35072-LOT B-45 North Dr Unit B-45 · Lewes, DE 19958

$153,000

2 bd · 1.0 ba · 500 sqft · SingleFamily · 28 Days on market

Built 2022 Good condition 720 sqft lot $306/sqft · at area comps Est $151k · at est. $1/mo HOA ↓ 7% since listing

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Why this score? — see what drove the C+ 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +6.8/15.0
• 1% rule +6.6/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Lot B-45 at 35072 North Drive in beautiful Lewes, Delaware! This well-appointed, seasonal tiny house offers the perfect coastal retreat, complete with modern comforts and resort-style amenities. Step inside to find a bright, open living area, a fully equipped kitchen, and a loft space that makes the most of every square foot. Enjoy outdoor living with a 3 season room porch, an outdoor shower, and a convenient storage shed. Key highlights include: 1 year home warranty Most furniture included Full marina water view Washer & dryer in unit Complimentary pool membership with stunning bayfront views Easy access to beaches, dining, and entertainment Seasonal rent of $7,408 Seasona

Key facts

• 4 season room porch
• Bayfront views
• Access to beaches

Tags

• 4 SEASON ROOM PORCH
• OUTDOOR SHOWER
• STORAGE SHED
• POOL MEMBERSHIP
• BAYFRONT VIEWS
• ACCESS TO BEACHES

Property features AI

Finance

• Other: Pets allowed (cats and dogs OK; number limit applies); Outside city limits; located between Rt 1 & 113; directions available
• Financial info: Land lease amount $7,408 annually (1 year remaining); Ground rent exists (1 year remaining); Income/expense note: Annual ground rent
• HOA & community: HOA fee $10 annually; Other fees $60 annually; Park name: West Bay Park; Property manager present

Exterior

• Parking: Driveway
• Utilities: Public water; Sewer available with grinder pump; 100 amp electric service; Electric hot water; Fiber optic and cable internet available
• Home design: Manufactured property; Modular/Manufactured construction; Land lease ownership (ground rent exists); Tiny home model (Skyline) — approximately 11 ft wide by 47 ft long; Estimated year built
• Construction: CPVC/PVC plumbing materials; Manufactured structure type
• Exterior features: Community pool; Has water view; On waterfront (bay); Water frontage of 12 feet; Navigable water; Above-grade other structures

Interior

• Kitchen: Built-in microwave; Built-in range; Stove; Stainless steel appliances; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level; 1 full bathroom total
• Heating & cooling: Wall unit heating; Electric heating fuel; Multi-unit cooling; Electric cooling fuel
• Interior features: Partially furnished; No basement
• Laundry & utility: Washer in unit; Dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $153k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (11.2% below list).
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $136k (11.2% below list) — sets the bar for cash-flow.
• Cap rate 9.0% 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; 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 $1k of loan paydown is wiped out by about $5k 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 28 days — a 2% lower offer ($151k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $135,839 (11.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.16% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $150,720
• List price: $153,000
• Delta: 1.51%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35078 North Dr	0.01mi	1/1.0 (-1)	514 (+3%)	8mo	$151,900	$296	83

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: -25.4%
• Equity multiple: 0.16×
• Total profit: $-35,926
• Equity at exit: $22,813

10-year hold

• IRR: -35.9%
• Equity multiple: -0.28×
• Total profit: $-55,014
• Equity at exit: $13,229

Cash invested: $42,840 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,772 medium
• Mortgage (P&I): −$802
• Tax est. 1.5%: −$191 /mo · $2,295/yr
• Insurance: −$64
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$1
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $-119

Break-even live

Break-even rent $1,922

Max offer price $135,839

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-66	+0% $-119	+5% $-171	+10% $-224
Rent	-10% $-259	-5% $-189	+0% $-119	+5% $-49	+10% $21
Rate	-1.0pp $-42	-0.5pp $-80	base $-119	+0.5pp $-158	+1.0pp $-199

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1 · $12/yr
• Likely covers: waterpool

Listing history 2 events

1. 2026-05-18
   price $153,000 1106-char remark
2. 2026-04-29
   listed $165,000 Active 1106-char remark

ⓘ 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 6/10 Major FEMA zone AE · 63% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $21,268
• − Mortgage interest: −$8,570
• − Property taxes: −$2,295
• − Insurance: −$6,290
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − HOA: −$12
• − Depreciation: −$4,451
• Taxable loss: −$3,753
• Est. tax savings @ 24.0%: +$901
• After-tax cash flow: $-522/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

Good 80/100 Cosmetic rehab

This well-maintained, seasonal tiny house in Lewes, Delaware offers modern comforts and resort-style amenities. It is in good condition with a good ROI for both resale and rental.

Value-add opportunities

• Both Paint the exterior walls — Enhances curb appeal and resale value.
• Both Replace the air conditioning unit — Improves comfort and energy efficiency, attracting more renters and buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Enhances curb appeal and resale value. ↑
• Both Replace the air conditioning unit — Improves comfort and energy efficiency, attracting more renters and buyers. ↑

ⓘ 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

-7.3% since first listed

3 events — show timeline

• 2026-05-27 Listing Removed — BRIGHT MLS
• 2026-05-18 Price Changed $153,000 BRIGHT MLS
• 2026-04-29 Listed $165,000 BRIGHT MLS