21200 N St Unit N-12 · Rehoboth Beach, DE 19971

$129,900

2 bd · 2.0 ba · 1,180 sqft · SingleFamily · 20 Days on market

Built 1986 Good condition 3,484 sqft lot Est $166k · 22% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rehoboth Bay Community has boat slips for rent, a community boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a small sandy beach near the pool, tennis/pickleball courts & more! And it is just 6.5 miles to the famous Rehoboth boardwalk. Welcome to the one of the best little beach houses in Rehoboth Bay! An eclectic mix of materials inside and out makes this home a coastal delight for vacation or year-round living. This 1986 14’x70’ Schult is +1,100 sq. ft. with the addition. You’ll be welcomed inside the home into a big entryway foyer, which has shiplap accents, from the front deck. The 10’x20’ addition features a sunroom with a f

Key facts

• Boat slips for rent
• Community boat ramp
• Small sandy beach

Tags

• BOAT SLIPS FOR RENT
• COMMUNITY BOAT RAMP
• BOAT STORAGE AREA
• BAYFRONT POOL
• CRABBING FISHING PIER
• SMALL SANDY BEACH

Property features AI

Finance

• Other: Property condition listed as good; Federal flood zone: AE5; Accessibility: 2+ access exits; Pets allowed (cats and dogs allowed with number limit); Located in Hometown America park
• Financial info: Land lease exists with monthly land lease of $764; Ground rent exists and is paid annually; Land lease years remaining: 1
• HOA & community: Association amenities include pool(s), tennis courts, playground, boat ramp/slip, pier/dock, picnic area, common grounds, water/lake privileges; Association fees cover common area maintenance, pier/dock maintenance, pool(s), road maintenance, trash, and other items

Exterior

• Parking: Concrete driveway; Driveway parking with 2 spaces; 2 total garage and parking spaces
• Utilities: Public sewer; Community water; Electric hot water; Electric heating and cooling fuel; Cable and satellite internet available; Municipal trash service
• Home design: Manufactured home (single wide, Schult); 1,180 finished above-grade area (estimated); Entry facing information not provided
• Construction: Vinyl siding; Shingle roof; Crawl space foundation with pillar/post/pier; Building not winterized; Year built source: Assessor
• Exterior features: Deck(s); Patio(s); Porch(es); Shed; Above- and below-grade structures; Private road; Blacktop road surface; Community pool (fenced, in-ground)

Interior

• Kitchen: Dishwasher; Electric oven/range; Range hood; Refrigerator; Eat-in kitchen; Pantry
• Bedrooms: 2 bedrooms on main level
• Bathrooms: 2 full bathrooms on main level; 2 full bathrooms total
• Heating & cooling: Forced air heating (electric); Central air conditioning; Ductless / mini-split; Ceiling fans
• Interior features: Tub with shower; Walk-in shower in bathroom; Built-in shelving; Ceiling fans; Traditional floor plan; Eat-in kitchen; Pantry; Master bathroom; Recessed lighting; Wainscoting; Window treatments; Storm and insulated doors
• Laundry & utility: Washer in unit; Dryer (electric) in unit; Laundry on main floor; Has laundry

🏷️ Possibly a rental listed for sale. The $129,900 price doesn't fit this home's estimated sale value (~$166,380) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $805 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 32% 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 $898 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $127,951 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.11% ✓
• Cap rate: 17.98%
• Cash-on-cash: 41.74%
• DSCR: 2.86
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $166,380
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21229 N Street	0.06mi	2/2.0	1,188 (+1%)	1mo	$175,000	$147	95
21251 K St #38492	0.13mi	2/2.0	1,152 (-2%)	4mo	$115,000	$100	87
21272 M St Unit M-1	0.13mi	3/2.0 (+1)	1,200 (+2%)	0mo	$168,000	$140	86
21223 N St Unit N-20	0.05mi	2/2.0	1,100 (-7%)	5mo	$90,000	$82	82
35971 Jake Dr	0.22mi	3/2.0 (+1)	1,040 (-12%)	1mo	$148,000	$142	64
21715 A St	0.57mi	3/2.0 (+1)	1,200 (+2%)	3mo	$155,000	$129	63
35988 Jake Dr	0.26mi	3/2.0 (+1)	1,344 (+14%)	9mo	$188,900	$141	52
21730 B St	0.34mi	3/2.0 (+1)	1,350 (+14%)	5mo	$230,000	$170	51
21749 E St	0.57mi	3/2.0 (+1)	1,272 (+8%)	7mo	$237,000	$186	50
21730 E St Unit E-29	0.56mi	3/2.0 (+1)	1,030 (-13%)	2mo	$128,000	$124	46
37 Branchwood Dr #13034	0.61mi	3/2.0 (+1)	1,076 (-9%)	9mo	$147,500	$137	44
22 Sunnyfield Rd Unit E-13	0.74mi	3/2.0 (+1)	1,008 (-15%)	0mo	$145,000	$144	36

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: 20.6%
• Equity multiple: 1.84×
• Total profit: $30,537
• Equity at exit: $19,369

10-year hold

• IRR: 28.8%
• Equity multiple: 3.58×
• Total profit: $93,918
• Equity at exit: $11,231

Cash invested: $36,372 (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: $2,738 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $805

Break-even live

Break-even rent $1,719

Max offer price $129,900

Occupancy floor 66%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	43d	1	0.51mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	20d	1	1.43mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	43d	1	1.46mi

Listing history 17 events

1. 2026-06-18
   days on market $129,900 Active 20 DOM
2. 2026-06-17
   days on market $129,900 Active 19 DOM
3. 2026-06-16
   days on market $129,900 Active 18 DOM
4. 2026-06-15
   days on market $129,900 Active 17 DOM
5. 2026-06-14
   days on market $129,900 Active 15 DOM
6. 2026-06-13
   days on market $129,900 Active 14 DOM
7. 2026-06-10
   days on market $129,900 Active 12 DOM
8. 2026-06-09
   days on market $129,900 Active 11 DOM
9. 2026-06-08
   days on market $129,900 Active 10 DOM
10. 2026-06-07
    days on market $129,900 Active 9 DOM
11. 2026-06-05
    days on market $129,900 Active 6 DOM
12. 2026-06-03
    days on market $129,900 Active 5 DOM
13. 2026-06-02
    days on market $129,900 Active 4 DOM
14. 2026-06-01
    days on market $129,900 Active 3 DOM
15. 2026-05-31
    days on market $129,900 Active 2 DOM
16. 2026-05-30
    remarks 665-char remark
17. 2026-05-30
    listed $129,900 Active 1 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 7/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $32,856
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$6,175
• − Repairs & maintenance: −$2,628
• − Management: −$2,628
• − Depreciation: −$3,779
• Taxable income: $8,420
• Est. tax owed @ 24.0%: −$2,021
• After-tax cash flow: $7,638/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 80/100 Cosmetic rehab

This mobile home is in good condition with cosmetic updates needed. It's move-in ready and located in a desirable community with amenities.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both landscape — improves curb appeal and rental value
• Both add smart home features — increases appeal and value for both buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both landscape — improves curb appeal and rental value ↑
• Both add smart home features — increases appeal and value for both buyers and renters ↑

ⓘ 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

• 2026-05-29 Listed $129,900 BRIGHT MLS