2 Virginia Avenue, Rehoboth Beach, De 19971 | $624,900

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Property Details

Rare opportunity to own a 2bd/2ba, 2-story 5th floor unit with a spectacular ocean front location! The covered balcony affords panoramic views of Rehoboth's famous beach & boardwalk, breath-taking sunrises, and all the sights and sounds of the ocean
  • MLS Number: 731594
  • Status: Active
  • Price: $624,900
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: North Rehoboth / Edgewater House
  • School District: Cape Henlopen
  • Square Footage: 1,375
  • Year Built: 1966
  • Bedrooms: 2
  • Full Bathrooms: 2
  • Number of Stories: 2
  • Unit Floor Number: 5
  • New Construction: No
  • County Taxes: $1,093
  • City Taxes: $304
  • Condo Fee: $12,320
  • Waterfront: Ocean
  • Water View: Ocean
  • Pool: Other See Remarks
  • Furnished: Yes
  • Lot Size Acres: 0.00
  • Lot Description: Bulkhead, Landscaped
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Beach, Laundry Facilities, Parking-Garage, Pool-Inground, Pool-Outdoor, Security, Water/Lake Privilege

Interior Features

  • Kitchen: Pantry
  • Heating: Heat Pump(s)
  • Cooling: Central A/C, Heat Pump(s)
  • Flooring: Carpet, Tile, Vinyl
  • Security: Main Entrance Locked, Smoke Detectors
  • Appliances: Dishwasher, Disposal, Fridge w/Ice Maker, Microwave, Oven/Range Electric
  • Interior Features: Bedroom-Entry Level, Broadband Access, Cable TV Prewired, Ceiling Fan(s), Insulated Door(s), Insulated Window(s), Insulation, Intercom, MBED-Full Bath, Storm Door(s), Window Treatments

Exterior Features

  • Style: Flat/Apartment
  • Construction Type: Masonry
  • Exterior Type: Stucco
  • Roofing: Flat, Rubber
  • Foundation: Pilings
  • Garage: Other See Remarks
  • Parking: Assigned, Garage
  • Porch/Deck/Patio: Balcony(s)

Listing Courtesy of KELLER WILLIAMS REALTY

Flipping or Buy-and-Hold? Strategic Choice for Rehoboth Beach In

When you own the Rehoboth Beach home your family lives in, you are by definition a real estate investor: it comes with the turf. Your investment is essentially a passive one. Until the day you decide to sell and move on, any improvement in its value is secondary to how well it serves to shelter your family.

How you think about your investment—and how you proceed to manage it—is altogether different when you buy a home purely as a financial venture. For one thing, you face an immediate strategic decision: will you be flipping for a quick short-term profit, or aim for the long term through a buy-and-hold strategy? You have to weigh some pros and cons in order to make the right decision.

Flipping

Pro: Capital is Freed

A flipping strategy minimizes the amount of time your investment capital is committed, freeing it for other uses. Should you identify another potentially lucrative investment, you will be able to take advantage of it.

Con: Unexpected Challenges

While flipping for short-term profit has definite ‘hands-on’ appeal, first-time investors can be surprised by unexpected complications. Properties that appear to be undervalued (and ripe for a quick flip!) may require costly fixes. Overspending on renovations quickly eats into profits, but underspending can lead to a lengthier holding time. Experienced Rehoboth Beach flipping veterans have learned to successfully gauge a property’s true turnaround value.

Additional Consideration: Taxes

Sussex County flipping has tax implications that impact the bottom line. Profits from a property owned more than a year are generally taxed at the ordinary income tax rate, while a property held for less than a year may be taxed at the capital gains rate. Local and state tariffs need to be considered as well—this is where input from a qualified professional is important.

Buy-and-Hold

Pro: Passive Investment

If management is outsourced to a professional property manager, the buy-and-hold strategy will require less personal attention than flipping does. Preparing a property for a flip often involves considerable time commitment and adept contractor schedule-juggling.

Con: Management Costs

The passive investment advantage holds true if outside management is contemplated— with commensurate expense. If you enjoy the challenge of successfully managing a property, this negative doesn’t apply.

Pro: Fewer Properties Need To Be Identified

Ultimately, successfully executing a flipping strategy means scrutinizing a huge number of properties over the course of time. In contrast, a buy-and-hold strategy necessitates finding only a few great bargains. Pursued intelligently, both buy-and-hold and quick flip strategies have proved profitable for many investors. Both call for finding solid value in Bethany Beach properties—which is where giving me a call comes in!

3 Sanity-Preserving Tips for Home Staging With Kids

Staging your Delaware home for showings will always be a time-eater. The word itself is indicative: “staging” means transforming your busy household into a theatrical set. In addition to thoroughly cleaning every nook and cranny, it usually means spending on paint and a variety of minor supplies to tweak the production. The actual visits come, by potential home buyers interrupting your schedule (sometimes with very little notice).

If you have kids, keeping the staging in pristine condition must clear an extra hurdle. When the kids spill food on the floor (or leave toys underfoot for potential home buyers to trip over), selling your home can turn into a hand-wringing ordeal. It needn’t be. Here are a few sanity-preserving pointers:

Designate one room for the kids

While it may be impossible to totally prevent kids from being messy, we can keep the youthful chaos quarantined to one room. Designate the place in the house that will be the “kid’s area” so that the cleanup in advance of a showing becomes more manageable.

Keep the show towels separate from the real towels

A successful Delaware staging routine pays special attention to focal points in the kitchen and bathrooms. Both should come as close as possible to a model home’s—which makes it crucial to keep a separate set of unused towels and floor mats to switch in whenever the home is going to be viewed. (There should be no secrets within a family, except maybe for this one: make sure the kids don’t know where you hide the show towels!)

Clear the “stage”

There are many items we keep handy that aren’t essential for day-to-day living. Whether it is unnecessary pieces of furniture or extra boxes full of toys for the children, these things combine to contribute to a sense of cluttered spaces. Stashing as much clutter as possible in a temporary storage unit will make your staging cleanup jobs much easier. It will also contribute to the clean uncluttered appearance home buyers find appealing.

Thinking of selling your home in Delaware this winter?  I have a marketing plan for this season’s market ready to go – Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.