12 Carlisle Way · Lewes, DE 19958

$209,000

3 bd · 2.0 ba · 1,600 sqft · SingleFamily · 265 Days on market

Built 2025 Excellent condition 6,000 sqft lot $131/sqft · 8% below area Est $226k · 8% under ↓ 9% since listing

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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 +27.2/30.0
• ARV discount +11.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.4/10.0
• Condition / age +5.0/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Brand New 3BR Home in 55+ Sussex West. Contemporary style and built on energy efficiency and sustainability, our smarter beach homes focus on open floor plans, large windows, charming details and high-end finishes. Find luxury vinyl plank throughout, spacious living/dining/kitchen areas, gourmet kitchens with islands, walk-in pantries and beautiful stainless-steel appliances featuring natural gas cooking to keep the chef happy. Other features include pendant lights and recessed lighting, deep sinks, sparkling backsplashes, and generous primary bedrooms with huge walk-in closets and ensuite baths. Utilize the two additional guest rooms as your home gym, office or crafting space. Additional full bath and handy laundry/mud room complete the floor plan. These homes have a one car garage and off-street parking for two cars. Explore Sussex West, an active adult community with mature trees and amenities that include a beautiful clubhouse, heated indoor pool, dog park, pickle ball and shuffleboard (coming in 2025), bocce ball court and a horseshoe pit. Snow removal and recycling are included with your land lease, and you will enjoy community sponsored events and an onsite management team. Live a short drive to tax-free outlets, unique shops, world-class restaurants, and only five miles from the shops on Lewes’ Second Street. Perfect as your summer getaway or as your year-round residence, live your life in Sussex West, and live close to all that life in Delaware has to offer. Our Land Lease Amenity Package Includes: Clubhouse Weekly Activities & Monthly Events Indoor Salt-Water Swimming Pool w/ Chair Lift & Shower Facility Neighborhood Newsletter Dog Park Bocce Ball Court Horseshoe Pit Lewes to Georgetown Trail Access Off Street Parking Pets (2) Welcome RV Storage (Fee) Covered Mailboxes Street Lights Snow Removal Clubhouse Rental On-Site Management & Maintenance On-site Sales Office with Home Listing Service State-of-the-Art Security Camera System Pickleball & Shuffleboard – Coming This Year

Key facts

• Walk-in pantries
• Energy efficiency
• Gourmet kitchens

Tags

• ENERGY EFFICIENCY
• GOURMET KITCHENS
• WALK-IN PANTRIES
• STAINLESS-STEEL APPLIANCES
• DEEP SINKS
• SPARKLING BACKSPLASHES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $209k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $184k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: Milton Elementary School (math 47% / reading 57%, grade C-, #13 of 105 statewide, top 12%, 556 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 students, 0% FRL); 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; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 32% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 265 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.22%
• DSCR: 1.54
• GRM: 6.7

CMA / ARV

• ARV (median comp): $226,416
• List price: $209,000
• Delta: -7.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 Folkstone Ln	0.08mi	3/2.0	1,600 (0%)	3mo	$199,000	$124	94
11 Madelyn's Way	0.07mi	3/2.0	1,600 (0%)	4mo	$190,000	$119	94
38 Buckingham Dr	0.07mi	3/2.0	1,568 (-2%)	2mo	$218,000	$139	92
18 Buckingham Dr	0.13mi	3/2.0	1,680 (+5%)	2mo	$266,000	$158	84
25 Kings Xing	0.19mi	3/2.0	1,488 (-7%)	1mo	$207,444	$139	79
31309 Coventry Dr	0.21mi	3/2.0	1,500 (-6%)	3mo	$470,000	$313	77
5 Folkstone Ln	0.04mi	3/2.0	1,798 (+12%)	1mo	$250,000	$139	77
24622 Merlot Dr	0.52mi	3/2.0	1,600 (0%)	0mo	$490,000	$306	75
31655 Janice Rd Unit A-36	0.46mi	3/2.0	1,456 (-9%)	2mo	$134,000	$92	62
32164 Deerwood Ln	0.64mi	3/2.0	1,728 (+8%)	2mo	$485,000	$281	56
17258 Ash Ct	0.52mi	3/2.0	1,792 (+12%)	1mo	$425,000	$237	55
13079 Laurel Leaf Dr	0.70mi	3/2.0	1,772 (+11%)	0mo	$590,000	$333	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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,551
• Equity at exit: $31,163

10-year hold

• IRR: 6.5%
• Equity multiple: 1.43×
• Total profit: $25,426
• Equity at exit: $18,071

Cash invested: $58,520 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,582 high
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $596

Break-even live

Break-even rent $1,828

Max offer price $209,000

Occupancy floor 72%

Sensitivity live

Price	-10% $740	-5% $668	+0% $596	+5% $524	+10% $451
Rent	-10% $392	-5% $494	+0% $596	+5% $698	+10% $800
Rate	-1.0pp $701	-0.5pp $649	base $596	+0.5pp $542	+1.0pp $487

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20141 Riesling Ln #306 Lewes, DE	2.0	2.0	1600	$2,600	$1.62	45d	1	0.65mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.69mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	15d	17	0.73mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.74mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	45d	1	0.80mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	22d	1	1.28mi
18 Greystone Dr Lewes, DE	3.0	2.5	2114	$2,875	$1.36	22d	1	1.30mi

Listing history 8 events

1. 2026-06-05
   statusdays on market $209,000 Pending 265 DOM
2. 2026-06-03
   days on market $209,000 Active 264 DOM
3. 2026-06-02
   days on market $209,000 Active 263 DOM
4. 2026-06-01
   days on market $209,000 Active 262 DOM
5. 2026-05-31
   days on market $209,000 Active 261 DOM
6. 2026-05-30
   days on market $209,000 Active 260 DOM
7. 2026-02-02
   price $209,000 2064-char remark

   Show marketing remark (2064 chars)

   Beautiful Brand New 3BR Home in 55+ Sussex West. Contemporary style and built on energy efficiency and sustainability, our smarter beach homes focus on open floor plans, large windows, charming details and high-end finishes. Find luxury vinyl plank throughout, spacious living/dining/kitchen areas, gourmet kitchens with islands, walk-in pantries and beautiful stainless-steel appliances featuring natural gas cooking to keep the chef happy. Other features include pendant lights and recessed lighting, deep sinks, sparkling backsplashes, and generous primary bedrooms with huge walk-in closets and ensuite baths. Utilize the two additional guest rooms as your home gym, office or crafting space. Additional full bath and handy laundry/mud room complete the floor plan. These homes have a one car garage and off-street parking for two cars. Explore Sussex West, an active adult community with mature trees and amenities that include a beautiful clubhouse, heated indoor pool, dog park, pickle ball and shuffleboard (coming in 2025), bocce ball court and a horseshoe pit. Snow removal and recycling are included with your land lease, and you will enjoy community sponsored events and an onsite management team. Live a short drive to tax-free outlets, unique shops, world-class restaurants, and only five miles from the shops on Lewes’ Second Street. Perfect as your summer getaway or as your year-round residence, live your life in Sussex West, and live close to all that life in Delaware has to offer. Our Land Lease Amenity Package Includes: Clubhouse Weekly Activities & Monthly Events Indoor Salt-Water Swimming Pool w/ Chair Lift & Shower Facility Neighborhood Newsletter Dog Park Bocce Ball Court Horseshoe Pit Lewes to Georgetown Trail Access Off Street Parking Pets (2) Welcome RV Storage (Fee) Covered Mailboxes Street Lights Snow Removal Clubhouse Rental On-Site Management & Maintenance On-site Sales Office with Home Listing Service State-of-the-Art Security Camera System Pickleball & Shuffleboard – Coming This Year

8. 2025-09-12
   listed $229,900 Active 2064-char remark

   Show marketing remark (2064 chars)

   Beautiful Brand New 3BR Home in 55+ Sussex West. Contemporary style and built on energy efficiency and sustainability, our smarter beach homes focus on open floor plans, large windows, charming details and high-end finishes. Find luxury vinyl plank throughout, spacious living/dining/kitchen areas, gourmet kitchens with islands, walk-in pantries and beautiful stainless-steel appliances featuring natural gas cooking to keep the chef happy. Other features include pendant lights and recessed lighting, deep sinks, sparkling backsplashes, and generous primary bedrooms with huge walk-in closets and ensuite baths. Utilize the two additional guest rooms as your home gym, office or crafting space. Additional full bath and handy laundry/mud room complete the floor plan. These homes have a one car garage and off-street parking for two cars. Explore Sussex West, an active adult community with mature trees and amenities that include a beautiful clubhouse, heated indoor pool, dog park, pickle ball and shuffleboard (coming in 2025), bocce ball court and a horseshoe pit. Snow removal and recycling are included with your land lease, and you will enjoy community sponsored events and an onsite management team. Live a short drive to tax-free outlets, unique shops, world-class restaurants, and only five miles from the shops on Lewes’ Second Street. Perfect as your summer getaway or as your year-round residence, live your life in Sussex West, and live close to all that life in Delaware has to offer. Our Land Lease Amenity Package Includes: Clubhouse Weekly Activities & Monthly Events Indoor Salt-Water Swimming Pool w/ Chair Lift & Shower Facility Neighborhood Newsletter Dog Park Bocce Ball Court Horseshoe Pit Lewes to Georgetown Trail Access Off Street Parking Pets (2) Welcome RV Storage (Fee) Covered Mailboxes Street Lights Snow Removal Clubhouse Rental On-Site Management & Maintenance On-site Sales Office with Home Listing Service State-of-the-Art Security Camera System Pickleball & Shuffleboard – Coming This Year

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 19 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: $30,989
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,479
• − Management: −$2,479
• − Depreciation: −$6,080
• Taxable income: $4,064
• Est. tax owed @ 24.0%: −$975
• After-tax cash flow: $6,174/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.

Condition & rehab AI · 13 photos

Excellent 100/100 None rehab

This brand new 3-bedroom home in Sussex West is in excellent condition with modern finishes and energy-efficient features. It is move-in ready and offers a great value for both resale and rental markets.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics.
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value.
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more modern and energy-efficient.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value. ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more modern and energy-efficient. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-9.1% since first listed

2 events — show timeline

• 2026-02-02 Price Changed $209,000 BRIGHT MLS
• 2025-09-12 Listed $229,900 BRIGHT MLS