23 Bristol Way · Lewes, DE 19958

$84,000

2 bd · 2.0 ba · 924 sqft · Manufactured · 47 Days on market

Built 1987 $91/sqft · 9% below area Est $92k · 9% under

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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
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 23 Bristol Way, an adorable 2 bedroom 2 bath turn key home located in Sussex East MHP in Lewes. It has been lovingly cared for by the same owners for over 20 years who have just now decided to let this one go. It has a large 3 season room great for entertaining, rear deck and a split floorplan. There is an indoor pool, dog park and manor house. The lot rent is currently $641.00/mt. This home is being sold in "AS IS" condition and inspections are for informational purposes only. (Lease will renew again on June 1, 2026 with any increase capped as per 25 Del. C. Sec. 7050-7054). Homeowner pays electric, water, sewer, gas, recycling & lawn maintenance. RHP, the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)favorable credit bureau score, including evaluation of debt-to-income ratio, and 3.)clean criminal background check. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a 3.75% transfer tax (DMV Doc Fee) & a Settlement Agent fee.

Key facts

• 2 parking spots
• Community pool
• Built 1987

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $84k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.3% vs local median 1.7% in Lewes — 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 67/100 on livability (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: 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: Rents flat; 818 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,480 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 2.56% ✓
• Cap rate: 22.27%
• Cash-on-cash: 57.06%
• DSCR: 3.54
• GRM: 3.3

CMA / ARV

• ARV (median comp): $91,805
• List price: $84,000
• Delta: -8.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31752 Siham Rd	0.49mi	2/2.0	840 (-9%)	1mo	$92,500	$110	61
32041 Janice Rd #2275	0.70mi	2/2.0	850 (-8%)	13mo	$115,000	$135	43

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 53.0%
• Equity multiple: 3.25×
• Total profit: $52,931
• Equity at exit: $12,525

10-year hold

• IRR: 57.3%
• Equity multiple: 6.08×
• Total profit: $119,421
• Equity at exit: $7,263

Cash invested: $23,520 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,150 medium
• Mortgage (P&I): −$441
• Tax est. 1.5%: −$105 /mo · $1,260/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,118

Break-even live

Break-even rent $735

Max offer price $84,000

Occupancy floor 43%

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	13d	17	0.49mi

Listing history 20 events

1. 2026-06-19
   remarks 689-char remark
2. 2026-06-19
   price $84,000 Active 47 DOM
3. 2026-06-18
   days on market $89,000 Active 47 DOM
4. 2026-06-17
   days on market $89,000 Active 46 DOM
5. 2026-06-16
   days on market $89,000 Active 45 DOM
6. 2026-06-15
   days on market $89,000 Active 44 DOM
7. 2026-06-14
   days on market $89,000 Active 42 DOM
8. 2026-06-13
   pricedays on market $89,000 Active 41 DOM
9. 2026-06-10
   days on market $94,000 Active 39 DOM
10. 2026-06-09
    days on market $94,000 Active 38 DOM
11. 2026-06-08
    days on market $94,000 Active 37 DOM
12. 2026-06-07
    days on market $94,000 Active 36 DOM
13. 2026-06-05
    days on market $94,000 Active 33 DOM
14. 2026-06-03
    days on market $94,000 Active 32 DOM
15. 2026-06-02
    days on market $94,000 Active 31 DOM
16. 2026-06-01
    days on market $94,000 Active 30 DOM
17. 2026-05-31
    pricedays on market $94,000 Active 29 DOM
18. 2026-05-30
    days on market $99,900 Active 28 DOM
19. 2026-05-02
    listed $99,900 Active 1194-char remark

    Show marketing remark (1194 chars)

    Welcome to 23 Bristol Way, an adorable 2 bedroom 2 bath turn key home located in Sussex East MHP in Lewes. It has been lovingly cared for by the same owners for over 20 years who have just now decided to let this one go. It has a large 3 season room great for entertaining, rear deck and a split floorplan. There is an indoor pool, dog park and manor house. The lot rent is currently $641.00/mt. This home is being sold in "AS IS" condition and inspections are for informational purposes only. (Lease will renew again on June 1, 2026 with any increase capped as per 25 Del. C. Sec. 7050-7054). Homeowner pays electric, water, sewer, gas, recycling & lawn maintenance. RHP, the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)favorable credit bureau score, including evaluation of debt-to-income ratio, and 3.)clean criminal background check. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a 3.75% transfer tax (DMV Doc Fee) & a Settlement Agent fee.

20. 2026-04-19
    historical $99,900 1194-char remark

    Show marketing remark (1194 chars)

    Welcome to 23 Bristol Way, an adorable 2 bedroom 2 bath turn key home located in Sussex East MHP in Lewes. It has been lovingly cared for by the same owners for over 20 years who have just now decided to let this one go. It has a large 3 season room great for entertaining, rear deck and a split floorplan. There is an indoor pool, dog park and manor house. The lot rent is currently $641.00/mt. This home is being sold in "AS IS" condition and inspections are for informational purposes only. (Lease will renew again on June 1, 2026 with any increase capped as per 25 Del. C. Sec. 7050-7054). Homeowner pays electric, water, sewer, gas, recycling & lawn maintenance. RHP, the community owner, requires an Application from the Buyer, with acceptance based on the following criteria: 1.)income verification, 2.)favorable credit bureau score, including evaluation of debt-to-income ratio, and 3.)clean criminal background check. Financing may be available to qualified borrowers from only a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Closing costs will include a 3.75% transfer tax (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 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 · 19 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: $25,806
• − Mortgage interest: −$4,705
• − Property taxes: −$1,260
• − Insurance: −$420
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$2,444
• Taxable income: $12,848
• Est. tax owed @ 24.0%: −$3,084
• After-tax cash flow: $10,337/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: 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 — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 31,938
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-02 Listed $99,900 BRIGHT MLS
• 2026-04-19 Coming Soon $99,900 BRIGHT MLS

Property tax history

-8.8%/yr

Latest (2025): $159 · -59.3% YoY. Source: county tax records.