7 Colonial Ln · Lewes, DE 19971

$129,900

3 bd · 2.0 ba · 1,056 sqft · SingleFamily · 64 Days on market

Built 2005 Good condition $123/sqft · 49% above area Est $87k · 49% over ↓ 14% 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 +3.4/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a beautifully renovated 3-bedroom, 2-bathroom manufactured home in the desirable Colonial East MHP. This charming ranch-style residence, updated in 2023, boasts luxury vinyl plank flooring throughout, creating a seamless flow and inviting ambiance. The heart of the home features a modern kitchen equipped with appliances, including a sleek refrigerator, oven, and dishwasher, perfect for culinary enthusiasts. Step outside to enjoy the community's exceptional amenities, including a sparkling outdoor pool, a vibrant community center, and a delightful dog park. With lawn maintenance and trash services included in the association fee, you can spend more time enjoying your surroundings. This home offers a perfect blend of comfort and luxury, making it an ideal retreat for those seeking an exclusive lifestyle. Experience the warmth and charm of this inviting space, where every detail has been thoughtfully curated for your enjoyment. Embrace the lifestyle you deserve!

Key facts

• Outdoor pool
• Dog park
• Community center

Tags

• RENOVATED MANUFACTURED HOME
• MODERN KITCHEN
• OUTDOOR POOL
• COMMUNITY CENTER
• DOG PARK
• LAWN MAINTENANCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated good.

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 $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 331 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $898 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 $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $13k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.92% ✓
• Cap rate: 16.17%
• Cash-on-cash: 35.28%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $87,263
• List price: $129,900
• Delta: 48.86%
• 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
22 Spinning Wheel Ln	0.13mi	3/1.5	980 (-7%)	2mo	$85,000	$87	79
35653 Highlands Way #182	0.33mi	3/2.0	1,108 (+5%)	0mo	$115,000	$104	76
10 Powder Horn Ln #22022	0.21mi	3/2.0	1,012 (-4%)	9mo	$115,000	$114	76
6 Spinning Wheel Ln	0.17mi	3/1.5	980 (-7%)	9mo	$60,000	$61	71
25 Gunpowder Ln	0.20mi	3/1.5	980 (-7%)	11mo	$75,000	$77	68
28 Wagon Wheel Ln	0.26mi	2/2.0 (-1)	1,152 (+9%)	3mo	$169,900	$147	66
13 Wagon Wheel Ln #14374	0.26mi	3/2.0	1,200 (+14%)	0mo	$125,000	$104	65
21 Gunpowder Ln #13511	0.21mi	2/2.0 (-1)	980 (-7%)	10mo	$58,000	$59	65
35715 Elk Camp Rd #77	0.25mi	2/2.0 (-1)	1,164 (+10%)	2mo	$125,000	$107	64
43 Candlelight Ln #11675	0.12mi	3/2.0	1,200 (+14%)	9mo	$205,000	$171	64
21 Powder Horn Ln	0.16mi	3/1.5	1,180 (+12%)	10mo	$180,000	$153	63
23 Carriage Ln	0.28mi	2/2.0 (-1)	980 (-7%)	11mo	$135,000	$138	61

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: 30.9%
• Equity multiple: 2.29×
• Total profit: $47,088
• Equity at exit: $19,369

10-year hold

• IRR: 38.1%
• Equity multiple: 4.54×
• Total profit: $128,845
• Equity at exit: $11,231

Cash invested: $36,372 (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: 4.3×

Monthly cashflow live

• Estimated rent: $2,490 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $1,069

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 52%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	43d	1	0.45mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.46mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	13d	1	0.49mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.68mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.75mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	43d	1	0.97mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	1.04mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	43d	1	1.14mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	13d	1	1.43mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	43d	1	1.48mi

Listing history 36 events

1. 2026-06-18
   days on market $129,900 Active 64 DOM
2. 2026-06-17
   days on market $129,900 Active 63 DOM
3. 2026-06-16
   days on market $129,900 Active 62 DOM
4. 2026-06-15
   days on market $129,900 Active 61 DOM
5. 2026-06-14
   days on market $129,900 Active 59 DOM
6. 2026-06-13
   days on market $129,900 Active 58 DOM
7. 2026-06-10
   days on market $129,900 Active 56 DOM
8. 2026-06-09
   days on market $129,900 Active 55 DOM
9. 2026-06-08
   days on market $129,900 Active 54 DOM
10. 2026-06-07
    days on market $129,900 Active 53 DOM
11. 2026-06-05
    pricedays on market $129,900 Active 50 DOM
12. 2026-06-03
    days on market $138,500 Active 49 DOM
13. 2026-06-02
    days on market $138,500 Active 48 DOM
14. 2026-06-01
    days on market $138,500 Active 47 DOM
15. 2026-05-31
    days on market $138,500 Active 46 DOM
16. 2026-05-30
    days on market $138,500 Active 45 DOM
17. 2026-04-15
    listed $142,500 Active 982-char remark

    Show marketing remark (982 chars)

    Discover a beautifully renovated 3-bedroom, 2-bathroom manufactured home in the desirable Colonial East MHP. This charming ranch-style residence, updated in 2023, boasts luxury vinyl plank flooring throughout, creating a seamless flow and inviting ambiance. The heart of the home features a modern kitchen equipped with appliances, including a sleek refrigerator, oven, and dishwasher, perfect for culinary enthusiasts. Step outside to enjoy the community's exceptional amenities, including a sparkling outdoor pool, a vibrant community center, and a delightful dog park. With lawn maintenance and trash services included in the association fee, you can spend more time enjoying your surroundings. This home offers a perfect blend of comfort and luxury, making it an ideal retreat for those seeking an exclusive lifestyle. Experience the warmth and charm of this inviting space, where every detail has been thoughtfully curated for your enjoyment. Embrace the lifestyle you deserve!

18. 2025-10-28
    historical
19. 2025-09-18
    price $126,000
20. 2025-07-18
    status Active
21. 2025-06-15
    historical Active Under Contract
22. 2025-05-10
    price $128,000
23. 2025-05-03
    listed $130,000 Active
24. 2025-05-03
    historical
25. 2025-04-17
    price $130,000
26. 2025-02-27
    price $137,000
27. 2024-12-09
    listed $139,000 Active
28. 2024-11-22
    historical
29. 2024-10-23
    price $144,000
30. 2024-08-08
    price $145,000
31. 2024-07-08
    price $150,000
32. 2024-05-31
    price $155,000
33. 2024-03-22
    price $159,000
34. 2024-01-04
    price $164,500
35. 2023-11-25
    listed $165,000 Active
36. 2023-11-22
    historical

ⓘ 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: $29,877
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$2,390
• − Management: −$2,390
• − Depreciation: −$3,779
• Taxable income: $11,444
• Est. tax owed @ 24.0%: −$2,747
• After-tax cash flow: $10,084/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 beautifully renovated 3-bedroom, 2-bathroom manufactured home in Colonial East MHP is move-in ready with modern updates and a good condition score.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace ceiling fans with energy-efficient models — Improves energy efficiency and aesthetics
• Both Install smart home devices — Enhances home automation and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace ceiling fans with energy-efficient models — Improves energy efficiency and aesthetics ↑
• Both Install smart home devices — Enhances home automation and energy efficiency ↑

ⓘ 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 — 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): 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

-13.6% since first listed

20 events — show timeline

• 2026-04-15 Listed $142,500 BRIGHT MLS
• 2025-10-28 Listing Removed — BRIGHT MLS
• 2025-09-18 Price Changed $126,000 BRIGHT MLS
• 2025-07-18 Relisted — BRIGHT MLS
• 2025-06-15 Contingent — BRIGHT MLS
• 2025-05-10 Price Changed $128,000 BRIGHT MLS
• 2025-05-03 Listing Removed — BRIGHT MLS
• 2025-05-03 Listed $130,000 BRIGHT MLS
• 2025-04-17 Price Changed $130,000 BRIGHT MLS
• 2025-02-27 Price Changed $137,000 BRIGHT MLS
• 2024-12-09 Listed $139,000 BRIGHT MLS
• 2024-11-22 Listing Removed — BRIGHT MLS
• 2024-10-23 Price Changed $144,000 BRIGHT MLS
• 2024-08-08 Price Changed $145,000 BRIGHT MLS
• 2024-07-08 Price Changed $150,000 BRIGHT MLS
• 2024-05-31 Price Changed $155,000 BRIGHT MLS
• 2024-03-22 Price Changed $159,000 BRIGHT MLS
• 2024-01-04 Price Changed $164,500 BRIGHT MLS
• 2023-11-25 Listed $165,000 BRIGHT MLS
• 2023-11-22 Coming Soon — BRIGHT MLS