12 Carlisle Way Unit CAR012 · Lewes, DE 19958

$209,400

3 bd · 2.0 ba · 1,540 sqft · Manufactured · 477 Days on market

Built 2025 Excellent condition $136/sqft · 79% above area ↓ 22% 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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Condition / age +4.8/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sussex West is an active and exciting 55+ Senior Community. This gorgeous brand new home in Lewes, DE features 3 bedrooms and 2 bathrooms. The living room is spacious and comfortable with premium entry doors, wood style floors, and low-e insulated vinyl windows. The kitchen is perfectly designed and furnished with all new brand name appliances. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Premium entry doors
• Wood style floors
• Built 2025

Tags

• PREMIUM ENTRY DOORS
• WOOD STYLE FLOORS
• LOW-E INSULATED VINYL WINDOWS
• BRAND NAME APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $209k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $184k (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; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 32% 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 477 days — a 12% lower offer ($184k) 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 $184,272 (12.0% below list)

Questions for the listing agent

1. It's been on market 477 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: 1.23% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.13%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

• ARV (median comp): $117,267
• List price: $209,400
• Delta: 78.57%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31702 Siham Rd #2339	0.49mi	3/2.0	1,524 (-1%)	22mo	$130,000	$85	57
31658 Siham Rd Unit E-42	0.40mi	3/2.0	1,368 (-11%)	12mo	$99,000	$72	52

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,811
• Equity at exit: $31,222

10-year hold

• IRR: 6.3%
• Equity multiple: 1.43×
• Total profit: $24,951
• Equity at exit: $18,105

Cash invested: $58,632 (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: 6.8×

Monthly cashflow live

• Estimated rent: $2,582 high
• Mortgage (P&I): −$1,098
• Tax est. 1.5%: −$262 /mo · $3,141/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $593

Break-even live

Break-even rent $1,832

Max offer price $209,400

Occupancy floor 72%

Sensitivity live

Price	-10% $737	-5% $665	+0% $593	+5% $520	+10% $448
Rent	-10% $389	-5% $491	+0% $593	+5% $695	+10% $797
Rate	-1.0pp $698	-0.5pp $646	base $593	+0.5pp $538	+1.0pp $483

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: $52,350
• Closing costs: $6,282
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20141 Riesling Ln #306 Lewes, DE	2.0	2.0	1600	$2,600	$1.62	44d	1	0.65mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.69mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	14d	17	0.73mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.74mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	44d	1	0.80mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	21d	1	1.28mi
18 Greystone Dr Lewes, DE	3.0	2.5	2114	$2,875	$1.36	21d	1	1.30mi

Listing history 4 events

1. 2026-02-01
   price $209,400 491-char remark

   Show marketing remark (491 chars)

   Sussex West is an active and exciting 55+ Senior Community. This gorgeous brand new home in Lewes, DE features 3 bedrooms and 2 bathrooms. The living room is spacious and comfortable with premium entry doors, wood style floors, and low-e insulated vinyl windows. The kitchen is perfectly designed and furnished with all new brand name appliances. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

2. 2026-01-30
   price $209,900 491-char remark

   Show marketing remark (491 chars)

   Sussex West is an active and exciting 55+ Senior Community. This gorgeous brand new home in Lewes, DE features 3 bedrooms and 2 bathrooms. The living room is spacious and comfortable with premium entry doors, wood style floors, and low-e insulated vinyl windows. The kitchen is perfectly designed and furnished with all new brand name appliances. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

3. 2025-09-11
   price $229,000 491-char remark

   Show marketing remark (491 chars)

   Sussex West is an active and exciting 55+ Senior Community. This gorgeous brand new home in Lewes, DE features 3 bedrooms and 2 bathrooms. The living room is spacious and comfortable with premium entry doors, wood style floors, and low-e insulated vinyl windows. The kitchen is perfectly designed and furnished with all new brand name appliances. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

4. 2025-02-06
   listed $269,500 Active 491-char remark

   Show marketing remark (491 chars)

   Sussex West is an active and exciting 55+ Senior Community. This gorgeous brand new home in Lewes, DE features 3 bedrooms and 2 bathrooms. The living room is spacious and comfortable with premium entry doors, wood style floors, and low-e insulated vinyl windows. The kitchen is perfectly designed and furnished with all new brand name appliances. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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: $30,985
• − Mortgage interest: −$11,730
• − Property taxes: −$3,141
• − Insurance: −$1,047
• − Repairs & maintenance: −$2,479
• − Management: −$2,479
• − Depreciation: −$6,092
• Taxable income: $4,018
• Est. tax owed @ 24.0%: −$964
• After-tax cash flow: $6,148/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

Excellent 95/100 None rehab

This move-in-ready manufactured home in Lewes, DE is in excellent condition with modern amenities and a well-maintained exterior. It offers a great opportunity for both resale and rental.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Replace window screens — Improves energy efficiency and security
• Both Install smart home devices — Enhances convenience and energy savings

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace window screens — Improves energy efficiency and security ↑
• Both Install smart home devices — Enhances convenience and energy savings ↑

ⓘ 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): 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

-22.3% since first listed

4 events — show timeline

• 2026-02-01 Price Changed $209,400 Zillow
• 2026-01-30 Price Changed $209,900 Zillow
• 2025-09-11 Price Changed $229,000 Zillow
• 2025-02-06 Listed $269,500 Zillow