34038 Orchid Ln #3817 · Lewes, DE 19958

$89,000

3 bd · 2.0 ba · 980 sqft · SingleFamily · 184 Days on market

Built 1998

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Lots of parking. . Lot rent includes water, sewer and trash. Fully furnished with split floor plan. This like new home has lots of upgrades including new paint, water heater, washer and more! Bring your boat!

Key facts

• Boat slips
• Waterfront community
• Storage sheds

Tags

• WATERFRONT COMMUNITY
• MARINA
• BOAT SLIPS
• LARGE SCREENED PORCH
• STORAGE SHEDS
• BOAT AND WATER ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $672 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.6% vs local median 1.7% in Lewes — 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 67/100 on livability (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: commute F, cost of living 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.
• Zoned schools: Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 818 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 2.49% ✓
• Cap rate: 21.57%
• Cash-on-cash: 54.55%
• DSCR: 3.43
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $56,840
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34024 Alyssum Cir Unit 2 (158)	0.17mi	2/2.0 (-1)	980 (0%)	2mo	$39,000	$40	86
34095 Orchid Ln	0.07mi	3/2.0	910 (-7%)	2mo	$53,000	$58	84
33950 Camelia Dr	0.14mi	3/1.0	924 (-6%)	1mo	$49,900	$54	79
33464 Lindsay Way	0.60mi	2/1.0 (-1)	980 (0%)	16mo	$70,000	$71	49

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 1.96×
• Total profit: $23,862
• Equity at exit: $13,270

10-year hold

• IRR: 30.1%
• Equity multiple: 3.33×
• Total profit: $58,150
• Equity at exit: $7,695

Cash invested: $24,920 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,212 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $672

Break-even live

Break-even rent $1,361

Max offer price $89,000

Occupancy floor 65%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33725 Skiff Aly #5309 Lewes, DE	2.0	2.0	844	$1,800	$2.13	21d	1	0.28mi

Listing history 12 events

1. 2025-12-24
   status Pending
2. 2025-06-23
   listed $89,000 Active
3. 2024-05-25
   soldstatus $84,900 Closed 406-char remark

   Show marketing remark (406 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Lots of parking. . Lot rent includes water, sewer and trash. Fully furnished with split floor plan. This like new home has lots of upgrades including new paint, water heater, washer and more! Bring your boat!

4. 2024-05-09
   status Pending 406-char remark

   Show marketing remark (406 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Lots of parking. . Lot rent includes water, sewer and trash. Fully furnished with split floor plan. This like new home has lots of upgrades including new paint, water heater, washer and more! Bring your boat!

5. 2024-04-07
   listed $84,900 Active 406-char remark

   Show marketing remark (406 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Lots of parking. . Lot rent includes water, sewer and trash. Fully furnished with split floor plan. This like new home has lots of upgrades including new paint, water heater, washer and more! Bring your boat!

6. 2021-12-27
   soldstatus $36,000 Closed 321-char remark

   Show marketing remark (321 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Outside shower included. Lot rent includes water, sewer and trash. Mostly furnished with split floor plan. bring your boat!

7. 2021-12-13
   historical 321-char remark

   Show marketing remark (321 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Outside shower included. Lot rent includes water, sewer and trash. Mostly furnished with split floor plan. bring your boat!

8. 2021-12-13
   listed $36,900 321-char remark

   Show marketing remark (321 chars)

   Nicely kept 3 BD. 2 bath Singlewide with large screened porch in waterfront community with boat ramp, boat slips available, crabbing pier and access to rehoboth bay. Close to beaches and shopping. Outside shower included. Lot rent includes water, sewer and trash. Mostly furnished with split floor plan. bring your boat!

9. 2018-09-20
   price $28,500
10. 2018-09-19
    soldstatus $28,500 Closed
11. 2018-09-12
    status Pending
12. 2018-08-09
    listed $34,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°F today · 18 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: $26,550
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$5,970
• − Repairs & maintenance: −$2,124
• − Management: −$2,124
• − Depreciation: −$2,589
• Taxable income: $7,422
• Est. tax owed @ 24.0%: −$1,781
• After-tax cash flow: $6,287/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 — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 31,938
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+155.0% since first listed

12 events — show timeline

• 2025-12-24 Pending — BRIGHT MLS
• 2025-06-23 Listed $89,000 BRIGHT MLS
• 2024-05-25 Sold (MLS) $84,900 BRIGHT MLS
• 2024-05-09 Pending — BRIGHT MLS
• 2024-04-07 Listed $84,900 BRIGHT MLS
• 2021-12-27 Sold (MLS) $36,000 BRIGHT MLS
• 2021-12-13 Listed $36,900 BRIGHT MLS
• 2021-12-13 Listing Removed — BRIGHT MLS
• 2018-09-20 Price Changed $28,500 BRIGHT MLS
• 2018-09-19 Sold (MLS) $28,500 BRIGHT MLS
• 2018-09-12 Pending — BRIGHT MLS
• 2018-08-09 Listed $34,900 BRIGHT MLS