4 Gunpowder Ln #14255 · Lewes, DE 19971

$54,000

2 bd · 1.0 ba · 896 sqft · Manufactured · 286 Days on market

Built 1979 42 ac lot $60/sqft · 35% below area Est $84k · 35% under $2/mo HOA

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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 +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

MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

Key facts

• Screened in porch
• Fresh paint
• New flooring lvp

Tags

• NEW FLOORING LVP
• NEW KITCHEN CABINETS
• FRESH PAINT
• NEW MINI SPLIT SYSTEMS
• UPDATED BATHROOM
• SCREENED IN PORCH

🏷️ Possibly a rental listed for sale. The $54,000 price doesn't fit this home's estimated sale value (~$83,652) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $54k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 38.0% 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 44d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 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 $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $8k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $47,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 4.22% ✓
• Cap rate: 37.97%
• Cash-on-cash: 113.13%
• DSCR: 6.03
• GRM: 2.0

CMA / ARV

• ARV (median comp): $83,652
• List price: $54,000
• Delta: -35.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.43×
• Total profit: $82,072
• Equity at exit: $8,052

10-year hold

• IRR: —
• Equity multiple: 13.47×
• Total profit: $188,515
• Equity at exit: $4,669

Cash invested: $15,120 (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: 2.0×

Monthly cashflow live

• Estimated rent: $2,279 high
• Mortgage (P&I): −$283
• Tax est. 1.5%: −$68 /mo · $810/yr
• Insurance: −$22
• HOA: −$2
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $1,425

Break-even live

Break-even rent $475

Max offer price $54,000

Occupancy floor 32%

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: $13,500
• Closing costs: $1,620
• 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	21d	1	0.65mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	43d	1	0.66mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.81mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.88mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	43d	1	0.89mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	43d	1	1.05mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	1.24mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	43d	1	1.33mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	13d	1	1.49mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: watertrashsnow removalpool

Listing history 28 events

1. 2026-06-18
   days on market $54,000 Active 286 DOM
2. 2026-06-17
   days on market $54,000 Active 285 DOM
3. 2026-06-16
   days on market $54,000 Active 284 DOM
4. 2026-06-15
   days on market $54,000 Active 283 DOM
5. 2026-06-14
   days on market $54,000 Active 281 DOM
6. 2026-06-13
   days on market $54,000 Active 280 DOM
7. 2026-06-10
   days on market $54,000 Active 278 DOM
8. 2026-06-09
   days on market $54,000 Active 277 DOM
9. 2026-06-08
   days on market $54,000 Active 276 DOM
10. 2026-06-07
    days on market $54,000 Active 275 DOM
11. 2026-06-05
    days on market $54,000 Active 272 DOM
12. 2026-06-03
    days on market $54,000 Active 271 DOM
13. 2026-06-02
    days on market $54,000 Active 270 DOM
14. 2026-06-01
    days on market $54,000 Active 269 DOM
15. 2026-05-31
    days on market $54,000 Active 268 DOM
16. 2026-05-30
    days on market $54,000 Active 267 DOM
17. 2026-05-16
    price $54,000 1182-char remark

    Show marketing remark (1182 chars)

    MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

18. 2025-11-20
    status Active 1182-char remark

    Show marketing remark (1182 chars)

    MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

19. 2025-10-19
    historical Active Under Contract 1182-char remark

    Show marketing remark (1182 chars)

    MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

20. 2025-08-29
    price $57,000 1182-char remark

    Show marketing remark (1182 chars)

    MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

21. 2025-08-04
    listed $62,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    MOTIVATED Seller! Not too big but not too small, this could be just right for you! This two bedroom one bath home offers the following updates. All new flooring LVP and carpeting, new kitchen cabinets, fresh paint, 3 new mini split systems, updated bathroom, and new refrigerator and stove. After your day at the beach or community pool the 11’ X 20’ screened in porch is a great place to grill or just chill. This home is located in desirable Colonial East which is a Leased Land Community. You are within walking distance to the movie theatre, a water and go cart park, public transportation, restaurants, and outlet shopping. Community also sits local to The Junction Breakwater Trail bike path. Home is being sold "AS IS". A Home Inspection was done. Property Disclosure was updated with the findings. Current Monthly Land rent of $970 includes use of Community pool and center, lawn mowing, trash and snow removal. Buyer will need to apply to the community for credit/background check for approval. Closing cost to buyer will be 50% of the 3.75% DMV Doc Fee, Settle agent fee of apprx $500 and any pro-rated utilities that are associated with the home.

22. 2024-05-23
    status Pending 1218-char remark

    Show marketing remark (1218 chars)

    Perfect as your year-round residence or your adorable beach house, you’ll be right at home in this cozy two bedroom home equipped with features you will absolutely love including a new split HVAC system. Enter through the three-season porch and once inside smell the fresh paint. You will walk on new vinyl plank flooring in the main living space and carpet in the bedrooms that feature built-in storage and share an updated bathroom. Recessed lighting and fixtures will light your way, and you’ll cook with gas in a remodeled kitchen with new cabinets, countertops and appliances. Outside, find off-street parking and room for a shed to store your tools and beach gear. Enjoy life in a family-friendly community with amenities including a summer swimming pool, playground, dog park, and grilling station, a horseshoe pit, and bocce ball. Live in a neighborhood close to world-class restaurants and tax-free shopping with the Tanger Outlets close by. Family fun can be found at Midway Speed Park and the Movies at Midway. Don’t miss this opportunity to live life and live it here at the beach in Colonial East. The land lease is $908 per month. Buyers must be approved for residency by the community.

23. 2024-05-23
    soldstatus $69,200 Closed 1218-char remark

    Show marketing remark (1218 chars)

    Perfect as your year-round residence or your adorable beach house, you’ll be right at home in this cozy two bedroom home equipped with features you will absolutely love including a new split HVAC system. Enter through the three-season porch and once inside smell the fresh paint. You will walk on new vinyl plank flooring in the main living space and carpet in the bedrooms that feature built-in storage and share an updated bathroom. Recessed lighting and fixtures will light your way, and you’ll cook with gas in a remodeled kitchen with new cabinets, countertops and appliances. Outside, find off-street parking and room for a shed to store your tools and beach gear. Enjoy life in a family-friendly community with amenities including a summer swimming pool, playground, dog park, and grilling station, a horseshoe pit, and bocce ball. Live in a neighborhood close to world-class restaurants and tax-free shopping with the Tanger Outlets close by. Family fun can be found at Midway Speed Park and the Movies at Midway. Don’t miss this opportunity to live life and live it here at the beach in Colonial East. The land lease is $908 per month. Buyers must be approved for residency by the community.

24. 2024-05-15
    listed $74,700 Active 1218-char remark

    Show marketing remark (1218 chars)

    Perfect as your year-round residence or your adorable beach house, you’ll be right at home in this cozy two bedroom home equipped with features you will absolutely love including a new split HVAC system. Enter through the three-season porch and once inside smell the fresh paint. You will walk on new vinyl plank flooring in the main living space and carpet in the bedrooms that feature built-in storage and share an updated bathroom. Recessed lighting and fixtures will light your way, and you’ll cook with gas in a remodeled kitchen with new cabinets, countertops and appliances. Outside, find off-street parking and room for a shed to store your tools and beach gear. Enjoy life in a family-friendly community with amenities including a summer swimming pool, playground, dog park, and grilling station, a horseshoe pit, and bocce ball. Live in a neighborhood close to world-class restaurants and tax-free shopping with the Tanger Outlets close by. Family fun can be found at Midway Speed Park and the Movies at Midway. Don’t miss this opportunity to live life and live it here at the beach in Colonial East. The land lease is $908 per month. Buyers must be approved for residency by the community.

25. 2011-07-01
    soldstatus $13,500
26. 2011-02-26
    listed $13,500
27. 2010-07-26
    historical
28. 2010-07-09
    listed $20,000

ⓘ 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: $27,351
• − Mortgage interest: −$3,025
• − Property taxes: −$810
• − Insurance: −$270
• − Repairs & maintenance: −$2,188
• − Management: −$2,188
• − HOA: −$24
• − Depreciation: −$1,571
• Taxable income: $17,275
• Est. tax owed @ 24.0%: −$4,146
• After-tax cash flow: $12,959/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

+170.0% since first listed

12 events — show timeline

• 2026-05-16 Price Changed $54,000 BRIGHT MLS
• 2025-11-20 Relisted — BRIGHT MLS
• 2025-10-19 Contingent — BRIGHT MLS
• 2025-08-29 Price Changed $57,000 BRIGHT MLS
• 2025-08-04 Listed $62,000 BRIGHT MLS
• 2024-05-23 Pending — BRIGHT MLS
• 2024-05-23 Sold (MLS) $69,200 BRIGHT MLS
• 2024-05-15 Listed $74,700 BRIGHT MLS
• 2011-07-01 Sold (MLS) $13,500 BRIGHT MLS
• 2011-02-26 Listed $13,500 BRIGHT MLS
• 2010-07-26 Listing Removed — BRIGHT MLS
• 2010-07-09 Listed $20,000 BRIGHT MLS