19695 Prince St · Rehoboth Beach, DE 19971

$129,500

2 bd · 2.0 ba · 1,189 sqft · Manufactured · 40 Days on market

Built 1978 Good condition 30 ac lot $109/sqft · 9% above area Est $119k · 9% over ↓ 19% since listing

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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
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• ARV discount +3.5/15.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your new dream home at the beach, full of upgrades and high-end furniture so you can move right in and live graciously in style! Enter this appealing house through a recently re-done, serene screen porch, where you can eat outside in comfort or just relax and enjoy the beautiful shade trees and landscaping. Stepping inside you will find a large, light-filled family room addition with a wall of windows-giving you a second, spacious, separate living area. Coming into the main house, you will find an open-concept living room-dining room-kitchen combination--the result of the bump out addition. It's perfect for preparing meals and cooking on the five-burner gas stove while entertaini

Key facts

• 30.29 acre lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Pets allowed with no pet restrictions; Annual ground rent listed in income/expense items
• Financial info: Ground rent exists (land lease); years remaining listed; Lease considered: No
• HOA & community: Community pool available

Exterior

• Parking: Concrete driveway with space for two vehicles (driveway provides two spaces); Two total garage/parking spaces
• Utilities: Public water; Public septic; Electric cooling and hot water; Heating fuel is oil
• Home design: Manufactured / modular home; Vinyl siding; Estimated year built; Not in a federal flood zone; Above-grade living space only; Ownership: Land lease with ground rent remaining
• Construction: Manufactured structure; Vinyl siding construction; Unknown roof type
• Exterior features: Corner lot; Privacy vinyl fencing; Community pool (fenced, in-ground); Outbuilding(s) and shed; Outside shower; Awning(s); Bump-outs

Interior

• Kitchen: Dishwasher; Microwave; Oven/Range - Gas; Refrigerator; Exhaust fan
• Bedrooms: Two bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level; Two full bathrooms total
• Heating & cooling: Central air conditioning; Ceiling fan(s); Heating options include baseboard electric, central, forced air, and heat pump with oil backup; Heating fuel: Oil; Hot water: Electric
• Interior features: Two or more access exits; Double pane windows; Awning(s); Bump-outs; Outbuilding(s); Outside shower; Shed; No basement; Estimated living area ~1,189 finished above grade; Very good condition; Property manager present; Land lease ownership (ground rent exists)
• Laundry & utility: Washer; Dryer - Electric; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $926 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 1.1% 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: 331 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $895 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 $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,615 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.78% ✓
• Cap rate: 14.88%
• Cash-on-cash: 30.66%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (median comp): $118,865
• List price: $129,500
• Delta: 8.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19606 Queen St #31	0.15mi	3/2.0 (+1)	1,288 (+8%)	2mo	$63,400	$49	72
20005 Atlantic Ave	0.39mi	3/2.0 (+1)	1,200 (+1%)	13mo	$151,000	$126	65
19900 Sea Air Ave Unit A-66	0.28mi	2/1.0	1,150 (-3%)	16mo	$58,000	$50	64
20013 Atlantic Ave #3399	0.52mi	3/2.0 (+1)	1,200 (+1%)	10mo	$130,290	$109	61
19728 Princess St #3329	0.09mi	2/2.0	1,344 (+13%)	21mo	$125,000	$93	57

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: 25.4%
• Equity multiple: 2.05×
• Total profit: $38,056
• Equity at exit: $19,309

10-year hold

• IRR: 33.1%
• Equity multiple: 4.01×
• Total profit: $109,259
• Equity at exit: $11,197

Cash invested: $36,260 (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: 4.7×

Monthly cashflow live

• Estimated rent: $2,306 high
• Mortgage (P&I): −$679
• Tax est. 1.5%: −$162 /mo · $1,942/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $926

Break-even live

Break-even rent $1,133

Max offer price $129,500

Occupancy floor 55%

Sensitivity live

Price	-10% $1,016	-5% $971	+0% $926	+5% $882	+10% $837
Rent	-10% $744	-5% $835	+0% $926	+5% $1,018	+10% $1,109
Rate	-1.0pp $992	-0.5pp $959	base $926	+0.5pp $893	+1.0pp $859

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	0.62mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	22d	1	0.68mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.75mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	44d	1	0.98mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	44d	1	1.09mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	22d	1	1.09mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	44d	1	1.16mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	14d	1	1.38mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	22d	1	1.39mi

Listing history 21 events

1. 2026-06-18
   days on market $129,500 Active 40 DOM
2. 2026-06-17
   days on market $129,500 Active 39 DOM
3. 2026-06-16
   days on market $129,500 Active 38 DOM
4. 2026-06-15
   days on market $129,500 Active 37 DOM
5. 2026-06-14
   days on market $129,500 Active 35 DOM
6. 2026-06-13
   days on market $129,500 Active 34 DOM
7. 2026-06-10
   days on market $129,500 Active 32 DOM
8. 2026-06-09
   days on market $129,500 Active 31 DOM
9. 2026-06-08
   days on market $129,500 Active 30 DOM
10. 2026-06-07
    days on market $129,500 Active 29 DOM
11. 2026-06-05
    days on market $129,500 Active 26 DOM
12. 2026-06-03
    days on market $129,500 Active 25 DOM
13. 2026-06-02
    days on market $129,500 Active 24 DOM
14. 2026-05-31
    days on market $129,500 Active 23 DOM
15. 2026-05-30
    days on market $129,500 Active 22 DOM
16. 2026-05-08
    listed $129,500 Active 2935-char remark
17. 2026-05-07
    historical
18. 2026-04-15
    price $135,000
19. 2026-02-20
    price $139,500
20. 2026-01-06
    price $147,500
21. 2025-10-23
    listed $159,900 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 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 · 17 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: $27,667
• − Mortgage interest: −$7,254
• − Property taxes: −$1,942
• − Insurance: −$648
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − Depreciation: −$3,767
• Taxable income: $9,629
• Est. tax owed @ 24.0%: −$2,311
• After-tax cash flow: $8,806/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

Good 75/100 Cosmetic rehab

This 1969 manufactured home is in good condition with recent cosmetic upgrades, making it move-in ready and suitable for both resale and rental.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Rental HVAC maintenance — Improves comfort and tenant satisfaction

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Rental HVAC maintenance — Improves comfort and tenant satisfaction ↑

ⓘ 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

-19.0% since first listed

8 events — show timeline

• 2026-06-01 Relisted — BRIGHT MLS
• 2026-05-31 Listing Removed — BRIGHT MLS
• 2026-05-08 Listed $129,500 BRIGHT MLS
• 2026-05-07 Listing Removed — BRIGHT MLS
• 2026-04-15 Price Changed $135,000 BRIGHT MLS
• 2026-02-20 Price Changed $139,500 BRIGHT MLS
• 2026-01-06 Price Changed $147,500 BRIGHT MLS
• 2025-10-23 Listed $159,900 BRIGHT MLS