21695 F St Unit F-40 · Rehoboth Beach, DE 19971

$175,000

3 bd · 2.0 ba · 980 sqft · SingleFamily · 81 Days on market

Built 1983 Good condition 3,484 sqft lot $179/sqft · 27% above area Est $138k · 27% over ↓ 5% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rehoboth Bay Community has boat slips for rent, a community boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a small sandy beach near the pool, tennis/pickleball courts & more! And it is just 6.5 miles to the famous Rehoboth boardwalk. This 14’x70’ 1983 Commodore was taken down to the studs and fully remodeled in 2022, including all new plumbing and electric wiring. Drywall, luxury vinyl plank flooring, granite countertops in the kitchen, remodeled baths & so much more! The open floor plan has the living room adjoining eat-in kitchen. The kitchen has a beautiful granite breakfast bar that accents the bright, white cabinetry and the stainless steel appliances. The kitchen has a large walk-in utility closet that serves as a pantry and the laundry room. The laundry has a newer full-size Maytag washer and dryer set. Split bedroom plan. The main bedroom is at the rear of the house. It is en Suite and has a walk-in closet. That bath has an elegant sink vanity and a walk-in shower. The other two bedrooms are both generously sized, and they share the second full bath, which has a tub shower. You are going to love the 12’x24’ enclosed porch. It features jalousie windows, so you can enjoy the cool breezes off of the bay. There is also a covered, front porch with cedar shake accents. That porch has a set of pull-down stairs to a little attic storage space, too. If you have your boat or PWC in the community's storage yard, you can walk right down the lane out your back door to access the boat ramp. Golf carts are permitted. The community allows 2 pets (no fences, though). No short-term rentals, but rental of 6 months or longer are allowed. Leasehold Interest: Lot Rent of approx. $721.85/mt. includes water service & trash/recycle. (Delaware law caps rent increases as per 25 Del. C. Sec 7050-7054 with Lease renewals on Jan. 1). Homeowner pays electric, sewer, LP gas, cable/Internet, and lawn maintenance. Hometown America, the community owner, requires an Application from the Buyer (and all adult occupants 18-year-of-age or older), 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. .Financing may be available to qualified borrowers from only a very few Lenders who specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a real estate transfer tax (3.75% DMV Doc Fee) & a Settlement Agent fee.

Key facts

• 3,484 sq ft lot
• 4 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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: schools A+, amenities A+, employment 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.
• Market conditions: 331 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.61% ✓
• Cap rate: 13.26%
• Cash-on-cash: 24.89%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

• ARV (median comp): $137,795
• List price: $175,000
• Delta: 27.00%
• 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
21730 E St Unit E-29	0.09mi	3/2.0	1,030 (+5%)	2mo	$128,000	$124	85
21726 D St	0.12mi	3/1.0	1,000 (+2%)	10mo	$95,000	$95	79
21720 B St	0.21mi	3/2.0	924 (-6%)	4mo	$63,000	$68	77
35971 Jake Dr	0.26mi	3/2.0	1,040 (+6%)	1mo	$148,000	$142	77
21256 M St #36659	0.37mi	3/2.0	980 (0%)	10mo	$115,000	$117	75
21206 N St Unit N-11	0.46mi	2/2.0 (-1)	980 (0%)	1mo	$125,000	$128	72
21233 N St Unit N 22	0.42mi	2/2.0 (-1)	975 (-0%)	3mo	$107,500	$110	72
21776 E St Unit E-11	0.16mi	2/1.5 (-1)	900 (-8%)	2mo	$112,000	$124	70
21229 M St	0.42mi	3/2.0	924 (-6%)	2mo	$133,500	$144	69
21326 Point Circle Cir #42251	0.38mi	3/2.0	1,100 (+12%)	10mo	$131,000	$119	54
21263 K St #37217	0.33mi	2/2.0 (-1)	860 (-12%)	10mo	$140,000	$163	51
21223 N St Unit N-20	0.44mi	2/2.0 (-1)	1,100 (+12%)	5mo	$90,000	$82	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: 3.9%
• Equity multiple: 1.15×
• Total profit: $7,377
• Equity at exit: $26,093

10-year hold

• IRR: 13.5%
• Equity multiple: 2.09×
• Total profit: $53,340
• Equity at exit: $15,131

Cash invested: $49,000 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,817 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $556

Break-even live

Break-even rent $2,114

Max offer price $175,000

Occupancy floor 75%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	43d	1	0.98mi

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 81 DOM
2. 2026-06-17
   days on market $175,000 Active 80 DOM
3. 2026-06-16
   days on market $175,000 Active 79 DOM
4. 2026-06-15
   days on market $175,000 Active 78 DOM
5. 2026-06-14
   days on market $175,000 Active 76 DOM
6. 2026-06-13
   days on market $175,000 Active 75 DOM
7. 2026-06-10
   days on market $175,000 Active 73 DOM
8. 2026-06-09
   days on market $175,000 Active 72 DOM
9. 2026-06-08
   days on market $175,000 Active 71 DOM
10. 2026-06-07
    days on market $175,000 Active 70 DOM
11. 2026-06-05
    days on market $175,000 Active 67 DOM
12. 2026-06-03
    days on market $175,000 Active 66 DOM
13. 2026-06-02
    days on market $175,000 Active 65 DOM
14. 2026-06-01
    days on market $175,000 Active 64 DOM
15. 2026-05-31
    days on market $175,000 Active 63 DOM
16. 2026-05-30
    days on market $175,000 Active 62 DOM
17. 2026-04-18
    price $175,000 2561-char remark

    Show marketing remark (2561 chars)

    Rehoboth Bay Community has boat slips for rent, a community boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a small sandy beach near the pool, tennis/pickleball courts & more! And it is just 6.5 miles to the famous Rehoboth boardwalk. This 14’x70’ 1983 Commodore was taken down to the studs and fully remodeled in 2022, including all new plumbing and electric wiring. Drywall, luxury vinyl plank flooring, granite countertops in the kitchen, remodeled baths & so much more! The open floor plan has the living room adjoining eat-in kitchen. The kitchen has a beautiful granite breakfast bar that accents the bright, white cabinetry and the stainless steel appliances. The kitchen has a large walk-in utility closet that serves as a pantry and the laundry room. The laundry has a newer full-size Maytag washer and dryer set. Split bedroom plan. The main bedroom is at the rear of the house. It is en Suite and has a walk-in closet. That bath has an elegant sink vanity and a walk-in shower. The other two bedrooms are both generously sized, and they share the second full bath, which has a tub shower. You are going to love the 12’x24’ enclosed porch. It features jalousie windows, so you can enjoy the cool breezes off of the bay. There is also a covered, front porch with cedar shake accents. That porch has a set of pull-down stairs to a little attic storage space, too. If you have your boat or PWC in the community's storage yard, you can walk right down the lane out your back door to access the boat ramp. Golf carts are permitted. The community allows 2 pets (no fences, though). No short-term rentals, but rental of 6 months or longer are allowed. Leasehold Interest: Lot Rent of approx. $721.85/mt. includes water service & trash/recycle. (Delaware law caps rent increases as per 25 Del. C. Sec 7050-7054 with Lease renewals on Jan. 1). Homeowner pays electric, sewer, LP gas, cable/Internet, and lawn maintenance. Hometown America, the community owner, requires an Application from the Buyer (and all adult occupants 18-year-of-age or older), 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. .Financing may be available to qualified borrowers from only a very few Lenders who specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a real estate transfer tax (3.75% DMV Doc Fee) & a Settlement Agent fee.

18. 2026-03-30
    listed $185,000 Active 2561-char remark

    Show marketing remark (2561 chars)

    Rehoboth Bay Community has boat slips for rent, a community boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a small sandy beach near the pool, tennis/pickleball courts & more! And it is just 6.5 miles to the famous Rehoboth boardwalk. This 14’x70’ 1983 Commodore was taken down to the studs and fully remodeled in 2022, including all new plumbing and electric wiring. Drywall, luxury vinyl plank flooring, granite countertops in the kitchen, remodeled baths & so much more! The open floor plan has the living room adjoining eat-in kitchen. The kitchen has a beautiful granite breakfast bar that accents the bright, white cabinetry and the stainless steel appliances. The kitchen has a large walk-in utility closet that serves as a pantry and the laundry room. The laundry has a newer full-size Maytag washer and dryer set. Split bedroom plan. The main bedroom is at the rear of the house. It is en Suite and has a walk-in closet. That bath has an elegant sink vanity and a walk-in shower. The other two bedrooms are both generously sized, and they share the second full bath, which has a tub shower. You are going to love the 12’x24’ enclosed porch. It features jalousie windows, so you can enjoy the cool breezes off of the bay. There is also a covered, front porch with cedar shake accents. That porch has a set of pull-down stairs to a little attic storage space, too. If you have your boat or PWC in the community's storage yard, you can walk right down the lane out your back door to access the boat ramp. Golf carts are permitted. The community allows 2 pets (no fences, though). No short-term rentals, but rental of 6 months or longer are allowed. Leasehold Interest: Lot Rent of approx. $721.85/mt. includes water service & trash/recycle. (Delaware law caps rent increases as per 25 Del. C. Sec 7050-7054 with Lease renewals on Jan. 1). Homeowner pays electric, sewer, LP gas, cable/Internet, and lawn maintenance. Hometown America, the community owner, requires an Application from the Buyer (and all adult occupants 18-year-of-age or older), 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. .Financing may be available to qualified borrowers from only a very few Lenders who specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a real estate transfer tax (3.75% DMV Doc Fee) & a Settlement Agent fee.

19. 2026-03-25
    historical $185,000 2561-char remark

    Show marketing remark (2561 chars)

    Rehoboth Bay Community has boat slips for rent, a community boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a small sandy beach near the pool, tennis/pickleball courts & more! And it is just 6.5 miles to the famous Rehoboth boardwalk. This 14’x70’ 1983 Commodore was taken down to the studs and fully remodeled in 2022, including all new plumbing and electric wiring. Drywall, luxury vinyl plank flooring, granite countertops in the kitchen, remodeled baths & so much more! The open floor plan has the living room adjoining eat-in kitchen. The kitchen has a beautiful granite breakfast bar that accents the bright, white cabinetry and the stainless steel appliances. The kitchen has a large walk-in utility closet that serves as a pantry and the laundry room. The laundry has a newer full-size Maytag washer and dryer set. Split bedroom plan. The main bedroom is at the rear of the house. It is en Suite and has a walk-in closet. That bath has an elegant sink vanity and a walk-in shower. The other two bedrooms are both generously sized, and they share the second full bath, which has a tub shower. You are going to love the 12’x24’ enclosed porch. It features jalousie windows, so you can enjoy the cool breezes off of the bay. There is also a covered, front porch with cedar shake accents. That porch has a set of pull-down stairs to a little attic storage space, too. If you have your boat or PWC in the community's storage yard, you can walk right down the lane out your back door to access the boat ramp. Golf carts are permitted. The community allows 2 pets (no fences, though). No short-term rentals, but rental of 6 months or longer are allowed. Leasehold Interest: Lot Rent of approx. $721.85/mt. includes water service & trash/recycle. (Delaware law caps rent increases as per 25 Del. C. Sec 7050-7054 with Lease renewals on Jan. 1). Homeowner pays electric, sewer, LP gas, cable/Internet, and lawn maintenance. Hometown America, the community owner, requires an Application from the Buyer (and all adult occupants 18-year-of-age or older), 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. .Financing may be available to qualified borrowers from only a very few Lenders who specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a real estate transfer tax (3.75% DMV Doc Fee) & a 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 7/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $33,809
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$6,400
• − Repairs & maintenance: −$2,705
• − Management: −$2,705
• − Depreciation: −$5,091
• Taxable income: $4,481
• Est. tax owed @ 24.0%: −$1,075
• After-tax cash flow: $5,596/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 80/100 Cosmetic rehab

This property is in excellent condition with recent cosmetic renovations, making it move-in ready and ideal for both resale and rental markets.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more buyers
• Both Add smart home features — Improves convenience and can increase property's market value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more buyers ↑
• Both Add smart home features — Improves convenience and can increase property's market value ↑

ⓘ 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

-5.4% since first listed

3 events — show timeline

• 2026-04-18 Price Changed $175,000 BRIGHT MLS
• 2026-03-30 Listed $185,000 BRIGHT MLS
• 2026-03-25 Coming Soon $185,000 BRIGHT MLS