31621 Dogwood Ct · Lewes, DE 19958

$125,000

3 bd · 2.0 ba · 1,176 sqft · SingleFamily · 6 Days on market

Built 2018 Good condition 2,178 sqft lot

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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
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 31621 Dogwood Court in the year-round community of Whispering Pines! Built in 2018 and tucked away on a quiet court just off Route 1, this well-maintained 3-bedroom, 2-bath home offers the perfect combination of convenience and privacy. Lightly lived in and showing pride of ownership throughout, the home feels fresh and move-in ready. A covered front porch with a latching gate creates a welcoming outdoor space to relax and enjoy the neighborhood. Inside, you'll find a bright and inviting interior featuring a thoughtfully designed kitchen and living area that maximizes both comfort and functionality. The open-concept layout creates an easy flow for everyday living and entertaining

Key facts

• Covered front porch
• Community pool
• Open-concept layout

Tags

• COVERED FRONT PORCH
• THOUGHTFULLY DESIGNED KITCHEN
• OPEN-CONCEPT LAYOUT
• SPLIT-BEDROOM FLOOR PLAN
• COMMUNITY POOL
• MINUTES FROM DOWNTOWN LEWES

Property features AI

Finance

• Other: Ownership interest is land lease
• Financial info: Annual ground rent listed among income/expense items
• HOA & community: Ground rent exists (land lease); Monthly land lease fee of $783.06; Land lease with 1 year remaining; Property manager present; Pets allowed (cats and dogs OK)

Exterior

• Parking: Paved driveway; Driveway parking with 2 spaces (total 2 garage/parking spaces)
• Utilities: Public water; Public sewer (or public septic listed); Electric hot water
• Home design: Manufactured home (double wide, Skyline); Combination construction with vinyl siding; Modular/Manufactured components; Above-grade living area
• Construction: Combination construction materials; Vinyl siding; Manufactured structure
• Exterior features: Community in-ground fenced pool; Not in a federal flood zone; 2+ access/egress exits

Interior

• Kitchen: Built-in microwave; Microwave; Oven/Range - Electric; Refrigerator; Dishwasher
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open floor plan; Breakfast area; Eat-in kitchen; Combination kitchen/dining; Dining area; Entry-level bedroom; Master bath; Ceiling fans; Carpet; Window treatments; Efficiency layout; Other interior features
• Laundry & utility: Washer in unit; Dryer in unit; Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 17.7% 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.
• Market conditions: Rents flat; 818 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

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 $125,000

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. 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.
4. 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.
5. 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: 2.07% ✓
• Cap rate: 17.66%
• Cash-on-cash: 40.58%
• DSCR: 2.81
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $78,792
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31692 Renee Rd	0.14mi	3/2.0	1,152 (-2%)	6mo	$77,000	$67	85
17 Brunswick Ln	0.21mi	3/2.0	1,100 (-6%)	3mo	$82,000	$75	77
12 Andover Ln	0.18mi	3/2.0	1,248 (+6%)	10mo	$115,000	$92	73
31614 Dogwood Ct	0.03mi	3/2.0	1,344 (+14%)	5mo	$72,500	$54	71
17654 Maryann Dr Unit H51	0.09mi	3/—	1,344 (+14%)	4mo	$90,000	$67	69
31656 Janice Rd #55316	0.25mi	3/2.0	1,260 (+7%)	9mo	$85,000	$67	68
31743 Siham Rd	0.33mi	3/2.0	1,296 (+10%)	3mo	$70,000	$54	65
31785 Siham Rd #54218	0.40mi	3/2.0	1,248 (+6%)	11mo	$55,000	$44	62
31700 Sycamore Ct #38603	0.08mi	2/1.0 (-1)	1,024 (-13%)	8mo	$32,000	$31	59
31690 Janice Rd #54514	0.30mi	3/2.0	1,014 (-14%)	8mo	$82,500	$81	56
31682 Siham Rd #54151	0.22mi	3/2.0	1,344 (+14%)	12mo	$93,000	$69	56
2 Liverpool Ln	0.37mi	2/2.0 (-1)	1,296 (+10%)	6mo	$174,500	$135	56

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: 34.5%
• Equity multiple: 2.41×
• Total profit: $49,485
• Equity at exit: $18,638

10-year hold

• IRR: 40.1%
• Equity multiple: 4.37×
• Total profit: $118,002
• Equity at exit: $10,808

Cash invested: $35,000 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,592 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $1,184

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 49%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	43d	1	0.38mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	43d	1	0.42mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	13d	17	0.42mi
33082 E Light Dr Lewes, DE	4.0	2.0	992	$2,600	$2.62	43d	1	1.48mi

Listing history 6 events

1. 2026-06-18
   days on market $125,000 Active 6 DOM
2. 2026-06-17
   days on market $125,000 Active 5 DOM
3. 2026-06-16
   days on market $125,000 Active 4 DOM
4. 2026-06-15
   days on market $125,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $125,000 Active 1 DOM

ⓘ 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: $31,102
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,488
• − Management: −$2,488
• − Depreciation: −$3,636
• Taxable income: $12,987
• Est. tax owed @ 24.0%: −$3,117
• After-tax cash flow: $11,087/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained 2018-built home in Whispering Pines is move-in ready with a good condition score and minimal repairs needed. It offers a good ROI with updates that can significantly increase its value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Updating flooring in living areas — New flooring can improve both resale and rental value
• Both Upgrading kitchen appliances — Modern appliances can attract more buyers and renters
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Updating flooring in living areas — New flooring can improve both resale and rental value ↑
• Both Upgrading kitchen appliances — Modern appliances can attract more buyers and renters ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property 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: 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

1 event — show timeline

• 2026-06-12 Listed $125,000 BRIGHT MLS