35959 Jake Dr · Rehoboth Beach, DE 19971

$149,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 58 Days on market

Built 2000 4,356 sqft lot $121/sqft · 8% above area Est $135k · 11% over $2/mo HOA ↓ 10% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• ARV discount +2.8/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 35959 Jake Drive where LOW lot rent, UPGRADED Roof, HVAC and Hot Water Heater plus total privacy abound! This combination is very RARE at this price in a community just 6.5 miles to the ocean. Make the inside your own by adding your decor flair! This 3-bedroom, 2-bathroom home offers convenience, privacy, and a truly quintessential "salt life" where boating, swimming, fishing, crabbing, and waterfront living are just down the street. Step inside to find an open-concept living space that flows seamlessly from the great room into the kitchen. The great room and the kitchen with a breakfast bar and dining space offer the best layout for convenience, entertaining and a bright feel with a skylight. With a split floor plan, this home offers privacy and comfort for everyone. The light-filled primary suite and ensuite offer a space that you can truly find comfort and relaxation in. Likewise, the additional bedrooms and bathroom offer comfort and privacy for family or guests. The laundry room leads to an extremely private backyard and both are accessible from the kitchen, adding to the home’s functionality. In the backyard, you can find a deck ideal for dining al fresco, mature trees that provide privacy, and a spacious yard with room for a garden plus a wonderful shed. Some important systems within the home, such as the HVAC, hot water heater, and roof, have been upgraded within the last five years. Residents of the Rehoboth Bay MHP Community have access to a variety of amenities, such as boat slips for rent, a boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a private beach, tennis/pickleball courts, and much more. Situated just a few miles from downtown Rehoboth Beach and the Rehoboth Beach Boardwalk, this home allows for easy access to local shopping, dining, and activities. Whether you're looking for a full-time residence, a weekend retreat, or an investment opportunity, this home may be the one for you.

Key facts

• Split floor plan
• Eat-in kitchen
• Mature trees

Tags

• OPEN-CONCEPT LIVING SPACE
• EAT-IN KITCHEN
• SPLIT FLOOR PLAN
• LIGHT-FILLED PRIMARY SUITE
• DECK IDEAL FOR DINING
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $149k.

Deal economics

• At list price, monthly cash flow is $784 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 1.5% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, health & safety A+; Watch: crime F, 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 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: 334 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).
• This rent runs 34% of the median local income ($102k/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 $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 58 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.93% ✓
• Cap rate: 16.31%
• Cash-on-cash: 35.79%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $134,812
• List price: $149,000
• Delta: 10.52%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21791 C St #4065	0.43mi	3/1.0	1,080 (-12%)	8mo	$75,000	$69	48

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: 15.5%
• Equity multiple: 1.63×
• Total profit: $26,100
• Equity at exit: $22,216

10-year hold

• IRR: 24.3%
• Equity multiple: 3.12×
• Total profit: $88,335
• 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: 334
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,881 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $784

Break-even live

Break-even rent $1,889

Max offer price $149,000

Occupancy floor 68%

Sensitivity live

Price	-10% $887	-5% $835	+0% $784	+5% $732	+10% $681
Rent	-10% $556	-5% $670	+0% $784	+5% $898	+10% $1,011
Rate	-1.0pp $859	-0.5pp $822	base $784	+0.5pp $745	+1.0pp $706

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	45d	1	0.69mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: waterpool

Listing history 10 events

1. 2026-06-22
   days on market $149,000 Active 58 DOM
2. 2026-06-18
   days on market $149,000 Active 55 DOM
3. 2026-06-17
   days on market $149,000 Active 54 DOM
4. 2026-06-16
   days on market $149,000 Active 53 DOM
5. 2026-06-15
   days on market $149,000 Active 52 DOM
6. 2026-06-14
   days on market $149,000 Active 50 DOM
7. 2026-06-13
   status $149,000 Active 49 DOM
8. 2026-05-15
   historical Active Under Contract 1985-char remark

   Show marketing remark (1985 chars)

   Welcome to 35959 Jake Drive where LOW lot rent, UPGRADED Roof, HVAC and Hot Water Heater plus total privacy abound! This combination is very RARE at this price in a community just 6.5 miles to the ocean. Make the inside your own by adding your decor flair! This 3-bedroom, 2-bathroom home offers convenience, privacy, and a truly quintessential "salt life" where boating, swimming, fishing, crabbing, and waterfront living are just down the street. Step inside to find an open-concept living space that flows seamlessly from the great room into the kitchen. The great room and the kitchen with a breakfast bar and dining space offer the best layout for convenience, entertaining and a bright feel with a skylight. With a split floor plan, this home offers privacy and comfort for everyone. The light-filled primary suite and ensuite offer a space that you can truly find comfort and relaxation in. Likewise, the additional bedrooms and bathroom offer comfort and privacy for family or guests. The laundry room leads to an extremely private backyard and both are accessible from the kitchen, adding to the home’s functionality. In the backyard, you can find a deck ideal for dining al fresco, mature trees that provide privacy, and a spacious yard with room for a garden plus a wonderful shed. Some important systems within the home, such as the HVAC, hot water heater, and roof, have been upgraded within the last five years. Residents of the Rehoboth Bay MHP Community have access to a variety of amenities, such as boat slips for rent, a boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a private beach, tennis/pickleball courts, and much more. Situated just a few miles from downtown Rehoboth Beach and the Rehoboth Beach Boardwalk, this home allows for easy access to local shopping, dining, and activities. Whether you're looking for a full-time residence, a weekend retreat, or an investment opportunity, this home may be the one for you.

9. 2026-04-20
   price $149,000 1985-char remark

   Show marketing remark (1985 chars)

   Welcome to 35959 Jake Drive where LOW lot rent, UPGRADED Roof, HVAC and Hot Water Heater plus total privacy abound! This combination is very RARE at this price in a community just 6.5 miles to the ocean. Make the inside your own by adding your decor flair! This 3-bedroom, 2-bathroom home offers convenience, privacy, and a truly quintessential "salt life" where boating, swimming, fishing, crabbing, and waterfront living are just down the street. Step inside to find an open-concept living space that flows seamlessly from the great room into the kitchen. The great room and the kitchen with a breakfast bar and dining space offer the best layout for convenience, entertaining and a bright feel with a skylight. With a split floor plan, this home offers privacy and comfort for everyone. The light-filled primary suite and ensuite offer a space that you can truly find comfort and relaxation in. Likewise, the additional bedrooms and bathroom offer comfort and privacy for family or guests. The laundry room leads to an extremely private backyard and both are accessible from the kitchen, adding to the home’s functionality. In the backyard, you can find a deck ideal for dining al fresco, mature trees that provide privacy, and a spacious yard with room for a garden plus a wonderful shed. Some important systems within the home, such as the HVAC, hot water heater, and roof, have been upgraded within the last five years. Residents of the Rehoboth Bay MHP Community have access to a variety of amenities, such as boat slips for rent, a boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a private beach, tennis/pickleball courts, and much more. Situated just a few miles from downtown Rehoboth Beach and the Rehoboth Beach Boardwalk, this home allows for easy access to local shopping, dining, and activities. Whether you're looking for a full-time residence, a weekend retreat, or an investment opportunity, this home may be the one for you.

10. 2026-03-27
    listed $165,000 Active 1985-char remark

    Show marketing remark (1985 chars)

    Welcome to 35959 Jake Drive where LOW lot rent, UPGRADED Roof, HVAC and Hot Water Heater plus total privacy abound! This combination is very RARE at this price in a community just 6.5 miles to the ocean. Make the inside your own by adding your decor flair! This 3-bedroom, 2-bathroom home offers convenience, privacy, and a truly quintessential "salt life" where boating, swimming, fishing, crabbing, and waterfront living are just down the street. Step inside to find an open-concept living space that flows seamlessly from the great room into the kitchen. The great room and the kitchen with a breakfast bar and dining space offer the best layout for convenience, entertaining and a bright feel with a skylight. With a split floor plan, this home offers privacy and comfort for everyone. The light-filled primary suite and ensuite offer a space that you can truly find comfort and relaxation in. Likewise, the additional bedrooms and bathroom offer comfort and privacy for family or guests. The laundry room leads to an extremely private backyard and both are accessible from the kitchen, adding to the home’s functionality. In the backyard, you can find a deck ideal for dining al fresco, mature trees that provide privacy, and a spacious yard with room for a garden plus a wonderful shed. Some important systems within the home, such as the HVAC, hot water heater, and roof, have been upgraded within the last five years. Residents of the Rehoboth Bay MHP Community have access to a variety of amenities, such as boat slips for rent, a boat ramp, a boat storage area, a bayfront pool, a crabbing/fishing pier, a private beach, tennis/pickleball courts, and much more. Situated just a few miles from downtown Rehoboth Beach and the Rehoboth Beach Boardwalk, this home allows for easy access to local shopping, dining, and activities. Whether you're looking for a full-time residence, a weekend retreat, or an investment opportunity, this home may be the one for you.

ⓘ 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 7/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $34,570
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$6,270
• − Repairs & maintenance: −$2,766
• − Management: −$2,766
• − HOA: −$24
• − Depreciation: −$4,335
• Taxable income: $7,829
• Est. tax owed @ 24.0%: −$1,879
• After-tax cash flow: $7,526/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 — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 14,886
• 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

-9.7% since first listed

3 events — show timeline

• 2026-05-15 Contingent — BRIGHT MLS
• 2026-04-20 Price Changed $149,000 BRIGHT MLS
• 2026-03-27 Listed $165,000 BRIGHT MLS

Property tax history

-8.3%/yr

Latest (2025): $140 · -42.6% YoY. Source: county tax records.