31696 Siham Rd · Lewes, DE 19958

$117,900

3 bd · 2.0 ba · 1,064 sqft · Manufactured public records · 21 Days on market

Built 2019 3,049 sqft lot $111/sqft · 40% above area Est $84k · 40% over

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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
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this pristine and well maintained 3 bedroom 2 bath home in Whispering Pines MHP located in Lewes Delaware. This 2019 model boasts a large great room area and plenty of room for dining and entertaining. The well equipped kitchen features a deep basin sink and a ceramic tile backsplash. The split floorplan has the owners suite with custom board & batten feature wall at one end of the home. The other 2 bedrooms and bath at the other end of the home for privacy. Laundry is located near the owner's suite with front loading stackable washer/Dryer. A rear patio with a peaceful view is sure to be your favorite outside spot to enjoy coffee or a glass of wine. The community pool and playground is a short walk away and the community is adjacent to the Georgetown- Lewes bike trail. Nestled less than 5 miles from downtown Lewes and a short drive to the Rehoboth Beach Boardwalk as well as all of the restaurants and nightlife that the area has to offer. Schedule a tour of this home today as it will not last long. Park approval through application is required: credit check, background check and income verification are required.

Key facts

• Great room area
• Community pool
• Deep basin sink

Tags

• GREAT ROOM AREA
• DEEP BASIN SINK
• CERAMIC TILE BACKSPLASH
• REAR PATIO
• COMMUNITY POOL
• GEORGETOWN LEWES BIKE TRAIL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $118k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $118k).
• Recommended offer: $116k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.4% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% 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).
• This rent runs 31% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $815 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 + 0.8% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $116,131 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.15% ✓
• Cap rate: 18.38%
• Cash-on-cash: 43.18%
• DSCR: 2.92
• GRM: 3.9

CMA / ARV

• ARV (median comp): $84,121
• List price: $117,900
• Delta: 40.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 37.5%
• Equity multiple: 2.55×
• Total profit: $51,024
• Equity at exit: $17,579

10-year hold

• IRR: 42.9%
• Equity multiple: 4.64×
• Total profit: $120,169
• Equity at exit: $10,194

Cash invested: $33,012 (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: 3.9×

Monthly cashflow live

• Estimated rent: $2,535 high
• Mortgage (P&I): −$618
• Tax est. 1.5%: −$147 /mo · $1,768/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $1,188

Break-even live

Break-even rent $1,031

Max offer price $117,900

Occupancy floor 48%

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: $29,475
• Closing costs: $3,537
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	43d	1	0.39mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	43d	1	0.41mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	13d	17	0.45mi
33106 N Village Loop #1103 Lewes, DE	2.0	2.0	1144	$2,000	$1.75	44d	1	1.28mi
33082 E Light Dr Lewes, DE	4.0	2.0	992	$2,600	$2.62	43d	1	1.37mi
17054 N Brandt St #1206 Lewes, DE	2.0	2.0	1052	$1,900	$1.81	43d	1	1.47mi

Listing history 6 events

1. 2026-06-07
   status $117,900 Pending 21 DOM
2. 2026-05-08
   historical Active Under Contract 1157-char remark

   Show marketing remark (1157 chars)

   Don't miss this pristine and well maintained 3 bedroom 2 bath home in Whispering Pines MHP located in Lewes Delaware. This 2019 model boasts a large great room area and plenty of room for dining and entertaining. The well equipped kitchen features a deep basin sink and a ceramic tile backsplash. The split floorplan has the owners suite with custom board & batten feature wall at one end of the home. The other 2 bedrooms and bath at the other end of the home for privacy. Laundry is located near the owner's suite with front loading stackable washer/Dryer. A rear patio with a peaceful view is sure to be your favorite outside spot to enjoy coffee or a glass of wine. The community pool and playground is a short walk away and the community is adjacent to the Georgetown- Lewes bike trail. Nestled less than 5 miles from downtown Lewes and a short drive to the Rehoboth Beach Boardwalk as well as all of the restaurants and nightlife that the area has to offer. Schedule a tour of this home today as it will not last long. Park approval through application is required: credit check, background check and income verification are required.

3. 2026-04-17
   listed $117,900 Active 1157-char remark

   Show marketing remark (1157 chars)

   Don't miss this pristine and well maintained 3 bedroom 2 bath home in Whispering Pines MHP located in Lewes Delaware. This 2019 model boasts a large great room area and plenty of room for dining and entertaining. The well equipped kitchen features a deep basin sink and a ceramic tile backsplash. The split floorplan has the owners suite with custom board & batten feature wall at one end of the home. The other 2 bedrooms and bath at the other end of the home for privacy. Laundry is located near the owner's suite with front loading stackable washer/Dryer. A rear patio with a peaceful view is sure to be your favorite outside spot to enjoy coffee or a glass of wine. The community pool and playground is a short walk away and the community is adjacent to the Georgetown- Lewes bike trail. Nestled less than 5 miles from downtown Lewes and a short drive to the Rehoboth Beach Boardwalk as well as all of the restaurants and nightlife that the area has to offer. Schedule a tour of this home today as it will not last long. Park approval through application is required: credit check, background check and income verification are required.

4. 2021-12-27
   soldstatus $100,000 Closed 1307-char remark

   Show marketing remark (1307 chars)

   One of the newest and prettiest homes in this price range currently on the market, and backing to picturesque farmland! This charming 2018 home has a beautiful interior with a split floorplan; 2 bedrooms and a full bathroom at one end, and an inviting owners suite at the other! With smooth drywalled walls, a neutral color scheme and attractive vinyl flooring, this home feels modern, fresh and clean. The kitchen features custom painted cabinetry, a deep-basin sink and a ceramic tile backsplash. Plenty of space for a dining table and chairs, too! The owners suite has a beautiful Board & Batten focal wall, wood-look vinyl flooring and a freshly painted en-suite bathroom with a step in shower. The spacious second and third bedrooms share a full bathroom with a shower/tub combo. Front loading laundry pair is conveniently tucked in the back hallway. The private backyard has peaceful views of the farmland behind the community and the pool and expansive common space is just a short walk away. This community sits right along the new Georgetown-Lewes bike trail and is less than 5 miles from the Cape May Lewes Ferry terminal and the sandy beaches of Lewes and Cape Henlopen State Park. Park application required: good credit, clean background and verification of income required for approval.

5. 2021-11-23
   status Pending 1307-char remark

   Show marketing remark (1307 chars)

   One of the newest and prettiest homes in this price range currently on the market, and backing to picturesque farmland! This charming 2018 home has a beautiful interior with a split floorplan; 2 bedrooms and a full bathroom at one end, and an inviting owners suite at the other! With smooth drywalled walls, a neutral color scheme and attractive vinyl flooring, this home feels modern, fresh and clean. The kitchen features custom painted cabinetry, a deep-basin sink and a ceramic tile backsplash. Plenty of space for a dining table and chairs, too! The owners suite has a beautiful Board & Batten focal wall, wood-look vinyl flooring and a freshly painted en-suite bathroom with a step in shower. The spacious second and third bedrooms share a full bathroom with a shower/tub combo. Front loading laundry pair is conveniently tucked in the back hallway. The private backyard has peaceful views of the farmland behind the community and the pool and expansive common space is just a short walk away. This community sits right along the new Georgetown-Lewes bike trail and is less than 5 miles from the Cape May Lewes Ferry terminal and the sandy beaches of Lewes and Cape Henlopen State Park. Park application required: good credit, clean background and verification of income required for approval.

6. 2021-11-21
   listed $95,000 Active 1307-char remark

   Show marketing remark (1307 chars)

   One of the newest and prettiest homes in this price range currently on the market, and backing to picturesque farmland! This charming 2018 home has a beautiful interior with a split floorplan; 2 bedrooms and a full bathroom at one end, and an inviting owners suite at the other! With smooth drywalled walls, a neutral color scheme and attractive vinyl flooring, this home feels modern, fresh and clean. The kitchen features custom painted cabinetry, a deep-basin sink and a ceramic tile backsplash. Plenty of space for a dining table and chairs, too! The owners suite has a beautiful Board & Batten focal wall, wood-look vinyl flooring and a freshly painted en-suite bathroom with a step in shower. The spacious second and third bedrooms share a full bathroom with a shower/tub combo. Front loading laundry pair is conveniently tucked in the back hallway. The private backyard has peaceful views of the farmland behind the community and the pool and expansive common space is just a short walk away. This community sits right along the new Georgetown-Lewes bike trail and is less than 5 miles from the Cape May Lewes Ferry terminal and the sandy beaches of Lewes and Cape Henlopen State Park. Park application required: good credit, clean background and verification of income required for approval.

ⓘ 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: $30,420
• − Mortgage interest: −$6,604
• − Property taxes: −$1,768
• − Insurance: −$590
• − Repairs & maintenance: −$2,434
• − Management: −$2,434
• − Depreciation: −$3,430
• Taxable income: $13,160
• Est. tax owed @ 24.0%: −$3,159
• After-tax cash flow: $11,096/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

+24.1% since first listed

5 events — show timeline

• 2026-05-08 Contingent — BRIGHT MLS
• 2026-04-17 Listed $117,900 BRIGHT MLS
• 2021-12-27 Sold (MLS) $100,000 BRIGHT MLS
• 2021-11-23 Pending — BRIGHT MLS
• 2021-11-21 Listed $95,000 BRIGHT MLS

Property tax history

-8.1%/yr

Latest (2025): $193 · -42.7% YoY. Source: county tax records.