36839 Red Berry Rd · Delmar, DE 19940

$185,000

3 bd · 3.0 ba · 1,806 sqft · SingleFamily public records · 14 Days on market

Built 2015 0.75 ac lot $102/sqft · 57% below area Est $358k · 48% under $8/mo HOA

---

Why this score? — see what drove the B+ 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 +26.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.1/10.0
• 1% rule +6.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Quaint Community in desirable Delmar School District. Interior lot w/ no builder tie in. Some restrictions apply.

Key facts

• Access to shopping
• Spacious lot
• Local amenities

Tags

• SPACIOUS LOT
• HOLLY RIDGE COMMUNITY
• QUIET NEIGHBORHOOD
• CONVENIENT ACCESS TO SCHOOLS
• ACCESS TO SHOPPING
• LOCAL AMENITIES

Property features AI

Finance

• HOA & community: HOA fee approximately $8 monthly

Exterior

• Parking: Attached side-entry garage with 2 spaces; Driveway parking
• Utilities: Public water; No septic system (public sewer); Electric service for heating, cooling, and hot water
• Home design: Detached structure; Frame construction with aluminum siding; Crawl space foundation; Above-grade and below-grade structures noted; Year built estimated
• Construction: Frame and aluminum siding construction; Crawl space foundation
• Exterior features: Personal pool; Lot approximately 160 x 225 (estimated); Not in a federal flood zone; Outside city limits

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level; Two full bathrooms total
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 9.5% vs local median 3.1% in Delmar — 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 62/100 on livability (#63 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Delmar School District (suburban): math 20% / reading 38% proficiency, ranked #17 of 26 in DE (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 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 $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.
• Current owner paid $52k; list at $185k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 1.14% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.40%
• DSCR: 1.51
• GRM: 7.3

CMA / ARV

• ARV (median comp): $358,147
• List price: $185,000
• Delta: -65.10%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36809 Red Berry Rd	0.12mi	4/3.0 (+1)	1,734 (-4%)	6mo	$425,000	$245	78

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: 32.6%
• Equity multiple: 3.55×
• Total profit: $132,048
• Equity at exit: $166,663

10-year hold

• IRR: 28.2%
• Equity multiple: 8.03×
• Total profit: $364,150
• Equity at exit: $359,414

Cash invested: $51,800 (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 19940

• Home prices YoY: 6.2%
• Active inventory: 41
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,100 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$112 /mo · $1,342/yr
• Insurance: −$77
• HOA: −$8
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $492

Break-even live

Break-even rent $1,477

Max offer price $185,000

Occupancy floor 72%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34905 Gordy Rd Laurel, DE	3.0	2.0	2100	$2,100	$1.00	20d	1	1.08mi

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 17 events

1. 2026-06-18
   days on market $185,000 Active 14 DOM
2. 2026-06-17
   days on market $185,000 Active 13 DOM
3. 2026-06-16
   days on market $185,000 Active 12 DOM
4. 2026-06-15
   days on market $185,000 Active 11 DOM
5. 2026-06-14
   days on market $185,000 Active 9 DOM
6. 2026-06-13
   days on market $185,000 Active 8 DOM
7. 2026-06-10
   days on market $185,000 Active 6 DOM
8. 2026-06-09
   days on market $185,000 Active 5 DOM
9. 2026-06-08
   days on market $185,000 Active 4 DOM
10. 2026-06-07
    pricedays on marketlisting id $185,000 Active 3 DOM
11. 2026-06-01
    days on market $125,000 Active 17 DOM
12. 2026-05-31
    days on market $125,000 Active 16 DOM
13. 2026-05-30
    days on market $125,000 Active 15 DOM
14. 2026-05-15
    listed $125,000 Active 1011-char remark
15. 2014-09-26
    soldstatus $52,000 113-char remark

    Show marketing remark (113 chars)

    Quaint Community in desirable Delmar School District. Interior lot w/ no builder tie in. Some restrictions apply.

16. 2014-08-01
    listed $52,000 113-char remark

    Show marketing remark (113 chars)

    Quaint Community in desirable Delmar School District. Interior lot w/ no builder tie in. Some restrictions apply.

17. 2014-08-01
    historical 113-char remark

    Show marketing remark (113 chars)

    Quaint Community in desirable Delmar School District. Interior lot w/ no builder tie in. Some restrictions apply.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $1,342 · $112/mo
• Projected year-2 tax: $1,342 · $112/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,200
• − Mortgage interest: −$10,363
• − Property taxes: −$1,342
• − Insurance: −$925
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − HOA: −$96
• − Depreciation: −$5,382
• Taxable income: $3,060
• Est. tax owed @ 24.0%: −$734
• After-tax cash flow: $5,168/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: Delmar School District
• NCES district ID: 1000270
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 38% ▼ -13.00%
• Median HH income: $46,620
• Composite: 24.98/100
• National rank: #7561
• State rank: #17 of 26 in DE

Livability — Delmar

• Score: 62/100
• State rank: #63
• US rank: #16926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,108

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 (66%)
• Race & ethnicity: White 66% Black 16% Two or more races 13% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Italian 2% Slovak 2% Hispanic 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 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: ▲ 16.92%
• Current HPI: 288.6213
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+255.8% since first listed

6 events — show timeline

• 2026-06-04 Listed $185,000 BRIGHT MLS
• 2026-06-01 Listing Removed — BRIGHT MLS
• 2026-05-15 Listed $125,000 BRIGHT MLS
• 2014-09-26 Sold (MLS) $52,000 BRIGHT MLS
• 2014-08-01 Listing Removed — BRIGHT MLS
• 2014-08-01 Listed $52,000 BRIGHT MLS

Property tax history

+2.9%/yr

Latest (2025): $1,342 · +19.7% YoY. Source: county tax records.