36497 Old Stage Rd · Delmar, DE 19940

$219,000

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 152 Days on market

Built 2018 0.46 ac lot $237/sqft · 13% below area Est $251k · 13% under

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Why this score? — see what drove the D- 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).

• ARV discount +13.3/15.0
• Appreciation +10.0/10.0
• Cash flow +4.6/30.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

3 bedroom 2 bath home just outside of Delmar. 1/2 acre of land in a nice rural setting. large storage building with rear shed, large back yard , rear deck. Move in today. Easy access to the amenities of Delmar, Laurel and Salisbury. Low Delaware taxes, no hoa,

Key facts

• Low delaware taxes
• 1/2 acre of land
• Rural setting

Tags

• 1/2 ACRE OF LAND
• RURAL SETTING
• EASY ACCESS TO AMENITIES
• LOW DELAWARE TAXES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $219k.

Deal economics

• At list price, monthly cash flow is $-558 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (45.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (58.4% below list).
• Recommended offer: $91k (58.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#63 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Delmar School District (suburban): math 20% / reading 38% proficiency, ranked #17 of 26 in DE (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $26k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $219k implies a 1130% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,050 (58.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 58% concession, seller financing, or rate buy-down credit?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.42% ✗
• Cap rate: 3.23%
• Cash-on-cash: -10.92%
• DSCR: 0.51
• GRM: 20.0

CMA / ARV

• ARV (median comp): $251,169
• List price: $219,000
• Delta: -12.81%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $83,586
• Equity at exit: $197,293

10-year hold

• IRR: 15.8%
• Equity multiple: 5.47×
• Total profit: $273,847
• Equity at exit: $425,469

Cash invested: $61,320 (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 19940

• Home prices YoY: 6.2%
• Active inventory: 41
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $910 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$38 /mo · $454/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $-558

Break-even live

Break-even rent $1,617

Max offer price $120,381

Occupancy floor —

Sensitivity live

Price	-10% $-434	-5% $-496	+0% $-558	+5% $-870	+10% $-946
Rent	-10% $-630	-5% $-594	+0% $-558	+5% $-522	+10% $-486
Rate	-1.0pp $-448	-0.5pp $-503	base $-558	+0.5pp $-615	+1.0pp $-673

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $219,000 Active 152 DOM
2. 2026-06-18
   days on market $219,000 Active 149 DOM
3. 2026-06-17
   days on market $219,000 Active 148 DOM
4. 2026-06-16
   days on market $219,000 Active 147 DOM
5. 2026-06-15
   days on market $219,000 Active 146 DOM
6. 2026-06-14
   days on market $219,000 Active 144 DOM
7. 2026-06-13
   days on market $219,000 Active 143 DOM
8. 2026-06-10
   days on market $219,000 Active 141 DOM
9. 2026-06-09
   days on market $219,000 Active 140 DOM
10. 2026-06-08
    days on market $219,000 Active 139 DOM
11. 2026-06-07
    days on market $219,000 Active 138 DOM
12. 2026-06-02
    days on market $219,000 Active 133 DOM
13. 2026-06-01
    days on market $219,000 Active 132 DOM
14. 2026-05-31
    days on market $219,000 Active 131 DOM
15. 2026-05-30
    days on market $219,000 Active 130 DOM
16. 2026-02-14
    price $219,000 262-char remark

    Show marketing remark (262 chars)

    3 bedroom 2 bath home just outside of Delmar. 1/2 acre of land in a nice rural setting. large storage building with rear shed, large back yard , rear deck. Move in today. Easy access to the amenities of Delmar, Laurel and Salisbury. Low Delaware taxes, no hoa,

17. 2026-01-29
    price $239,000 262-char remark

    Show marketing remark (262 chars)

    3 bedroom 2 bath home just outside of Delmar. 1/2 acre of land in a nice rural setting. large storage building with rear shed, large back yard , rear deck. Move in today. Easy access to the amenities of Delmar, Laurel and Salisbury. Low Delaware taxes, no hoa,

18. 2026-01-20
    listed $245,000 Active 262-char remark

    Show marketing remark (262 chars)

    3 bedroom 2 bath home just outside of Delmar. 1/2 acre of land in a nice rural setting. large storage building with rear shed, large back yard , rear deck. Move in today. Easy access to the amenities of Delmar, Laurel and Salisbury. Low Delaware taxes, no hoa,

19. 2024-08-07
    historical
20. 2024-02-29
    price $289,900
21. 2023-09-14
    price $259,900
22. 2023-08-08
    price $269,000
23. 2023-05-02
    listed $274,000 Active
24. 2018-05-22
    soldstatus $17,800

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

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $454 · $38/mo
• Projected year-2 tax: $862 · $72/mo
• Expected delta: +$408/yr (+$34/mo · 89.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,926
• − Mortgage interest: −$12,267
• − Property taxes: −$454
• − Insurance: −$1,095
• − Repairs & maintenance: −$874
• − Management: −$874
• − Depreciation: −$6,371
• Taxable loss: −$11,010
• Est. tax savings @ 24.0%: +$2,642
• After-tax cash flow: $-4,057/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.

Schools (NCES district)

• District: Delmar School District
• NCES district ID: 1000270
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 38% ▼ -13.00%
• Median HH income: $46,620
• Composite: 24.98/100
• National rank: #7561
• State rank: #17 of 26 in DE

Livability — Delmar

• Score: 62/100
• State rank: #63
• US rank: #16926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,108

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 (66%)
• Race & ethnicity: White 66% Black 16% Two or more races 13% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Italian 2% Slovak 2% Hispanic 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 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: ▲ 16.92%
• Current HPI: 288.6213
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1130.3% since first listed

9 events — show timeline

• 2026-02-14 Price Changed $219,000 BRIGHT MLS
• 2026-01-29 Price Changed $239,000 BRIGHT MLS
• 2026-01-20 Listed $245,000 BRIGHT MLS
• 2024-08-07 Listing Removed — BRIGHT MLS
• 2024-02-29 Price Changed $289,900 BRIGHT MLS
• 2023-09-14 Price Changed $259,900 BRIGHT MLS
• 2023-08-08 Price Changed $269,000 BRIGHT MLS
• 2023-05-02 Listed $274,000 BRIGHT MLS
• 2018-05-22 Sold (Public Records) $17,800 Public Records

Property tax history

+9.2%/yr

Latest (2025): $454 · +31.0% YoY. Source: county tax records.