19762 Princess St · Rehoboth Beach, DE 19971

$18,000

2 bd · 2.0 ba · 1,106 sqft · Manufactured · 98 Days on market

Built 1979 5,000 sqft lot $16/sqft · 85% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Low-Priced Opportunity with Easy Resort Area Accessibility! Located in one of the area’s most established and well regarded manufactured home communities, this 2-bedroom, 2-bath singlewide offers a 7’ x 18’ “tip-out” that adds extra width and a sense of spaciousness not typical in singlewides, as well as a sunroom! Lawn mowing, trash and recycling, and use of the amenities are all included in the monthly land rent, Sitting on a corner lot with mature trees, the home is just down the street from the community pool, game room, and fitness room. Walk to Tanger Outlets, hop on the beach shuttle at the community entrance, or enjoy the Rehoboth Beach boardwalk and sands, less than 3 miles away. Rentals are no longer permitted in Camelot. However, friends and family are always welcome to visit. Don’t miss this chance to own a prime-location beach area home for a great price! The home is currently occupied full time and all systems are working. Price reflects seller's motivation for a quick sale. Purchase subject to community residency application: approval based on credit and background checks, and income & /or asset verification.

Key facts

• Community pool
• Beach shuttle
• Fitness room

Tags

• CORNER LOT
• MATURE TREES
• COMMUNITY POOL
• GAME ROOM
• FITNESS ROOM
• BEACH SHUTTLE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $18k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $18k).
• Recommended offer: $16k (9.0% below list) — sets the bar for market timing.
• Cap rate 120.5% vs local median 1.1% 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: schools A+, amenities A+, employment 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.
• Market conditions: 331 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $124 of loan paydown is wiped out by about $540 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($16k) 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 $16,380 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 12.86% ✓
• Cap rate: 120.53%
• Cash-on-cash: 407.97%
• DSCR: 19.15
• GRM: 0.6

CMA / ARV

• ARV (median comp): $118,831
• List price: $18,000
• Delta: -84.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19627 Queen St #22	0.17mi	3/2.0 (+1)	980 (-11%)	2mo	$58,000	$59	67
36122 Knight St	0.27mi	2/2.0	956 (-14%)	2mo	$105,000	$110	64
19900 Sea Air Ave Unit A-66	0.26mi	2/1.0	1,150 (+4%)	16mo	$58,000	$50	64
20005 Atlantic Ave	0.37mi	3/2.0 (+1)	1,200 (+8%)	13mo	$151,000	$126	53
20013 Atlantic Ave #3399	0.46mi	3/2.0 (+1)	1,200 (+8%)	10mo	$130,290	$109	51
36250 Shady Dr	0.70mi	2/1.0	1,000 (-10%)	3mo	$375,250	$375	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: —
• Equity multiple: 22.08×
• Total profit: $106,246
• Equity at exit: $2,684

10-year hold

• IRR: —
• Equity multiple: 47.26×
• Total profit: $233,162
• Equity at exit: $1,556

Cash invested: $5,040 (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: 331
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $2,315 high
• Mortgage (P&I): −$94
• Tax from tax record: −$13 /mo · $160/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $1,713

Break-even live

Break-even rent $146

Max offer price $18,000

Occupancy floor 21%

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: $4,500
• Closing costs: $540
• Reserves months: —
• Total cash needed: —

Rent comps 9 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	43d	1	0.59mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	20d	1	0.73mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	20d	1	0.79mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	43d	1	0.92mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	43d	1	1.10mi
3500 Sanibel Cir #3516 Rehoboth Beach, DE	2.0	2.0	1150	$2,000	$1.74	20d	1	1.11mi
3300 Sanibel Cir #3301 Rehoboth Beach, DE	3.0	2.0	1395	$2,100	$1.51	43d	1	1.18mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	13d	1	1.39mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	20d	1	1.39mi

Listing history 8 events

1. 2026-06-18
   days on market $18,000 Active 98 DOM
2. 2026-06-17
   days on market $18,000 Active 97 DOM
3. 2026-06-16
   days on market $18,000 Active 96 DOM
4. 2026-06-15
   days on market $18,000 Active 95 DOM
5. 2026-06-14
   days on market $18,000 Active 93 DOM
6. 2026-06-13
   statusdays on market $18,000 Active 92 DOM
7. 2026-05-30
   status $18,000 Active Under Contract 91 DOM
8. 2026-02-27
   listed $35,000 Active 1183-char remark

   Show marketing remark (1183 chars)

   Low-Priced Opportunity with Easy Resort Area Accessibility! Located in one of the area’s most established and well regarded manufactured home communities, this 2-bedroom, 2-bath singlewide offers a 7’ x 18’ “tip-out” that adds extra width and a sense of spaciousness not typical in singlewides, as well as a sunroom! Lawn mowing, trash and recycling, and use of the amenities are all included in the monthly land rent, Sitting on a corner lot with mature trees, the home is just down the street from the community pool, game room, and fitness room. Walk to Tanger Outlets, hop on the beach shuttle at the community entrance, or enjoy the Rehoboth Beach boardwalk and sands, less than 3 miles away. Rentals are no longer permitted in Camelot. However, friends and family are always welcome to visit. Don’t miss this chance to own a prime-location beach area home for a great price! The home is currently occupied full time and all systems are working. Price reflects seller's motivation for a quick sale. Purchase subject to community residency application: approval based on credit and background checks, and income & /or asset verification.

ⓘ 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: $160 · $13/mo
• Projected year-2 tax: $160 · $13/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥101°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: $27,778
• − Mortgage interest: −$1,008
• − Property taxes: −$160
• − Insurance: −$90
• − Repairs & maintenance: −$2,222
• − Management: −$2,222
• − Depreciation: −$524
• Taxable income: $21,552
• Est. tax owed @ 24.0%: −$5,172
• After-tax cash flow: $15,390/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

1 event — show timeline

• 2026-02-27 Listed $35,000 BRIGHT MLS

Property tax history

-7.5%/yr

Latest (2025): $160 · -54.3% YoY. Source: county tax records.