37121 Sugar Hl · Ocean City, MD 19975

$230,000

3 bd · 2.0 ba · 1,848 sqft · Manufactured public records · 7 Days on market

Built 1998 Good condition

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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).

• Cash flow +18.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Coastal Convenience & Waterfront Community Living Welcome to life in Shady Park, a beloved waterfront community perfectly positioned just minutes from the sandy shores of Fenwick Island, Bethany Beach, and Ocean City, Maryland. Offering an exceptional value in one of the area's most desirable coastal locations, this well-maintained three-bedroom, two-bath home presents the ideal opportunity for year-round living, a beach retreat, or a relaxing retirement destination. Step inside to discover fresh updates, including new luxury vinyl plank flooring and freshly painted main living areas, creating a bright and welcoming atmosphere. Natural light fills the spacious living room, an inviting

Key facts

• Built 1998
• Listed 7 days

Property features AI

Finance

• Financial info: Land lease of $600 annually (approximately 1 year remaining); Annual ground rent noted

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Above-grade living space only; Estimated year built
• Construction: Vinyl siding; Manufactured structure; Mobile home approximately 28 ft wide by 66 ft long; Other structures both above grade and below grade
• Exterior features: Not in a federal flood zone; Ground rent applies (paid annually)

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Two or more access exits; No basement; 9 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Cap rate 7.5% vs local median 1.4% in Ocean City — 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 (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B+; Watch: cost of living C-, crime F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 comparable units currently listed for rent nearby; 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 $7k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $230,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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?
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: 1.00% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-22,744
• Equity at exit: $34,294

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-1,005
• Equity at exit: $19,886

Cash invested: $64,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 19975

• Home prices YoY: -11.2%
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $228

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 85%

Sensitivity live

Price	-10% $386	-5% $307	+0% $228	+5% $148	+10% $69
Rent	-10% $46	-5% $137	+0% $228	+5% $318	+10% $409
Rate	-1.0pp $343	-0.5pp $286	base $228	+0.5pp $168	+1.0pp $107

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37057 Mallard Dr Selbyville, DE	3.0	2.0	1416	$2,300	$1.62	44d	1	0.35mi

Listing history 16 events

1. 2026-06-18
   days on market $230,000 Active 7 DOM
2. 2026-06-17
   days on market $230,000 Active 6 DOM
3. 2026-06-16
   days on market $230,000 Active 5 DOM
4. 2026-06-15
   days on market $230,000 Active 4 DOM
5. 2026-06-14
   days on market $230,000 Active 2 DOM
6. 2026-06-13
   remarks 695-char remark
7. 2026-06-13
   statusdays on market $230,000 Active 1 DOM
8. 2026-06-10
   days on market $230,000 Coming Soon 12 DOM
9. 2026-06-09
   days on market $230,000 Coming Soon 11 DOM
10. 2026-06-08
    days on market $230,000 Coming Soon 10 DOM
11. 2026-06-07
    days on market $230,000 Coming Soon 9 DOM
12. 2026-06-02
    days on market $230,000 Coming Soon 4 DOM
13. 2026-06-01
    days on market $230,000 Coming Soon 3 DOM
14. 2026-05-31
    days on market $230,000 Coming Soon 2 DOM
15. 2026-05-30
    remarks 529-char remark
16. 2026-05-30
    listed $230,000 Coming Soon 1 DOM

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

Taxation est. · year 1

• Rental income: $27,600
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$6,691
• Taxable loss: −$990
• Est. tax savings @ 24.0%: +$238
• After-tax cash flow: $2,968/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 · 1 photo

Good 75/100 Cosmetic rehab

This charming manufactured home in Shady Park is in good condition with a good curb appeal. A fresh coat of paint on the exterior shutters and interior walls would enhance its resale value.

Value-add opportunities

• Resale Paint exterior shutters — Enhances curb appeal and freshens the home's appearance
• Resale Paint interior walls — Fresh paint can make the interior look more inviting and modern
• Rental Replace landscaping — A well-maintained yard can attract more renters and increase rental value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior shutters — Enhances curb appeal and freshens the home's appearance ↑
• Resale Paint interior walls — Fresh paint can make the interior look more inviting and modern ↑
• Rental Replace landscaping — A well-maintained yard can attract more renters and increase rental value ↑

ⓘ 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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,356

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 4% Russian 2%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 2% 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: ▼ -43.61%
• Current HPI: 345.1746
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

1 event — show timeline

• 2026-05-30 Coming Soon $230,000 BRIGHT MLS

Property tax history

-35.5%/yr

Latest (2025): $327 · -35.5% YoY. Source: county tax records.