11 Spinning Wheel Ln · Lewes, DE 19971

$250,000

3 bd · 2.0 ba · 1,323 sqft · SingleFamily · 15 Days on market

Built 2013 Fair condition Est $226k · 11% over

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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 +20.2/30.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• ARV discount +2.8/15.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FULLY FURNISHED, impeccably maintained, 3 bedroom, 2 bathroom home in Colonial East. This home features a split floor plan layout with a spacious primary bedroom with en-suite on the back end of the home and two vastly sized bedrooms and bathroom on the front end. The kitchen features a massive island with bar stools for seating, coffee bar area and ample cabinetry. Two living areas offer adequate space for relaxing with a stunning, stone gas fireplace for the perfect cozy evening. Outside find a screened porch and large shed with plenty of storage for beach & pool items. Fresh mulch was recently placed and pavers for easy yard maintenance. Keyless entry and a new smart thermostat added that can be controlled by phone. Seller is offering a 1 year buyer home warranty. This home has a land lease amount of $854.00/month and is subject to park approval. Sure to check all of the boxes, don't wait to see this one! Schedule your appointment today!

Key facts

• 3 parking spots
• Community pool
• Built 2013

Property features AI

Finance

• Other: Ground rent listed as an annual income/expense item
• Financial info: Ground rent exists; paid annually; Monthly land lease amount
• HOA & community: HOA amenities include common grounds, club house, picnic area, outdoor pool, and playground; HOA fees cover common area maintenance, pools, recreation facilities, road maintenance, snow removal, and trash

Exterior

• Parking: Driveway parking (3 spaces); Total of 3 garage/parking spaces
• Utilities: Public water; Public sewer; Electric service available; Cable available; Hot water (electric)
• Home design: Manufactured home (double wide, Redman); Estimated year built; Single-story entry (rooms listed on main level); Not in a federal flood zone; Land lease ownership
• Construction: Combination construction materials; Architectural shingle roof; Above-grade and below-grade structures
• Exterior features: Deck(s); Enclosed outdoor living area; Screened porch; Sidewalks; Shed; Community pool

Interior

• Kitchen: Electric oven/range; Refrigerator; Kitchen island
• Bedrooms: Three bedrooms on the main level; Entry-level bedroom
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Propane (metered) heating fuel; Central air conditioning (electric)
• Interior features: Open floor plan; Combination dining and living area; Dining area; Kitchen island; Ceiling fans; Master bathroom
• Laundry & utility: Washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 30% of the median local income ($102k/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 $2k of loan paydown is wiped out by about $8k 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 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $213k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $246,250 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.03% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.38%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $226,233
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 Wagon Wheel Ln #14374	0.16mi	3/2.0	1,200 (-9%)	0mo	$125,000	$104	77
43 Candlelight Ln #11675	0.14mi	3/2.0	1,200 (-9%)	9mo	$205,000	$171	71
22 Gunpowder Ln	0.17mi	3/2.0	1,470 (+11%)	5mo	$165,000	$112	69
35616 Elk Camp Rd	0.31mi	2/2.0 (-1)	1,236 (-7%)	0mo	$85,000	$69	69
22 Vassar Dr	0.49mi	3/2.0	1,376 (+4%)	2mo	$465,000	$338	69
35639 Highland Way #184	0.43mi	2/2.0 (-1)	1,348 (+2%)	5mo	$169,500	$126	68
45 Tiffany Dr	0.32mi	3/1.5	1,400 (+6%)	8mo	$325,000	$232	67
18527 Snowmass Run #20621	0.39mi	3/2.0	1,404 (+6%)	8mo	$314,900	$224	65
113 Martin Ln	0.43mi	4/1.0 (+1)	1,304 (-1%)	8mo	$357,000	$274	62
28 Wagon Wheel Ln	0.21mi	2/2.0 (-1)	1,152 (-13%)	3mo	$169,900	$147	61
35715 Elk Camp Rd #77	0.30mi	2/2.0 (-1)	1,164 (-12%)	2mo	$125,000	$107	59
30 Turtle Dove Dr	0.38mi	3/2.0	1,512 (+14%)	3mo	$535,000	$354	56

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: -7.9%
• Equity multiple: 0.71×
• Total profit: $-20,487
• Equity at exit: $37,276

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $8,053
• Equity at exit: $21,615

Cash invested: $70,000 (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: 8.1×

Monthly cashflow live

• Estimated rent: $2,584 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $314

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 83%

Sensitivity live

Price	-10% $487	-5% $400	+0% $314	+5% $227	+10% $141
Rent	-10% $110	-5% $212	+0% $314	+5% $416	+10% $518
Rate	-1.0pp $440	-0.5pp $377	base $314	+0.5pp $249	+1.0pp $183

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	22d	1	0.53mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	15d	1	0.56mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	45d	1	0.58mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.82mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	45d	1	0.84mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	45d	1	1.01mi
113 Loganberry Ln Rehoboth Beach, DE	3.0	2.0	1629	$2,900	$1.78	15d	1	1.12mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	45d	1	1.19mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	45d	1	1.33mi
117 Lakeside Dr Lewes, DE	3.0	3.0	1728	$2,150	$1.24	45d	1	1.36mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	15d	1	1.37mi
18520 Drayton Hall Rd #1 Lewes, DE	3.0	2.0	1550	$2,400	$1.55	45d	1	1.41mi
34132 Clay Rd Lewes, DE	4.0	2.0	1585	$2,650	$1.67	15d	1	1.46mi

Listing history 13 events

1. 2026-06-18
   days on market $250,000 Active 15 DOM
2. 2026-06-17
   days on market $250,000 Active 14 DOM
3. 2026-06-16
   days on market $250,000 Active 13 DOM
4. 2026-06-15
   days on market $250,000 Active 12 DOM
5. 2026-06-14
   days on market $250,000 Active 10 DOM
6. 2026-06-13
   days on market $250,000 Active 9 DOM
7. 2026-06-10
   days on market $250,000 Active 7 DOM
8. 2026-06-09
   days on market $250,000 Active 6 DOM
9. 2026-06-08
   days on market $250,000 Active 5 DOM
10. 2026-06-07
    days on market $250,000 Active 4 DOM
11. 2026-06-05
    status $250,000 Active 1 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $250,000 Coming Soon 1 DOM

ⓘ 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: $31,010
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,481
• − Management: −$2,481
• − Depreciation: −$7,273
• Taxable loss: −$228
• Est. tax savings @ 24.0%: +$55
• After-tax cash flow: $3,820/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

This single-family home in Colonial East requires moderate renovations, including painting, updating the kitchen, and replacing worn flooring, to significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — Significant wear
• Major bathroom fixtures — Significant wear
• Major exterior paint — Needs repainting

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Updating kitchen cabinets and fixtures — Improves functionality and aesthetics
• Both Replacing worn flooring — Enhances comfort and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Significant wear	Major	$15,000–50,000
bathroom fixtures · Significant wear	Major	$15,000–50,000
exterior paint · Needs repainting	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Updating kitchen cabinets and fixtures — Improves functionality and aesthetics ↑
• Both Replacing worn flooring — Enhances comfort and appearance ↑

ⓘ 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

+25.0% since first listed

10 events — show timeline

• 2026-06-02 Coming Soon $250,000 BRIGHT MLS
• 2024-08-05 Sold (MLS) $213,000 BRIGHT MLS
• 2024-07-15 Contingent — BRIGHT MLS
• 2024-05-16 Price Changed $219,900 BRIGHT MLS
• 2024-05-08 Price Changed $229,900 BRIGHT MLS
• 2024-03-29 Listed $240,000 BRIGHT MLS
• 2024-03-29 Coming Soon $240,000 BRIGHT MLS
• 2022-10-18 Sold (MLS) $197,000 BRIGHT MLS
• 2022-09-27 Contingent — BRIGHT MLS
• 2022-09-21 Listed $200,000 BRIGHT MLS