36032 Double Bridges Rd · Ocean View, DE 19945

$519,900

3 bd · 2.0 ba · 2,128 sqft · SingleFamily public records · 62 Days on market

Built 1998 0.94 ac lot $244/sqft · 19% below area Est $641k · 19% under ↓ 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 +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +4.3/30.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Large ranch style home that sits on nearly 1-acre landscaped lot located at the corner of Double Bridges RD and Camp Barnes RD. the featured circular, paved driveway provides easy access to the end load attached garage, detached two-car garage with workshop and a storage shed. Both garages feature a garage door opener with remotes. The home was completely rebuilt in 2021 due to fire, smoke, and water damaged cause by a fire in an outside porch light. The home features a cover front porch and an enclosed rear sunroom with glass windows and a mini-split HVAC system for central heat and AC. The sunroom overlooks the back yard and patio with outside shower. This nearly new home included 3 bedrooms with ceiling fans, and two full bathrooms, a large, open family room and formal dining room. The completely remodeled kitchen includes an island, all new cabinets and stainless-steel appliances and granite countertops. There is an office / den that could function as a guest room. LVP flooring and crown molding. throughout. Walkup stairs to attic storage.

Key facts

• Covered front porch
• Remodeled kitchen
• Island

Tags

• CIRCULAR PAVED DRIVEWAY
• COVERED FRONT PORCH
• ENCLOSED REAR SUNROOM
• MINI-SPLIT HVAC SYSTEM
• REMODELED KITCHEN
• ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $520k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (38.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (46.1% below list).
• Recommended offer: $280k (46.1% below list) — sets the bar for 1% rule.
• Cap rate 3.1% vs local median 1.9% in Ocean View — 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 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: 281 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$89k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($489k) is reasonable based on typical stale-listing flexibility.
• 2 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,000 (46.1% 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 62 days. Have you received any prior offers? Is the seller open to a 46% 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. 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?
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: 0.54% ✗
• Cap rate: 3.11%
• Cash-on-cash: -11.38%
• DSCR: 0.49
• GRM: 15.5

CMA / ARV

• ARV (median comp): $640,808
• List price: $519,900
• Delta: -18.87%
• 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
34114 Hornbeam Dr	0.30mi	3/2.0	2,141 (+1%)	2mo	$565,000	$264	84
33339 Curran Ct	0.10mi	4/2.0 (+1)	2,011 (-6%)	15mo	$503,000	$250	69
36262 Windsor Park Dr	0.39mi	3/2.0	2,012 (-6%)	8mo	$515,000	$256	66
23311 Lanterns Glow Rd #509	0.69mi	3/2.0	2,118 (-0%)	7mo	$640,000	$302	61
36210 Watch Hill Rd	0.31mi	3/2.0	2,285 (+7%)	16mo	$540,000	$236	60
32038 Carlisle Ct	0.48mi	3/2.5	2,289 (+8%)	9mo	$560,000	$245	56
32019 Carlisle Ct	0.49mi	3/2.0	2,200 (+3%)	22mo	$579,990	$264	53
28945 Twin Ponds Ln	0.59mi	3/2.0	2,174 (+2%)	19mo	$659,900	$304	53
24056 Plover Ln	0.42mi	3/3.0	2,400 (+13%)	11mo	$550,000	$229	46
32026 Santa Fe Ct	0.46mi	4/3.0 (+1)	2,281 (+7%)	21mo	$574,990	$252	40
32032 Carlisle Ct	0.48mi	4/3.0 (+1)	2,356 (+11%)	19mo	$579,990	$246	35
23482 Lanterns Glow Rd #566	0.75mi	3/3.0	2,438 (+15%)	18mo	$725,095	$297	22

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 2.34×
• Total profit: $195,243
• Equity at exit: $468,367

10-year hold

• IRR: 15.6%
• Equity multiple: 5.43×
• Total profit: $644,205
• Equity at exit: $1,010,051

Cash invested: $145,572 (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 19945

• Home prices YoY: 16.9%
• Active inventory: 281
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$2,726
• Tax est. 1.5%: −$650 /mo · $7,798/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $-1,381

Break-even live

Break-even rent $4,548

Max offer price $320,080

Occupancy floor —

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: $129,975
• Closing costs: $15,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35059 Dundee St Frankford, DE	4.0	2.5	2565	$2,800	$1.09	21d	1	0.81mi

Listing history 19 events

1. 2026-06-18
   days on market $519,900 Active 62 DOM
2. 2026-06-17
   days on market $519,900 Active 61 DOM
3. 2026-06-16
   days on market $519,900 Active 60 DOM
4. 2026-06-15
   days on market $519,900 Active 59 DOM
5. 2026-06-14
   days on market $519,900 Active 57 DOM
6. 2026-06-13
   days on market $519,900 Active 56 DOM
7. 2026-06-10
   days on market $519,900 Active 54 DOM
8. 2026-06-09
   days on market $519,900 Active 53 DOM
9. 2026-06-08
   days on market $519,900 Active 52 DOM
10. 2026-06-07
    days on market $519,900 Active 51 DOM
11. 2026-06-02
    days on market $519,900 Active 46 DOM
12. 2026-06-01
    days on market $519,900 Active 45 DOM
13. 2026-05-31
    days on market $519,900 Active 44 DOM
14. 2026-05-30
    days on market $519,900 Active 43 DOM
15. 2026-04-17
    listed $519,900 Active 1059-char remark

    Show marketing remark (1059 chars)

    Large ranch style home that sits on nearly 1-acre landscaped lot located at the corner of Double Bridges RD and Camp Barnes RD. the featured circular, paved driveway provides easy access to the end load attached garage, detached two-car garage with workshop and a storage shed. Both garages feature a garage door opener with remotes. The home was completely rebuilt in 2021 due to fire, smoke, and water damaged cause by a fire in an outside porch light. The home features a cover front porch and an enclosed rear sunroom with glass windows and a mini-split HVAC system for central heat and AC. The sunroom overlooks the back yard and patio with outside shower. This nearly new home included 3 bedrooms with ceiling fans, and two full bathrooms, a large, open family room and formal dining room. The completely remodeled kitchen includes an island, all new cabinets and stainless-steel appliances and granite countertops. There is an office / den that could function as a guest room. LVP flooring and crown molding. throughout. Walkup stairs to attic storage.

16. 2025-10-31
    historical
17. 2025-09-16
    price $519,900
18. 2025-06-28
    listed $539,900 Active
19. 2025-05-27
    historical

ⓘ 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 ≥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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$29,122
• − Property taxes: −$7,798
• − Insurance: −$2,600
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$15,124
• Taxable loss: −$26,421
• Est. tax savings @ 24.0%: +$6,341
• After-tax cash flow: $-10,230/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.

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

Livability — Ocean View

• Score: 69/100
• State rank: #27
• US rank: #8560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,917

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 (77%)
• Race & ethnicity: White 77% Black 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 46.51%
• Current HPI: 322.2407
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-3.7% since first listed

5 events — show timeline

• 2026-04-17 Listed $519,900 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-09-16 Price Changed $519,900 BRIGHT MLS
• 2025-06-28 Listed $539,900 BRIGHT MLS
• 2025-05-27 Coming Soon — BRIGHT MLS

Property tax history

+5.3%/yr

Latest (2025): $887 · +43.2% YoY. Source: county tax records.