3 Nottingham Dr · Lewes, DE 19958

$199,000

3 bd · 2.0 ba · 980 sqft · Manufactured public records · 161 Days on market

Built 2025 $203/sqft · 73% above area Est $158k · 26% over ↓ 7% 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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• 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

Brand new 3 bedroom 2 bath home with painted drywall throughout. The home is located in the highly desirable community of Sussex East and just minutes to the beaches of Lewes DE and Rehoboth Beach DE. Also you're minutes to all the shopping outlets, restaurants and nightclubs in the area. Walking up to the home is an 8' covered deck to set out and enjoy the beautiful summer weather. The home also features an open floor plan that has been professionally decorated with furniture and decor that's included with the home. The kitchen is equipped with a stainless steel appliance package with white cabinets and a separate dining room for family dinners. The master bath has a walk-in shower and a tub/shower in the second bath. The flooring is vinyl for easy maintenance. Schedule your showing and come see all this home has to offer!

Key facts

• Open floor plan
• Vinyl flooring
• White cabinets

Tags

• 8 FOOT COVERED DECK
• OPEN FLOOR PLAN
• WHITE CABINETS
• SEPARATE DINING ROOM
• WALK IN SHOWER
• VINYL FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 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 30% 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 $1k of loan paydown is wiped out by about $6k 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 161 days — a 12% lower offer ($175k) 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 $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.24% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.29%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $157,890
• List price: $199,000
• Delta: 26.04%
• 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
31752 Siham Rd	0.56mi	2/2.0 (-1)	840 (-14%)	1mo	$92,500	$110	44

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,256
• Equity at exit: $29,672

10-year hold

• IRR: 6.6%
• Equity multiple: 1.44×
• Total profit: $24,660
• Equity at exit: $17,206

Cash invested: $55,720 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,463 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $571

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 72%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	13d	17	0.61mi

Listing history 18 events

1. 2026-06-18
   days on market $199,000 Active 161 DOM
2. 2026-06-17
   days on market $199,000 Active 160 DOM
3. 2026-06-16
   days on market $199,000 Active 159 DOM
4. 2026-06-15
   days on market $199,000 Active 158 DOM
5. 2026-06-14
   days on market $199,000 Active 156 DOM
6. 2026-06-13
   days on market $199,000 Active 155 DOM
7. 2026-06-10
   days on market $199,000 Active 153 DOM
8. 2026-06-09
   days on market $199,000 Active 152 DOM
9. 2026-06-08
   days on market $199,000 Active 151 DOM
10. 2026-06-07
    days on market $199,000 Active 150 DOM
11. 2026-06-05
    days on market $199,000 Active 147 DOM
12. 2026-06-03
    days on market $199,000 Active 146 DOM
13. 2026-06-02
    days on market $199,000 Active 145 DOM
14. 2026-06-01
    days on market $199,000 Active 144 DOM
15. 2026-05-31
    days on market $199,000 Active 143 DOM
16. 2026-05-30
    days on market $199,000 Active 142 DOM
17. 2026-03-13
    price $199,000 836-char remark

    Show marketing remark (836 chars)

    Brand new 3 bedroom 2 bath home with painted drywall throughout. The home is located in the highly desirable community of Sussex East and just minutes to the beaches of Lewes DE and Rehoboth Beach DE. Also you're minutes to all the shopping outlets, restaurants and nightclubs in the area. Walking up to the home is an 8' covered deck to set out and enjoy the beautiful summer weather. The home also features an open floor plan that has been professionally decorated with furniture and decor that's included with the home. The kitchen is equipped with a stainless steel appliance package with white cabinets and a separate dining room for family dinners. The master bath has a walk-in shower and a tub/shower in the second bath. The flooring is vinyl for easy maintenance. Schedule your showing and come see all this home has to offer!

18. 2026-01-08
    listed $214,999 Active 836-char remark

    Show marketing remark (836 chars)

    Brand new 3 bedroom 2 bath home with painted drywall throughout. The home is located in the highly desirable community of Sussex East and just minutes to the beaches of Lewes DE and Rehoboth Beach DE. Also you're minutes to all the shopping outlets, restaurants and nightclubs in the area. Walking up to the home is an 8' covered deck to set out and enjoy the beautiful summer weather. The home also features an open floor plan that has been professionally decorated with furniture and decor that's included with the home. The kitchen is equipped with a stainless steel appliance package with white cabinets and a separate dining room for family dinners. The master bath has a walk-in shower and a tub/shower in the second bath. The flooring is vinyl for easy maintenance. Schedule your showing and come see all this home has to offer!

ⓘ 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: $29,562
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$5,789
• Taxable income: $3,916
• Est. tax owed @ 24.0%: −$940
• After-tax cash flow: $5,911/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

-7.4% since first listed

2 events — show timeline

• 2026-03-13 Price Changed $199,000 BRIGHT MLS
• 2026-01-08 Listed $214,999 BRIGHT MLS

Property tax history

+2.3%/yr

Latest (2024): $333 · +0.1% YoY. Source: county tax records.