42 Lantern Ln #11681 · Lewes, DE 19971

$84,900

2 bd · 2.0 ba · 938 sqft · SingleFamily · 74 Days on market

Built 1977 Fair condition 42 ac lot $91/sqft · at area comps Est $83k · at est. ↓ 5% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.3/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to Sell to that new lucky homeowner! This 2 bedroom, 2 bath home is located in the desirable community of Colonial East. You are within walking distance to several restaurants, the movie theatre, a water park, a go cart track, a gym, the Dollar Tree, outlet shopping and public transportation. This home features the following updates done within the last 3 years. New windows, siding and a raised roof. Vinyl flooring in kitchen and living area, some newer kitchen cabinets and countertops, new step in shower and vanity in owners bathroom, new AC unit and all new blinds and shades throughout. Home is an Estate Sale and being sold "AS IS". Home Inspection is for informational purposes only. Monthly land rent is $971 which includes use of the pool, clubhouse, road maintenance/snow removal and lawn mowing. Tenant will pay their own, propane, electric, cable, water and sewer. Renting IS NOT permitted but friends and family are always welcome to stay. Interested Buyer will have to apply with the community for a credit and background check for Park Approval. Closing cost to Buyer will include 1/2 of the 3.75% DMV Title Transfer Fee along with an estimated closing Agent fee of $450 and any other pro-rated utilities that pertain to the home.

Key facts

• New siding
• Raised roof
• New windows

Tags

• WALKING DISTANCE TO WATER PARK
• WALKING DISTANCE TO GYM
• NEW WINDOWS
• NEW SIDING
• RAISED ROOF
• VINYL FLOORING IN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.4% 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: 331 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $587 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($80k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.68% ✓
• Cap rate: 23.41%
• Cash-on-cash: 61.14%
• DSCR: 3.72
• GRM: 3.1

CMA / ARV

• ARV (median comp): $82,671
• List price: $84,900
• Delta: 2.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Spinning Wheel Ln	0.08mi	3/1.5 (+1)	980 (+4%)	2mo	$85,000	$87	80
21 Gunpowder Ln #13511	0.15mi	2/2.0	980 (+4%)	10mo	$58,000	$59	77
23 Carriage Ln	0.22mi	2/2.0	980 (+4%)	11mo	$135,000	$138	73
6 Spinning Wheel Ln	0.14mi	3/1.5 (+1)	980 (+4%)	9mo	$60,000	$61	72
41 Spinning Wheel Ln	0.02mi	2/1.0	840 (-10%)	8mo	$51,500	$61	71
25 Gunpowder Ln	0.14mi	3/1.5 (+1)	980 (+4%)	11mo	$75,000	$77	70
10 Powder Horn Ln #22022	0.16mi	3/2.0 (+1)	1,012 (+8%)	9mo	$115,000	$114	67
37 Spinning Wheel Ln	0.02mi	2/1.0	798 (-15%)	5mo	$22,000	$28	66
20 Wagon Wheel Ln	0.21mi	3/2.0 (+1)	798 (-15%)	4mo	$38,000	$48	58
18639 Snowmass Run	0.40mi	3/2.0 (+1)	980 (+4%)	14mo	$167,500	$171	57
18020 Howard Dr	0.65mi	2/1.5	980 (+4%)	12mo	$215,000	$219	50
18001 Howard Dr	0.62mi	2/2.0	1,060 (+13%)	19mo	$324,000	$306	34

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: 60.0%
• Equity multiple: 3.67×
• Total profit: $63,421
• Equity at exit: $12,659

10-year hold

• IRR: 64.7%
• Equity multiple: 7.51×
• Total profit: $154,700
• Equity at exit: $7,341

Cash invested: $23,772 (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 19971

• Active inventory: 331
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $1,211

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 42%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	44d	1	0.52mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.54mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.70mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.77mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	44d	1	0.97mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	1.10mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	44d	1	1.13mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	44d	1	1.44mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	13d	1	1.48mi

Listing history 4 events

1. 2026-06-17
   status $84,900 Pending 74 DOM
2. 2026-05-30
   status $84,900 Active Under Contract 74 DOM
3. 2026-04-04
   price $89,900 1268-char remark

   Show marketing remark (1268 chars)

   Priced to Sell to that new lucky homeowner! This 2 bedroom, 2 bath home is located in the desirable community of Colonial East. You are within walking distance to several restaurants, the movie theatre, a water park, a go cart track, a gym, the Dollar Tree, outlet shopping and public transportation. This home features the following updates done within the last 3 years. New windows, siding and a raised roof. Vinyl flooring in kitchen and living area, some newer kitchen cabinets and countertops, new step in shower and vanity in owners bathroom, new AC unit and all new blinds and shades throughout. Home is an Estate Sale and being sold "AS IS". Home Inspection is for informational purposes only. Monthly land rent is $971 which includes use of the pool, clubhouse, road maintenance/snow removal and lawn mowing. Tenant will pay their own, propane, electric, cable, water and sewer. Renting IS NOT permitted but friends and family are always welcome to stay. Interested Buyer will have to apply with the community for a credit and background check for Park Approval. Closing cost to Buyer will include 1/2 of the 3.75% DMV Title Transfer Fee along with an estimated closing Agent fee of $450 and any other pro-rated utilities that pertain to the home.

4. 2026-03-16
   listed $95,000 Active 1268-char remark

   Show marketing remark (1268 chars)

   Priced to Sell to that new lucky homeowner! This 2 bedroom, 2 bath home is located in the desirable community of Colonial East. You are within walking distance to several restaurants, the movie theatre, a water park, a go cart track, a gym, the Dollar Tree, outlet shopping and public transportation. This home features the following updates done within the last 3 years. New windows, siding and a raised roof. Vinyl flooring in kitchen and living area, some newer kitchen cabinets and countertops, new step in shower and vanity in owners bathroom, new AC unit and all new blinds and shades throughout. Home is an Estate Sale and being sold "AS IS". Home Inspection is for informational purposes only. Monthly land rent is $971 which includes use of the pool, clubhouse, road maintenance/snow removal and lawn mowing. Tenant will pay their own, propane, electric, cable, water and sewer. Renting IS NOT permitted but friends and family are always welcome to stay. Interested Buyer will have to apply with the community for a credit and background check for Park Approval. Closing cost to Buyer will include 1/2 of the 3.75% DMV Title Transfer Fee along with an estimated closing Agent fee of $450 and any other pro-rated utilities that pertain to the home.

ⓘ 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 · 18 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: $27,311
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − Depreciation: −$2,470
• Taxable income: $14,017
• Est. tax owed @ 24.0%: −$3,364
• After-tax cash flow: $11,171/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 · 1 photo

Fair 45/100 Moderate rehab

The home requires significant updates to its interior and exterior to improve its condition and value. Painting, replacing cabinets and countertops, and updating fixtures are key areas for investment.

Repairs flagged

• Major kitchen cabinets — Older cabinets and countertops need replacement.
• Major bathroom fixtures — Older fixtures in bathrooms need replacement.
• Major flooring — Older flooring in kitchen and living area needs replacement.
• Major interior paint — Older paint needs freshening or replacement.
• Major landscaping — Dry grass and minimal landscaping need improvement.
• Major exterior paint — Older paint on exterior siding needs freshening or replacement.
• Minor interior lighting — No visible issues with lighting.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and value.
• Both Replace kitchen cabinets and countertops — Newer cabinets and countertops can significantly increase the home's value.
• Both Replace bathroom fixtures — Modern fixtures can enhance the home's appeal and value.
• Both Replace flooring — New flooring can improve the home's appearance and value.
• Both Improve landscaping — A well-maintained yard can increase the home's curb appeal and value.
• Both Replace exterior paint — Fresh paint can improve the home's appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Older cabinets and countertops need replacement.	Major	$15,000–50,000
bathroom fixtures · Older fixtures in bathrooms need replacement.	Major	$15,000–50,000
flooring · Older flooring in kitchen and living area needs replacement.	Major	$15,000–50,000
interior paint · Older paint needs freshening or replacement.	Major	$15,000–50,000
landscaping · Dry grass and minimal landscaping need improvement.	Major	$15,000–50,000
exterior paint · Older paint on exterior siding needs freshening or replacement.	Major	$15,000–50,000
interior lighting · No visible issues with lighting.	Minor	$500–3,000
Total estimated repair cost · 7 items		$90,500–303,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and value. ↑
• Both Replace kitchen cabinets and countertops — Newer cabinets and countertops can significantly increase the home's value. ↑
• Both Replace bathroom fixtures — Modern fixtures can enhance the home's appeal and value. ↑
• Both Replace flooring — New flooring can improve the home's appearance and value. ↑
• Both Improve landscaping — A well-maintained yard can increase the home's curb appeal and value. ↑
• Both Replace exterior paint — Fresh paint can improve the home's appearance and value. ↑

ⓘ 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): 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

-5.4% since first listed

2 events — show timeline

• 2026-04-04 Price Changed $89,900 BRIGHT MLS
• 2026-03-16 Listed $95,000 BRIGHT MLS