36438 E Estate Dr #285 · Rehoboth Beach, DE 19971

$99,900

2 bd · 2.0 ba · 1,106 sqft · SingleFamily · 13 Days on market

Built 1979 Good condition 4,356 sqft lot Est $121k · 17% under

---

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 +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Big, open concept living area. This 14’x70’ Schult has the manufacturer’s 7’x18’ tip-out for approx. 1,100 sq. ft. Spacious living room adjoins the dining area. The kitchen has genuine oak cabinetry, including a wrap-around area near the dining room for extra cabinet/counter space. Plus, there’s a corner cabinet area in the living room next to the kitchen for even more storage. The galley-style kitchen has a disposal, dishwasher, gas range, microwave, and a fridge with ice maker. Popular split bedroom plan. Main bedroom is en Suite. That bath has a walk-in shower, linen closet, and a single-sink vanity. The main bedroom has a walk-in closet (and the bath&

Key facts

• Galley-style kitchen
• Linen closet
• Walk-in shower

Tags

• OPEN CONCEPT LIVING AREA
• GENUINE OAK CABINETRY
• GALLEY-STYLE KITCHEN
• WALK-IN SHOWER
• LINEN CLOSET
• SINGLE-SINK VANITY

Property features AI

Finance

• Other: Ground rent exists; Annual ground rent referenced in income/expense list
• Financial info: Monthly land lease payment
• HOA & community: Association amenities include exercise room, picnic area, outdoor pool; Association fees cover common area maintenance, lawn maintenance, pool(s), road maintenance, trash, and other services; Private roads (blacktop); park managed by Equity LifeStyle Properties, Inc.

Exterior

• Parking: Concrete driveway; Driveway parking with 3 spaces total
• Security: Double-pane insulated replacement windows
• Utilities: Public water and public sewer; Municipal trash service; Cable and satellite internet available
• Home design: Manufactured single-wide home (Schult); Estimated year built; Land lease community (ground rent exists)
• Construction: Vinyl siding; Shingle roof; Crawl space foundation with pillar/post/pier
• Exterior features: Patio(s) and porch(es); Awning(s); Outside shower; Outbuilding(s) including shed; Vinyl fencing; Property backs to trees; Community in-ground fenced pool

Interior

• Kitchen: Built-in microwave; Dishwasher; Disposal; Gas oven/range; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Carpet; Luxury vinyl plank; Vinyl
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Heat pump(s); Wall unit heating; Ductless / mini-split cooling; Ceiling fans; Electric heating and hot water; 100 amp service with 220 volts
• Interior features: Open floor plan with combination dining/living area and dining area; Galley kitchen layout; Pantry; Master bathroom; Walk-in closet(s); Tub shower and walk-in shower; Ceiling fan(s); Window treatments; Insulated and storm doors; Drywall and paneled walls; Furnished
• Laundry & utility: Washer (front loading); Dryer (electric, front loading); Washer/dryer stacked; In-unit laundry on main floor; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 19.6% vs local median 1.1% 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: schools A+, amenities A+, employment 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.
• Market conditions: 331 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.28% ✓
• Cap rate: 19.62%
• Cash-on-cash: 47.60%
• DSCR: 3.12
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $120,554
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36239 King St #13141	0.18mi	2/2.0	1,075 (-3%)	7mo	$117,500	$109	81
36520 E Estate Dr #15859	0.15mi	3/2.0 (+1)	1,080 (-2%)	10mo	$30,000	$28	76
19935 Sea Air Ave #3263	0.20mi	2/1.0	1,000 (-10%)	3mo	$21,587	$22	68
20054 Delaware Ave Unit K-66	0.13mi	2/2.0	980 (-11%)	8mo	$88,000	$90	68
118 Whisperwood Ln	0.37mi	3/2.0 (+1)	1,176 (+6%)	0mo	$355,000	$302	67
36104 Knight St #146	0.34mi	2/2.0	980 (-11%)	8mo	$68,400	$70	59
19782 Princess St	0.08mi	3/2.0 (+1)	1,267 (+15%)	11mo	$183,000	$144	58
19883 Atlantic Ave #54290	0.34mi	2/2.0	960 (-13%)	10mo	$115,000	$120	54
36103 Knight St #155	0.36mi	3/2.0 (+1)	1,220 (+10%)	10mo	$59,900	$49	53
29 Baybreeze Rd Unit C-27	0.71mi	3/1.5 (+1)	980 (-11%)	5mo	$25,000	$26	37
112 Strawberry Way	0.67mi	3/1.0 (+1)	960 (-13%)	3mo	$350,000	$365	35
113 Chesapeake Dr	0.73mi	3/1.0 (+1)	960 (-13%)	10mo	$375,000	$391	27

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: 45.0%
• Equity multiple: 2.95×
• Total profit: $54,519
• Equity at exit: $14,895

10-year hold

• IRR: 50.9%
• Equity multiple: 5.96×
• Total profit: $138,617
• Equity at exit: $8,638

Cash invested: $27,972 (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 →

ZIP-level market 19971

• Active inventory: 331
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $1,110

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 46%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	0.71mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	20d	1	0.83mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	43d	1	0.84mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	20d	1	0.89mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	20d	1	0.98mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	43d	1	1.06mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	43d	1	1.23mi

Listing history 6 events

1. 2026-06-18
   days on market $99,900 Active 13 DOM
2. 2026-06-17
   days on market $99,900 Active 12 DOM
3. 2026-06-16
   days on market $99,900 Active 11 DOM
4. 2026-06-15
   days on market $99,900 Active 10 DOM
5. 2026-06-14
   remarks 663-char remark
6. 2026-06-14
   listed $99,900 Active 8 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 · 17 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: $27,342
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$2,906
• Taxable income: $12,467
• Est. tax owed @ 24.0%: −$2,992
• After-tax cash flow: $10,323/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 · 12 photos

Good 75/100 Cosmetic rehab

This home is in good condition with a good condition score of 75. It has a cosmetic rehab level and requires minor maintenance and updates to enhance its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value.
• Both Replace worn-out flooring — Improves living space and rental appeal.
• Both Update kitchen appliances — Modernizes kitchen and attracts buyers/renters.
• Both Install new windows — Improves energy efficiency and aesthetics.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value. ↑
• Both Replace worn-out flooring — Improves living space and rental appeal. ↑
• Both Update kitchen appliances — Modernizes kitchen and attracts buyers/renters. ↑
• Both Install new windows — Improves energy efficiency and aesthetics. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — 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 · 82,708 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: 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

1 event — show timeline

• 2026-06-05 Listed $99,900 BRIGHT MLS