10 Carriage Ln · Lewes, DE 19971

$175,000

3 bd · 2.0 ba · 1,220 sqft · Manufactured · 143 Days on market

Built 1982 42 ac lot $143/sqft · 53% above area ↓ 12% since listing

---

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 +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 10 Carriage Lane in the highly desirable community of Colonial East — an amenity-rich neighborhood offering a pool, clubhouse, dog park, playground, picnic area, gazebo, and even boat and RV storage options. Perfectly located, this home is within walking distance to restaurants, shopping, a movie theater, waterpark, and more, making everyday convenience and entertainment easily accessible. This beautifully renovated home has been completely updated from top to bottom and is truly move-in ready. Inside, you’ll find a stunning new kitchen featuring quartz countertops, tile backsplash, stainless steel appliances, updated baths, and new flooring throughout. Major exterior improvements include new decking, windows, roof, and HVAC, offering peace of mind for years to come. Whether you’re searching for a year-round residence, vacation getaway, or investment opportunity, this turnkey home is ideally situated just a short drive from downtown Rehoboth Beach, where you can enjoy the beaches, boardwalk, dining, and coastal attractions. Immediate occupancy available!

Key facts

• Dog park
• Picnic area
• Clubhouse

Tags

• POOL
• CLUBHOUSE
• DOG PARK
• PLAYGROUND
• PICNIC AREA
• GAZEBO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $891 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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.
• Market conditions: 331 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 31% of the median local income ($102k/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 $5k 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 + 3.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($154k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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: 1.52% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.81%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $114,580
• List price: $175,000
• Delta: 52.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Candlelight Ln #2542	0.21mi	2/1.0 (-1)	1,100 (-10%)	6mo	$114,000	$104	59

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.58×
• Total profit: $28,401
• Equity at exit: $26,093

10-year hold

• IRR: 23.2%
• Equity multiple: 3.00×
• Total profit: $97,928
• Equity at exit: $15,131

Cash invested: $49,000 (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 19971

• Active inventory: 331
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,658 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $891

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,011	-5% $951	+0% $891	+5% $830	+10% $770
Rent	-10% $681	-5% $786	+0% $891	+5% $996	+10% $1,101
Rate	-1.0pp $979	-0.5pp $935	base $891	+0.5pp $845	+1.0pp $799

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	22d	1	0.74mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	45d	1	0.74mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	14d	1	0.77mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.84mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	22d	1	0.91mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	45d	1	0.91mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	45d	1	1.07mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	45d	1	1.30mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	45d	1	1.31mi

Listing history 20 events

1. 2026-06-18
   days on market $175,000 Active 143 DOM
2. 2026-06-17
   days on market $175,000 Active 142 DOM
3. 2026-06-16
   days on market $175,000 Active 141 DOM
4. 2026-06-15
   days on market $175,000 Active 140 DOM
5. 2026-06-14
   days on market $175,000 Active 138 DOM
6. 2026-06-13
   days on market $175,000 Active 137 DOM
7. 2026-06-10
   days on market $175,000 Active 135 DOM
8. 2026-06-09
   days on market $175,000 Active 134 DOM
9. 2026-06-08
   days on market $175,000 Active 133 DOM
10. 2026-06-07
    days on market $175,000 Active 132 DOM
11. 2026-06-05
    days on market $175,000 Active 129 DOM
12. 2026-06-03
    days on market $175,000 Active 128 DOM
13. 2026-06-02
    days on market $175,000 Active 127 DOM
14. 2026-06-01
    days on market $175,000 Active 126 DOM
15. 2026-05-31
    days on market $175,000 Active 125 DOM
16. 2026-05-30
    days on market $175,000 Active 124 DOM
17. 2026-04-21
    price $190,000 1099-char remark

    Show marketing remark (1099 chars)

    Welcome to 10 Carriage Lane in the highly desirable community of Colonial East — an amenity-rich neighborhood offering a pool, clubhouse, dog park, playground, picnic area, gazebo, and even boat and RV storage options. Perfectly located, this home is within walking distance to restaurants, shopping, a movie theater, waterpark, and more, making everyday convenience and entertainment easily accessible. This beautifully renovated home has been completely updated from top to bottom and is truly move-in ready. Inside, you’ll find a stunning new kitchen featuring quartz countertops, tile backsplash, stainless steel appliances, updated baths, and new flooring throughout. Major exterior improvements include new decking, windows, roof, and HVAC, offering peace of mind for years to come. Whether you’re searching for a year-round residence, vacation getaway, or investment opportunity, this turnkey home is ideally situated just a short drive from downtown Rehoboth Beach, where you can enjoy the beaches, boardwalk, dining, and coastal attractions. Immediate occupancy available!

18. 2026-03-25
    price $210,000 1099-char remark

    Show marketing remark (1099 chars)

    Welcome to 10 Carriage Lane in the highly desirable community of Colonial East — an amenity-rich neighborhood offering a pool, clubhouse, dog park, playground, picnic area, gazebo, and even boat and RV storage options. Perfectly located, this home is within walking distance to restaurants, shopping, a movie theater, waterpark, and more, making everyday convenience and entertainment easily accessible. This beautifully renovated home has been completely updated from top to bottom and is truly move-in ready. Inside, you’ll find a stunning new kitchen featuring quartz countertops, tile backsplash, stainless steel appliances, updated baths, and new flooring throughout. Major exterior improvements include new decking, windows, roof, and HVAC, offering peace of mind for years to come. Whether you’re searching for a year-round residence, vacation getaway, or investment opportunity, this turnkey home is ideally situated just a short drive from downtown Rehoboth Beach, where you can enjoy the beaches, boardwalk, dining, and coastal attractions. Immediate occupancy available!

19. 2026-01-27
    price $220,000 1099-char remark

    Show marketing remark (1099 chars)

    Welcome to 10 Carriage Lane in the highly desirable community of Colonial East — an amenity-rich neighborhood offering a pool, clubhouse, dog park, playground, picnic area, gazebo, and even boat and RV storage options. Perfectly located, this home is within walking distance to restaurants, shopping, a movie theater, waterpark, and more, making everyday convenience and entertainment easily accessible. This beautifully renovated home has been completely updated from top to bottom and is truly move-in ready. Inside, you’ll find a stunning new kitchen featuring quartz countertops, tile backsplash, stainless steel appliances, updated baths, and new flooring throughout. Major exterior improvements include new decking, windows, roof, and HVAC, offering peace of mind for years to come. Whether you’re searching for a year-round residence, vacation getaway, or investment opportunity, this turnkey home is ideally situated just a short drive from downtown Rehoboth Beach, where you can enjoy the beaches, boardwalk, dining, and coastal attractions. Immediate occupancy available!

20. 2026-01-26
    listed $215,000 Active 1099-char remark

    Show marketing remark (1099 chars)

    Welcome to 10 Carriage Lane in the highly desirable community of Colonial East — an amenity-rich neighborhood offering a pool, clubhouse, dog park, playground, picnic area, gazebo, and even boat and RV storage options. Perfectly located, this home is within walking distance to restaurants, shopping, a movie theater, waterpark, and more, making everyday convenience and entertainment easily accessible. This beautifully renovated home has been completely updated from top to bottom and is truly move-in ready. Inside, you’ll find a stunning new kitchen featuring quartz countertops, tile backsplash, stainless steel appliances, updated baths, and new flooring throughout. Major exterior improvements include new decking, windows, roof, and HVAC, offering peace of mind for years to come. Whether you’re searching for a year-round residence, vacation getaway, or investment opportunity, this turnkey home is ideally situated just a short drive from downtown Rehoboth Beach, where you can enjoy the beaches, boardwalk, dining, and coastal attractions. Immediate occupancy available!

ⓘ 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 · 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: $31,897
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,552
• − Management: −$2,552
• − Depreciation: −$5,091
• Taxable income: $8,400
• Est. tax owed @ 24.0%: −$2,016
• After-tax cash flow: $8,670/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): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

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% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-11.6% since first listed

4 events — show timeline

• 2026-04-21 Price Changed $190,000 BRIGHT MLS
• 2026-03-25 Price Changed $210,000 BRIGHT MLS
• 2026-01-27 Price Changed $220,000 BRIGHT MLS
• 2026-01-26 Listed $215,000 BRIGHT MLS

Property tax history

-7.5%/yr

Latest (2025): $157 · -54.3% YoY. Source: county tax records.