None · Lewes, DE 19958

$219,900

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 20 Days on market

Built 1997 1.41 ac lot

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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 +28.0/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 1997 Class C manufactured home presents a compelling investment opportunity, featuring a spacious double-wide design with three bedrooms and two full bathrooms. The interior boasts practical features such as ceiling fans, an entry-level bedroom, and a dedicated dining area, enhancing livability and tenant appeal. The kitchen is equipped with essential appliances, while washer/dryer hookups offer convenience for future occupants. Set on a generous 1.41-acre lot, the property is cleared and located in a cul-de-sac type location, providing a tranquil environment with potential for outdoor enhancements. The dirt driveway accommodates ample parking for multiple vehicles, making it attractiv

Key facts

• 1.41 acre lot
• 6 parking spots
• Built 1997

Property features AI

Finance

• Other: Fee simple ownership; Not located in a federal flood zone; Year built reported as estimated

Exterior

• Parking: Dirt driveway; Driveway and off-street parking for 6 vehicles (6 driveway spaces, total 6 spaces)
• Utilities: Well water; Septic system; 150 amp electric service
• Home design: Manufactured (double wide); Above-grade living area reported
• Construction: Vinyl siding; Block foundation with crawl space; Asphalt shingle roof; Manufactured structure
• Exterior features: Cleared lot; Cul-de-sac setting; Trees/wooded area

Interior

• Kitchen: Dishwasher; Gas oven/range; Water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Heat pump(s); Oil heating fuel; Central air conditioning (electric)
• Interior features: Ceiling fans; Dining area; Entry-level bedroom; Not furnished
• Laundry & utility: Washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 1.8% 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: 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: Rents flat; 822 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 ($97k/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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.

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 $216,601 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.14% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.32%
• DSCR: 1.59
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,323
• Equity at exit: $32,788

10-year hold

• IRR: 8.5%
• Equity multiple: 1.59×
• Total profit: $36,158
• Equity at exit: $19,013

Cash invested: $61,572 (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 19958

• Rents YoY: 0.8%
• Active inventory: 822
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,497 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$44 /mo · $533/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $684

Break-even live

Break-even rent $1,632

Max offer price $219,900

Occupancy floor 68%

Sensitivity live

Price	-10% $808	-5% $746	+0% $684	+5% $621	+10% $559
Rent	-10% $486	-5% $585	+0% $684	+5% $782	+10% $881
Rate	-1.0pp $794	-0.5pp $740	base $684	+0.5pp $627	+1.0pp $569

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29988 W Barrier Reef Blvd Lewes, DE	3.0	2.0	1825	$2,645	$1.45	15d	1	1.43mi

Listing history 17 events

1. 2026-06-22
   days on market $219,900 Active 20 DOM
2. 2026-06-18
   days on market $219,900 Active 17 DOM
3. 2026-06-17
   days on market $219,900 Active 16 DOM
4. 2026-06-16
   days on market $219,900 Active 15 DOM
5. 2026-06-15
   days on market $219,900 Active 14 DOM
6. 2026-06-14
   days on market $219,900 Active 12 DOM
7. 2026-06-13
   days on market $219,900 Active 11 DOM
8. 2026-06-10
   days on market $219,900 Active 9 DOM
9. 2026-06-09
   days on market $219,900 Active 8 DOM
10. 2026-06-08
    days on market $219,900 Active 7 DOM
11. 2026-06-07
    days on market $219,900 Active 6 DOM
12. 2026-06-05
    days on market $219,900 Active 3 DOM
13. 2026-06-03
    days on market $219,900 Active 2 DOM
14. 2026-06-02
    statusdays on market $219,900 Active 1 DOM
15. 2026-06-01
    days on market $219,900 Coming Soon 2 DOM
16. 2026-05-30
    remarks 699-char remark
17. 2026-05-30
    listed $219,900 Coming Soon 1 DOM

ⓘ 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: $533 · $44/mo
• Projected year-2 tax: $904 · $75/mo
• Expected delta: +$371/yr (+$31/mo · 69.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $29,968
• − Mortgage interest: −$12,318
• − Property taxes: −$533
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,397
• − Management: −$2,397
• − Depreciation: −$6,397
• Taxable income: $4,825
• Est. tax owed @ 24.0%: −$1,158
• After-tax cash flow: $7,046/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): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• 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

+107.6% since first listed

3 events — show timeline

• 2026-05-30 Coming Soon $219,900 BRIGHT MLS
• 2017-10-18 Listing Removed — BRIGHT MLS
• 2017-09-28 Listed $105,900 BRIGHT MLS

Property tax history

-0.3%/yr

Latest (2025): $533 · -21.0% YoY. Source: county tax records.