37680 E Shady Dr #16537 · Ocean City, MD 19975

$102,900

2 bd · 1.0 ba · 1,344 sqft · Manufactured · 413 Days on market

Manufactured home Built 1980 $77/sqft · 23% below area Est $134k · 23% 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
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

Key facts

• Screened porch
• Outdoor shower
• Backyard shed

Tags

• SCREENED PORCH
• OUTDOOR SHOWER
• BACKYARD SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $103k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $91k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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+, amenities 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.
• Zoned schools: Showell (Phillip C.) Elementary School (math 27% / reading 37%, grade F, #44 of 105 statewide, top 46%, 279 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.
• Market conditions: 2 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 $711 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 $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 413 days — a 12% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $7k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $103k implies a 106% gain — meaningful room to come down on a strong offer.

Recommended offer $90,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 413 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: 1.64% ✓
• Cap rate: 13.57%
• Cash-on-cash: 25.97%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (median comp): $134,454
• List price: $102,900
• Delta: -23.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.7%
• Equity multiple: 1.80×
• Total profit: $23,071
• Equity at exit: $15,343

10-year hold

• IRR: 28.0%
• Equity multiple: 3.48×
• Total profit: $71,339
• Equity at exit: $8,897

Cash invested: $28,812 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,690 medium
• Mortgage (P&I): −$540
• Tax est. 1.5%: −$129 /mo · $1,544/yr
• Insurance: −$43
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $624

Break-even live

Break-even rent $900

Max offer price $102,900

Occupancy floor 58%

Sensitivity live

Price	-10% $695	-5% $659	+0% $624	+5% $588	+10% $553
Rent	-10% $490	-5% $557	+0% $624	+5% $690	+10% $757
Rate	-1.0pp $675	-0.5pp $650	base $624	+0.5pp $597	+1.0pp $570

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: $25,725
• Closing costs: $3,087
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37057 Mallard Dr Selbyville, DE	3.0	2.0	1416	$2,300	$1.62	46d	1	0.60mi
38256 Hummingbird Ln #214 Selbyville, DE	2.0	1.5	900	$2,000	$2.22	23d	1	0.78mi

Listing history 29 events

1. 2026-06-23
   days on market $102,900 Active 413 DOM
2. 2026-06-21
   days on market $102,900 Active 412 DOM
3. 2026-06-18
   days on market $102,900 Active 409 DOM
4. 2026-06-17
   days on market $102,900 Active 408 DOM
5. 2026-06-16
   days on market $102,900 Active 407 DOM
6. 2026-06-15
   days on market $102,900 Active 406 DOM
7. 2026-06-14
   days on market $102,900 Active 404 DOM
8. 2026-06-13
   days on market $102,900 Active 403 DOM
9. 2026-06-10
   days on market $102,900 Active 401 DOM
10. 2026-06-09
    days on market $102,900 Active 400 DOM
11. 2026-06-08
    days on market $102,900 Active 399 DOM
12. 2026-06-07
    days on market $102,900 Active 398 DOM
13. 2026-06-02
    days on market $102,900 Active 393 DOM
14. 2026-06-01
    days on market $102,900 Active 392 DOM
15. 2026-05-31
    days on market $102,900 Active 391 DOM
16. 2026-05-30
    days on market $102,900 Active 390 DOM
17. 2025-11-18
    price $102,900 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

18. 2025-09-17
    price $104,900 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

19. 2025-08-15
    status Active 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

20. 2025-07-14
    historical Active Under Contract 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

21. 2025-06-27
    status Pending 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

22. 2025-04-11
    status Active 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

23. 2025-03-23
    historical Active Under Contract 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

24. 2025-02-26
    listed $109,900 Active 710-char remark

    Show marketing remark (710 chars)

    Back on the market at no fault of the seller. Charming 2-bedroom, 1-bathroom home in the Shady Park community, just minutes from Fenwick Island. This well-maintained home offers a comfortable living room, a cozy den for extra gathering space, and a kitchen with a dining area. Enjoy coastal living with a screened porch and an outdoor shower—perfect for rinsing off after a day at the beach. Additional storage for all your beach needs is available in the backyard shed. Whether you're looking for a summer getaway or a year-round residence, this home provides a fantastic location and a relaxed lifestyle near shopping, dining, and the shore. Don’t miss the opportunity to schedule a private tour!

25. 2009-08-10
    soldstatus $50,000 226-char remark

    Show marketing remark (226 chars)

    Very Well Kept Low Price Vacation or Retirement only minutes to Fenwick Island and Ocean City. Low lot rent of $3200 per year. Enjoy the summer on your screened porch with friends and family. Easy access to all the beach fun!!

26. 2009-07-10
    historical 226-char remark

    Show marketing remark (226 chars)

    Very Well Kept Low Price Vacation or Retirement only minutes to Fenwick Island and Ocean City. Low lot rent of $3200 per year. Enjoy the summer on your screened porch with friends and family. Easy access to all the beach fun!!

27. 2009-07-09
    listed $55,900 226-char remark

    Show marketing remark (226 chars)

    Very Well Kept Low Price Vacation or Retirement only minutes to Fenwick Island and Ocean City. Low lot rent of $3200 per year. Enjoy the summer on your screened porch with friends and family. Easy access to all the beach fun!!

28. 2009-07-06
    historical
29. 2008-07-07
    listed $69,000

ⓘ 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: $20,275
• − Mortgage interest: −$5,764
• − Property taxes: −$1,544
• − Insurance: −$514
• − Repairs & maintenance: −$1,622
• − Management: −$1,622
• − Depreciation: −$2,993
• Taxable income: $6,215
• Est. tax owed @ 24.0%: −$1,492
• After-tax cash flow: $5,992/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 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

+49.1% since first listed

13 events — show timeline

• 2025-11-18 Price Changed $102,900 BRIGHT MLS
• 2025-09-17 Price Changed $104,900 BRIGHT MLS
• 2025-08-15 Relisted — BRIGHT MLS
• 2025-07-14 Contingent — BRIGHT MLS
• 2025-06-27 Pending — BRIGHT MLS
• 2025-04-11 Relisted — BRIGHT MLS
• 2025-03-23 Contingent — BRIGHT MLS
• 2025-02-26 Listed $109,900 BRIGHT MLS
• 2009-08-10 Sold (MLS) $50,000 BRIGHT MLS
• 2009-07-10 Listing Removed — BRIGHT MLS
• 2009-07-09 Listed $55,900 BRIGHT MLS
• 2009-07-06 Listing Removed — BRIGHT MLS
• 2008-07-07 Listed $69,000 BRIGHT MLS