29307 OTTO DRIVE
About This Property
A welcoming covered front porch leads to an impressive foyer where engineered hardwood flooring, plantation shutters, and custom finishes set the tone throughout. Just off the entry are a private office with double French doors, a guest bedroom with a charming window seat, a full bath, and an oversized mudroom with abundant storage.
The dramatic great room features soaring beamed ceilings, a floor-to-ceiling fireplace, and walls of windows overlooking the pond. The gourmet kitchen is designed for entertaining with an oversized island, farmhouse sink, premium Wolf appliance package with Sub-Zero refrigerator, abundant cabinetry, a walk-in pantry with coffee bar, and a custom wet bar with beverage refrigerator adjoining the dining area.
The first-floor primary suite offers tranquil pond views, a spa-inspired bath with oversized walk-in shower and dual vanities, and two walk-in closets. Custom California Closet systems are featured throughout the home, including all bedroom closets and the pantry. A private guest suite with its own bath, a well-appointed laundry room with custom cabinetry and utility sink, and a powder room complete the first floor.
Upstairs, a spacious loft opens to a covered balcony and is complemented by a fourth bedroom, full bath, and more than 300 square feet of unfinished walk-in attic storage, providing exceptional flexibility for future expansion or storage.
Outside, the expansive paver patio creates the perfect setting for entertaining or relaxing while overlooking one of the community's most desirable pond settings. The oversized garage includes an electric vehicle charging connection.
Miralon offers resort-style amenities including scenic walking trails, an outdoor pool with sun ledge, sauna, pickleball courts, fitness center, and built-in grilling area, all just minutes from Lewes, Rehoboth Beach, shopping, dining, and everything Coastal Delaware has to offer.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 17, 2026 | Price Decreased |
$1,089,000
↓ $56K
(4.9%) | |
| Price Decreased | |||
| Aug 1, 2026 | Relisted | $1,145,000 | |
| Relisted | |||
| Jul 27, 2026 | In contract | - | |
| In contract | |||
| Jul 17, 2026 | Listed by RE/MAX Realty Group Rehoboth | $1,145,000 | |
| Listed by RE/MAX Realty Group Rehoboth | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017