37424 Shady Way · Ocean City, MD 19975

$150,000

2 bd · 2.0 ba · 856 sqft · Manufactured · 241 Days on market

Built 1986 Good condition 69 ac lot $175/sqft · 14% above area Est $132k · 14% over

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

Key facts

• New siding
• New skirting
• New entry steps

Tags

• UPDATED HOME
• NEW ROOF
• HVAC SYSTEM
• NEW SIDING
• NEW SKIRTING
• NEW ENTRY STEPS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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+, schools 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.
• 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 $1k 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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; list at $150k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.33% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.53%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $131,714
• List price: $150,000
• Delta: 13.88%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.3%
• Equity multiple: 1.25×
• Total profit: $10,332
• Equity at exit: $22,365

10-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $53,683
• Equity at exit: $12,969

Cash invested: $42,000 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $543

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 68%

Sensitivity live

Price	-10% $647	-5% $595	+0% $543	+5% $492	+10% $440
Rent	-10% $385	-5% $464	+0% $543	+5% $622	+10% $701
Rate	-1.0pp $619	-0.5pp $582	base $543	+0.5pp $505	+1.0pp $465

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: $37,500
• Closing costs: $4,500
• 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	22d	1	0.89mi

Listing history 24 events

1. 2026-06-21
   days on market $150,000 Active 241 DOM
2. 2026-06-18
   days on market $150,000 Active 238 DOM
3. 2026-06-17
   days on market $150,000 Active 237 DOM
4. 2026-06-16
   days on market $150,000 Active 236 DOM
5. 2026-06-15
   days on market $150,000 Active 235 DOM
6. 2026-06-14
   days on market $150,000 Active 233 DOM
7. 2026-06-13
   days on market $150,000 Active 232 DOM
8. 2026-06-10
   days on market $150,000 Active 230 DOM
9. 2026-06-09
   days on market $150,000 Active 229 DOM
10. 2026-06-08
    days on market $150,000 Active 228 DOM
11. 2026-06-07
    days on market $150,000 Active 227 DOM
12. 2026-06-02
    days on market $150,000 Active 222 DOM
13. 2026-06-01
    days on market $150,000 Active 221 DOM
14. 2026-05-31
    days on market $150,000 Active 220 DOM
15. 2026-05-30
    days on market $150,000 Active 219 DOM
16. 2026-05-15
    price $150,000 1556-char remark

    Show marketing remark (1556 chars)

    To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

17. 2026-04-15
    price $155,000 1556-char remark

    Show marketing remark (1556 chars)

    To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

18. 2026-01-11
    price $160,000 1556-char remark

    Show marketing remark (1556 chars)

    To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

19. 2025-12-01
    price $165,000 1556-char remark

    Show marketing remark (1556 chars)

    To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

20. 2025-10-23
    listed $170,000 Active 1556-char remark

    Show marketing remark (1556 chars)

    To help offset first-year ownership costs, the seller is offering a credit toward the buyer’s first year of lot rent. Welcome to this beautifully updated home in the desirable Shady Park community of Selbyville, Delaware, where thoughtful renovations inside and out provide true move-in-ready comfort. Major upgrades have already been completed, including a new roof, HVAC system, siding, skirting, and entry steps, offering peace of mind and enhanced curb appeal. Inside, luxury vinyl plank flooring, fresh neutral carpet, and newly painted walls and ceilings create a bright and inviting main living area, while the updated kitchen features a new stainless-steel refrigerator, refreshed lighting, and a convenient breakfast bar ideal for casual dining or entertaining. Both bathrooms have been completely modernized, with the primary suite offering a walk-in closet and a beautifully designed ensuite bath with a stylish shower door and spacious stall shower. Residents of Shady Park enjoy access to a scenic waterfront picnic and grill area, boat ramp, and playground, all within a welcoming year-round community. Ideally located just three miles from the beach and close to the bay, golf, shopping, and exceptional dining, this home is also minutes from the renowned Freeman Arts Pavilion, known for its summer live performances. Whether you’re seeking a full-time residence or a seasonal coastal retreat, this charming home offers an excellent opportunity to enjoy the coastal lifestyle—don’t miss your chance to make it yours.

21. 2021-07-30
    soldstatus $92,000 Closed 455-char remark

    Show marketing remark (455 chars)

    Here is your opportunity to have a place at the beach reasonably. Home offers a nice size outdoor deck, as well as a Screened in porch! Roof replaced in 2007 HVAC replaced six years ago. Home has been well maintained. Newer appliances, very thing in tiptop shape. Shady Park is located just 2 1/2 miles to the beach. Convenient to Restaurants, tax free shopping, all water sports, swimming, fishing, crabbing, boating, Kayaking and just enjoying the sun!

22. 2021-07-08
    status Pending 455-char remark

    Show marketing remark (455 chars)

    Here is your opportunity to have a place at the beach reasonably. Home offers a nice size outdoor deck, as well as a Screened in porch! Roof replaced in 2007 HVAC replaced six years ago. Home has been well maintained. Newer appliances, very thing in tiptop shape. Shady Park is located just 2 1/2 miles to the beach. Convenient to Restaurants, tax free shopping, all water sports, swimming, fishing, crabbing, boating, Kayaking and just enjoying the sun!

23. 2021-07-03
    historical Active Under Contract 455-char remark

    Show marketing remark (455 chars)

    Here is your opportunity to have a place at the beach reasonably. Home offers a nice size outdoor deck, as well as a Screened in porch! Roof replaced in 2007 HVAC replaced six years ago. Home has been well maintained. Newer appliances, very thing in tiptop shape. Shady Park is located just 2 1/2 miles to the beach. Convenient to Restaurants, tax free shopping, all water sports, swimming, fishing, crabbing, boating, Kayaking and just enjoying the sun!

24. 2021-06-07
    listed $98,000 Active 455-char remark

    Show marketing remark (455 chars)

    Here is your opportunity to have a place at the beach reasonably. Home offers a nice size outdoor deck, as well as a Screened in porch! Roof replaced in 2007 HVAC replaced six years ago. Home has been well maintained. Newer appliances, very thing in tiptop shape. Shady Park is located just 2 1/2 miles to the beach. Convenient to Restaurants, tax free shopping, all water sports, swimming, fishing, crabbing, boating, Kayaking and just enjoying the sun!

ⓘ 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: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$4,364
• Taxable income: $4,394
• Est. tax owed @ 24.0%: −$1,055
• After-tax cash flow: $5,466/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 beautifully updated manufactured home in Shady Park offers move-in-ready comfort with recent renovations and a well-maintained exterior.

Value-add opportunities

• Both painting — Fresh paint can make a significant difference in curb appeal and interior aesthetics
• Both landscaping — Well-maintained landscaping enhances curb appeal and adds value
• Rental HVAC maintenance — Regular HVAC maintenance ensures comfort and reduces energy costs

Renovation cost estimate screening

Value-add ROI direction

• Both painting — Fresh paint can make a significant difference in curb appeal and interior aesthetics ↑
• Both landscaping — Well-maintained landscaping enhances curb appeal and adds value ↑
• Rental HVAC maintenance — Regular HVAC maintenance ensures comfort and reduces energy costs ↑

ⓘ 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: 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

+53.1% since first listed

9 events — show timeline

• 2026-05-15 Price Changed $150,000 BRIGHT MLS
• 2026-04-15 Price Changed $155,000 BRIGHT MLS
• 2026-01-11 Price Changed $160,000 BRIGHT MLS
• 2025-12-01 Price Changed $165,000 BRIGHT MLS
• 2025-10-23 Listed $170,000 BRIGHT MLS
• 2021-07-30 Sold (MLS) $92,000 BRIGHT MLS
• 2021-07-08 Pending — BRIGHT MLS
• 2021-07-03 Contingent — BRIGHT MLS
• 2021-06-07 Listed $98,000 BRIGHT MLS

Property tax history

-3.0%/yr

Latest (2025): $169 · -11.9% YoY. Source: county tax records.