37202 Alabama Dr · Ocean View, DE 19945

$280,000

3 bd · 2.0 ba · 1,248 sqft · Manufactured · 265 Days on market

Built 2003 10,019 sqft lot $224/sqft · 67% above area $13/mo HOA · 1% of rent

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Why this score? — see what drove the D+ 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 +11.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks MLS

Welcome to your new home at 37202 Alabama Drive in the charming Plantation Park community of Frankford, Delaware. This delightful 3-bedroom, 2-bathroom residence sits on a spacious corner lot of nearly 1/4 acre, just four miles from the beautiful Bethany Beach—perfect for starting your salt life! Step inside to find a welcoming eat-in kitchen complete with a cozy breakfast nook, ideal for morning coffee or casual meals. The open floor plan flows effortlessly, featuring a comfortable living area with air conditioning to keep things cool and breezy. This home offers practical amenities including a washer and dryer, plus parking for up to four vehicles on an asphalt driveway, newly paved in 2015. Enjoy outdoor entertaining on the deck, or relax in the yard. The property includes a handy shed with electricity, perfect for your storage needs. Recent upgrades ensure peace of mind, with a new roof installed in 2016, a modern HVAC system added in 2023, and a water treatment system to enhance your living experience. Living in Plantation Park means no ground rent and minimal HOA fees, giving you the advantages of community living without the extra costs. Experience the best of both worlds with this charming home—location is everything, and you’ll love having the beach just a short drive away.

Key facts

• Breakfast nook
• Air conditioning
• Open floor plan

Tags

• EAT-IN KITCHEN
• BREAKFAST NOOK
• OPEN FLOOR PLAN
• AIR CONDITIONING
• WASHER AND DRYER
• PARKING FOR FOUR VEHICLES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $280k.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (28.6% below list).
• Recommended offer: $200k (28.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 1.9% in Ocean View — 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 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities F, commute F, cost of living 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: Lord Baltimore Elementary School (math 51% / reading 67%, grade B-, #4 of 105 statewide, top 4%, 579 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.
• Zoned-school proficiency averages 45% at this address vs 33% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Indian River School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 285 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $29k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $280k implies a 250% 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 $200,000 (28.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.71% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 11.7

CMA / ARV

• ARV (median comp): $167,399
• List price: $280,000
• Delta: 67.27%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37120 Mississippi Dr	0.24mi	3/1.0	1,372 (+10%)	6mo	$180,000	$131	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.87×
• Total profit: $146,335
• Equity at exit: $252,246

10-year hold

• IRR: 20.7%
• Equity multiple: 6.55×
• Total profit: $435,416
• Equity at exit: $543,978

Cash invested: $78,400 (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 19945

• Home prices YoY: 16.9%
• Active inventory: 285
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$77 /mo · $920/yr
• Insurance: −$117
• HOA: −$13
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $-95

Break-even live

Break-even rent $2,120

Max offer price $263,272

Occupancy floor 100%

Sensitivity live

Price	-10% $64	-5% $-15	+0% $-95	+5% $-174	+10% $-253
Rent	-10% $-253	-5% $-174	+0% $-95	+5% $-16	+10% $63
Rate	-1.0pp $46	-0.5pp $-23	base $-95	+0.5pp $-167	+1.0pp $-241

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30022 Center Point Rd Millville, DE	3.0	2.5	704	$2,000	$2.84	22d	1	1.21mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: waterelectric

Listing history 7 events

1. 2026-05-06
   status Pending 1321-char remark

   Show marketing remark (1321 chars)

   Welcome to your new home at 37202 Alabama Drive in the charming Plantation Park community of Frankford, Delaware. This delightful 3-bedroom, 2-bathroom residence sits on a spacious corner lot of nearly 1/4 acre, just four miles from the beautiful Bethany Beach—perfect for starting your salt life! Step inside to find a welcoming eat-in kitchen complete with a cozy breakfast nook, ideal for morning coffee or casual meals. The open floor plan flows effortlessly, featuring a comfortable living area with air conditioning to keep things cool and breezy. This home offers practical amenities including a washer and dryer, plus parking for up to four vehicles on an asphalt driveway, newly paved in 2015. Enjoy outdoor entertaining on the deck, or relax in the yard. The property includes a handy shed with electricity, perfect for your storage needs. Recent upgrades ensure peace of mind, with a new roof installed in 2016, a modern HVAC system added in 2023, and a water treatment system to enhance your living experience. Living in Plantation Park means no ground rent and minimal HOA fees, giving you the advantages of community living without the extra costs. Experience the best of both worlds with this charming home—location is everything, and you’ll love having the beach just a short drive away.

2. 2026-04-26
   price $280,000 1321-char remark

   Show marketing remark (1321 chars)

   Welcome to your new home at 37202 Alabama Drive in the charming Plantation Park community of Frankford, Delaware. This delightful 3-bedroom, 2-bathroom residence sits on a spacious corner lot of nearly 1/4 acre, just four miles from the beautiful Bethany Beach—perfect for starting your salt life! Step inside to find a welcoming eat-in kitchen complete with a cozy breakfast nook, ideal for morning coffee or casual meals. The open floor plan flows effortlessly, featuring a comfortable living area with air conditioning to keep things cool and breezy. This home offers practical amenities including a washer and dryer, plus parking for up to four vehicles on an asphalt driveway, newly paved in 2015. Enjoy outdoor entertaining on the deck, or relax in the yard. The property includes a handy shed with electricity, perfect for your storage needs. Recent upgrades ensure peace of mind, with a new roof installed in 2016, a modern HVAC system added in 2023, and a water treatment system to enhance your living experience. Living in Plantation Park means no ground rent and minimal HOA fees, giving you the advantages of community living without the extra costs. Experience the best of both worlds with this charming home—location is everything, and you’ll love having the beach just a short drive away.

3. 2026-02-03
   price $298,000 1321-char remark

   Show marketing remark (1321 chars)

   Welcome to your new home at 37202 Alabama Drive in the charming Plantation Park community of Frankford, Delaware. This delightful 3-bedroom, 2-bathroom residence sits on a spacious corner lot of nearly 1/4 acre, just four miles from the beautiful Bethany Beach—perfect for starting your salt life! Step inside to find a welcoming eat-in kitchen complete with a cozy breakfast nook, ideal for morning coffee or casual meals. The open floor plan flows effortlessly, featuring a comfortable living area with air conditioning to keep things cool and breezy. This home offers practical amenities including a washer and dryer, plus parking for up to four vehicles on an asphalt driveway, newly paved in 2015. Enjoy outdoor entertaining on the deck, or relax in the yard. The property includes a handy shed with electricity, perfect for your storage needs. Recent upgrades ensure peace of mind, with a new roof installed in 2016, a modern HVAC system added in 2023, and a water treatment system to enhance your living experience. Living in Plantation Park means no ground rent and minimal HOA fees, giving you the advantages of community living without the extra costs. Experience the best of both worlds with this charming home—location is everything, and you’ll love having the beach just a short drive away.

4. 2025-08-14
   listed $309,000 Active 1321-char remark

   Show marketing remark (1321 chars)

   Welcome to your new home at 37202 Alabama Drive in the charming Plantation Park community of Frankford, Delaware. This delightful 3-bedroom, 2-bathroom residence sits on a spacious corner lot of nearly 1/4 acre, just four miles from the beautiful Bethany Beach—perfect for starting your salt life! Step inside to find a welcoming eat-in kitchen complete with a cozy breakfast nook, ideal for morning coffee or casual meals. The open floor plan flows effortlessly, featuring a comfortable living area with air conditioning to keep things cool and breezy. This home offers practical amenities including a washer and dryer, plus parking for up to four vehicles on an asphalt driveway, newly paved in 2015. Enjoy outdoor entertaining on the deck, or relax in the yard. The property includes a handy shed with electricity, perfect for your storage needs. Recent upgrades ensure peace of mind, with a new roof installed in 2016, a modern HVAC system added in 2023, and a water treatment system to enhance your living experience. Living in Plantation Park means no ground rent and minimal HOA fees, giving you the advantages of community living without the extra costs. Experience the best of both worlds with this charming home—location is everything, and you’ll love having the beach just a short drive away.

5. 2015-06-03
   soldstatus $80,000
6. 2015-06-01
   soldstatus $140,000 192-char remark

   Show marketing remark (192 chars)

   Located under 3 miles to Bethany's Beaches and Boardwalk, this 3BD/2BA home is located on a corner landscaped lot with a large private rear deck, eat-in kitchen with island and breakfast nook.

7. 2013-07-02
   listed $152,000 192-char remark

   Show marketing remark (192 chars)

   Located under 3 miles to Bethany's Beaches and Boardwalk, this 3BD/2BA home is located on a corner landscaped lot with a large private rear deck, eat-in kitchen with island and breakfast nook.

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

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $920 · $77/mo
• Projected year-2 tax: $1,272 · $106/mo
• Expected delta: +$352/yr (+$29/mo · 38.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$15,684
• − Property taxes: −$920
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$156
• − Depreciation: −$8,145
• Taxable loss: −$6,146
• Est. tax savings @ 24.0%: +$1,475
• After-tax cash flow: $339/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 View

• Score: 69/100
• State rank: #27
• US rank: #8560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,917

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 (77%)
• Race & ethnicity: White 77% Black 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 46.51%
• Current HPI: 322.2407
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+84.2% since first listed

7 events — show timeline

• 2026-05-06 Pending — BRIGHT MLS
• 2026-04-26 Price Changed $280,000 BRIGHT MLS
• 2026-02-03 Price Changed $298,000 BRIGHT MLS
• 2025-08-14 Listed $309,000 BRIGHT MLS
• 2015-06-03 Sold (Public Records) $80,000 Public Records
• 2015-06-01 Sold (MLS) $140,000 BRIGHT MLS
• 2013-07-02 Listed $152,000 BRIGHT MLS

Property tax history

-0.2%/yr

Latest (2025): $920 · -1.8% YoY. Source: county tax records.