34118 Pinewood Cir #11080 · Lewes, DE 19958

$110,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured · 276 Days on market

Built 1977

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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 +7.5/15.0
• 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 MLS

East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

Key facts

• Front yard fire pit
• Bike trails
• Screened porch

Tags

• SCREENED PORCH
• OUTDOOR SHOWER
• FRONT YARD FIRE PIT
• BIKE TRAILS
• CAPE HENLOPEN STATE PARK

Property features AI

Finance

• Other: 2+ access exits (accessibility feature); Total below-grade area: 0; Above-grade finished area: 1,152 (estimated)
• Financial info: Lease considered: No; Rent control: No
• HOA & community: Ground rent exists; Land lease continues (1 year remaining); Monthly land lease payment

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Propane hot water; Oil heating fuel; Electric service (100 amp); Municipal trash: no
• Home design: Manufactured home (double wide); Model: Ambassador; Make: Schult; 24 ft. wide by 48 ft. long; Crawl space foundation; Building not winterized; Average condition; Habitable residence: No
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: BBQ grill; Outside shower; Ground rent exists; Land lease (monthly); Monthly land lease payment

Interior

• Kitchen: Built-in range; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: 90% forced air heating (oil); Central A/C; Window AC units; Ceiling fans; 100 amp electric service
• Interior features: Carpet in living areas; Ceiling fans; Dining area; Family room off the kitchen; Flat ceiling; Storm door(s); Furnished; Smoking not allowed; No basement
• Laundry & utility: Washer; Electric dryer; Water heater (propane)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

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 $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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: Rents flat; 818 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 ($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 $761 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 + 0.8% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $39k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $110k implies a 389% 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 $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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: 2.30% ✓
• Cap rate: 19.77%
• Cash-on-cash: 48.13%
• DSCR: 3.14
• GRM: 3.6

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: 43.1%
• Equity multiple: 2.80×
• Total profit: $55,343
• Equity at exit: $16,401

10-year hold

• IRR: 48.1%
• Equity multiple: 5.15×
• Total profit: $127,896
• Equity at exit: $9,511

Cash invested: $30,800 (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: 818
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,526 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $1,235

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,311	-5% $1,273	+0% $1,235	+5% $1,197	+10% $1,159
Rent	-10% $1,036	-5% $1,135	+0% $1,235	+5% $1,335	+10% $1,435
Rate	-1.0pp $1,291	-0.5pp $1,263	base $1,235	+0.5pp $1,207	+1.0pp $1,178

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	45d	1	0.46mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	45d	1	0.67mi
17059 S Brandt St #3206 Lewes, DE	2.0	2.0	1052	$1,850	$1.76	22d	1	0.77mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	45d	1	0.83mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	45d	1	0.85mi
33106 N Village Loop #1103 Lewes, DE	2.0	2.0	1144	$2,000	$1.75	45d	1	0.99mi
33082 E Light Dr Lewes, DE	4.0	2.0	992	$2,600	$2.62	45d	1	1.24mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	14d	1	1.35mi

Listing history 11 events

1. 2026-05-19
   status Pending
2. 2026-04-22
   historical Active Under Contract
3. 2025-12-11
   price $110,000
4. 2025-10-06
   price $115,000
5. 2025-09-09
   price $134,000
6. 2025-07-20
   listed $149,000 Active
7. 2018-11-17
   soldstatus $22,500 Closed 374-char remark

   Show marketing remark (374 chars)

   East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

8. 2018-11-12
   status Pending 374-char remark

   Show marketing remark (374 chars)

   East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

9. 2018-10-17
   price $24,900 374-char remark

   Show marketing remark (374 chars)

   East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

10. 2018-10-07
    price $29,900 374-char remark

    Show marketing remark (374 chars)

    East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

11. 2018-09-25
    listed $34,400 Active 374-char remark

    Show marketing remark (374 chars)

    East of Coastal Hwy. (Rt. 1) within 1.5 miles to Lewes Beach. Make this your getaway home. 3 bedrooms, 2 baths, furniture included in sales price. Monthly ground rent. Add your touches to this doublewide mobile home and enjoy! Rehoboth Beach, shopping at the Outlets, great restaurants and many year round local events for you, your friends and family to get out and about.

ⓘ 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: $30,310
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,425
• − Management: −$2,425
• − Depreciation: −$3,200
• Taxable income: $13,899
• Est. tax owed @ 24.0%: −$3,336
• After-tax cash flow: $11,487/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

+219.8% since first listed

11 events — show timeline

• 2026-05-19 Pending — BRIGHT MLS
• 2026-04-22 Contingent — BRIGHT MLS
• 2025-12-11 Price Changed $110,000 BRIGHT MLS
• 2025-10-06 Price Changed $115,000 BRIGHT MLS
• 2025-09-09 Price Changed $134,000 BRIGHT MLS
• 2025-07-20 Listed $149,000 BRIGHT MLS
• 2018-11-17 Sold (MLS) $22,500 BRIGHT MLS
• 2018-11-12 Pending — BRIGHT MLS
• 2018-10-17 Price Changed $24,900 BRIGHT MLS
• 2018-10-07 Price Changed $29,900 BRIGHT MLS
• 2018-09-25 Listed $34,400 BRIGHT MLS