16 Olde Coach Dr · Lewes, DE 19971

$125,000

2 bd · 2.0 ba · 980 sqft · SingleFamily · 380 Days on market

Built 1982 Fair condition $128/sqft · 39% above area Est $90k · 39% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

Key facts

• New hot water tank
• Newer appliances
• Upgraded kitchen

Tags

• UPGRADED KITCHEN
• NEW WINDOWS
• NEW HOT WATER TANK
• UPDATED SKIRTING
• NEWER APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $946 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.4% 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; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 380 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $42k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $125k implies a 81% 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 380 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.83% ✓
• Cap rate: 15.37%
• Cash-on-cash: 32.43%
• DSCR: 2.44
• GRM: 4.5

CMA / ARV

• ARV (median comp): $89,859
• List price: $125,000
• Delta: 39.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Gunpowder Ln #13511	0.09mi	2/2.0	980 (0%)	10mo	$58,000	$59	87
23 Carriage Ln	0.12mi	2/2.0	980 (0%)	11mo	$135,000	$138	85
22 Spinning Wheel Ln	0.15mi	3/1.5 (+1)	980 (0%)	2mo	$85,000	$87	85
6 Spinning Wheel Ln	0.13mi	3/1.5 (+1)	980 (0%)	9mo	$60,000	$61	80
10 Powder Horn Ln #22022	0.06mi	3/2.0 (+1)	1,012 (+3%)	9mo	$115,000	$114	79
25 Gunpowder Ln	0.10mi	3/1.5 (+1)	980 (0%)	11mo	$75,000	$77	79
18020 Howard Dr	0.53mi	2/1.5	980 (0%)	12mo	$215,000	$219	63
18639 Snowmass Run	0.55mi	3/2.0 (+1)	980 (0%)	14mo	$167,500	$171	58
41 Spinning Wheel Ln	0.21mi	2/1.0	840 (-14%)	8mo	$51,500	$61	56
35578 High Alpine Ln #20869	0.31mi	2/2.0	1,100 (+12%)	12mo	$110,000	$100	55
28 Bryan Dr	0.22mi	3/2.0 (+1)	1,108 (+13%)	14mo	$460,000	$415	52
35653 Highlands Way #182	0.49mi	3/2.0 (+1)	1,108 (+13%)	0mo	$115,000	$104	50

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: 27.5%
• Equity multiple: 2.14×
• Total profit: $40,014
• Equity at exit: $18,638

10-year hold

• IRR: 35.0%
• Equity multiple: 4.22×
• Total profit: $112,545
• Equity at exit: $10,808

Cash invested: $35,000 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,291 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $946

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,032	-5% $989	+0% $946	+5% $903	+10% $859
Rent	-10% $765	-5% $855	+0% $946	+5% $1,036	+10% $1,127
Rate	-1.0pp $1,009	-0.5pp $978	base $946	+0.5pp $913	+1.0pp $880

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	22d	1	0.70mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	44d	1	0.73mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	44d	1	0.86mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.87mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	22d	1	0.94mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	44d	1	1.02mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	44d	1	1.27mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	1.31mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	14d	1	1.50mi

Listing history 26 events

1. 2026-06-18
   days on market $125,000 Active 380 DOM
2. 2026-06-17
   price $125,000 Active 379 DOM
3. 2026-06-17
   days on market $135,000 Active 379 DOM
4. 2026-06-16
   days on market $135,000 Active 378 DOM
5. 2026-06-15
   days on market $135,000 Active 377 DOM
6. 2026-06-14
   days on market $135,000 Active 375 DOM
7. 2026-06-13
   days on market $135,000 Active 374 DOM
8. 2026-06-10
   days on market $135,000 Active 372 DOM
9. 2026-06-09
   days on market $135,000 Active 371 DOM
10. 2026-06-08
    days on market $135,000 Active 370 DOM
11. 2026-06-07
    days on market $135,000 Active 369 DOM
12. 2026-06-05
    days on market $135,000 Active 366 DOM
13. 2026-06-03
    days on market $135,000 Active 365 DOM
14. 2026-06-02
    days on market $135,000 Active 364 DOM
15. 2026-06-01
    days on market $135,000 Active 363 DOM
16. 2026-05-31
    days on market $135,000 Active 362 DOM
17. 2026-05-30
    days on market $135,000 Active 361 DOM
18. 2026-03-12
    price $135,000 1193-char remark

    Show marketing remark (1193 chars)

    Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

19. 2025-10-21
    price $148,000 1193-char remark

    Show marketing remark (1193 chars)

    Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

20. 2025-09-12
    price $158,000 1193-char remark

    Show marketing remark (1193 chars)

    Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

21. 2025-08-26
    price $163,000 1193-char remark

    Show marketing remark (1193 chars)

    Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

22. 2025-06-03
    listed $167,000 Active 1193-char remark

    Show marketing remark (1193 chars)

    Charming 2 Bed, 2 Bath Mobile Home in Colonial East – Thoughtfully Upgraded! Welcome to this adorable and beautifully updated 2-bedroom, 2-bathroom mobile home nestled in the desirable Colonial East community in Rehoboth Beach! This home has been lovingly maintained and thoughtfully upgraded to offer both comfort and style. Step inside to find a freshly renovated kitchen featuring modern appliances and updated finishes—perfect for cooking and entertaining. New windows and blinds flood the home with natural light while enhancing energy efficiency. Both bathrooms are conveniently located and well-kept, offering privacy and function for family or guests. Additional upgrades include a new hot water tank, updated skirting, and newer appliances throughout. Whether you're looking for a full-time residence, vacation getaway, or investment opportunity, this home is move-in ready and full of charm. Located just minutes from the beaches, shopping, dining, and all that Rehoboth Beach has to offer, Colonial East is a well-maintained community with amenities and a welcoming atmosphere. Don't miss this affordable beach retreat with modern touches—schedule your tour today!

23. 2022-06-23
    soldstatus $69,000 Closed 355-char remark

    Show marketing remark (355 chars)

    Great location close to everything Rehoboth Beach has to offer! This 2 bedroom, 2 bathroom mobile home offers a large living room and eat in kitchen. Ample outdoor space featuring multiple flower beds and a shed for extra storage. The community of Colonial East boasts a clubhouse and outdoor pool. Short distance to shopping, restaurants, and the beach!

24. 2022-04-21
    historical Active Under Contract 355-char remark

    Show marketing remark (355 chars)

    Great location close to everything Rehoboth Beach has to offer! This 2 bedroom, 2 bathroom mobile home offers a large living room and eat in kitchen. Ample outdoor space featuring multiple flower beds and a shed for extra storage. The community of Colonial East boasts a clubhouse and outdoor pool. Short distance to shopping, restaurants, and the beach!

25. 2022-04-05
    price $72,900 355-char remark

    Show marketing remark (355 chars)

    Great location close to everything Rehoboth Beach has to offer! This 2 bedroom, 2 bathroom mobile home offers a large living room and eat in kitchen. Ample outdoor space featuring multiple flower beds and a shed for extra storage. The community of Colonial East boasts a clubhouse and outdoor pool. Short distance to shopping, restaurants, and the beach!

26. 2022-03-25
    listed $80,000 Active 355-char remark

    Show marketing remark (355 chars)

    Great location close to everything Rehoboth Beach has to offer! This 2 bedroom, 2 bathroom mobile home offers a large living room and eat in kitchen. Ample outdoor space featuring multiple flower beds and a shed for extra storage. The community of Colonial East boasts a clubhouse and outdoor pool. Short distance to shopping, restaurants, and the beach!

ⓘ 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: $27,487
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,199
• − Management: −$2,199
• − Depreciation: −$3,636
• Taxable income: $9,951
• Est. tax owed @ 24.0%: −$2,388
• After-tax cash flow: $8,961/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 · 1 photo

Fair 45/100 Cosmetic rehab

This charming 2-bedroom, 2-bathroom mobile home in Colonial East is thoughtfully upgraded and well-maintained, with good condition and minimal repairs needed.

Value-add opportunities

• Both Painting and minor touch-ups — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both New flooring in high-traffic areas — Improves comfort and adds value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting and minor touch-ups — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both New flooring in high-traffic areas — Improves comfort and adds value for both resale and rental. ↑

ⓘ 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

+68.8% since first listed

9 events — show timeline

• 2026-03-12 Price Changed $135,000 BRIGHT MLS
• 2025-10-21 Price Changed $148,000 BRIGHT MLS
• 2025-09-12 Price Changed $158,000 BRIGHT MLS
• 2025-08-26 Price Changed $163,000 BRIGHT MLS
• 2025-06-03 Listed $167,000 BRIGHT MLS
• 2022-06-23 Sold (MLS) $69,000 BRIGHT MLS
• 2022-04-21 Contingent — BRIGHT MLS
• 2022-04-05 Price Changed $72,900 BRIGHT MLS
• 2022-03-25 Listed $80,000 BRIGHT MLS