18 Eagles Lndg #1804 · Rehoboth Beach, DE 19971

$440,000

2 bd · 2.0 ba · — sqft · Condo · 81 Days on market

Built 1974 Fair condition Est $510k · 14% under $298/mo HOA · 12% of rent ↓ 6% since listing

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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 +13.7/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Cash flow +3.1/30.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coastal Living at Its Best – Furnished turn key first Floor Condo! NO STEPS! NO RENTAL RESTRICTIONS!!! Run an Air B & B! Welcome to your slice of paradise! This beautifully maintained first-floor, 2-bedroom, 2-bath condo is located within one mile of the beach in a highly sought-after beach resort community. Enjoy effortless living with a spacious, open floor plan, abundant natural light, wood burning fireplace, and easy first-floor access—perfect for full-time living, vacation getaways, or a lucrative investment property. The well-appointed bedrooms offer comfort and privacy, while the two full baths add convenience for family and guests. Step outside and soak in the resort lifestyle, with pristine beaches, dining, shopping, and entertainment just minutes away. Whether you’re looking for a relaxing coastal retreat or an income-producing property, this condo delivers location, lifestyle, and value. Don’t miss your chance to own in one of the area’s most desirable beach communities!

Key facts

• $298 HOA
• Community pool
• Built 1974

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $440k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (46.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $244k (44.6% below list).
• Recommended offer: $236k (46.5% below list) — sets the bar for cash-flow.
• Cap rate 2.4% vs local median 1.1% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, health & safety A+; Watch: crime F, 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 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: 334 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 81 days — a 6% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $235,531 (46.5% 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 81 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.55% ✗
• Cap rate: 2.44%
• Cash-on-cash: -13.76%
• DSCR: 0.39
• GRM: 15.0

CMA / ARV

• ARV (median comp): $510,000
• List price: $440,000
• Delta: -13.73%
• 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: -42.2%
• Equity multiple: -0.31×
• Total profit: $-161,076
• Equity at exit: $65,605

10-year hold

• IRR: -71.0%
• Equity multiple: -1.07×
• Total profit: $-255,254
• Equity at exit: $38,043

Cash invested: $123,200 (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 19971

• Active inventory: 334
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,438 high
• Mortgage (P&I): −$2,307
• Tax est. 1.5%: −$550 /mo · $6,600/yr
• Insurance: −$183
• HOA: −$298
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $-1,413

Break-even live

Break-even rent $4,226

Max offer price $235,531

Occupancy floor —

Sensitivity live

Price	-10% $-1,109	-5% $-1,261	+0% $-1,413	+5% $-1,565	+10% $-1,717
Rent	-10% $-1,606	-5% $-1,509	+0% $-1,413	+5% $-1,317	+10% $-1,220
Rate	-1.0pp $-1,191	-0.5pp $-1,301	base $-1,413	+0.5pp $-1,527	+1.0pp $-1,643

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: $110,000
• Closing costs: $13,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	45d	1	0.22mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	22d	1	0.29mi
37264 Sea Coast Ct #13 Rehoboth Beach, DE	3.0	3.5	2100	$2,200	$1.05	22d	1	0.51mi
10 Wellington Pl Rehoboth Beach, DE	3.0	2.5	2700	$3,800	$1.41	22d	1	0.68mi
20902 South Ave Unit A Rehoboth Beach, DE	3.0	2.0	1000	$3,200	$3.20	45d	1	0.96mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	45d	1	1.08mi
112 Houston St Unit B Dewey Beach, DE	3.0	1.0	1000	$2,000	$2.00	22d	1	1.32mi

HOA detail condo

• Monthly dues: $298 · $3,576/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-22
   days on market $440,000 Active 81 DOM
2. 2026-06-18
   days on market $440,000 Active 78 DOM
3. 2026-06-17
   days on market $440,000 Active 77 DOM
4. 2026-06-16
   days on market $440,000 Active 76 DOM
5. 2026-06-15
   days on market $440,000 Active 75 DOM
6. 2026-06-14
   days on market $440,000 Active 73 DOM
7. 2026-06-13
   days on market $440,000 Active 72 DOM
8. 2026-06-10
   days on market $440,000 Active 70 DOM
9. 2026-06-09
   days on market $440,000 Active 69 DOM
10. 2026-06-08
    days on market $440,000 Active 68 DOM
11. 2026-06-07
    days on market $440,000 Active 67 DOM
12. 2026-06-05
    days on market $440,000 Active 64 DOM
13. 2026-06-03
    days on market $440,000 Active 63 DOM
14. 2026-06-02
    days on market $440,000 Active 62 DOM
15. 2026-06-01
    days on market $440,000 Active 61 DOM
16. 2026-05-31
    days on market $440,000 Active 60 DOM
17. 2026-05-30
    days on market $440,000 Active 59 DOM
18. 2026-04-01
    listed $440,000 Active 1034-char remark

    Show marketing remark (1034 chars)

    Coastal Living at Its Best – Furnished turn key first Floor Condo! NO STEPS! NO RENTAL RESTRICTIONS!!! Run an Air B & B! Welcome to your slice of paradise! This beautifully maintained first-floor, 2-bedroom, 2-bath condo is located within one mile of the beach in a highly sought-after beach resort community. Enjoy effortless living with a spacious, open floor plan, abundant natural light, wood burning fireplace, and easy first-floor access—perfect for full-time living, vacation getaways, or a lucrative investment property. The well-appointed bedrooms offer comfort and privacy, while the two full baths add convenience for family and guests. Step outside and soak in the resort lifestyle, with pristine beaches, dining, shopping, and entertainment just minutes away. Whether you’re looking for a relaxing coastal retreat or an income-producing property, this condo delivers location, lifestyle, and value. Don’t miss your chance to own in one of the area’s most desirable beach communities!

19. 2026-03-31
    historical
20. 2026-03-23
    price $440,000
21. 2025-12-04
    price $449,999
22. 2025-09-03
    price $459,999
23. 2025-08-14
    listed $465,000 Active
24. 2024-12-20
    historical
25. 2024-09-30
    price $459,900
26. 2024-09-12
    listed $469,900 Active

ⓘ 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 ≥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: $29,251
• − Mortgage interest: −$24,647
• − Property taxes: −$6,600
• − Insurance: −$2,200
• − Repairs & maintenance: −$2,340
• − Management: −$2,340
• − HOA: −$3,576
• − Depreciation: −$12,800
• Taxable loss: −$25,252
• Est. tax savings @ 24.0%: +$6,060
• After-tax cash flow: $-10,896/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

Fair 45/100 Cosmetic rehab

This first-floor condo is in fair condition with some cosmetic repairs needed, such as painting and landscaping. It offers a good investment opportunity with potential for increased value through minor updates.

Repairs flagged

• Minor Paint — Paint appears faded in some areas.
• Minor Landscaping — Some overgrown areas need trimming.

Value-add opportunities

• Resale Painting — Fresh paint can enhance curb appeal and home value.
• Rental Landscaping — Well-maintained landscaping can attract tenants and increase rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas.	Minor	$500–3,000
Landscaping · Some overgrown areas need trimming.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Painting — Fresh paint can enhance curb appeal and home value. ↑
• Rental Landscaping — Well-maintained landscaping can attract tenants and increase rental 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 — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

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

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): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

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% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-6.4% since first listed

9 events — show timeline

• 2026-04-01 Listed $440,000 BRIGHT MLS
• 2026-03-31 Listing Removed — BRIGHT MLS
• 2026-03-23 Price Changed $440,000 BRIGHT MLS
• 2025-12-04 Price Changed $449,999 BRIGHT MLS
• 2025-09-03 Price Changed $459,999 BRIGHT MLS
• 2025-08-14 Listed $465,000 BRIGHT MLS
• 2024-12-20 Listing Removed — BRIGHT MLS
• 2024-09-30 Price Changed $459,900 BRIGHT MLS
• 2024-09-12 Listed $469,900 BRIGHT MLS