31707 Siham Rd #49294 · Lewes, DE 19958

$89,000

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 26 Days on market

Built 2001 4,356 sqft lot

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

Motivated Seller! 2001 Doublewide in Lewes community with pool. Owner had a home inspection done and it passed with flying colors. This home shows like a model and has custom interior paint. Nice landscaping and sunny deck. Home can be financed and qualifies for insurance.

Key facts

• 4,356 sq ft lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Pets allowed (cats and dogs OK; number limits apply); Community pool (in-ground)
• Financial info: Land lease exists with monthly land lease payment; Ground rent paid annually
• HOA & community: Community amenities include playground/tot lots and outdoor swimming pool

Exterior

• Parking: Asphalt driveway; Off-street parking; Driveway parking for 2 vehicles (2 total garage/parking spaces listed)
• Utilities: Public water; Public sewer; Electric available; Propane available; Cable TV available; Phone available; Electric hot water
• Home design: Manufactured home (double wide, Liberty model); Modular/manufactured construction with vinyl siding; Single-story (entry-level bedrooms); Pillar/post/pier foundation; Shingle/asphalt roof; Doors swing in; Insulated windows with screens and storm features
• Construction: Manufactured structure type; Pillar/Post/Pier foundation; Shingle/asphalt roof; Vinyl siding
• Exterior features: Deck(s); Landscaping; Shed; Not in a federal flood zone

Interior

• Kitchen: Gas range / oven; Microwave; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level; Entry-level bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Forced air heating (propane - leased); Central air conditioning
• Interior features: Open floor plan; Eat-in kitchen; Dining area; Ceiling fans; Tub with shower; Pantry; Master bath; Walk-in closet(s); Window treatments; Storm door(s)
• Laundry & utility: Washer and dryer in unit (electric dryer); Water heater (electric)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.0% 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: 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% 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 31% of the median local income ($97k/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 $615 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 + 0.8% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask is 155% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $28k; list at $89k implies a 218% 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 $87,665 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.85% ✓
• Cap rate: 25.01%
• Cash-on-cash: 66.86%
• DSCR: 3.98
• GRM: 2.9

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: 63.6%
• Equity multiple: 3.75×
• Total profit: $68,486
• Equity at exit: $13,270

10-year hold

• IRR: 67.3%
• Equity multiple: 7.09×
• Total profit: $151,824
• Equity at exit: $7,695

Cash invested: $24,920 (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: 2.9×

Monthly cashflow live

• Estimated rent: $2,536 high
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,389

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 40%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.39mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.41mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	14d	17	0.45mi
33106 N Village Loop #1103 Lewes, DE	2.0	2.0	1144	$2,000	$1.75	44d	1	1.28mi
33082 E Light Dr Lewes, DE	4.0	2.0	992	$2,600	$2.62	44d	1	1.37mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	44d	1	1.47mi

Listing history 23 events

1. 2026-06-18
   days on market $89,000 Active 26 DOM
2. 2026-06-17
   days on market $89,000 Active 25 DOM
3. 2026-06-16
   days on market $89,000 Active 24 DOM
4. 2026-06-15
   days on market $89,000 Active 23 DOM
5. 2026-06-14
   days on market $89,000 Active 21 DOM
6. 2026-06-13
   days on market $89,000 Active 20 DOM
7. 2026-06-10
   days on market $89,000 Active 18 DOM
8. 2026-06-09
   days on market $89,000 Active 17 DOM
9. 2026-06-08
   days on market $89,000 Active 16 DOM
10. 2026-06-07
    days on market $89,000 Active 15 DOM
11. 2026-06-05
    days on market $89,000 Active 12 DOM
12. 2026-06-03
    days on market $89,000 Active 11 DOM
13. 2026-06-02
    days on market $89,000 Active 10 DOM
14. 2026-06-01
    days on market $89,000 Active 9 DOM
15. 2026-05-31
    days on market $89,000 Active 8 DOM
16. 2026-05-30
    days on market $89,000 Active 7 DOM
17. 2026-05-23
    historical $89,000
18. 2011-11-05
    soldstatus $28,000 273-char remark

    Show marketing remark (273 chars)

    Motivated Seller! 2001 Doublewide in Lewes community with pool. Owner had a home inspection done and it passed with flying colors. This home shows like a model and has custom interior paint. Nice landscaping and sunny deck. Home can be financed and qualifies for insurance.

19. 2009-07-27
    historical
20. 2009-07-17
    listed $34,900 273-char remark

    Show marketing remark (273 chars)

    Motivated Seller! 2001 Doublewide in Lewes community with pool. Owner had a home inspection done and it passed with flying colors. This home shows like a model and has custom interior paint. Nice landscaping and sunny deck. Home can be financed and qualifies for insurance.

21. 2009-04-17
    listed $44,900
22. 2006-09-12
    historical
23. 2006-09-08
    listed $42,900

ⓘ 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 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: $30,434
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$2,435
• − Management: −$2,435
• − Depreciation: −$2,589
• Taxable income: $16,210
• Est. tax owed @ 24.0%: −$3,891
• After-tax cash flow: $12,772/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

+107.5% since first listed

7 events — show timeline

• 2026-05-23 Coming Soon $89,000 BRIGHT MLS
• 2011-11-05 Sold (MLS) $28,000 BRIGHT MLS
• 2009-07-27 Listing Removed — BRIGHT MLS
• 2009-07-17 Listed $34,900 BRIGHT MLS
• 2009-04-17 Listed $44,900 BRIGHT MLS
• 2006-09-12 Listing Removed — BRIGHT MLS
• 2006-09-08 Listed $42,900 BRIGHT MLS