11 Whitehaven Way Unit WHI011 · Lewes, DE 19958

$147,500

2 bd · 2.0 ba · 1,392 sqft · Manufactured · 53 Days on market

Manufactured home 55+ age-restricted Built 2026 Fair condition $106/sqft · 10% below area Est $164k · 10% under

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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 +21.2/30.0
• ARV discount +12.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.2/10.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +2.5/10.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -5.0

Listing remarks

* THIS IS A RESALE LISTING * Sussex West is an active and exciting 55+ Senior Community. Nestle into your 2 bedroom, 2 bathroom home located inside of Sussex West, a friendly and well-maintained community. Around you, enjoy the great features the community has to offer such as shuffleboard, a bocce ball court, and a pickleball court. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Pickleball court
• Bocce ball court
• Shuffleboard

Tags

• SHUFFLEBOARD
• BOCCE BALL COURT
• PICKLEBALL COURT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $148k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $143k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 1.9% 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.
• Zoned schools: Milton Elementary School (math 47% / reading 57%, grade C-, #13 of 105 statewide, top 12%, 556 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 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: Rents flat; 942 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $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.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($143k) 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 $143,075 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $164,039
• List price: $147,500
• Delta: -10.08%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Whitehaven Way #49622	0.05mi	2/2.0	1,463 (+5%)	1mo	$176,000	$120	88
3 Nottingham Dr	0.20mi	3/2.0 (+1)	1,344 (-3%)	1mo	$185,000	$138	79
17282 Ridge Line Dr	1.29mi	3/2.0 (+1)	1,456 (+5%)	0mo	$145,000	$100	52
20141 Riesling Ln #402	0.66mi	2/2.0	1,247 (-10%)	2mo	$349,900	$281	50
31646 Janice Rd Unit C-29	0.63mi	3/2.0 (+1)	1,260 (-10%)	1mo	$130,000	$103	49
17180 Valley Dr	1.38mi	3/2.0 (+1)	1,266 (-9%)	0mo	$350,000	$276	44
24686 Merlot Dr #306	0.67mi	2/2.0	1,587 (+14%)	2mo	$358,000	$226	44
24622 Merlot Dr	0.55mi	3/2.0 (+1)	1,600 (+15%)	2mo	$490,000	$306	43
31696 Siham Rd	0.65mi	3/2.0 (+1)	1,064 (-24%)	1mo	$108,000	$102	39
30361 Green Valley Run	1.30mi	3/2.0 (+1)	1,588 (+14%)	1mo	$425,000	$268	36
31758 Chablis Ln	0.78mi	3/3.0 (+1)	1,570 (+13%)	0mo	$540,000	$344	34
12137 Spicer Creek Ave	0.95mi	3/— (+1)	1,703 (+22%)	1mo	$470,000	$276	34

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-389
• Equity at exit: $21,993

10-year hold

• IRR: 6.9%
• Equity multiple: 1.47×
• Total profit: $19,383
• Equity at exit: $12,753

Cash invested: $41,300 (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 →

Active competition Active MLS

• For sale now: 6 active
• Median asking: $204,200 ($129/sqft)
• Median days on market: 83 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: -8.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19958

• Rents YoY: 0.8%
• Active inventory: 942
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,837 high
• Mortgage (P&I): −$774
• Tax est. 1.5%: −$184 /mo · $2,212/yr
• Insurance: −$61
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $432

Break-even live

Break-even rent $1,290

Max offer price $147,500

Occupancy floor 71%

Sensitivity live

Price	-10% $534	-5% $483	+0% $432	+5% $381	+10% $330
Rent	-10% $287	-5% $359	+0% $432	+5% $505	+10% $577
Rate	-1.0pp $506	-0.5pp $470	base $432	+0.5pp $394	+1.0pp $355

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: $36,875
• Closing costs: $4,425
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20141 Riesling Ln #306 Lewes, DE	2.0	2.0	1600	$2,600	$1.62	93d	1	0.65mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	93d	1	0.69mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	63d	17	0.71mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	93d	1	0.74mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	93d	1	1.05mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	70d	1	1.36mi

Property features AI

Finance

• Financial info: List price $147,500

Exterior

• Utilities: Natural gas availableCentral air
• Home design: Spec home (new construction, plan 94951)Single-level entry
• Construction: New construction (2026 listing)Address: 11 Whitehaven Way Unit WHI011, Lewes, DE 19958
• Exterior features: Living area approximately 1,392

Interior

• Kitchen: Plan includes standard kitchen (plan 94951)
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Open living area

Listing history 43 events

1. 2026-08-08
   days on market $147,500 Active 53 DOM
2. 2026-08-07
   days on market $147,500 Active 52 DOM
3. 2026-08-06
   days on market $147,500 Active 51 DOM
4. 2026-08-05
   days on market $147,500 Active 50 DOM
5. 2026-08-04
   days on market $147,500 Active 49 DOM
6. 2026-08-03
   days on market $147,500 Active 48 DOM
7. 2026-07-31
   days on market $147,500 Active 45 DOM
8. 2026-07-30
   days on market $147,500 Active 44 DOM
9. 2026-07-29
   days on market $147,500 Active 43 DOM
10. 2026-07-27
    days on market $147,500 Active 41 DOM
11. 2026-07-25
    days on market $147,500 Active 39 DOM
12. 2026-07-24
    days on market $147,500 Active 38 DOM
13. 2026-07-23
    days on market $147,500 Active 37 DOM
14. 2026-07-22
    days on market $147,500 Active 36 DOM
15. 2026-07-21
    days on market $147,500 Active 35 DOM
16. 2026-07-18
    days on market $147,500 Active 32 DOM
17. 2026-07-16
    days on market $147,500 Active 30 DOM
18. 2026-07-16
    days on market $147,500 Active 29 DOM
19. 2026-07-14
    days on market $147,500 Active 28 DOM
20. 2026-07-13
    days on market $147,500 Active 27 DOM
21. 2026-07-12
    days on market $147,500 Active 26 DOM
22. 2026-07-11
    days on market $147,500 Active 25 DOM
23. 2026-07-10
    days on market $147,500 Active 24 DOM
24. 2026-07-09
    days on market $147,500 Active 23 DOM
25. 2026-07-08
    days on market $147,500 Active 22 DOM
26. 2026-07-07
    days on market $147,500 Active 21 DOM
27. 2026-07-06
    days on market $147,500 Active 20 DOM
28. 2026-07-06
    days on market $147,500 Active 19 DOM
29. 2026-07-04
    days on market $147,500 Active 18 DOM
30. 2026-07-03
    days on market $147,500 Active 17 DOM
31. 2026-07-02
    days on market $147,500 Active 16 DOM
32. 2026-07-01
    days on market $147,500 Active 15 DOM
33. 2026-06-30
    days on market $147,500 Active 14 DOM
34. 2026-06-29
    days on market $147,500 Active 13 DOM
35. 2026-06-28
    days on market $147,500 Active 12 DOM
36. 2026-06-28
    days on market $147,500 Active 11 DOM
37. 2026-06-27
    days on market $147,500 Active 10 DOM
38. 2026-06-25
    days on market $147,500 Active 8 DOM
39. 2026-06-23
    days on market $147,500 Active 6 DOM
40. 2026-06-22
    days on market $147,500 Active 5 DOM
41. 2026-06-18
    days on market $147,500 Active 2 DOM
42. 2026-06-17
    remarks 479-char remark
43. 2026-06-17
    listed $147,500 Active 1 DOM

ⓘ 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: $22,046
• − Mortgage interest: −$8,262
• − Property taxes: −$2,212
• − Insurance: −$738
• − Repairs & maintenance: −$1,764
• − Management: −$1,764
• − Depreciation: −$4,291
• Taxable income: $3,016
• Est. tax owed @ 24.0%: −$724
• After-tax cash flow: $4,461/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

Fair 45/100 Cosmetic rehab Est. rehab $6,960–$20,880 screening

This 2-bedroom, 2-bathroom home in Sussex West, Delaware, is in fair condition with cosmetic updates needed. Fresh paint and landscaping would significantly enhance its resale and rental value.

Repairs flagged

• Minor Paint — Slight discoloration on exterior
• Minor Landscaping — Some overgrown areas

Value-add opportunities

• Resale Paint exterior — Fresh paint enhances curb appeal ↑
• Rental Landscaping — Well-maintained landscaping attracts tenants ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 44/100

Zoned Schools

Elementary Milton Elementary School C- DE #13/105 Nat'l #11,263/41,679 Middle Mariner Middle School F DE #7/36 Nat'l #6,005/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

C Composite livability gradescore 67/100

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 · 248,853 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: 11% of renters

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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%

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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%

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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

Property features AI

Finance

• Financial info: List price $147,500

Exterior

• Utilities: Natural gas availableCentral air
• Home design: Spec home (new construction, plan 94951)Single-level entry
• Construction: New construction (2026 listing)Address: 11 Whitehaven Way Unit WHI011, Lewes, DE 19958
• Exterior features: Living area approximately 1,392

Interior

• Kitchen: Plan includes standard kitchen (plan 94951)
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Open living area