23471 E Beach Dr · Lewes, DE 19958

$59,900

3 bd · 2.0 ba · 924 sqft · Manufactured · 43 Days on market

Built 1984 205 ac lot $65/sqft · 50% below area Est $119k · 50% under $2/mo HOA ↓ 20% 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 +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks

Spectacular, location and price on this home. This community is extremely amenity rich and offers a very convenient location. Imagine being just a short ride from all the beach has to offer including the fabulous restaurants, shopping and sandy toes to match. This community boasts a pool, tennis courts, kayaking and much more. This three bedroom home could use a little updating but the home has been loved and it shows. .. Stop in and check out this value before someone else gets their own beach oasis for the price of a new truck!

Key facts

• 205.36 acre lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Finished above-grade area per assessor: 924 sq. ft.
• Financial info: Ground rent exists with monthly ground lease of $774.94 (1 year remaining); Annual ground rent listed in income/expense notes
• HOA & community: Annual HOA fee of $25; Community amenities include outdoor pool, basketball courts, tennis courts, boat slip, common grounds, and water/lake privileges

Exterior

• Parking: Driveway parking; Two driveway spaces (total of 2 garage/parking spaces)
• Utilities: Public water; Public sewer
• Home design: Manufactured / Modular property; Manufactured structure type; Land lease ownership
• Construction: Modular/Manufactured construction
• Exterior features: Community pool; Above-grade and below-grade structures noted; Not in a federal flood zone

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Not furnished; Two or more access exits; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.4% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($58k) 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 3.82% ✓
• Cap rate: 35.38%
• Cash-on-cash: 103.89%
• DSCR: 5.62
• GRM: 2.2

CMA / ARV

• ARV (median comp): $119,345
• List price: $59,900
• Delta: -49.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33302 Marlin Ct	0.28mi	2/1.5 (-1)	900 (-3%)	10mo	$75,000	$83	68
33305 Marlin Ct	0.25mi	2/1.0 (-1)	980 (+6%)	23mo	$70,000	$71	50

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: —
• Equity multiple: 5.64×
• Total profit: $77,752
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 10.96×
• Total profit: $167,086
• Equity at exit: $5,179

Cash invested: $16,772 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,286 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$13 /mo · $158/yr
• Insurance: −$25
• HOA: −$2
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $1,452

Break-even live

Break-even rent $448

Max offer price $59,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,486	-5% $1,469	+0% $1,452	+5% $1,435	+10% $1,418
Rent	-10% $1,271	-5% $1,362	+0% $1,452	+5% $1,542	+10% $1,633
Rate	-1.0pp $1,482	-0.5pp $1,467	base $1,452	+0.5pp $1,436	+1.0pp $1,421

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33135 Woodland Ct N Lewes, DE	3.0	2.0	1120	$2,250	$2.01	14d	1	0.48mi
22828 Sycamore Dr Lewes, DE	2.0	2.0	1100	$2,400	$2.18	14d	1	0.87mi
22806 Sycamore Dr Lewes, DE	2.0	1.5	840	$1,550	$1.85	14d	1	0.89mi

HOA detail

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

Listing history 19 events

1. 2026-06-18
   days on market $59,900 Active 43 DOM
2. 2026-06-17
   days on market $59,900 Active 42 DOM
3. 2026-06-16
   days on market $59,900 Active 41 DOM
4. 2026-06-15
   price $59,900 Active 40 DOM
5. 2026-06-15
   days on market $74,900 Active 40 DOM
6. 2026-06-14
   days on market $74,900 Active 38 DOM
7. 2026-06-13
   days on market $74,900 Active 37 DOM
8. 2026-06-10
   days on market $74,900 Active 35 DOM
9. 2026-06-09
   days on market $74,900 Active 34 DOM
10. 2026-06-08
    days on market $74,900 Active 33 DOM
11. 2026-06-07
    days on market $74,900 Active 32 DOM
12. 2026-06-05
    days on market $74,900 Active 29 DOM
13. 2026-06-03
    days on market $74,900 Active 28 DOM
14. 2026-06-02
    days on market $74,900 Active 27 DOM
15. 2026-06-01
    days on market $74,900 Active 26 DOM
16. 2026-05-31
    days on market $74,900 Active 25 DOM
17. 2026-05-30
    days on market $74,900 Active 24 DOM
18. 2026-05-07
    listed $74,900 Active 535-char remark
19. 2026-05-06
    historical $74,900 535-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $158 · $13/mo
• Projected year-2 tax: $252 · $21/mo
• Expected delta: +$95/yr (+$8/mo · 60.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥102°F today · 17 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: $27,436
• − Mortgage interest: −$3,355
• − Property taxes: −$158
• − Insurance: −$300
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − HOA: −$24
• − Depreciation: −$1,743
• Taxable income: $17,468
• Est. tax owed @ 24.0%: −$4,192
• After-tax cash flow: $13,232/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

-20.0% since first listed

3 events — show timeline

• 2026-06-16 Price Changed $59,900 BRIGHT MLS
• 2026-05-07 Listed $74,900 BRIGHT MLS
• 2026-05-06 Coming Soon $74,900 BRIGHT MLS

Property tax history

-7.5%/yr

Latest (2025): $158 · -54.3% YoY. Source: county tax records.