18708 Snowmass Run #196 · Lewes, DE 19971

$245,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily · 195 Days on market

Built 2009 Good condition 4,356 sqft lot $146/sqft · at area comps Est $243k · at est. ↓ 2% since listing

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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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.1/15.0
• 1% rule +6.2/10.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Aspen Meadows is located less than a 4-mile drive to the famous Rehoboth Beach boardwalk; only 5 miles to the Lewes public beach; and the Cape Henlopen State Park beaches are not much farther away. The Wolfe Neck trailhead to the State Park’s hiking/biking trail is right down the road, too, if you prefer to bike to the beach. This home is around the corner from the community pool and clubhouse, which has a fitness center. This 2009 Champion home features a living room with a stone-front gas fireplace. A dining area adjoins the kitchen. The kitchen has a breakfast bar island, smooth-top electric cooktop, exhaust hood, wall oven, built-in microwave, and a disposal. There is a family room adjoining the kitchen. The main bedroom is en suite with a large step-in shower. Split bedroom plan. The second full bath has a tub/shower. The laundry room is off of the kitchen, and it has a full-size side-by-side washer & dryer. Perhaps one of the best features of this home is the FLOORED ATTIC with fixed stairs (not a flimsy ladder) for easy access. 8'x28' front screened porch. Paver patio out back by the oversized shed. Leasehold Interest: Lot Rent is $1,196/mt. (renews annually with any increase capped as per 25 Del. C. Sec. 7050-7054). Lot rent includes trash/recycle, seasonal lawn service, and the pool & fitness center memberships. Homeowner pays electric, water, sewer & Internet (Comcast Xfinity). Equity LifeStyle Properties, Inc. , the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)credit bureau score, plus evaluation of debt-to-income ratio, and 3.)criminal background check. (Note: Family & friends may always visit, but rentals are NOT permitted. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include the a 3.75% real estate transfer tax (DMV Doc Fee) & Settlement Agent fee.

Key facts

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

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: 331 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 32% of the median local income ($102k/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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

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 $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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. 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: 1.12% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.31%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $242,909
• List price: $245,000
• Delta: 0.86%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18642 Snowmass Run S	0.19mi	3/2.0	1,683 (+0%)	11mo	$160,000	$95	82
35611 High Alpine Ln #51682	0.16mi	3/2.0	1,792 (+7%)	6mo	$211,000	$118	76
52 Colonial Ln	0.35mi	3/2.0	1,568 (-7%)	0mo	$155,000	$99	72
503 2nd St	0.10mi	3/2.0	1,493 (-11%)	13mo	$400,000	$268	66
207 Midway Dr	0.12mi	3/1.0	1,500 (-11%)	10mo	$340,000	$227	64
15 Sabrina Dr	0.59mi	3/2.0	1,736 (+3%)	7mo	$459,900	$265	61
35645 Elk Camp Rd	0.24mi	2/2.0 (-1)	1,890 (+12%)	3mo	$274,900	$145	60
38 Radcliffe Dr	0.62mi	3/2.0	1,732 (+3%)	9mo	$469,000	$271	59
22 Gunpowder Ln	0.40mi	3/2.0	1,470 (-12%)	5mo	$165,000	$112	56
17 Tulane Dr	0.69mi	3/2.0	1,594 (-5%)	11mo	$525,000	$329	51
12 Vassar Dr	0.73mi	3/2.0	1,478 (-12%)	10mo	$480,000	$325	38
24 Tulane Dr	0.66mi	3/2.0	1,456 (-13%)	12mo	$470,000	$323	37

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

Projected returns pro-forma

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

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-9,400
• Equity at exit: $36,530

10-year hold

• IRR: 6.1%
• Equity multiple: 1.45×
• Total profit: $30,946
• Equity at exit: $21,183

Cash invested: $68,600 (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 19971

• Active inventory: 331
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,745 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $475

Break-even live

Break-even rent $2,143

Max offer price $245,000

Occupancy floor 78%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	43d	1	0.53mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.73mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	13d	1	0.75mi
113 Loganberry Ln Rehoboth Beach, DE	3.0	2.0	1629	$2,900	$1.78	13d	1	0.87mi
18834 Bethpage Dr Lewes, DE	3.0	3.0	2100	$2,400	$1.14	43d	1	0.88mi

Listing history 19 events

1. 2026-06-18
   days on market $245,000 Active 195 DOM
2. 2026-06-17
   days on market $245,000 Active 194 DOM
3. 2026-06-16
   days on market $245,000 Active 193 DOM
4. 2026-06-15
   days on market $245,000 Active 192 DOM
5. 2026-06-14
   days on market $245,000 Active 190 DOM
6. 2026-06-13
   days on market $245,000 Active 189 DOM
7. 2026-06-10
   days on market $245,000 Active 187 DOM
8. 2026-06-09
   days on market $245,000 Active 186 DOM
9. 2026-06-08
   days on market $245,000 Active 185 DOM
10. 2026-06-07
    days on market $245,000 Active 184 DOM
11. 2026-06-05
    days on market $245,000 Active 181 DOM
12. 2026-06-03
    days on market $245,000 Active 180 DOM
13. 2026-06-02
    days on market $245,000 Active 179 DOM
14. 2026-06-01
    days on market $245,000 Active 178 DOM
15. 2026-05-31
    days on market $245,000 Active 177 DOM
16. 2026-05-30
    days on market $245,000 Active 176 DOM
17. 2026-04-29
    price $245,000 2049-char remark

    Show marketing remark (2049 chars)

    Aspen Meadows is located less than a 4-mile drive to the famous Rehoboth Beach boardwalk; only 5 miles to the Lewes public beach; and the Cape Henlopen State Park beaches are not much farther away. The Wolfe Neck trailhead to the State Park’s hiking/biking trail is right down the road, too, if you prefer to bike to the beach. This home is around the corner from the community pool and clubhouse, which has a fitness center. This 2009 Champion home features a living room with a stone-front gas fireplace. A dining area adjoins the kitchen. The kitchen has a breakfast bar island, smooth-top electric cooktop, exhaust hood, wall oven, built-in microwave, and a disposal. There is a family room adjoining the kitchen. The main bedroom is en suite with a large step-in shower. Split bedroom plan. The second full bath has a tub/shower. The laundry room is off of the kitchen, and it has a full-size side-by-side washer & dryer. Perhaps one of the best features of this home is the FLOORED ATTIC with fixed stairs (not a flimsy ladder) for easy access. 8'x28' front screened porch. Paver patio out back by the oversized shed. Leasehold Interest: Lot Rent is $1,196/mt. (renews annually with any increase capped as per 25 Del. C. Sec. 7050-7054). Lot rent includes trash/recycle, seasonal lawn service, and the pool & fitness center memberships. Homeowner pays electric, water, sewer & Internet (Comcast Xfinity). Equity LifeStyle Properties, Inc. , the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)credit bureau score, plus evaluation of debt-to-income ratio, and 3.)criminal background check. (Note: Family & friends may always visit, but rentals are NOT permitted. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include the a 3.75% real estate transfer tax (DMV Doc Fee) & Settlement Agent fee.

18. 2025-12-06
    listed $250,000 Active 2049-char remark

    Show marketing remark (2049 chars)

    Aspen Meadows is located less than a 4-mile drive to the famous Rehoboth Beach boardwalk; only 5 miles to the Lewes public beach; and the Cape Henlopen State Park beaches are not much farther away. The Wolfe Neck trailhead to the State Park’s hiking/biking trail is right down the road, too, if you prefer to bike to the beach. This home is around the corner from the community pool and clubhouse, which has a fitness center. This 2009 Champion home features a living room with a stone-front gas fireplace. A dining area adjoins the kitchen. The kitchen has a breakfast bar island, smooth-top electric cooktop, exhaust hood, wall oven, built-in microwave, and a disposal. There is a family room adjoining the kitchen. The main bedroom is en suite with a large step-in shower. Split bedroom plan. The second full bath has a tub/shower. The laundry room is off of the kitchen, and it has a full-size side-by-side washer & dryer. Perhaps one of the best features of this home is the FLOORED ATTIC with fixed stairs (not a flimsy ladder) for easy access. 8'x28' front screened porch. Paver patio out back by the oversized shed. Leasehold Interest: Lot Rent is $1,196/mt. (renews annually with any increase capped as per 25 Del. C. Sec. 7050-7054). Lot rent includes trash/recycle, seasonal lawn service, and the pool & fitness center memberships. Homeowner pays electric, water, sewer & Internet (Comcast Xfinity). Equity LifeStyle Properties, Inc. , the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)credit bureau score, plus evaluation of debt-to-income ratio, and 3.)criminal background check. (Note: Family & friends may always visit, but rentals are NOT permitted. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include the a 3.75% real estate transfer tax (DMV Doc Fee) & Settlement Agent fee.

19. 2025-11-28
    historical $250,000 2049-char remark

    Show marketing remark (2049 chars)

    Aspen Meadows is located less than a 4-mile drive to the famous Rehoboth Beach boardwalk; only 5 miles to the Lewes public beach; and the Cape Henlopen State Park beaches are not much farther away. The Wolfe Neck trailhead to the State Park’s hiking/biking trail is right down the road, too, if you prefer to bike to the beach. This home is around the corner from the community pool and clubhouse, which has a fitness center. This 2009 Champion home features a living room with a stone-front gas fireplace. A dining area adjoins the kitchen. The kitchen has a breakfast bar island, smooth-top electric cooktop, exhaust hood, wall oven, built-in microwave, and a disposal. There is a family room adjoining the kitchen. The main bedroom is en suite with a large step-in shower. Split bedroom plan. The second full bath has a tub/shower. The laundry room is off of the kitchen, and it has a full-size side-by-side washer & dryer. Perhaps one of the best features of this home is the FLOORED ATTIC with fixed stairs (not a flimsy ladder) for easy access. 8'x28' front screened porch. Paver patio out back by the oversized shed. Leasehold Interest: Lot Rent is $1,196/mt. (renews annually with any increase capped as per 25 Del. C. Sec. 7050-7054). Lot rent includes trash/recycle, seasonal lawn service, and the pool & fitness center memberships. Homeowner pays electric, water, sewer & Internet (Comcast Xfinity). Equity LifeStyle Properties, Inc. , the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)credit bureau score, plus evaluation of debt-to-income ratio, and 3.)criminal background check. (Note: Family & friends may always visit, but rentals are NOT permitted. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include the a 3.75% real estate transfer tax (DMV Doc Fee) & Settlement Agent fee.

ⓘ 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: $32,935
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,635
• − Management: −$2,635
• − Depreciation: −$7,127
• Taxable income: $1,914
• Est. tax owed @ 24.0%: −$459
• After-tax cash flow: $5,242/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 home is in good condition with a good condition score of 75. It has a good exterior, interior, and systems. The home is located in a desirable location with easy access to beaches and trails. The home has a good resale and rental value and can be improved with some cosmetic updates.

Value-add opportunities

• Resale Paint exterior siding — Painting the exterior siding can enhance the home's curb appeal and make it more attractive to potential buyers.
• Both Replace carpet with hardwood flooring — Replacing the carpet with hardwood flooring can increase the home's value and make it more appealing to both buyers and renters.
• Both Install new windows — Installing new windows can improve energy efficiency and increase the home's value, making it more attractive to both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Painting the exterior siding can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Both Replace carpet with hardwood flooring — Replacing the carpet with hardwood flooring can increase the home's value and make it more appealing to both buyers and renters. ↑
• Both Install new windows — Installing new windows can improve energy efficiency and increase the home's value, making it more attractive to both buyers and renters. ↑

ⓘ 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: 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): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

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% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-2.0% since first listed

3 events — show timeline

• 2026-04-29 Price Changed $245,000 BRIGHT MLS
• 2025-12-06 Listed $250,000 BRIGHT MLS
• 2025-11-28 Coming Soon $250,000 BRIGHT MLS