4 Gunpowder Ln #14255 · Rehoboth Beach, DE 19971

$49,900

2 bd · 1.0 ba · 896 sqft · Manufactured · 384 Days on market

Manufactured home Built 1979 Fair condition 42 ac lot $56/sqft · 38% below area Est $81k · 38% under $2/mo HOA

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.5

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 $49,900 price doesn't fit this home's estimated sale value (~$81,064) 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 $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $995 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.2% vs local median 1.5% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, health & safety A+; Watch: crime F, 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: Lewes Elementary School (math 58% / reading 60%, grade B-, #4 of 105 statewide, top 4%, 582 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: 521 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $345 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 + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 384 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $12k (20%) 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 $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 384 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 3.40% ✓
• Cap rate: 30.22%
• Cash-on-cash: 85.46%
• DSCR: 4.80
• GRM: 2.4

CMA / ARV

• ARV (median comp): $81,064
• List price: $49,900
• Delta: -38.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Lantern Ln	0.16mi	2/2.0	952 (+6%)	1mo	$121,000	$127	77
33 Gunpowder Ln	0.10mi	2/2.0	980 (+9%)	2mo	$89,000	$91	74
33 Lantern Ln	0.20mi	3/2.0 (+1)	924 (+3%)	3mo	$67,500	$73	74
11 Colonial Ln	0.26mi	3/2.0 (+1)	980 (+9%)	2mo	$55,000	$56	62
18006 Howard Dr	0.55mi	2/3.0	960 (+7%)	2mo	$185,000	$193	53
112 Lakeside Dr	1.49mi	2/2.0	928 (+4%)	3mo	$365,000	$393	53
100 Cascade Ln #101	0.80mi	2/2.0	940 (+5%)	2mo	$355,000	$378	51
18017 Howard Dr	0.53mi	2/2.0	1,046 (+17%)	0mo	$300,000	$287	46
34704 Villa Cir #1203	0.81mi	2/2.0	1,100 (+23%)	0mo	$350,000	$318	36
200 Pebble Dr #204	0.87mi	2/2.0	1,038 (+16%)	1mo	$370,000	$356	35
19038 John J Williams Hwy	1.02mi	3/1.0 (+1)	1,056 (+18%)	0mo	$525,000	$497	35
200 Pebble Dr #207	0.87mi	2/2.0	1,038 (+16%)	2mo	$352,000	$339	34

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: 85.9%
• Equity multiple: 4.96×
• Total profit: $55,312
• Equity at exit: $7,440

10-year hold

• IRR: 89.1%
• Equity multiple: 10.30×
• Total profit: $129,875
• Equity at exit: $4,314

Cash invested: $13,972 (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 →

Active competition Active MLS

• For sale now: 4 active
• Median asking: $128,200 ($133/sqft)
• Median days on market: 97 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -31.8% vs current asking $/sqft

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

ZIP-level market 19971

• Active inventory: 521
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$2
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $995

Break-even live

Break-even rent $439

Max offer price $49,900

Occupancy floor 36%

Sensitivity live

Price	-10% $1,029	-5% $1,012	+0% $995	+5% $978	+10% $961
Rent	-10% $861	-5% $928	+0% $995	+5% $1,062	+10% $1,129
Rate	-1.0pp $1,020	-0.5pp $1,008	base $995	+0.5pp $982	+1.0pp $969

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: $12,475
• Closing costs: $1,497
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	117d	1	0.65mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	139d	1	0.66mi
34670 Villa Cir Lewes, DE	2.0	2.0	986	$1,875	$1.90	6d	1	0.80mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	117d	1	0.81mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	117d	1	0.88mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	139d	1	0.89mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,995	$1.70	6d	1	1.05mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	139d	1	1.24mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	139d	1	1.33mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	109d	1	1.49mi

HOA detail $2/mo · $24/yr

• Likely covers: watertrashsnow removalpool

Listing history 50 events

1. 2026-09-24
   days on market $49,900 Active 384 DOM
2. 2026-09-24
   days on market $49,900 Active 383 DOM
3. 2026-09-22
   days on market $49,900 Active 382 DOM
4. 2026-09-21
   days on market $49,900 Active 381 DOM
5. 2026-09-20
   days on market $49,900 Active 380 DOM
6. 2026-09-18
   days on market $49,900 Active 378 DOM
7. 2026-09-17
   days on market $49,900 Active 377 DOM
8. 2026-09-16
   days on market $49,900 Active 376 DOM
9. 2026-09-15
   days on market $49,900 Active 375 DOM
10. 2026-09-14
    days on market $49,900 Active 374 DOM
11. 2026-09-13
    days on market $49,900 Active 373 DOM
12. 2026-09-13
    price $49,900 Active 372 DOM
13. 2026-09-12
    days on market $52,500 Active 372 DOM
14. 2026-09-11
    days on market $52,500 Active 371 DOM
15. 2026-09-05
    days on market $52,500 Active 365 DOM
16. 2026-09-04
    days on market $52,500 Active 364 DOM
17. 2026-09-03
    days on market $52,500 Active 363 DOM
18. 2026-08-31
    days on market $52,500 Active 360 DOM
19. 2026-08-30
    days on market $52,500 Active 359 DOM
20. 2026-08-29
    days on market $52,500 Active 358 DOM
21. 2026-08-28
    days on market $52,500 Active 357 DOM
22. 2026-08-27
    days on market $52,500 Active 356 DOM
23. 2026-08-25
    days on market $52,500 Active 354 DOM
24. 2026-08-24
    days on market $52,500 Active 353 DOM
25. 2026-08-23
    days on market $52,500 Active 352 DOM
26. 2026-08-22
    days on market $52,500 Active 351 DOM
27. 2026-08-21
    days on market $52,500 Active 350 DOM
28. 2026-08-20
    days on market $52,500 Active 349 DOM
29. 2026-08-19
    days on market $52,500 Active 348 DOM
30. 2026-08-18
    days on market $52,500 Active 347 DOM
31. 2026-08-17
    days on market $52,500 Active 346 DOM
32. 2026-08-16
    days on market $52,500 Active 345 DOM
33. 2026-08-15
    days on market $52,500 Active 344 DOM
34. 2026-08-14
    days on market $52,500 Active 343 DOM
35. 2026-08-13
    days on market $52,500 Active 342 DOM
36. 2026-08-12
    days on market $52,500 Active 341 DOM
37. 2026-08-11
    days on market $52,500 Active 340 DOM
38. 2026-08-10
    days on market $52,500 Active 339 DOM
39. 2026-08-09
    days on market $52,500 Active 338 DOM
40. 2026-08-08
    days on market $52,500 Active 337 DOM
41. 2026-08-07
    days on market $52,500 Active 336 DOM
42. 2026-08-06
    days on market $52,500 Active 335 DOM
43. 2026-08-05
    days on market $52,500 Active 334 DOM
44. 2026-08-04
    days on market $52,500 Active 333 DOM
45. 2026-08-03
    days on market $52,500 Active 332 DOM
46. 2026-07-31
    days on market $52,500 Active 329 DOM
47. 2026-07-30
    days on market $52,500 Active 328 DOM
48. 2026-07-29
    days on market $52,500 Active 327 DOM
49. 2026-07-27
    days on market $52,500 Active 325 DOM
50. 2026-07-25
    days on market $52,500 Active 323 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: $20,382
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − HOA: −$24
• − Depreciation: −$1,452
• Taxable income: $11,852
• Est. tax owed @ 24.0%: −$2,845
• After-tax cash flow: $9,095/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $22,400–$40,320 screening

This two-bedroom mobile home requires moderate repairs to the exterior siding and landscaping, but has good interior updates and a good condition score.

Components & finishes AI

Roof metal

Repairs flagged

• Moderate Exterior siding — Weathered appearance
• Minor Landscaping — Some overgrown vegetation

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Trim overgrown vegetation — Improves landscaping and curb appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate 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

B Composite livability gradescore 71/100

Livability — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 248,853 people
• City population: 14,886
• Metro: Salisbury, MD-DE
• Population (ZIP): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 8% of renters

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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%

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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%

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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