33933 Pinewood Rd · Lewes, DE 19958

$29,000

2 bd · 2.0 ba · 1,078 sqft · Manufactured · 1 Days on market

Built 1976 25 ac lot

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Opportunity awaits at 33933 Pinewood Rd in Lewes! Situated on a spacious . 25-acre lot, this 2-bedroom, 2-bath home offers 1,078 square feet of living space and is ready for its next chapter. Featuring a large family room addition ("bump out") that provides extra living and entertaining space, this property offers a footprint larger than many homes of its kind. A high-efficiency propane heating system was installed in 2017, providing an important mechanical upgrade. The home is in need of renovations and is being offered as an excellent opportunity for investors, contractors, flippers, or buyers looking to create their own coastal retreat. With its convenient Lewes location, you'l

Key facts

• Spacious lot
• 25.22 acre lot
• 2 parking spots

Tags

• LARGE FAMILY ROOM ADDITION
• SPACIOUS LOT
• CONVENIENT LEWES LOCATION

Property features AI

Finance

• Other: Not in a federal flood zone; Property manager present; Property condition listed as below average; Above-grade finished area recorded by assessor
• Financial info: Land lease payment $992 monthly; Land lease years remaining: 1; Annual ground rent listed as an income/expense item

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Mobile home (single wide); Mobile pre-1976
• Construction: Modular/manufactured construction with metal siding; Other structures above and below grade
• Exterior features: Ground rent exists (paid annually)

Interior

• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Heat pump cooling; Propane (leased) heating fuel; Electric hot water
• Interior features: Furnished; Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $29k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $29k).
• Cap rate 68.0% 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.
• Zoned schools: Lewes Elementary School (math 58% / reading 60%, grade B-, #4 of 105 statewide, top 4%, 582 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 818 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $870 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 $29,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 7.29% ✓
• Cap rate: 68.03%
• Cash-on-cash: 220.51%
• DSCR: 10.81
• GRM: 1.1

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: —
• Equity multiple: 11.56×
• Total profit: $85,712
• Equity at exit: $4,324

10-year hold

• IRR: —
• Equity multiple: 23.03×
• Total profit: $178,878
• Equity at exit: $2,507

Cash invested: $8,120 (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: 1.1×

Monthly cashflow live

• Estimated rent: $2,113 high
• Mortgage (P&I): −$152
• Tax from tax record: −$13 /mo · $155/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,492

Break-even live

Break-even rent $224

Max offer price $29,000

Occupancy floor 24%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17059 S Brandt St #3206 Lewes, DE	2.0	2.0	1052	$1,850	$1.76	20d	1	0.61mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	43d	1	0.62mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	43d	1	0.67mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	43d	1	0.76mi
33451 Mackenzie Way Lewes, DE	1.0	1.0	784	$1,679	$2.14	13d	1	0.77mi
33106 N Village Loop #1103 Lewes, DE	2.0	2.0	1144	$2,000	$1.75	44d	1	0.83mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	43d	1	0.94mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	13d	1	1.33mi

Listing history 2 events

1. 2026-06-19
   remarks 689-char remark
2. 2026-06-19
   listed $29,000 Active 1 DOM

ⓘ 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: $155 · $13/mo
• Projected year-2 tax: $162 · $13/mo
• Expected delta: +$7/yr (+$1/mo · 4.3%)

ⓘ 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 ≥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: $25,354
• − Mortgage interest: −$1,624
• − Property taxes: −$155
• − Insurance: −$145
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$844
• Taxable income: $18,530
• Est. tax owed @ 24.0%: −$4,447
• After-tax cash flow: $13,458/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

1 event — show timeline

• 2026-06-18 Listed $29,000 BRIGHT MLS

Property tax history

-7.9%/yr

Latest (2025): $155 · -56.0% YoY. Source: county tax records.