35733 Elk Camp Rd · Lewes, DE 19971

$149,000

2 bd · 2.0 ba · 1,200 sqft · SingleFamily · 105 Days on market

Built 1984 Good condition $124/sqft · 7% below area Est $160k · 7% under ↓ 5% since listing

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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 +10.5/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

Very lovely home located in one of the best parks in Rehoboth Beach. This 2-bedroom, 2-bath, dry-walled, partially furnished, home has had several upgrades to make it your next year-round home or vacation getaway. The all-season room is bright and sunny and has its own gas fireplace. The living space is generously proportioned and has a flush mounted gas fireplace for those chilly winter months and is large enough for entertaining your guests or just relaxing. The floor plan is a split bedroom design for privacy and comfort. Each bedroom has its own en-suite full bath with walk in showers. The kitchen is fully appointed with plenty of cabinetry, and it has a separate dining room. This home has central heat/air, ceiling fans, and skylights. The park is located just minutes from the best 5-star beach in Delaware and tax-free shopping and dining but is hidden away from the hustle and bustle of traffic. This home boasts a welcoming front covered deck for your morning tea and a nice outdoor spot on those warm sunny days before you head over to the pool or clubhouse and fitness center, only a two-minute walk away. This home is not located in the municipal boundaries of Rehoboth Beach so there are no city taxes. Potential purchasers must be park approved. Investor Advisory; Rentals are not allowed in this park. This home may come furnished (with some exceptions) to make it an easy move-in ready summer retreat. This property is not within 100- or 500-year floodplain.

Key facts

• 3 parking spots
• Community pool
• Built 1984

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $767 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($136k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.53% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.05%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $159,801
• List price: $149,000
• Delta: -6.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35715 Elk Camp Rd #77	0.03mi	2/2.0	1,164 (-3%)	2mo	$125,000	$107	92
35616 Elk Camp Rd	0.09mi	2/2.0	1,236 (+3%)	0mo	$85,000	$69	90
13 Wagon Wheel Ln #14374	0.29mi	3/2.0 (+1)	1,200 (0%)	0mo	$125,000	$104	81
28 Wagon Wheel Ln	0.22mi	2/2.0	1,152 (-4%)	3mo	$169,900	$147	81
43 Candlelight Ln #11675	0.20mi	3/2.0 (+1)	1,200 (0%)	9mo	$205,000	$171	78
48 Spinning Wheel Ln #10697	0.19mi	2/2.0	1,255 (+5%)	9mo	$213,000	$170	76
35653 Highlands Way #182	0.18mi	3/2.0 (+1)	1,108 (-8%)	0mo	$115,000	$104	74
21 Powder Horn Ln	0.21mi	3/1.5 (+1)	1,180 (-2%)	10mo	$180,000	$153	72
35578 High Alpine Ln #20869	0.09mi	2/2.0	1,100 (-8%)	12mo	$110,000	$100	72
35639 Highland Way #184	0.19mi	2/2.0	1,348 (+12%)	4mo	$169,500	$126	67
18699 Snowmass Run #27	0.24mi	2/2.0	1,300 (+8%)	11mo	$200,000	$154	66
22 Vassar Dr	0.70mi	3/2.0 (+1)	1,376 (+15%)	2mo	$465,000	$338	36

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: 14.8%
• Equity multiple: 1.59×
• Total profit: $24,721
• Equity at exit: $22,216

10-year hold

• IRR: 23.5%
• Equity multiple: 3.03×
• Total profit: $84,545
• Equity at exit: $12,883

Cash invested: $41,720 (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: 5.5×

Monthly cashflow live

• Estimated rent: $2,274 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $767

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 61%

Sensitivity live

Price	-10% $870	-5% $818	+0% $767	+5% $715	+10% $664
Rent	-10% $587	-5% $677	+0% $767	+5% $857	+10% $946
Rate	-1.0pp $842	-0.5pp $805	base $767	+0.5pp $728	+1.0pp $689

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.52mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	45d	1	0.55mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	22d	1	0.59mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	22d	1	0.68mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	14d	1	0.71mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	45d	1	1.04mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	45d	1	1.19mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	45d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $149,000 Active 105 DOM
2. 2026-06-17
   days on market $149,000 Active 104 DOM
3. 2026-06-16
   days on market $149,000 Active 103 DOM
4. 2026-06-15
   days on market $149,000 Active 102 DOM
5. 2026-06-14
   days on market $149,000 Active 100 DOM
6. 2026-06-13
   days on market $149,000 Active 99 DOM
7. 2026-06-10
   days on market $149,000 Active 97 DOM
8. 2026-06-09
   days on market $149,000 Active 96 DOM
9. 2026-06-08
   days on market $149,000 Active 95 DOM
10. 2026-06-07
    days on market $149,000 Active 94 DOM
11. 2026-06-05
    days on market $149,000 Active 91 DOM
12. 2026-06-03
    days on market $149,000 Active 90 DOM
13. 2026-06-02
    days on market $149,000 Active 89 DOM
14. 2026-06-01
    days on market $149,000 Active 88 DOM
15. 2026-05-31
    days on market $149,000 Active 87 DOM
16. 2026-05-30
    days on market $149,000 Active 86 DOM
17. 2026-04-27
    price $149,000 1483-char remark

    Show marketing remark (1483 chars)

    Very lovely home located in one of the best parks in Rehoboth Beach. This 2-bedroom, 2-bath, dry-walled, partially furnished, home has had several upgrades to make it your next year-round home or vacation getaway. The all-season room is bright and sunny and has its own gas fireplace. The living space is generously proportioned and has a flush mounted gas fireplace for those chilly winter months and is large enough for entertaining your guests or just relaxing. The floor plan is a split bedroom design for privacy and comfort. Each bedroom has its own en-suite full bath with walk in showers. The kitchen is fully appointed with plenty of cabinetry, and it has a separate dining room. This home has central heat/air, ceiling fans, and skylights. The park is located just minutes from the best 5-star beach in Delaware and tax-free shopping and dining but is hidden away from the hustle and bustle of traffic. This home boasts a welcoming front covered deck for your morning tea and a nice outdoor spot on those warm sunny days before you head over to the pool or clubhouse and fitness center, only a two-minute walk away. This home is not located in the municipal boundaries of Rehoboth Beach so there are no city taxes. Potential purchasers must be park approved. Investor Advisory; Rentals are not allowed in this park. This home may come furnished (with some exceptions) to make it an easy move-in ready summer retreat. This property is not within 100- or 500-year floodplain.

18. 2026-03-06
    listed $157,000 Active 1483-char remark

    Show marketing remark (1483 chars)

    Very lovely home located in one of the best parks in Rehoboth Beach. This 2-bedroom, 2-bath, dry-walled, partially furnished, home has had several upgrades to make it your next year-round home or vacation getaway. The all-season room is bright and sunny and has its own gas fireplace. The living space is generously proportioned and has a flush mounted gas fireplace for those chilly winter months and is large enough for entertaining your guests or just relaxing. The floor plan is a split bedroom design for privacy and comfort. Each bedroom has its own en-suite full bath with walk in showers. The kitchen is fully appointed with plenty of cabinetry, and it has a separate dining room. This home has central heat/air, ceiling fans, and skylights. The park is located just minutes from the best 5-star beach in Delaware and tax-free shopping and dining but is hidden away from the hustle and bustle of traffic. This home boasts a welcoming front covered deck for your morning tea and a nice outdoor spot on those warm sunny days before you head over to the pool or clubhouse and fitness center, only a two-minute walk away. This home is not located in the municipal boundaries of Rehoboth Beach so there are no city taxes. Potential purchasers must be park approved. Investor Advisory; Rentals are not allowed in this park. This home may come furnished (with some exceptions) to make it an easy move-in ready summer retreat. This property is not within 100- or 500-year floodplain.

19. 2026-02-14
    historical $157,000 1483-char remark

    Show marketing remark (1483 chars)

    Very lovely home located in one of the best parks in Rehoboth Beach. This 2-bedroom, 2-bath, dry-walled, partially furnished, home has had several upgrades to make it your next year-round home or vacation getaway. The all-season room is bright and sunny and has its own gas fireplace. The living space is generously proportioned and has a flush mounted gas fireplace for those chilly winter months and is large enough for entertaining your guests or just relaxing. The floor plan is a split bedroom design for privacy and comfort. Each bedroom has its own en-suite full bath with walk in showers. The kitchen is fully appointed with plenty of cabinetry, and it has a separate dining room. This home has central heat/air, ceiling fans, and skylights. The park is located just minutes from the best 5-star beach in Delaware and tax-free shopping and dining but is hidden away from the hustle and bustle of traffic. This home boasts a welcoming front covered deck for your morning tea and a nice outdoor spot on those warm sunny days before you head over to the pool or clubhouse and fitness center, only a two-minute walk away. This home is not located in the municipal boundaries of Rehoboth Beach so there are no city taxes. Potential purchasers must be park approved. Investor Advisory; Rentals are not allowed in this park. This home may come furnished (with some exceptions) to make it an easy move-in ready summer retreat. This property is not within 100- or 500-year floodplain.

ⓘ 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 · 18 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: $27,287
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,183
• − Management: −$2,183
• − Depreciation: −$4,335
• Taxable income: $7,260
• Est. tax owed @ 24.0%: −$1,742
• After-tax cash flow: $7,458/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 home is in good condition with cosmetic updates needed. It's move-in ready and has a great location in a desirable park.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Rental Trim landscaping — Improves curb appeal and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Trim landscaping — Improves curb appeal and enhances property 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: 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

-5.1% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $149,000 BRIGHT MLS
• 2026-03-06 Listed $157,000 BRIGHT MLS
• 2026-02-14 Coming Soon $157,000 BRIGHT MLS