16445 Whitesville Rd

Delmar, DE 19940

$330,000D-

4 bd · 2.0 ba · 2,128 sqft · Built 2004 · Manufactured · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,274/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-960/mo
• Annual: $-11,518/yr
• Cap rate: 2.80%
• Cash-on-cash: -12.47%
• DSCR: 0.45
• 1% rule: 0.39%
• Cash to close: $92,400

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $330k.
• At list price, monthly cash flow is $-960 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (51.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (61.4% below list).
• It's been on market 104 days — a 9% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (61.4% below list) — sets the bar for 1% rule.
• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#63 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Delmar School District (suburban): math 20% / reading 38% proficiency, ranked #17 of 26 in DE (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Delmar Middle School (math 17% / reading 39%, grade F, #18 of 36 statewide, top 51%, 757 students, 0% FRL); Delmar High School (math 27% / reading 37%, grade F, #25 of 40 statewide, top 62%, 670 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 41 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?
• 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?
• 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.