36298 Marsh Rd Unit 204 SUMMER PATCH · Rehoboth Beach, DE 19971

$89,000

3 bd · 2.0 ba · 1,248 sqft · SingleFamily · 44 Days on market

Built 1978 Good condition 4,356 sqft lot Garage $71/sqft · 25% below area Est $119k · 25% under

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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 +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The beautiful Rehoboth boardwalk and beaches are approximately 2 miles from the Sea Air Village community entrance! And the Cape Henlopen State Park is about 6.5 miles away. The DART bus has a stop just outside of the community at the IHOP restaurant for those days when you don’t want to hunt for in-town parking. Plus, there is a large community pool just a few, short blocks away for fun summer days. This 1978 Poloron doublewide home is located in the previous Summer Patch section of Sea Air has a large wooded lot. The home has 2 new AC window units. Seller Motivated!!

Key facts

• Double closet
• Big laundry room
• Breakfast bar

Tags

• BREAKFAST BAR
• GAS RANGE
• BUILT-IN MICROWAVE
• DOUBLE CLOSET
• BIG LAUNDRY ROOM
• BOARDWALK-STYLE PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $89k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.8% vs local median 1.4% 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: 426 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($86k) 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.83% ✓
• Cap rate: 24.80%
• Cash-on-cash: 66.11%
• DSCR: 3.94
• GRM: 2.9

CMA / ARV

• ARV (median comp): $118,943
• List price: $89,000
• Delta: -25.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19648 Queen St	0.24mi	3/2.0	1,224 (-2%)	1mo	$185,900	$152	85
19782 Princess St	0.14mi	3/2.0	1,267 (+2%)	13mo	$183,000	$144	80
20020 Delaware Ave Unit K48	0.09mi	3/2.0	1,120 (-10%)	1mo	$168,000	$150	78
19697 Queen St #188	0.15mi	3/1.5	1,280 (+3%)	13mo	$89,900	$70	76
20025 Delaware Ave Unit J47	0.11mi	2/2.0 (-1)	1,200 (-4%)	14mo	$105,000	$88	72
118 Whisperwood Ln	0.42mi	3/2.0	1,176 (-6%)	2mo	$355,000	$302	69
36103 Knight St #155	0.38mi	3/2.0	1,220 (-2%)	12mo	$59,900	$49	69
36520 E Estate Dr #15859	0.14mi	3/2.0	1,080 (-14%)	11mo	$30,000	$28	62
20 Curlew Ct	0.63mi	3/2.0	1,308 (+5%)	3mo	$455,000	$348	60
226 Salt Forest Ln	0.43mi	3/2.0	1,355 (+9%)	9mo	$519,000	$383	58
36239 King St #13141	0.19mi	2/2.0 (-1)	1,075 (-14%)	9mo	$117,500	$109	56
118 Chesapeake Dr	0.69mi	3/2.0	1,414 (+13%)	0mo	$485,000	$343	45

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: 65.4%
• Equity multiple: 3.93×
• Total profit: $73,050
• Equity at exit: $13,270

10-year hold

• IRR: 69.7%
• Equity multiple: 8.08×
• Total profit: $176,349
• Equity at exit: $7,695

Cash invested: $24,920 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 8 active · 10 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $124,250 ($111/sqft)
• Median days on market: 45 d
• This list price: 12% of active listings are priced below it
• ARV vs active asking: -13.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19971

• Active inventory: 426
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,516 high
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $1,373

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,434	-5% $1,404	+0% $1,373	+5% $1,342	+10% $1,311
Rent	-10% $1,174	-5% $1,273	+0% $1,373	+5% $1,472	+10% $1,572
Rate	-1.0pp $1,418	-0.5pp $1,395	base $1,373	+0.5pp $1,350	+1.0pp $1,326

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: $22,250
• Closing costs: $2,670
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	93d	1	0.76mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	93d	1	0.83mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	70d	1	0.85mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	70d	1	0.92mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	70d	1	0.93mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	93d	1	1.01mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	93d	1	1.26mi

Property features AI

Finance

• Other: Annual ground rent recorded in income/expense list
• Financial info: Ground rent exists with a monthly land lease payment
• HOA & community: Association amenities include outdoor pool, playgrounds/tot lots, basketball courts, dog park, and picnic areaAssociation fees cover common area maintenance, pools, road maintenance, trash, and waterLocated in a private-road community (Sun Communities) with blacktop roadsCommunity features a bus stop within one mile

Exterior

• Parking: Concrete driveway with two parking spaces (driveway accommodates 2)Total of 2 garage/parking spaces
• Utilities: Public sewerCommunity waterMunicipal trash serviceCable and satellite internet available
• Home design: Manufactured double-wide homeEntry level: main-level livingMetal roofStorm windowsOwnership: land leaseNot located in a federal flood zone
• Construction: Aluminum sidingCrawl space foundation with pillar/post/pier supportsBuilding not winterized
• Exterior features: Partly wooded settingPatio and deckShedCommunity pool (fenced, in-ground)

Interior

• Kitchen: Built-in microwaveDishwasherDisposalGas oven/rangeRange hoodRefrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Laminate and vinyl flooringLuxury vinyl plank
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (oil-fired)Window air conditioning units200+ amp electric service with 220 volts
• Interior features: Traditional floor plan with combination kitchen/diningCeiling fansMaster bathTub and stall showersWindow treatmentsInsulated doorsPaneled walls
• Laundry & utility: Washer and dryer in unit (dryer is electric)Laundry located on the main floorElectric water heater

Listing history 27 events

1. 2026-07-01
   days on market $89,000 Active 44 DOM
2. 2026-06-30
   days on market $89,000 Active 43 DOM
3. 2026-06-29
   days on market $89,000 Active 42 DOM
4. 2026-06-28
   days on market $89,000 Active 41 DOM
5. 2026-06-28
   days on market $89,000 Active 40 DOM
6. 2026-06-27
   days on market $89,000 Active 39 DOM
7. 2026-06-25
   days on market $89,000 Active 37 DOM
8. 2026-06-23
   days on market $89,000 Active 35 DOM
9. 2026-06-22
   days on market $89,000 Active 34 DOM
10. 2026-06-18
    days on market $89,000 Active 31 DOM
11. 2026-06-17
    days on market $89,000 Active 30 DOM
12. 2026-06-16
    days on market $89,000 Active 29 DOM
13. 2026-06-15
    days on market $89,000 Active 28 DOM
14. 2026-06-14
    days on market $89,000 Active 26 DOM
15. 2026-06-13
    days on market $89,000 Active 25 DOM
16. 2026-06-10
    days on market $89,000 Active 23 DOM
17. 2026-06-09
    days on market $89,000 Active 22 DOM
18. 2026-06-08
    days on market $89,000 Active 21 DOM
19. 2026-06-07
    days on market $89,000 Active 20 DOM
20. 2026-06-05
    days on market $89,000 Active 17 DOM
21. 2026-06-03
    days on market $89,000 Active 16 DOM
22. 2026-06-03
    price $89,000 Active 15 DOM
23. 2026-06-02
    days on market $99,900 Active 15 DOM
24. 2026-06-01
    days on market $99,900 Active 14 DOM
25. 2026-05-31
    days on market $99,900 Active 13 DOM
26. 2026-05-30
    days on market $99,900 Active 12 DOM
27. 2026-05-18
    listed $99,900 Active

ⓘ 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 · 16 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: $30,195
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$2,416
• − Management: −$2,416
• − Depreciation: −$2,589
• Taxable income: $16,009
• Est. tax owed @ 24.0%: −$3,842
• After-tax cash flow: $12,631/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 · 26 photos

Good 75/100 Cosmetic rehab Est. rehab $6,240–$18,720 screening

This 1978 Poloron doublewide home in Sea Air Village is in good condition with minor repairs needed. It offers a good investment opportunity with potential for rental or resale.

Repairs flagged

• Minor Ceiling fans — Ceiling fans need cleaning
• Minor Window screens — Window screens need cleaning

Value-add opportunities

• Both Painting — Fresh paint can improve curb appeal and interior aesthetics ↑
• Both Window screens — Clean screens improve ventilation and reduce energy costs ↑
• Both Ceiling fans — Clean fans improve air circulation and reduce energy costs ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 50/100

Zoned Schools

Elementary Rehoboth Elementary School C DE #8/105 Nat'l #9,513/41,679 Middle Beacon Middle School B- DE #1/36 Nat'l #2,418/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

B Composite livability gradescore 71/100

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 · 248,853 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: 8% of renters

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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%

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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%

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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

Property features AI

Finance

• Other: Annual ground rent recorded in income/expense list
• Financial info: Ground rent exists with a monthly land lease payment
• HOA & community: Association amenities include outdoor pool, playgrounds/tot lots, basketball courts, dog park, and picnic areaAssociation fees cover common area maintenance, pools, road maintenance, trash, and waterLocated in a private-road community (Sun Communities) with blacktop roadsCommunity features a bus stop within one mile

Exterior

• Parking: Concrete driveway with two parking spaces (driveway accommodates 2)Total of 2 garage/parking spaces
• Utilities: Public sewerCommunity waterMunicipal trash serviceCable and satellite internet available
• Home design: Manufactured double-wide homeEntry level: main-level livingMetal roofStorm windowsOwnership: land leaseNot located in a federal flood zone
• Construction: Aluminum sidingCrawl space foundation with pillar/post/pier supportsBuilding not winterized
• Exterior features: Partly wooded settingPatio and deckShedCommunity pool (fenced, in-ground)

Interior

• Kitchen: Built-in microwaveDishwasherDisposalGas oven/rangeRange hoodRefrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Laminate and vinyl flooringLuxury vinyl plank
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (oil-fired)Window air conditioning units200+ amp electric service with 220 volts
• Interior features: Traditional floor plan with combination kitchen/diningCeiling fansMaster bathTub and stall showersWindow treatmentsInsulated doorsPaneled walls
• Laundry & utility: Washer and dryer in unit (dryer is electric)Laundry located on the main floorElectric water heater