38180 Beachwood Ct #26 · Ocean View, DE 19945

$315,000

2 bd · 3.0 ba · 576 sqft · Condo public records · 109 Days on market

Built 2001 $547/sqft · 85% above area Est $341k · 8% under $281/mo HOA · 18% of rent

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Why this score? — see what drove the F 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 +10.9/15.0
• Appreciation +10.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.7/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Coastal lifestyle, turn-key, close to the beach. Beachwood Court 2-bedroom 1 full and 1 half bathroom townhouse. Open floor plan. Courner location in the back of the community. Shows well, screened three-season room, extra storage, short walk to community pool and tennis. Bethany Meadows is conveniently located within walking or biking distance to downtown Bethany Beach. Only 2 miles to shopping, restaurants, public golf courses and the beach.

Key facts

• $281 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $315k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (55.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (49.8% below list).
• Recommended offer: $140k (55.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing 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.
• Zoned schools: Lord Baltimore Elementary School (math 51% / reading 67%, grade B-, #4 of 105 statewide, top 4%, 579 students, 0% FRL); Selbyville Middle School (math 20% / reading 49%, grade F, #12 of 36 statewide, top 34%, 719 students, 0% FRL); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 45% at this address vs 33% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Indian River School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 285 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k 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 ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $146k; list at $315k implies a 116% gain — meaningful room to come down on a strong offer.

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 $140,147 (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 109 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.50% ✗
• Cap rate: 1.69%
• Cash-on-cash: -16.44%
• DSCR: 0.27
• GRM: 16.6

CMA / ARV

• ARV (median comp): $340,637
• List price: $315,000
• Delta: -7.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 12.9%
• Equity multiple: 2.07×
• Total profit: $94,792
• Equity at exit: $283,777

10-year hold

• IRR: 13.3%
• Equity multiple: 4.86×
• Total profit: $340,061
• Equity at exit: $611,976

Cash invested: $88,200 (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: 16.6×

Monthly cashflow live

• Estimated rent: $1,582 medium
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$281
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-1,208

Break-even live

Break-even rent $3,111

Max offer price $140,147

Occupancy floor —

Sensitivity live

Price	-10% $-991	-5% $-1,100	+0% $-1,208	+5% $-1,317	+10% $-1,426
Rent	-10% $-1,333	-5% $-1,271	+0% $-1,208	+5% $-1,146	+10% $-1,083
Rate	-1.0pp $-1,050	-0.5pp $-1,128	base $-1,208	+0.5pp $-1,290	+1.0pp $-1,373

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $281 · $3,372/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $315,000 Active 109 DOM
2. 2026-06-18
   days on market $315,000 Active 106 DOM
3. 2026-06-17
   days on market $315,000 Active 105 DOM
4. 2026-06-16
   days on market $315,000 Active 104 DOM
5. 2026-06-15
   days on market $315,000 Active 103 DOM
6. 2026-06-14
   days on market $315,000 Active 101 DOM
7. 2026-06-13
   days on market $315,000 Active 100 DOM
8. 2026-06-10
   days on market $315,000 Active 98 DOM
9. 2026-06-09
   days on market $315,000 Active 97 DOM
10. 2026-06-08
    days on market $315,000 Active 96 DOM
11. 2026-06-07
    days on market $315,000 Active 95 DOM
12. 2026-06-02
    pricedays on market $315,000 Active 90 DOM
13. 2026-06-01
    days on market $330,000 Active 89 DOM
14. 2026-05-31
    days on market $330,000 Active 88 DOM
15. 2026-05-30
    days on market $330,000 Active 87 DOM
16. 2026-03-05
    listed $330,000 Active 447-char remark

    Show marketing remark (447 chars)

    Coastal lifestyle, turn-key, close to the beach. Beachwood Court 2-bedroom 1 full and 1 half bathroom townhouse. Open floor plan. Courner location in the back of the community. Shows well, screened three-season room, extra storage, short walk to community pool and tennis. Bethany Meadows is conveniently located within walking or biking distance to downtown Bethany Beach. Only 2 miles to shopping, restaurants, public golf courses and the beach.

17. 2026-03-04
    historical $330,000 447-char remark

    Show marketing remark (447 chars)

    Coastal lifestyle, turn-key, close to the beach. Beachwood Court 2-bedroom 1 full and 1 half bathroom townhouse. Open floor plan. Courner location in the back of the community. Shows well, screened three-season room, extra storage, short walk to community pool and tennis. Bethany Meadows is conveniently located within walking or biking distance to downtown Bethany Beach. Only 2 miles to shopping, restaurants, public golf courses and the beach.

18. 2016-10-13
    soldstatus $146,000 422-char remark

    Show marketing remark (422 chars)

    An inviting and well maintained 2 story townhouse located in a well established community with a large pool and walking trails less than 3 miles to the beautiful beaches. You will enjoy the spacious living/dining room, kitchen with breakfast bar, 3 season room that could be used as another sleeping area, 2 large bedrooms, 1.5 baths and an inviting paver patio with lots of privacy. This one should be added to your tour!

19. 2016-01-11
    listed $159,000 422-char remark

    Show marketing remark (422 chars)

    An inviting and well maintained 2 story townhouse located in a well established community with a large pool and walking trails less than 3 miles to the beautiful beaches. You will enjoy the spacious living/dining room, kitchen with breakfast bar, 3 season room that could be used as another sleeping area, 2 large bedrooms, 1.5 baths and an inviting paver patio with lots of privacy. This one should be added to your tour!

ⓘ 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 1/10 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: $18,980
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$1,518
• − Management: −$1,518
• − HOA: −$3,372
• − Depreciation: −$9,164
• Taxable loss: −$20,537
• Est. tax savings @ 24.0%: +$4,929
• After-tax cash flow: $-9,571/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

+107.5% since first listed

4 events — show timeline

• 2026-03-05 Listed $330,000 BRIGHT MLS
• 2026-03-04 Coming Soon $330,000 BRIGHT MLS
• 2016-10-13 Sold (MLS) $146,000 BRIGHT MLS
• 2016-01-11 Listed $159,000 BRIGHT MLS

Property tax history

+1.4%/yr

Latest (2025): $570 · -5.8% YoY. Source: county tax records.