25868 Sandpiper Ct #55 · Millsboro, DE 19966

$332,500

3 bd · 2.5 ba · 1,800 sqft · Condo · 156 Days on market

Built 2002 Good condition $185/sqft · 5% below area Est $351k · 5% under $287/mo HOA · 10% of rent ↓ 4% since listing

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Why this score? — see what drove the D- 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 +9.8/15.0
• Cash flow +9.6/30.0
• 1% rule +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Available Now! Welcome home to this beautifully updated townhouse in the desirable Bayshore community, ideally located just off Route 24 and Long Neck Road—close to shopping, dining, and the beaches. This home has been professionally renovated from top to bottom and is completely move-in ready. Main Level: Step into a bright and welcoming foyer with refinished real hardwood floors that flow into the kitchen, featuring updated cabinetry, new quartz countertops, and modern lighting and plumbing fixtures. The spacious living area offers new carpet, updated lighting and fireplace, creating a perfect space to relax or entertain. The primary suite is conveniently located on the first floor and includes a updated private bath. Upper Level: Upstairs, you’ll find two comfortable bedrooms, a full hall bath, and a versatile loft area with built-in bookshelves—perfect for a home office, reading nook, or media space. Recent Upgrades: New complete HVAC system (Fall 2024) Water heater and all appliances less than four years old Community Amenities: Residents enjoy access to the Bayshore clubhouse, featuring a fitness room, community gathering area, and an outdoor pool. Lawn care and exterior maintenance are included, so you can spend more time enjoying your new home and less time on chores. Move right in and start living the Bayshore lifestyle today!

Key facts

• $287 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $332k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $300k (9.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (10.2% below list).
• Recommended offer: $293k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% 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).
• At $2,985/mo this rent would consume 46% of the median local household income ($78k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 156 days — a 12% lower offer ($293k) is reasonable based on typical stale-listing flexibility.
• 4 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

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $292,600 (12.0% 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 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.90% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.93%
• DSCR: 0.87
• GRM: 9.3

CMA / ARV

• ARV (median comp): $350,606
• List price: $332,500
• Delta: -5.16%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32271 Pelican Ct	0.17mi	3/—	1,800 (0%)	2mo	$315,000	$175	91
24904 Crooked Stick Way #4335	1.29mi	3/2.0	1,860 (+3%)	0mo	$345,000	$185	57
33606 Lakeshore Cir	0.94mi	3/2.0	1,856 (+3%)	1mo	$166,000	$89	57
25061 Dogleg Way #4085	0.78mi	3/2.0	1,854 (+3%)	1mo	$380,435	$205	57
30914 Fowlers Path	1.14mi	3/2.0	1,730 (-4%)	1mo	$500,000	$289	55
32145 Steele Dr	0.36mi	3/1.5	1,372 (-24%)	0mo	$265,000	$193	54
28166 Alderwood Loop	0.82mi	3/2.0	1,700 (-6%)	2mo	$415,000	$244	52
33370 Court Dr	1.01mi	4/2.0 (+1)	1,857 (+3%)	1mo	$340,000	$183	52
26471 Creekwood Cir #3093	1.15mi	3/2.0	1,560 (-13%)	1mo	$170,000	$109	40
32846 Tern Cv #2794	0.75mi	3/3.0	2,182 (+21%)	1mo	$245,000	$112	37
27177 Skipjack Ext	1.26mi	3/2.0	1,368 (-24%)	1mo	$245,000	$179	37
26760 Castaway Cir #2882	1.11mi	2/2.0 (-1)	1,456 (-19%)	0mo	$174,000	$120	33

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: -21.1%
• Equity multiple: 0.27×
• Total profit: $-68,119
• Equity at exit: $49,577

10-year hold

• IRR: -14.4%
• Equity multiple: 0.17×
• Total profit: $-77,037
• Equity at exit: $28,749

Cash invested: $93,100 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,985 medium
• Mortgage (P&I): −$1,744
• Tax est. 1.5%: −$416 /mo · $4,988/yr
• Insurance: −$139
• HOA: −$287
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $-227

Break-even live

Break-even rent $3,272

Max offer price $299,646

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-112	+0% $-227	+5% $-342	+10% $-457
Rent	-10% $-463	-5% $-345	+0% $-227	+5% $-109	+10% $9
Rate	-1.0pp $-60	-0.5pp $-142	base $-227	+0.5pp $-313	+1.0pp $-401

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: $83,125
• Closing costs: $9,975
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	62d	1	0.53mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	70d	1	0.76mi

HOA detail $287/mo · $3,444/yr condo

• Likely covers: waterlandscapingexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $332,500 Active 156 DOM
2. 2026-08-07
   days on market $332,500 Active 155 DOM
3. 2026-08-06
   days on market $332,500 Active 154 DOM
4. 2026-08-05
   days on market $332,500 Active 153 DOM
5. 2026-08-04
   days on market $332,500 Active 152 DOM
6. 2026-08-03
   days on market $332,500 Active 151 DOM
7. 2026-07-31
   days on market $332,500 Active 148 DOM
8. 2026-07-29
   days on market $332,500 Active 146 DOM
9. 2026-07-27
   days on market $332,500 Active 144 DOM
10. 2026-07-25
    days on market $332,500 Active 142 DOM
11. 2026-07-24
    days on market $332,500 Active 141 DOM
12. 2026-07-23
    days on market $332,500 Active 140 DOM
13. 2026-07-22
    days on market $332,500 Active 139 DOM
14. 2026-07-21
    pricedays on market $332,500 Active 138 DOM
15. 2026-07-18
    days on market $340,000 Active 135 DOM
16. 2026-07-16
    days on market $340,000 Active 133 DOM
17. 2026-07-16
    days on market $340,000 Active 132 DOM
18. 2026-07-13
    days on market $340,000 Active 130 DOM
19. 2026-07-12
    days on market $340,000 Active 129 DOM
20. 2026-07-11
    days on market $340,000 Active 128 DOM
21. 2026-07-10
    days on market $340,000 Active 127 DOM
22. 2026-07-09
    days on market $340,000 Active 126 DOM
23. 2026-07-08
    days on market $340,000 Active 125 DOM
24. 2026-07-07
    days on market $340,000 Active 124 DOM
25. 2026-07-06
    days on market $340,000 Active 123 DOM
26. 2026-07-05
    days on market $340,000 Active 122 DOM
27. 2026-07-04
    days on market $340,000 Active 121 DOM
28. 2026-07-03
    days on market $340,000 Active 120 DOM
29. 2026-07-02
    days on market $340,000 Active 119 DOM
30. 2026-07-01
    days on market $340,000 Active 118 DOM
31. 2026-06-30
    days on market $340,000 Active 117 DOM
32. 2026-06-29
    days on market $340,000 Active 116 DOM
33. 2026-06-28
    days on market $340,000 Active 115 DOM
34. 2026-06-28
    days on market $340,000 Active 114 DOM
35. 2026-06-27
    days on market $340,000 Active 113 DOM
36. 2026-06-25
    days on market $340,000 Active 111 DOM
37. 2026-06-23
    days on market $340,000 Active 109 DOM
38. 2026-06-21
    days on market $340,000 Active 108 DOM
39. 2026-06-18
    days on market $340,000 Active 105 DOM
40. 2026-06-17
    days on market $340,000 Active 104 DOM
41. 2026-06-16
    days on market $340,000 Active 103 DOM
42. 2026-06-15
    days on market $340,000 Active 102 DOM
43. 2026-06-14
    days on market $340,000 Active 100 DOM
44. 2026-06-13
    days on market $340,000 Active 99 DOM
45. 2026-06-10
    days on market $340,000 Active 97 DOM
46. 2026-06-09
    days on market $340,000 Active 96 DOM
47. 2026-06-08
    days on market $340,000 Active 95 DOM
48. 2026-06-07
    days on market $340,000 Active 94 DOM
49. 2026-06-02
    pricedays on market $340,000 Active 89 DOM
50. 2026-06-01
    days on market $345,000 Active 88 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 19 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: $35,814
• − Mortgage interest: −$18,625
• − Property taxes: −$4,988
• − Insurance: −$1,662
• − Repairs & maintenance: −$2,865
• − Management: −$2,865
• − HOA: −$3,444
• − Depreciation: −$9,673
• Taxable loss: −$8,308
• Est. tax savings @ 24.0%: +$1,994
• After-tax cash flow: $-731/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 $9,000–$27,000 screening

This beautifully updated townhouse is move-in ready with a fresh paint job, new flooring, and modern lighting. It offers a great location and is ready for new owners to make it their own.

Value-add opportunities

• Both Painting — Neutral paint can be refreshed to enhance curb appeal and interior aesthetics ↑
• Both Lighting — Updating lighting fixtures can improve the ambiance and energy efficiency ↑
• Both Flooring — New flooring can enhance the overall look and feel of the home ↑
• Both Appliances — Upgrading appliances can increase the home's value and appeal to potential buyers ↑

ⓘ 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

-4.1% since first listed

14 events — show timeline

• 2026-04-24 Price Changed $345,000 BRIGHT MLS
• 2026-03-06 Listed $349,900 BRIGHT MLS
• 2026-03-02 Coming Soon $349,900 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-11-25 Price Changed $349,990 BRIGHT MLS
• 2025-11-11 Price Changed $354,000 BRIGHT MLS
• 2025-11-11 Relisted — BRIGHT MLS
• 2025-11-03 Listing Removed — BRIGHT MLS
• 2025-07-25 Price Changed $355,000 BRIGHT MLS
• 2025-06-07 Price Changed $357,500 BRIGHT MLS
• 2025-06-03 Relisted — BRIGHT MLS
• 2025-03-29 Contingent — BRIGHT MLS
• 2025-02-02 Listed $359,900 BRIGHT MLS
• 2025-01-31 Coming Soon — BRIGHT MLS