Is 33950 Camelia Dr in Lewes, DE a good investment?

CashFlowRE grades it C- with a 40.5% cap rate and $533/mo modeled cash flow at a $34,900 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 33950 Camelia Dr?

The modeled cap rate is 40.5% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,522/month, from CashFlowRE's rent model.

C- Composite 51.31

Why this score? — see what drove the C- 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 +15.0/30.0
ARV discount +15.0/15.0
1% rule +5.0/10.0
DSCR +5.0/10.0
Schools +5.0/10.0
Livability +3.4/5.0
Rent growth +2.7/5.0
Appreciation +2.5/10.0
Condition / age +2.2/5.0
Manufactured-home adj. -4.5

$34,900

33950 Camelia Dr · Lewes, DE 19958

2 bd · 1.0 ba · 924 sqft · Manufactured · 44 Days on market

Manufactured home Built 1980 Fair condition 37 ac lot $38/sqft · 43% below area Est $61k · 43% under ↓ 20% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Waterfront Community with access to deep water boating and fishing. Just a short walk tothe public crabbing bridge or to catch the local transit bus to downtown. Community boat slips and ramp available. This well kept 3 Bd. 1 bath singlewide with finished sunroom and front kitchen is ready and waiting for your immediate occupancy. Fireplace in living room rear deck with hadicapped ramp and beind sold turn-key fully furnished and raedy to go! Large storage shed and more. Boat in yard is avalible to purchase at an additional price, A must see!

Key facts

Deep water boating
Community boat slips
Finished sunroom

What this means for you Summary

Snapshot

This is a 2-bed/1.0-bath manufactured listed at $35k. Condition is rated fair.

Deal economics

At list price, monthly cash flow is $533 ($6k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $35k).
Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
Cap rate 40.5% vs local median 1.9% 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 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; 1255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 $241 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

It's been on market 44 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
2 sale attempts; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

Watch-outs: flood insurance adds $460/mo.
Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $33,853 (3.0% below list)

Questions for the listing agent

It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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.
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.
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: 4.36% ✓
Cap rate: 40.45%
Cash-on-cash: 122.01%
DSCR: 6.43
GRM: 1.9

CMA / ARV

ARV (median comp): $61,061
List price: $34,900
Delta: -42.84%
Verdict: UNDERPRICED
Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33950 Camelia Dr	0.00mi	3/1.0 (+1)	924 (0%)	5mo	$49,900	$54	91
34083 Clematis St	0.19mi	3/1.5 (+1)	924 (0%)	2mo	$38,500	$42	82
34059 Clematis St	0.20mi	3/2.0 (+1)	938 (+2%)	1mo	$58,000	$62	78
34024 Alyssum Cir Unit 2 (158)	0.06mi	2/2.0	980 (+6%)	6mo	$39,000	$40	78
33948 Cornflower Ln	0.05mi	2/1.0	744 (-20%)	2mo	$89,000	$120	71
33725 Skiff Aly #310	0.16mi	2/2.0	1,086 (+18%)	3mo	$350,000	$322	61
33551 Matthew Cir	0.44mi	2/2.0	840 (-9%)	3mo	$68,750	$82	58
33737 Skiff Aly #4309	0.18mi	2/2.0	1,100 (+19%)	6mo	$332,500	$302	58
33530 Old Salt Ln #209	0.28mi	2/2.0	1,113 (+20%)	3mo	$350,000	$314	55
33530 Old Salt Ln #102	0.28mi	2/2.0	1,113 (+20%)	4mo	$299,900	$269	54
19602 Mulberry Knoll Rd	1.15mi	2/1.0	840 (-9%)	1mo	$660,000	$786	49
33996 Yoshino Dr	1.21mi	2/1.0	840 (-9%)	1mo	$63,500	$76	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: 61.0%
Equity multiple: 3.58×
Total profit: $25,245
Equity at exit: $5,204

10-year hold

IRR: 64.5%
Equity multiple: 6.50×
Total profit: $53,759
Equity at exit: $3,018

Cash invested: $9,772 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 1 active · 3 under contract
Months of supply: 3.0 mo (33%/mo absorbed)
Median asking: $43,000 ($43/sqft)
Median days on market: 993 d
This list price: lowest-priced of the active set
ARV vs active asking: +53.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19958

Rents YoY: 0.8%
Active inventory: 1255
Price-to-rent: 1.9×

Monthly cashflow live

Estimated rent: $1,522 medium interval (Pro) →
Mortgage (P&I): −$183
Tax from tax record: −$11 /mo · $132/yr
Insurance: −$15
Flood insurance flood zone: −$460 /mo · $5,525/yr
HOA: −$0
Lot rent leased land?: −$0
Vacancy / Maint / Mgmt: −$320
Net cashflow: $533

Break-even live

Break-even rent $847

Max offer price $34,900

Occupancy floor 60%

Sensitivity live

Price	-10% $553	-5% $543	+0% $533	+5% $523	+10% $513
Rent	-10% $413	-5% $473	+0% $533	+5% $593	+10% $653
Rate	-1.0pp $551	-0.5pp $542	base $533	+0.5pp $524	+1.0pp $515

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: $8,725
Closing costs: $1,047
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33725 Skiff Aly #5309 Lewes, DE	2.0	2.0	844	$1,800	$2.13	162d	1	0.18mi
19646 Ward Rd Lewes, DE	1.0	1.0	800	$2,000	$2.50	184d	1	1.31mi

Property features AI

Finance

Financial info: Monthly land lease of $735 with about 1 year remaining
HOA & community: Association fees include sewer, trash and water

Exterior

Parking: Driveway and off-street parking with crushed stone surface
Utilities: Community waterGravity septic fieldCable TV availablePhone service availableWater available
Home design: Manufactured homeLand lease ownership interest
Construction: Aluminum sidingAbove-grade and below-grade structures notedYear built estimated
Exterior features: Cleared lotWheelchair modifications with main-level rampNot in a federal flood zone

Interior

Kitchen: Electric oven/rangeRefrigerator
Bedrooms: Two bedrooms on the main level
Flooring: CarpetVinyl
Bathrooms: One full bathroom on the main level
Heating & cooling: Forced air heatingPropane (leased) for heating and hot waterCentral air conditioning (electric)
Interior features: Insulated doorsFurnishedHas one fireplace
Laundry & utility: WasherElectric dryerWater heater

Listing history 49 events

2026-11-08

days on market $34,900 Active 44 DOM
2026-11-07

days on market $34,900 Active 43 DOM
2026-11-06

days on market $34,900 Active 42 DOM
2026-11-05

days on market $34,900 Active 41 DOM
2026-11-04

days on market $34,900 Active 40 DOM
2026-11-02

days on market $34,900 Active 38 DOM
2026-11-01

days on market $34,900 Active 37 DOM
2026-10-31

days on market $34,900 Active 36 DOM
2026-10-30

days on market $34,900 Active 35 DOM
2026-10-29

days on market $34,900 Active 34 DOM
2026-10-28

days on market $34,900 Active 33 DOM
2026-10-27

pricedays on market $34,900 Active 32 DOM
2026-10-26

days on market $39,900 Active 31 DOM
2026-10-25

days on market $39,900 Active 30 DOM
2026-10-24

days on market $39,900 Active 29 DOM
2026-10-23

days on market $39,900 Active 28 DOM
2026-10-22

days on market $39,900 Active 27 DOM
2026-10-21

days on market $39,900 Active 26 DOM
2026-10-20

days on market $39,900 Active 25 DOM
2026-10-19

days on market $39,900 Active 24 DOM
2026-10-18

days on market $39,900 Active 23 DOM
2026-10-17

days on market $39,900 Active 22 DOM
2026-10-16

days on market $39,900 Active 21 DOM
2026-10-15

days on market $39,900 Active 20 DOM
2026-10-14

days on market $39,900 Active 19 DOM
2026-10-13

days on market $39,900 Active 18 DOM
2026-10-12

days on market $39,900 Active 17 DOM
2026-10-11

days on market $39,900 Active 16 DOM
2026-10-11

price $39,900 Active 15 DOM
2026-10-10

days on market $44,900 Active 15 DOM
2026-10-09

days on market $44,900 Active 14 DOM
2026-10-08

days on market $44,900 Active 13 DOM
2026-10-07

days on market $44,900 Active 12 DOM
2026-10-06

days on market $44,900 Active 11 DOM
2026-10-05

days on market $44,900 Active 10 DOM
2026-10-04

days on market $44,900 Active 9 DOM
2026-10-04

days on market $44,900 Active 8 DOM
2026-10-02

days on market $44,900 Active 7 DOM
2026-10-01

days on market $44,900 Active 6 DOM
2026-09-30

days on market $44,900 Active 5 DOM
2026-09-29

days on market $44,900 Active 4 DOM
2026-09-28

days on market $44,900 Active 3 DOM
2026-09-27

days on market $44,900 Active 2 DOM
2026-09-26

statusdays on market $44,900 Active 1 DOM
2026-09-25

days on market $44,900 Coming Soon 4 DOM
2026-09-24

days on market $44,900 Coming Soon 3 DOM
2026-09-24

days on market $44,900 Coming Soon 2 DOM
2026-09-21

pricestatusdays on marketlisting id $44,900 Coming Soon 1 DOM
2026-05-11

listed $49,900 Active 547-char remark

Show marketing remark (547 chars)

Waterfront Community with access to deep water boating and fishing. Just a short walk tothe public crabbing bridge or to catch the local transit bus to downtown. Community boat slips and ramp available. This well kept 3 Bd. 1 bath singlewide with finished sunroom and front kitchen is ready and waiting for your immediate occupancy. Fireplace in living room rear deck with hadicapped ramp and beind sold turn-key fully furnished and raedy to go! Large storage shed and more. Boat in yard is avalible to purchase at an additional price, A must see!

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

Tax reassessment forecast DE · Partial reset (capped growth)

Current annual tax: $132 · $11/mo
Projected year-2 tax: $167 · $14/mo
Expected delta: +$35/yr (+$3/mo · 26.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

🌊 Flood 6/10 Major FEMA zone AE · 88% chance over 30 yrs
🔥 Wildfire 1/10 Low
🌡 Heat 8/10 Severe 7 d/yr ≥102°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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $18,260
− Mortgage interest: −$1,955
− Property taxes: −$132
− Insurance: −$5,700
− Repairs & maintenance: −$1,461
− Management: −$1,461
− Depreciation: −$1,015
Taxable income: $6,536

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$1,569
After-tax cash flow: $4,829/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 · 2 photos

Fair 45/100 Cosmetic rehab Est. rehab $4,620–$13,860 screening

This manufactured home requires cosmetic repairs and maintenance, with a focus on the roof and exterior siding. Painting and landscaping would significantly improve its curb appeal and value.

Repairs flagged

Major roof — Signs of aging
Major exterior siding — Weathered and worn

Value-add opportunities

Both paint exterior — Enhances curb appeal and value ↑
Both landscape — Improves curb appeal and value ↑
Both replace roof — Essential for structural integrity and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 50/100

Zoned Schools

Elementary Rehoboth Elementary School C DE #8/105 Nat'l #9,513/41,679 Middle Beacon Middle School B- DE #1/36 Nat'l #2,418/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

C Composite livability gradescore 67/100

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 · 248,853 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: 11% of renters

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%
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

-20.0% since first listed

6 events — show timeline

2026-10-10 Price Changed $39,900 BRIGHT MLS
2026-09-26 Listed $44,900 BRIGHT MLS
2026-09-21 Coming Soon $44,900 BRIGHT MLS
2026-05-29 Sold (MLS) $49,900 BRIGHT MLS
2026-05-20 Pending — BRIGHT MLS
2026-05-11 Listed $49,900 BRIGHT MLS

Property tax history

-9.5%/yr

Latest (2026): $132 · -0.4% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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