32628 Estuary Blvd · Ocean View, DE 19945

$629,900

3 bd · 3.0 ba · 2,118 sqft · SingleFamily public records · 158 Days on market

Built 2023 9,531 sqft lot $297/sqft · 13% below area Est $724k · 13% under $300/mo HOA · 11% of rent ↓ 2% 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 +13.4/15.0
• Appreciation +10.0/10.0
• Cash flow +4.0/30.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

* * * DON’T MISS THIS NEW OPPORTUNITY * * * ENJOY COASTAL LIVING WITH RESORT STYLE AMENITIES IN THIS BEAUTIFUL SINGLE LEVEL ! EXPERIENCE THE ESTUARY, an upscale community boasting a social & recreational park with amazing Clubhouse, fitness center, pool with huge patio surround, tennis/pickleball/bocce courts, and miles of walking trails. Hop on the seasonal shuttle to the ocean from the property's PRIME LOCATION BETWEEN BETHANY BEACH & FENWICK! This NV HOMES “EDGEWOOD” MODEL is a hosts’ showcase of upmarket designer features including, vaulted & tray ceilings, fireplace focal point Great Room, dining bar island Kitchen, and 3 Bedrooms to fashion to your needs! Sited on a prime lot backing to open space, enjoy your private EZE-Breeze porch enclosure system and carefree, community-maintained lawns. The soaring Great Room seamlessly integrates the Living Room, Dining Area, and chef’s Kitchen, all sharing fireplace ambiance. Retreat to the Primary Bedroom Suite with luxury Bath & 2 enviable walk-in closets. 2 Additional Bedrooms & Full Bath provide for family & inevitable visitors. Separate Laundry Room. A multi-vehicle driveway approaches the roomy, 2-car garage. MAGAZINE COASTAL & CALIFORNIA CASUAL STYLINGS! No Need to Wait to Build! This Beautiful Home is AVAILABLE NOW!

Key facts

• 9,531 sq ft lot
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $630k.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (49.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (55.5% below list).
• Recommended offer: $280k (55.5% below list) — sets the bar for 1% rule.
• Cap rate 2.9% 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: 285 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 $67k of equity ($4k loan paydown + $63k 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 ~$108k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($554k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,000 (55.5% 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 158 days. Have you received any prior offers? Is the seller open to a 56% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.44% ✗
• Cap rate: 2.94%
• Cash-on-cash: -11.97%
• DSCR: 0.47
• GRM: 18.7

CMA / ARV

• ARV (median comp): $724,458
• List price: $629,900
• Delta: -13.05%
• 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
23311 Lanterns Glow Rd #509	0.20mi	3/2.0	2,118 (0%)	8mo	$640,000	$302	80
36518 Burleson Dr	0.62mi	3/2.5	2,179 (+3%)	1mo	$550,000	$252	64
36541 Burleson Dr	0.68mi	3/2.5	2,179 (+3%)	3mo	$550,000	$252	59
36329 Sturgis Ln	0.72mi	3/3.0	2,086 (-2%)	7mo	$807,805	$387	58
36529 Burleson Dr	0.64mi	3/2.5	2,215 (+5%)	4mo	$550,000	$248	57
36525 Burleson Dr	0.62mi	3/3.0	1,935 (-9%)	1mo	$567,990	$294	56
36521 Burleson Dr	0.61mi	4/3.0 (+1)	2,281 (+8%)	1mo	$620,000	$272	53
36534 Burleson Dr	0.67mi	3/3.0	1,935 (-9%)	5mo	$568,790	$294	50
36535 Burleson Dr	0.65mi	4/3.0 (+1)	2,281 (+8%)	3mo	$608,000	$267	49
36524 Burleson Dr	0.64mi	4/3.0 (+1)	2,281 (+8%)	4mo	$612,000	$268	49
36543 Burleson Dr	0.69mi	3/3.0	1,935 (-9%)	7mo	$608,200	$314	48
36538 Burleson Dr	0.69mi	4/3.0 (+1)	2,281 (+8%)	5mo	$599,990	$263	46

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: 15.9%
• Equity multiple: 2.31×
• Total profit: $230,802
• Equity at exit: $567,464

10-year hold

• IRR: 15.3%
• Equity multiple: 5.35×
• Total profit: $767,419
• Equity at exit: $1,223,757

Cash invested: $176,372 (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: 285
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$3,303
• Tax from tax record: −$106 /mo · $1,270/yr
• Insurance: −$262
• HOA: −$300
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $-1,760

Break-even live

Break-even rent $5,027

Max offer price $319,069

Occupancy floor —

Sensitivity live

Price	-10% $-1,403	-5% $-1,581	+0% $-1,760	+5% $-2,659	+10% $-2,876
Rent	-10% $-1,981	-5% $-1,870	+0% $-1,760	+5% $-1,649	+10% $-1,538
Rate	-1.0pp $-1,442	-0.5pp $-1,599	base $-1,760	+0.5pp $-1,923	+1.0pp $-2,089

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: $157,475
• Closing costs: $18,897
• 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	22d	1	1.48mi

HOA detail

• Monthly dues: $300 · $3,600/yr
• Likely covers: poolgym

Listing history 20 events

1. 2026-06-21
   days on market $629,900 Active 158 DOM
2. 2026-06-18
   days on market $629,900 Active 155 DOM
3. 2026-06-17
   days on market $629,900 Active 154 DOM
4. 2026-06-16
   days on market $629,900 Active 153 DOM
5. 2026-06-15
   days on market $629,900 Active 152 DOM
6. 2026-06-14
   days on market $629,900 Active 150 DOM
7. 2026-06-13
   days on market $629,900 Active 149 DOM
8. 2026-06-10
   days on market $629,900 Active 147 DOM
9. 2026-06-09
   days on market $629,900 Active 146 DOM
10. 2026-06-09
    remarks 687-char remark
11. 2026-06-09
    price $629,900 Active 145 DOM
12. 2026-06-08
    days on market $639,900 Active 145 DOM
13. 2026-06-07
    days on market $639,900 Active 144 DOM
14. 2026-06-02
    days on market $639,900 Active 139 DOM
15. 2026-06-01
    days on market $639,900 Active 138 DOM
16. 2026-05-31
    days on market $639,900 Active 137 DOM
17. 2026-05-30
    days on market $639,900 Active 136 DOM
18. 2026-04-22
    price $639,900 1368-char remark

    Show marketing remark (1368 chars)

    * * * DON’T MISS THIS NEW OPPORTUNITY * * * ENJOY COASTAL LIVING WITH RESORT STYLE AMENITIES IN THIS BEAUTIFUL SINGLE LEVEL ! EXPERIENCE THE ESTUARY, an upscale community boasting a social & recreational park with amazing Clubhouse, fitness center, pool with huge patio surround, tennis/pickleball/bocce courts, and miles of walking trails. Hop on the seasonal shuttle to the ocean from the property's PRIME LOCATION BETWEEN BETHANY BEACH & FENWICK! This NV HOMES “EDGEWOOD” MODEL is a hosts’ showcase of upmarket designer features including, vaulted & tray ceilings, fireplace focal point Great Room, dining bar island Kitchen, and 3 Bedrooms to fashion to your needs! Sited on a prime lot backing to open space, enjoy your private EZE-Breeze porch enclosure system and carefree, community-maintained lawns. The soaring Great Room seamlessly integrates the Living Room, Dining Area, and chef’s Kitchen, all sharing fireplace ambiance. Retreat to the Primary Bedroom Suite with luxury Bath & 2 enviable walk-in closets. 2 Additional Bedrooms & Full Bath provide for family & inevitable visitors. Separate Laundry Room. A multi-vehicle driveway approaches the roomy, 2-car garage. MAGAZINE COASTAL & CALIFORNIA CASUAL STYLINGS! No Need to Wait to Build! This Beautiful Home is AVAILABLE NOW!

19. 2026-01-15
    listed $649,900 Active 1368-char remark

    Show marketing remark (1368 chars)

    * * * DON’T MISS THIS NEW OPPORTUNITY * * * ENJOY COASTAL LIVING WITH RESORT STYLE AMENITIES IN THIS BEAUTIFUL SINGLE LEVEL ! EXPERIENCE THE ESTUARY, an upscale community boasting a social & recreational park with amazing Clubhouse, fitness center, pool with huge patio surround, tennis/pickleball/bocce courts, and miles of walking trails. Hop on the seasonal shuttle to the ocean from the property's PRIME LOCATION BETWEEN BETHANY BEACH & FENWICK! This NV HOMES “EDGEWOOD” MODEL is a hosts’ showcase of upmarket designer features including, vaulted & tray ceilings, fireplace focal point Great Room, dining bar island Kitchen, and 3 Bedrooms to fashion to your needs! Sited on a prime lot backing to open space, enjoy your private EZE-Breeze porch enclosure system and carefree, community-maintained lawns. The soaring Great Room seamlessly integrates the Living Room, Dining Area, and chef’s Kitchen, all sharing fireplace ambiance. Retreat to the Primary Bedroom Suite with luxury Bath & 2 enviable walk-in closets. 2 Additional Bedrooms & Full Bath provide for family & inevitable visitors. Separate Laundry Room. A multi-vehicle driveway approaches the roomy, 2-car garage. MAGAZINE COASTAL & CALIFORNIA CASUAL STYLINGS! No Need to Wait to Build! This Beautiful Home is AVAILABLE NOW!

20. 2026-01-13
    historical $649,900 1368-char remark

    Show marketing remark (1368 chars)

    * * * DON’T MISS THIS NEW OPPORTUNITY * * * ENJOY COASTAL LIVING WITH RESORT STYLE AMENITIES IN THIS BEAUTIFUL SINGLE LEVEL ! EXPERIENCE THE ESTUARY, an upscale community boasting a social & recreational park with amazing Clubhouse, fitness center, pool with huge patio surround, tennis/pickleball/bocce courts, and miles of walking trails. Hop on the seasonal shuttle to the ocean from the property's PRIME LOCATION BETWEEN BETHANY BEACH & FENWICK! This NV HOMES “EDGEWOOD” MODEL is a hosts’ showcase of upmarket designer features including, vaulted & tray ceilings, fireplace focal point Great Room, dining bar island Kitchen, and 3 Bedrooms to fashion to your needs! Sited on a prime lot backing to open space, enjoy your private EZE-Breeze porch enclosure system and carefree, community-maintained lawns. The soaring Great Room seamlessly integrates the Living Room, Dining Area, and chef’s Kitchen, all sharing fireplace ambiance. Retreat to the Primary Bedroom Suite with luxury Bath & 2 enviable walk-in closets. 2 Additional Bedrooms & Full Bath provide for family & inevitable visitors. Separate Laundry Room. A multi-vehicle driveway approaches the roomy, 2-car garage. MAGAZINE COASTAL & CALIFORNIA CASUAL STYLINGS! No Need to Wait to Build! This Beautiful Home is AVAILABLE NOW!

ⓘ 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: $1,270 · $106/mo
• Projected year-2 tax: $2,462 · $205/mo
• Expected delta: +$1,192/yr (+$99/mo · 93.9%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 17 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: −$35,284
• − Property taxes: −$1,270
• − Insurance: −$3,150
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − HOA: −$3,600
• − Depreciation: −$18,324
• Taxable loss: −$33,404
• Est. tax savings @ 24.0%: +$8,017
• After-tax cash flow: $-13,098/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

-1.5% since first listed

3 events — show timeline

• 2026-04-22 Price Changed $639,900 BRIGHT MLS
• 2026-01-15 Listed $649,900 BRIGHT MLS
• 2026-01-13 Coming Soon $649,900 BRIGHT MLS

Property tax history

+1.7%/yr

Latest (2025): $1,270 · +3.5% YoY. Source: county tax records.