22 Sunnyfield Rd Unit E-13 · Rehoboth Beach, DE 19971

$149,900

3 bd · 2.0 ba · 1,008 sqft · Manufactured · 4 Days on market

Manufactured home Built 1996 Good condition 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
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 miles to the Rehoboth boardwalk! And the DART Bus Park-n-Ride is just down the road if you don’t feel like hunting for parking at the beach. Make this your year-round home or your vacation get-away! This home features a rare fenced backyard. It also has a larger interior than most other singlewide homes. Plus, there is a 12’x20’ enclosed E-Z-Breeze VinylTech Porch for additional 3-season living space. Open floor plan with vaulted ceilings. The living room adjoins the kitchen, which is next to the dining area. Lots of kitchen cabinet space and a newer fridge. The laundry room has overhead cabinets and a full-size side-by-side washer & dryer set. Split bedroom plan.

Key facts

• Storage shed
• Second deck
• Fenced backyard

Tags

• FENCED BACKYARD
• DECK AT THE FENCED BACKYARD
• SECOND DECK
• STORAGE SHED
• NEAR THE COMMUNITY POOL

Property features AI

Finance

• Other: Park name: Silver View Farm, Inc.; Private road responsibility; Blacktop road surface; Bus stop within one mile
• Financial info: Monthly land lease (ground rent) $761; approximately 1 year of lease remaining; Annual ground rent noted in income/expense list
• HOA & community: HOA/association covers common area maintenance, road maintenance, snow removal, trash and water; Community pool available (fenced, in-ground); pool membership available

Exterior

• Parking: Asphalt driveway with two driveway spaces; Two total garage/parking spaces
• Utilities: 100 amp electric service with 220 volts; Electric heating and cooling fuel; Electric hot water; Community water; Public sewer; Municipal trash service; Cable and satellite internet available
• Home design: Manufactured home (single wide); Entry level on main floor; Skyline make; Not in a federal flood zone; Located in a land-lease community (ground rent exists)
• Construction: Vinyl siding; Shingle roof; Crawl space foundation with pillar/post/pier support; Built year source: Assessor
• Exterior features: Vinyl fencing; Enclosed outdoor living space; Deck(s); Porch(es); Shed

Interior

• Kitchen: Dishwasher; Electric oven/range; Range hood; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Forced air heating (electric); Central air conditioning; Ceiling fan(s); Electric hot water
• Interior features: Walk-in shower in bathroom; Tub with shower; Ceiling fan(s); Combination kitchen/dining and kitchen/living layouts; Master bathroom; Window treatments; Storm and insulated doors; Furnished
• Laundry & utility: Washer and dryer in unit (dryer electric); Has laundry on main floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 12.6% vs local median 1.5% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, health & safety A+; Watch: crime F, 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 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: 334 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $1k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $149,900

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 A-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. 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?
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 12.57%
• Cash-on-cash: 22.43%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $50,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19962 Center Ave #3125	0.59mi	3/1.0	886 (-12%)	13mo	$32,000	$36	38
19900 Sea Air Ave Unit A-66	0.64mi	2/1.0 (-1)	1,150 (+14%)	16mo	$58,000	$50	24

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: 15.3%
• Equity multiple: 1.61×
• Total profit: $25,712
• Equity at exit: $22,351

10-year hold

• IRR: 23.9%
• Equity multiple: 3.07×
• Total profit: $86,873
• Equity at exit: $12,961

Cash invested: $41,972 (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: 334
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,304 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $785

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 61%

Sensitivity live

Price	-10% $888	-5% $836	+0% $785	+5% $733	+10% $681
Rent	-10% $602	-5% $694	+0% $785	+5% $876	+10% $967
Rate	-1.0pp $860	-0.5pp $823	base $785	+0.5pp $746	+1.0pp $706

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	46d	1	0.27mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	23d	1	0.67mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	46d	1	0.72mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	46d	1	1.38mi

Listing history 2 events

1. 2026-04-28
   historical Active Under Contract
2. 2026-04-24
   listed $149,900 Active

ⓘ 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 6/10 Major FEMA zone X (shaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 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: $27,653
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$4,361
• Taxable income: $7,473
• Est. tax owed @ 24.0%: −$1,793
• After-tax cash flow: $7,621/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 single-family home is in good condition with a good condition score of 75. It has a cosmetic rehab level and requires minor repairs to the kitchen backsplash. The home is move-in ready with a fenced backyard and a large enclosed porch, making it an attractive option for both resale and rental.

Repairs flagged

• Minor Kitchen backsplash — Appears dated and could be replaced for a fresh look.

Value-add opportunities

• Resale Replace kitchen backsplash — Freshens up the kitchen and adds value.
• Rental Paint touch-ups — Maintains the home's curb appeal and rental appeal.
• Both Replace carpet with hardwood or tile — Improves both resale and rental value by modernizing the living areas.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen backsplash · Appears dated and could be replaced for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Resale Replace kitchen backsplash — Freshens up the kitchen and adds value. ↑
• Rental Paint touch-ups — Maintains the home's curb appeal and rental appeal. ↑
• Both Replace carpet with hardwood or tile — Improves both resale and rental value by modernizing the living areas. ↑

ⓘ 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 — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

Amenities A+ Commute F Cost of living F Crime F Employment A+ Housing B- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 14,886
• 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 events — show timeline

• 2026-04-28 Contingent — BRIGHT MLS
• 2026-04-24 Listed $149,900 BRIGHT MLS