13 Wagon Wheel Ln #14374 · Lewes, DE 19971

$127,500

3 bd · 2.0 ba · 1,200 sqft · Manufactured · 69 Days on market

Built 1978 42 ac lot Est $125k · 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 +6.5/15.0
• 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

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Key facts

• Brand-new windows
• New hot water heater
• New roof

Tags

• FULLY RENOVATED PROPERTY
• BRIGHT OPEN-CONCEPT LAYOUT
• BRAND-NEW WINDOWS
• NEW HVAC SYSTEM
• NEW ROOF
• NEW HOT WATER HEATER

Property features AI

Finance

• Financial info: Land lease: $1,024 monthly; Land lease years remaining: 30
• HOA & community: Community center; Outdoor playground / tot lots; Outdoor pool / swimming pool

Exterior

• Parking: Paved driveway; Off-street parking
• Utilities: Public water; Public sewer; Electric heating/cooling and hot water
• Home design: Manufactured home; Modular/manufactured construction with aluminum siding; Metal roof; Pillar/post/pier foundation; Single-story (entry-level bedrooms); Estimated year built
• Construction: Manufactured structure; Aluminum siding; Metal roof; Pillar/post/pier foundation
• Exterior features: Outbuilding(s); Community outdoor pool; Cleared lot

Interior

• Kitchen: Dishwasher
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Heat pump(s); Central air (electric)
• Interior features: Eat-in kitchen; Ceiling fans; Window treatments; Storm door
• Laundry & utility: Washer; Electric dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $128k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $128k).
• Recommended offer: $120k (6.0% below list) — sets the bar for market timing.
• 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: 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).
• This rent runs 31% of the median local income ($102k/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 $882 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 + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $128k implies a 881% gain — meaningful room to come down on a strong offer.

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 $119,850 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.08% ✓
• Cap rate: 17.69%
• Cash-on-cash: 40.71%
• DSCR: 2.81
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $124,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Candlelight Ln #2542	0.16mi	2/1.0 (-1)	1,100 (-8%)	6mo	$114,000	$104	64

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: 37.2%
• Equity multiple: 2.58×
• Total profit: $56,518
• Equity at exit: $19,011

10-year hold

• IRR: 43.8%
• Equity multiple: 5.17×
• Total profit: $148,706
• Equity at exit: $11,024

Cash invested: $35,700 (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: 4.0×

Monthly cashflow live

• Estimated rent: $2,648 high
• Mortgage (P&I): −$669
• Tax est. 1.5%: −$159 /mo · $1,912/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $1,211

Break-even live

Break-even rent $1,115

Max offer price $127,500

Occupancy floor 49%

Sensitivity live

Price	-10% $1,299	-5% $1,255	+0% $1,211	+5% $1,167	+10% $1,123
Rent	-10% $1,002	-5% $1,107	+0% $1,211	+5% $1,316	+10% $1,420
Rate	-1.0pp $1,275	-0.5pp $1,244	base $1,211	+0.5pp $1,178	+1.0pp $1,145

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: $31,875
• Closing costs: $3,825
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	44d	1	0.67mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.68mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	14d	1	0.71mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.78mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.85mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	44d	1	0.94mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	44d	1	1.10mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	1.24mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	44d	1	1.36mi

Listing history 16 events

1. 2026-05-30
   status $127,500 Pending 69 DOM
2. 2026-04-23
   historical Active Under Contract
3. 2026-03-25
   price $127,500
4. 2026-02-13
   listed $142,500 Active
5. 2026-02-12
   price $142,500
6. 2026-02-12
   status Active
7. 2026-02-12
   historical
8. 2026-01-16
   historical
9. 2025-12-21
   price $135,000
10. 2025-09-26
    price $149,900
11. 2025-09-04
    price $159,900
12. 2025-08-11
    listed $164,300 Active
13. 2025-07-22
    historical
14. 2015-02-06
    soldstatus $13,000 1-char remark

    Show marketing remark (1 chars)

    -

15. 2014-12-22
    historical 1-char remark

    Show marketing remark (1 chars)

    -

16. 2013-01-21
    listed $13,985 1-char remark

    Show marketing remark (1 chars)

    -

ⓘ 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: $31,781
• − Mortgage interest: −$7,142
• − Property taxes: −$1,912
• − Insurance: −$638
• − Repairs & maintenance: −$2,543
• − Management: −$2,543
• − Depreciation: −$3,709
• Taxable income: $13,295
• Est. tax owed @ 24.0%: −$3,191
• After-tax cash flow: $11,343/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

+811.7% since first listed

15 events — show timeline

• 2026-04-23 Contingent — BRIGHT MLS
• 2026-03-25 Price Changed $127,500 BRIGHT MLS
• 2026-02-13 Listed $142,500 BRIGHT MLS
• 2026-02-12 Price Changed $142,500 BRIGHT MLS
• 2026-02-12 Relisted — BRIGHT MLS
• 2026-02-12 Listing Removed — BRIGHT MLS
• 2026-01-16 Listing Removed — BRIGHT MLS
• 2025-12-21 Price Changed $135,000 BRIGHT MLS
• 2025-09-26 Price Changed $149,900 BRIGHT MLS
• 2025-09-04 Price Changed $159,900 BRIGHT MLS
• 2025-08-11 Listed $164,300 BRIGHT MLS
• 2025-07-22 Coming Soon — BRIGHT MLS
• 2015-02-06 Sold (MLS) $13,000 BRIGHT MLS
• 2014-12-22 Listing Removed — BRIGHT MLS
• 2013-01-21 Listed $13,985 BRIGHT MLS