37399 Shady Way #17949 · Ocean City, MD 19975

$125,000

2 bd · 2.0 ba · 980 sqft · SingleFamily · 7 Days on market

Built 1982 Est $138k · 10% under

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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 +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Delaware Coastal Living! Nestled in the sought-after community of Shady Park, this charming mobile home offers the perfect blend of comfort, style, and convenience. Located just minutes from the pristine beaches of Fenwick Island and Ocean City, Maryland, this home places you near a world of coastal delights—boutique shopping, renowned restaurants, golf courses, fishing, crabbing, and the celebrated Freeman Arts Pavilion, hosting nationally acclaimed summer concerts. Shady Park boasts water access to Dirickson Creek, which flows into the scenic Little Assawoman Bay, providing endless opportunities for kayaking, paddleboarding, and serene waterfront exploration. Step inside and discover an inviting open floor plan designed for both entertaining and everyday living. The light-filled living room flows seamlessly into the eat-in kitchen, where a peninsula breakfast bar invites casual meals and conversation. This home features two spacious bedrooms with built-in storage, two full baths, and ample closet space. Unwind in the sun porch, the perfect spot for morning coffee as you plan your day of coastal adventures. Outside, a covered front porch welcomes guests, while a storage shed offers a convenient space for your beach essentials. Whether you're seeking a tranquil beach getaway, a primary residence, or a retirement retreat, this delightful single-level home promises a relaxed coastal lifestyle. Don’t miss your chance to make this charming home yours—schedule your tour today!

Key facts

• Open floor plan
• New kitchen window
• Sun porch

Tags

• UPDATED LIGHTING FIXTURES
• NEW KITCHEN WINDOW
• PAINTED KITCHEN CABINETRY
• OPEN FLOOR PLAN
• PENINSULA BREAKFAST BAR
• SUN PORCH

Property features AI

Finance

• Financial info: Land lease of $898 per month (approximately 100 years remaining)
• HOA & community: Association provides snow removal and trash service; Community playground/tot lot

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water; Propane fuel for heating
• Home design: Manufactured home; Pitched roof; Aluminum siding with frame construction; Single-story (entry-level bedroom noted); Located outside city limits
• Construction: Aluminum siding; Frame construction; Pitched roof; Estimated year built
• Exterior features: Front, rear and side yards with landscaping; Street lights; Porch with roof; Screened porch

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Microwave; Gas range/oven; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms on the main level
• Flooring: Luxury vinyl plank; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Heat pump with electric backup; Propane (metered) heating fuel; Central air conditioning; Ceiling fans
• Interior features: Breakfast area; Built-in shelving; Ceiling fans; Combination dining/living area; Open floor plan; Eat-in kitchen; Entry-level bedroom; Dining area
• Laundry & utility: Washer and dryer included; Electric water heater; Exhaust fan

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $716 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 13.2% vs local median 1.4% in Ocean City — 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 73/100 on livability (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities B; Watch: cost of living C-, crime F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Showell (Phillip C.) Elementary School (math 27% / reading 37%, grade F, #44 of 105 statewide, top 46%, 279 students, 0% FRL); Selbyville Middle School (math 20% / reading 49%, grade F, #12 of 36 statewide, top 34%, 719 students, 0% FRL); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1 comparable units currently listed for rent nearby; 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 $864 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $80k; list at $125k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $125,000

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. 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?
4. 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.
5. 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.
6. 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: 1.60% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.55%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $138,180
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37427 Shady Way #22721	0.07mi	2/2.0	980 (0%)	20mo	$72,500	$74	80
37251 Sugar Hill Way	0.14mi	2/2.0	1,071 (+9%)	0mo	$151,000	$141	78
37411 Shady Way #22013	0.03mi	3/2.0 (+1)	940 (-4%)	14mo	$25,000	$27	76
37599 Shady Cir	0.20mi	3/2.0 (+1)	924 (-6%)	1mo	$139,000	$150	75
37269 Sugar Hill Way #39944	0.11mi	2/2.0	1,100 (+12%)	2mo	$141,000	$128	73
36986 Laws Point Rd	0.38mi	3/2.0 (+1)	1,000 (+2%)	10mo	$289,000	$289	66
37380 Hill Cut Dr	0.08mi	2/2.0	1,120 (+14%)	10mo	$152,000	$136	64
37080 Sugar Hill Way	0.05mi	2/2.0	1,120 (+14%)	14mo	$75,000	$67	62
36999 Laws Point Rd	0.42mi	3/1.5 (+1)	980 (0%)	16mo	$350,000	$357	60
37030 Laws Point Rd	0.52mi	3/2.0 (+1)	994 (+1%)	10mo	$330,000	$332	60
37689 E Shady Dr	0.09mi	2/2.0	1,120 (+14%)	19mo	$149,500	$133	56
37007 Blue Teal Rd	0.26mi	3/1.5 (+1)	1,100 (+12%)	13mo	$260,800	$237	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 1.73×
• Total profit: $25,387
• Equity at exit: $18,638

10-year hold

• IRR: 26.4%
• Equity multiple: 3.31×
• Total profit: $80,962
• Equity at exit: $10,808

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 19975

• Home prices YoY: -11.2%
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $716

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 59%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38256 Hummingbird Ln #214 Selbyville, DE	2.0	1.5	900	$2,000	$2.22	21d	1	0.87mi

Listing history 7 events

1. 2026-06-18
   days on market $125,000 Active 7 DOM
2. 2026-06-17
   days on market $125,000 Active 6 DOM
3. 2026-06-16
   days on market $125,000 Active 5 DOM
4. 2026-06-15
   days on market $125,000 Active 4 DOM
5. 2026-06-14
   days on market $125,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $125,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$3,636
• Taxable income: $7,022
• Est. tax owed @ 24.0%: −$1,685
• After-tax cash flow: $6,909/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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,356

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 4% Russian 2%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 2% 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: ▼ -43.61%
• Current HPI: 345.1746
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

+8.7% since first listed

13 events — show timeline

• 2026-06-11 Listed $125,000 BRIGHT MLS
• 2025-01-20 Sold (MLS) $80,000 BRIGHT MLS
• 2025-01-13 Pending — BRIGHT MLS
• 2025-01-09 Contingent — BRIGHT MLS
• 2025-01-09 Listed $100,000 BRIGHT MLS
• 2024-12-03 Listing Removed — BRIGHT MLS
• 2024-07-16 Price Changed $104,900 BRIGHT MLS
• 2024-06-28 Price Changed $109,900 BRIGHT MLS
• 2024-05-30 Listed $120,000 BRIGHT MLS
• 2024-01-19 Sold (MLS) $115,000 BRIGHT MLS
• 2024-01-18 Contingent — BRIGHT MLS
• 2023-12-11 Listed $115,000 BRIGHT MLS
• 2023-12-08 Coming Soon $115,000 BRIGHT MLS