37925 Dove Rd · Ocean View, DE 19970

$80,000

2 bd · 1.0 ba · 756 sqft · Manufactured · 58 Days on market

Built 1984 $106/sqft · at area comps Est $81k · at est.

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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 +8.0/15.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coastal living at its best. Located in the sought-after waterfront community of Bayshore. This 2-bedroom 1 bathroom home offers an open floor plan with an updated kitchen. The property is well maintained and cared for. Community amenities include- community boat ramp, boat slips available, private sandy white beach area and a large playground. Launch your boat, kayak, paddleboard or jet ski! Enjoy waterfront sunsets from the community common area. The community is on White Creek and opens to the Indian River Bay. Easy access to some of the best fishing on the East Coast. Ideally located just minutes from Bethany Beach and some of Delaware’s most beautiful shoreline, this home is also close to local shops, grocery stores, and eateries. Short distance to James Farm Ecological Preserve and Assawoman Canal Trail. Buyers must be approved by the park, with a $50 application fee payable at the Bayshore MHP office. No long term or short term rentals are not permitted.

Key facts

• Community boat ramp
• Updated kitchen
• Large playground

Tags

• UPDATED KITCHEN
• COMMUNITY BOAT RAMP
• PRIVATE SANDY WHITE BEACH
• LARGE PLAYGROUND
• EASY ACCESS TO FISHING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 1.9% in Ocean View — 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 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living 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: 231 active listings in the ZIP; 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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.
5. 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.
6. 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: 2.25% ✓
• Cap rate: 19.33%
• Cash-on-cash: 46.56%
• DSCR: 3.07
• GRM: 3.7

CMA / ARV

• ARV (median comp): $80,816
• List price: $80,000
• Delta: -1.01%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38306 Squirrel Rd #217	0.31mi	2/1.0	720 (-5%)	5mo	$89,900	$125	74
38014 Dove Rd #21352	0.09mi	2/1.0	800 (+6%)	15mo	$90,000	$113	74

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: 43.9%
• Equity multiple: 2.89×
• Total profit: $42,420
• Equity at exit: $11,928

10-year hold

• IRR: 49.8%
• Equity multiple: 5.84×
• Total profit: $108,328
• Equity at exit: $6,917

Cash invested: $22,400 (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 19970

• Home prices YoY: -18.6%
• Active inventory: 231
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $869

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 47%

Sensitivity live

Price	-10% $924	-5% $897	+0% $869	+5% $841	+10% $814
Rent	-10% $727	-5% $798	+0% $869	+5% $940	+10% $1,011
Rate	-1.0pp $909	-0.5pp $889	base $869	+0.5pp $848	+1.0pp $827

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30380 Crowley Dr #403 Ocean View, DE	2.0	2.0	988	$1,800	$1.82	14d	1	0.60mi

Listing history 15 events

1. 2026-06-18
   days on market $80,000 Active 58 DOM
2. 2026-06-17
   days on market $80,000 Active 57 DOM
3. 2026-06-16
   days on market $80,000 Active 56 DOM
4. 2026-06-15
   days on market $80,000 Active 55 DOM
5. 2026-06-14
   days on market $80,000 Active 53 DOM
6. 2026-06-13
   days on market $80,000 Active 52 DOM
7. 2026-06-10
   days on market $80,000 Active 50 DOM
8. 2026-06-09
   days on market $80,000 Active 49 DOM
9. 2026-06-08
   days on market $80,000 Active 48 DOM
10. 2026-06-07
    days on market $80,000 Active 47 DOM
11. 2026-06-02
    days on market $80,000 Active 42 DOM
12. 2026-06-01
    days on market $80,000 Active 41 DOM
13. 2026-05-31
    days on market $80,000 Active 40 DOM
14. 2026-05-30
    days on market $80,000 Active 39 DOM
15. 2026-04-21
    listed $80,000 Active 980-char remark

    Show marketing remark (980 chars)

    Coastal living at its best. Located in the sought-after waterfront community of Bayshore. This 2-bedroom 1 bathroom home offers an open floor plan with an updated kitchen. The property is well maintained and cared for. Community amenities include- community boat ramp, boat slips available, private sandy white beach area and a large playground. Launch your boat, kayak, paddleboard or jet ski! Enjoy waterfront sunsets from the community common area. The community is on White Creek and opens to the Indian River Bay. Easy access to some of the best fishing on the East Coast. Ideally located just minutes from Bethany Beach and some of Delaware’s most beautiful shoreline, this home is also close to local shops, grocery stores, and eateries. Short distance to James Farm Ecological Preserve and Assawoman Canal Trail. Buyers must be approved by the park, with a $50 application fee payable at the Bayshore MHP office. No long term or short term rentals are not permitted.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 54% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $21,600
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$2,327
• Taxable income: $9,735
• Est. tax owed @ 24.0%: −$2,337
• After-tax cash flow: $8,093/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: 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 View

• Score: 69/100
• State rank: #27
• US rank: #8560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,265

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Romanian 6% Serbian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -65.41%
• Current HPI: 286.3503
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-21 Listed $80,000 BRIGHT MLS

Property tax history

+6.2%/yr

Latest (2025): $123 · +30.0% YoY. Source: county tax records.