20322 Thicket Rd · Milton, DE 19968

$319,786

3 bd · 2.0 ba · 1,400 sqft · Manufactured · 30 Days on market

Built 1988 1.40 ac lot $228/sqft · 17% below area Est $384k · 17% under

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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 +15.0/15.0
• Cash flow +9.0/30.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Alert! Sold as is with no seller paid inspections or repairs. Debris onsite to be removed at buyer expense.

Key facts

• 1.4 acre lot
• 4 parking spots
• Built 1988

Property features AI

Finance

• Other: Ownership: Fee simple; Property condition: Very good
• HOA & community: Ground rent paid annually

Exterior

• Parking: Driveway parking (4 spaces total)
• Utilities: Well water; Low pressure pipe (LPP) septic; Electric service 200+ amp; Electric hot water; Cable internet available; Municipal trash not provided
• Home design: Manufactured property; Single-story; Main entrance faces east; Above-grade and below-grade structures noted
• Construction: Modular/Manufactured construction; Block foundation with crawl space; Shingle roof; Energy-efficient windows; Building not winterized; Effective year built: 2026 (major remodel/renovation)
• Exterior features: Landscaped lot; Not in a federal flood zone; Rural location; Blacktop road frontage; Road maintained by city/county; Horse allowed

Interior

• Kitchen: Dishwasher; Electric oven/range; Refrigerator; Energy-efficient appliances
• Bedrooms: Three bedrooms on the main level
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump(s); Central A/C (electric)
• Interior features: Insulated doors; Drywall walls and ceilings; Not furnished; Estimated living area
• Laundry & utility: Washer; Dryer; Has laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $320k.

Deal economics

• At list price, monthly cash flow is $-251 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (35.8% below list).
• Recommended offer: $205k (35.8% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.2% in Milton — 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 73/100 on livability (#7 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, cost of living B+; Watch: amenities F, commute F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 391 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 30 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $210k; list at $320k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,404 (35.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.64% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• GRM: 13.0

CMA / ARV

• ARV (median comp): $384,152
• List price: $319,786
• Delta: -16.76%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.0%
• Equity multiple: 0.24×
• Total profit: $-67,966
• Equity at exit: $47,681

10-year hold

• IRR: -16.1%
• Equity multiple: 0.10×
• Total profit: $-80,463
• Equity at exit: $27,649

Cash invested: $89,540 (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 19968

• Home prices YoY: -11.2%
• Active inventory: 391
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,054 medium
• Mortgage (P&I): −$1,677
• Tax from tax record: −$63 /mo · $759/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-251

Break-even live

Break-even rent $2,371

Max offer price $275,488

Occupancy floor —

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: $79,946
• Closing costs: $9,594
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-07
   statusdays on market $319,786 Pending 30 DOM
2. 2026-06-05
   days on market $319,786 Active 28 DOM
3. 2026-06-03
   days on market $319,786 Active 27 DOM
4. 2026-06-02
   days on market $319,786 Active 26 DOM
5. 2026-06-01
   days on market $319,786 Active 25 DOM
6. 2026-05-31
   days on market $319,786 Active 24 DOM
7. 2026-05-30
   days on market $319,786 Active 23 DOM
8. 2026-05-07
   listed $319,786 Active 762-char remark
9. 2025-10-17
   soldstatus $210,000
10. 2025-10-14
    soldstatus $210,000 Closed 116-char remark

    Show marketing remark (116 chars)

    Investor Alert! Sold as is with no seller paid inspections or repairs. Debris onsite to be removed at buyer expense.

11. 2025-09-24
    status Pending 116-char remark

    Show marketing remark (116 chars)

    Investor Alert! Sold as is with no seller paid inspections or repairs. Debris onsite to be removed at buyer expense.

12. 2025-09-24
    listed $249,900 Active 116-char remark

    Show marketing remark (116 chars)

    Investor Alert! Sold as is with no seller paid inspections or repairs. Debris onsite to be removed at buyer expense.

ⓘ 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: $759 · $63/mo
• Projected year-2 tax: $1,307 · $109/mo
• Expected delta: +$548/yr (+$46/mo · 72.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°F today · 16 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: $24,648
• − Mortgage interest: −$17,913
• − Property taxes: −$759
• − Insurance: −$1,599
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − Depreciation: −$9,303
• Taxable loss: −$8,869
• Est. tax savings @ 24.0%: +$2,128
• After-tax cash flow: $-881/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: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

Livability — Milton

• Score: 73/100
• State rank: #7
• US rank: #5043

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 14,791

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 (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 5% Slovak 2% Iranian 2%
• Foreign-born: 5% · Canada, Jamaica, Dominican Republic
• Languages at home: 92% English-only · Spanish 5% Vietnamese 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: ▼ -43.93%
• Current HPI: 349.5055
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+28.0% since first listed

6 events — show timeline

• 2026-06-06 Pending — BRIGHT MLS
• 2026-05-07 Listed $319,786 BRIGHT MLS
• 2025-10-17 Sold (Public Records) $210,000 Public Records
• 2025-10-14 Sold (MLS) $210,000 BRIGHT MLS
• 2025-09-24 Pending — BRIGHT MLS
• 2025-09-24 Listed $249,900 BRIGHT MLS

Property tax history

+5.3%/yr

Latest (2025): $759 · +34.7% YoY. Source: county tax records.