803 S Market St · Blades, DE 19973

$219,900

3 bd · 2.0 ba · 1,100 sqft · Townhouse · 3 Days on market

Built 2005 3,920 sqft lot

---

Why this score? — see what drove the C- 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 +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained and affordable 3-bedroom, 2.-bath townhouse located in the heart of Blades! With low town taxes and economical water and sewer bills, this home is perfect for buyers looking for value and convenience. First floor features a bright open floorplan with a spacious living room, dining area, and kitchen designed for comfortable everyday living and easy entertaining. Upstairs, you'll find three large bedrooms and two full bathrooms, including a private primary suite. Step outside to enjoy the fully fenced backyard—ideal for pets, outdoor gatherings, or simply relaxing in your own private space. This home has been exceptionally maintained, is completely move-in ready, and is

Key facts

• Open floorplan
• Spacious living room
• 2 parking spots

Tags

• OPEN FLOORPLAN
• SPACIOUS LIVING ROOM
• FULLY FENCED BACKYARD
• PRIVATE PRIMARY SUITE

Property features AI

Finance

• HOA & community: Ground rent paid annually

Exterior

• Parking: Driveway with 2 parking spaces; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Cable TV available; Cable internet service; Municipal trash not provided
• Home design: End of row townhouse; Main entrance faces east; Fee simple ownership
• Construction: Stick-built construction; Crawl space foundation; Architectural shingle roof; Insulated windows
• Exterior features: Vinyl fencing; Landscaped, cleared lot; Other exterior features

Interior

• Kitchen: Dishwasher; Microwave; Electric oven/range; Refrigerator
• Bedrooms: Three bedrooms on the primary upper level
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (all upper levels)
• Heating & cooling: Electric heat pump; Central air conditioning (electric); Electric hot water
• Interior features: Carpeted areas; Ceiling fans; Combination kitchen and living area; Traditional floor plan; Master bathroom; Drywall walls and ceilings; Insulated doors
• Laundry & utility: Washer and dryer included; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (4.7% below list).
• Recommended offer: $210k (4.7% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 4.4% in Blades — 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 67/100 on livability (#37 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, crime F.
• Seaford School District (suburban): math 25% / reading 40% proficiency, ranked #15 of 26 in DE (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 215 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

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 71% 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 $209,500 (4.7% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 8.33%
• Cash-on-cash: 7.27%
• DSCR: 1.32
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-12,003
• Equity at exit: $32,788

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $19,659
• Equity at exit: $19,013

Cash invested: $61,572 (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 19973

• Home prices YoY: -17.8%
• Active inventory: 215
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$37 /mo · $449/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $373

Break-even live

Break-even rent $1,623

Max offer price $219,900

Occupancy floor 77%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Water St Seaford, DE	1.0–3.0	1.0–2.0	1174	$2,095	$1.78	13d	1	0.69mi

Listing history 4 events

1. 2026-06-18
   days on market $219,900 Active 3 DOM
2. 2026-06-17
   days on market $219,900 Active 2 DOM
3. 2026-06-16
   remarks 693-char remark
4. 2026-06-16
   listed $219,900 Active 1 DOM

ⓘ 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: $449 · $37/mo
• Projected year-2 tax: $862 · $72/mo
• Expected delta: +$413/yr (+$34/mo · 92.0%)

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

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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $25,140
• − Mortgage interest: −$12,318
• − Property taxes: −$449
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$6,397
• Taxable income: $854
• Est. tax owed @ 24.0%: −$205
• After-tax cash flow: $4,269/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: Seaford School District
• NCES district ID: 1001530
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $48,427
• Composite: 28.07/100
• National rank: #6835
• State rank: #15 of 26 in DE

Livability — Blades

• Score: 67/100
• State rank: #37
• US rank: #10492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blades, DE
• Population (ZIP): 25,786

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Black 20% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1% Dominican 2%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 5% Vietnamese 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: ▼ -62.40%
• Current HPI: 288.5652
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-15 Listed $219,900 BRIGHT MLS

Property tax history

-1.0%/yr

Latest (2025): $449 · -29.6% YoY. Source: county tax records.