	$2,000	$1.75	46d	1	1.23mi
33176 Denton St Lewes, DE	4.0	3.5	1800	$2,650	$1.47	45d	1	1.31mi
33082 E Light Dr Lewes, DE	4.0	2.0	992	$2,600	$2.62	45d	1	1.31mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	45d	1	1.42mi
17059 S Brandt St #3206 Lewes, DE	2.0	2.0	1052	$1,850	$1.76	22d	1	1.45mi

Listing history 20 events

1. 2026-06-22
   days on market $115,000 Active 208 DOM
2. 2026-06-18
   days on market $115,000 Active 205 DOM
3. 2026-06-17
   days on market $115,000 Active 204 DOM
4. 2026-06-16
   days on market $115,000 Active 203 DOM
5. 2026-06-15
   days on market $115,000 Active 202 DOM
6. 2026-06-14
   days on market $115,000 Active 200 DOM
7. 2026-06-13
   days on market $115,000 Active 199 DOM
8. 2026-06-10
   days on market $115,000 Active 197 DOM
9. 2026-06-09
   days on market $115,000 Active 196 DOM
10. 2026-06-08
    days on market $115,000 Active 195 DOM
11. 2026-06-07
    days on market $115,000 Active 194 DOM
12. 2026-06-05
    days on market $115,000 Active 191 DOM
13. 2026-06-03
    days on market $115,000 Active 190 DOM
14. 2026-06-02
    days on market $115,000 Active 189 DOM
15. 2026-06-01
    days on market $115,000 Active 188 DOM
16. 2026-05-31
    days on market $115,000 Active 187 DOM
17. 2026-05-30
    days on market $115,000 Active 186 DOM
18. 2026-05-01
    price $115,000 494-char remark

    Show marketing remark (494 chars)

    Welcome home to your 3-bedroom, 2 Bath, ranch style home. Located in a prime location this home offers an open floor plan with its very own front porch. Kitchen and living area are open to one another with lots of room to entertain. Separate laundry area with exterior access to the outdoor space. Owners' bedroom provides and stand up shower and good closet space. The additional guest bedrooms allow friends and family their own space. Don't let this home slip away are this remarkable price.

19. 2025-12-12
    price $125,000 494-char remark

    Show marketing remark (494 chars)

    Welcome home to your 3-bedroom, 2 Bath, ranch style home. Located in a prime location this home offers an open floor plan with its very own front porch. Kitchen and living area are open to one another with lots of room to entertain. Separate laundry area with exterior access to the outdoor space. Owners' bedroom provides and stand up shower and good closet space. The additional guest bedrooms allow friends and family their own space. Don't let this home slip away are this remarkable price.

20. 2025-11-25
    listed $135,000 Active 494-char remark

    Show marketing remark (494 chars)

    Welcome home to your 3-bedroom, 2 Bath, ranch style home. Located in a prime location this home offers an open floor plan with its very own front porch. Kitchen and living area are open to one another with lots of room to entertain. Separate laundry area with exterior access to the outdoor space. Owners' bedroom provides and stand up shower and good closet space. The additional guest bedrooms allow friends and family their own space. Don't let this home slip away are this remarkable price.

ⓘ 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 ≥101°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: $29,828
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − Depreciation: −$3,345
• Taxable income: $12,968
• Est. tax owed @ 24.0%: −$3,112
• After-tax cash flow: $10,915/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

This 3-bedroom, 2-bath home is in good condition with a good rehab level. It has a good floor plan and is move-in ready.

Value-add opportunities

• Both paint interior walls — neutral paint can be updated to a more modern color scheme
• Both replace carpet with hardwood flooring — hardwood flooring is more durable and adds value
• Both install new sliding glass doors — new sliding glass doors can increase natural light and add value

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — neutral paint can be updated to a more modern color scheme ↑
• Both replace carpet with hardwood flooring — hardwood flooring is more durable and adds value ↑
• Both install new sliding glass doors — new sliding glass doors can increase natural light and add value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

Livability — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 31,938
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-14.8% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $115,000 BRIGHT MLS
• 2025-12-12 Price Changed $125,000 BRIGHT MLS
• 2025-11-25 Listed $135,000 BRIGHT MLS