105 Whistling Duck Dr

Bridgeville, DE 19933

$299,900D

3 bd · 4.0 ba · 1,481 sqft · Built 2006 · SingleFamily · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,381/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$222
• HOA: −$320
• Vac / Maint / Mgmt: −$500
• Net cashflow: $-234/mo
• Annual: $-2,805/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.34%
• DSCR: 0.85
• 1% rule: 0.79%
• Cash to close: $83,972

Investor read

• This is a 3-bed/4.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-234 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (20.6% below list).
• It's been on market 132 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (20.6% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.1% local appreciation)).
• Location reads 64/100 on livability (#48 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A, crime B; Watch: amenities F, commute F.
• Woodbridge School District (rural): math 17% / reading 34% proficiency, ranked #21 of 26 in DE (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodbridge Early Childhood Education Center (592 students, 0% FRL); Woodbridge Middle School (math 13% / reading 37%, grade F, #22 of 36 statewide, top 63%, 598 students, 0% FRL); Woodbridge High School (math 12% / reading 27%, grade F, #32 of 40 statewide, top 85%, 723 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 108 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.7% in Bridgeville — 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.

Questions for listing agent

• 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?
• It's been on market 132 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.