37262 W Sugar Hill Way · Ocean City, MD 19975

$149,900

2 bd · 2.0 ba · 896 sqft · Manufactured · 69 Days on market

Built 2000 Good condition $167/sqft · 14% above area Est $132k · 14% over $3/mo HOA

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable two bedroom two bath home that has been lovingly maintained by its recent owners. This fully furnished mobile has brand new flooring throughout, two year old HVAC, brand new piping throughout, some new furnishings, and newly installed three season windows on the screened in porch. It has a nice open floor plan, with a breakfast bar and eat in kitchen. Outside is nicely landscaped with a large shed in the back for extra storage. Located just a short drive to the beach, restaurants, and local shopping.

Key facts

• New piping
• New flooring
• Large shed

Tags

• NEW FLOORING
• NEW PIPING
• LARGE SHED
• SHORT DRIVE TO THE BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 1.4% in Ocean City — 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 73/100 on livability (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B+; Watch: cost of living C-, crime F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 comparable units currently listed for rent nearby; 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.33% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.47%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $131,680
• List price: $149,900
• Delta: 13.84%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37597 Shady Cir	0.18mi	2/1.0	1,000 (+12%)	10mo	$70,000	$70	60

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: 6.2%
• Equity multiple: 1.24×
• Total profit: $10,203
• Equity at exit: $22,351

10-year hold

• IRR: 15.6%
• Equity multiple: 2.27×
• Total profit: $53,389
• Equity at exit: $12,961

Cash invested: $41,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 19975

• Home prices YoY: -11.2%
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$3
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $541

Break-even live

Break-even rent $1,315

Max offer price $149,900

Occupancy floor 68%

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38256 Hummingbird Ln #214 Selbyville, DE	2.0	1.5	900	$2,000	$2.22	21d	1	0.95mi

HOA detail

• Monthly dues: $3 · $36/yr

Listing history 15 events

1. 2026-06-18
   days on market $149,900 Active 69 DOM
2. 2026-06-17
   days on market $149,900 Active 68 DOM
3. 2026-06-16
   days on market $149,900 Active 67 DOM
4. 2026-06-15
   days on market $149,900 Active 66 DOM
5. 2026-06-14
   days on market $149,900 Active 64 DOM
6. 2026-06-13
   days on market $149,900 Active 63 DOM
7. 2026-06-10
   days on market $149,900 Active 61 DOM
8. 2026-06-09
   days on market $149,900 Active 60 DOM
9. 2026-06-08
   days on market $149,900 Active 59 DOM
10. 2026-06-07
    days on market $149,900 Active 58 DOM
11. 2026-06-02
    days on market $149,900 Active 53 DOM
12. 2026-06-01
    days on market $149,900 Active 52 DOM
13. 2026-05-31
    days on market $149,900 Active 51 DOM
14. 2026-05-30
    days on market $149,900 Active 50 DOM
15. 2026-04-10
    listed $149,900 Active 514-char remark

    Show marketing remark (514 chars)

    Adorable two bedroom two bath home that has been lovingly maintained by its recent owners. This fully furnished mobile has brand new flooring throughout, two year old HVAC, brand new piping throughout, some new furnishings, and newly installed three season windows on the screened in porch. It has a nice open floor plan, with a breakfast bar and eat in kitchen. Outside is nicely landscaped with a large shed in the back for extra storage. Located just a short drive to the beach, restaurants, and local shopping.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$36
• − Depreciation: −$4,361
• Taxable income: $4,369
• Est. tax owed @ 24.0%: −$1,048
• After-tax cash flow: $5,444/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 well-maintained mobile home is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Resale New flooring in bathrooms — Modernizes the space and improves functionality
• Resale New kitchen backsplash — Freshens up the kitchen and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale New flooring in bathrooms — Modernizes the space and improves functionality ↑
• Resale New kitchen backsplash — Freshens up the kitchen and adds 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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,356

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 4% Russian 2%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -43.61%
• Current HPI: 345.1746
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

1 event — show timeline

• 2026-04-10 Listed $149,900 BRIGHT MLS

Property tax history

-51.8%/yr

Latest (2025): $186 · -51.8% YoY. Source: county tax records.