35193 Wright Way · Millsboro, DE 19966

$294,500

2 bd · 4.0 ba · 684 sqft · Townhouse public records · 42 Days on market

Built 2021 $431/sqft · 135% above area Est $337k · 13% under $180/mo HOA · 9% of rent

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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 +13.1/15.0
• Cash flow +8.8/30.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this brand new lux two bedroom two and a half bathroom, one car garage Baylor model within the coveted Plantation Lakes Community. Be the first to live in this home! This large three story townhome affords a flexible modern lifestyle with the comforts of community amenities like Golf, pools, clubhouse with restaurant, walking trails and more! The first floor of this home has a large flexible den space with access to the lush backyard through sliding glass door, access to the one car garage and ample storage. The second floor maintains a large lux chefs kitchen with gray shaker cabinetry, stainless steel appliances, sparkling grey granite counters, massive island and a large pantry to store all your snacks! The living room is just around the corner with three large windows providing ample light. A half bath completes this entertaining level. As you make your way to the bedroom level you will notice a convenient laundry closet on this floor. A large secondary bedroom features a cozy bump out window and large closet. A generous sized hall bath with large format tiles and moen fixtures provide privacy from the primary bedroom. Just down the hall is the prodigious primary bedroom with vaulted ceiling, spacious walk-in-closet and large primary bath with dual vanities and custom tiled shower with bench seat and glass shower door. Plantation Lakes is a short walk from Ingrams Pond and only moments away from charming downtown Millsboro, grocery, restaurants, and retail.

Key facts

• $180 HOA
• Garage
• Community pool

Property features AI

Finance

• HOA & community: Monthly HOA fee of $180; HOA covers common area maintenance, front lawn care, management, pools, recreation facilities, reserves, and snow removal; Community amenities include pool(s), club house, fitness center, tennis courts, basketball courts, bike trail, jog/walk path, playgrounds, golf amenities, dining rooms, and other recreational facilities

Exterior

• Parking: Attached front-entry garage (1 garage space); Driveway parking for 2 vehicles; Total of 3 parking spaces
• Utilities: Public water; Public sewer; Electric and natural gas utilities available
• Home design: Interior townhouse/rowhouse; Built by Lennar; Mixed construction
• Construction: Slab foundation
• Exterior features: Community pool; Lot dimensions approximately 18 x 92; Not in a federal flood zone; Fee simple ownership

Interior

• Bedrooms: Two bedrooms on the upper level
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Electric heating and cooling; Natural gas hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/4.0-bath townhouse listed at $294k.

Deal economics

• At list price, monthly cash flow is $-244 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (28.9% below list).
• Recommended offer: $209k (28.9% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.1% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute 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: 865 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 32% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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

• It's been on market 42 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $220k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $209,344 (28.9% 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 42 days. Have you received any prior offers? Is the seller open to a 29% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.71% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• GRM: 11.7

CMA / ARV

• ARV (median comp): $336,597
• List price: $294,500
• Delta: -12.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35273 Wright Way	0.14mi	2/3.0	684 (0%)	4mo	$299,900	$438	86

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -22.3%
• Equity multiple: 0.23×
• Total profit: $-63,341
• Equity at exit: $43,911

10-year hold

• IRR: -16.4%
• Equity multiple: 0.09×
• Total profit: $-75,416
• Equity at exit: $25,463

Cash invested: $82,460 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,093 medium
• Mortgage (P&I): −$1,544
• Tax from tax record: −$51 /mo · $614/yr
• Insurance: −$123
• HOA: −$180
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-244

Break-even live

Break-even rent $2,403

Max offer price $251,322

Occupancy floor —

Sensitivity live

Price	-10% $-78	-5% $-161	+0% $-244	+5% $-663	+10% $-765
Rent	-10% $-410	-5% $-327	+0% $-244	+5% $-162	+10% $-79
Rate	-1.0pp $-96	-0.5pp $-170	base $-244	+0.5pp $-321	+1.0pp $-398

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: $73,625
• Closing costs: $8,835
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33022 Daytona Ln Millsboro, DE	3.0	3.5	744	$3,250	$4.37	14d	1	0.34mi

HOA detail

• Monthly dues: $180 · $2,160/yr
• Likely covers: pool

Listing history 24 events

1. 2026-06-18
   days on market $294,500 Active 42 DOM
2. 2026-06-17
   days on market $294,500 Active 41 DOM
3. 2026-06-16
   days on market $294,500 Active 40 DOM
4. 2026-06-15
   days on market $294,500 Active 39 DOM
5. 2026-06-14
   days on market $294,500 Active 37 DOM
6. 2026-06-13
   days on market $294,500 Active 36 DOM
7. 2026-06-10
   days on market $294,500 Active 34 DOM
8. 2026-06-09
   days on market $294,500 Active 33 DOM
9. 2026-06-08
   days on market $294,500 Active 32 DOM
10. 2026-06-07
    days on market $294,500 Active 31 DOM
11. 2026-06-02
    days on market $294,500 Active 26 DOM
12. 2026-06-01
    days on market $294,500 Active 25 DOM
13. 2026-05-31
    days on market $294,500 Active 24 DOM
14. 2026-05-30
    days on market $294,500 Active 23 DOM
15. 2026-05-07
    listed $294,500 Active 2544-char remark
16. 2026-04-23
    historical $294,500 2544-char remark
17. 2024-12-05
    historical $1,900
18. 2024-11-09
    price $1,900
19. 2024-10-26
    price $2,100
20. 2024-10-11
    listed $2,200
21. 2024-10-11
    historical $2,200
22. 2024-09-02
    listed $2,200
23. 2021-10-25
    listed $219,990 1501-char remark

    Show marketing remark (1501 chars)

    Welcome home to this brand new lux two bedroom two and a half bathroom, one car garage Baylor model within the coveted Plantation Lakes Community. Be the first to live in this home! This large three story townhome affords a flexible modern lifestyle with the comforts of community amenities like Golf, pools, clubhouse with restaurant, walking trails and more! The first floor of this home has a large flexible den space with access to the lush backyard through sliding glass door, access to the one car garage and ample storage. The second floor maintains a large lux chefs kitchen with gray shaker cabinetry, stainless steel appliances, sparkling grey granite counters, massive island and a large pantry to store all your snacks! The living room is just around the corner with three large windows providing ample light. A half bath completes this entertaining level. As you make your way to the bedroom level you will notice a convenient laundry closet on this floor. A large secondary bedroom features a cozy bump out window and large closet. A generous sized hall bath with large format tiles and moen fixtures provide privacy from the primary bedroom. Just down the hall is the prodigious primary bedroom with vaulted ceiling, spacious walk-in-closet and large primary bath with dual vanities and custom tiled shower with bench seat and glass shower door. Plantation Lakes is a short walk from Ingrams Pond and only moments away from charming downtown Millsboro, grocery, restaurants, and retail.

24. 2021-08-06
    soldstatus $219,990 1501-char remark

    Show marketing remark (1501 chars)

    Welcome home to this brand new lux two bedroom two and a half bathroom, one car garage Baylor model within the coveted Plantation Lakes Community. Be the first to live in this home! This large three story townhome affords a flexible modern lifestyle with the comforts of community amenities like Golf, pools, clubhouse with restaurant, walking trails and more! The first floor of this home has a large flexible den space with access to the lush backyard through sliding glass door, access to the one car garage and ample storage. The second floor maintains a large lux chefs kitchen with gray shaker cabinetry, stainless steel appliances, sparkling grey granite counters, massive island and a large pantry to store all your snacks! The living room is just around the corner with three large windows providing ample light. A half bath completes this entertaining level. As you make your way to the bedroom level you will notice a convenient laundry closet on this floor. A large secondary bedroom features a cozy bump out window and large closet. A generous sized hall bath with large format tiles and moen fixtures provide privacy from the primary bedroom. Just down the hall is the prodigious primary bedroom with vaulted ceiling, spacious walk-in-closet and large primary bath with dual vanities and custom tiled shower with bench seat and glass shower door. Plantation Lakes is a short walk from Ingrams Pond and only moments away from charming downtown Millsboro, grocery, restaurants, and retail.

ⓘ 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: $614 · $51/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$547/yr (+$46/mo · 89.2%)

ⓘ 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) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,121
• − Mortgage interest: −$16,497
• − Property taxes: −$614
• − Insurance: −$1,472
• − Repairs & maintenance: −$2,010
• − Management: −$2,010
• − HOA: −$2,160
• − Depreciation: −$8,567
• Taxable loss: −$8,208
• Est. tax savings @ 24.0%: +$1,970
• After-tax cash flow: $-963/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 — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millsboro, DE
• County: Sussex County · 82,708 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+33.9% since first listed

10 events — show timeline

• 2026-05-07 Listed $294,500 BRIGHT MLS
• 2026-04-23 Coming Soon $294,500 BRIGHT MLS
• 2024-12-05 Rental Removed $1,900 BRIGHTMLS
• 2024-11-09 Price Changed $1,900 BRIGHTMLS
• 2024-10-26 Price Changed $2,100 BRIGHTMLS
• 2024-10-11 Listed for Rent $2,200 BRIGHTMLS
• 2024-10-11 Rental Removed $2,200 BRIGHTMLS
• 2024-09-02 Listed for Rent $2,200 BRIGHTMLS
• 2021-10-25 Listed $219,990 BRIGHT MLS
• 2021-08-06 Sold (MLS) $219,990 BRIGHT MLS

Property tax history

+45.5%/yr

Latest (2025): $614 · -40.8% YoY. Source: county tax records.