Is 25928 Kings Ln #2 in Millsboro, DE a good investment?

CashFlowRE grades it C+ with a 8.6% cap rate and $291/mo modeled cash flow at a $150,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 25928 Kings Ln #2?

The modeled cap rate is 8.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,681/month, from CashFlowRE's rent model.

C+ Composite 62.77

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 +23.9/30.0
ARV discount +15.0/15.0
DSCR +7.7/10.0
1% rule +6.2/10.0
Condition / age +4.0/5.0
Livability +3.3/5.0
Schools +3.1/10.0
Appreciation +2.5/10.0
Rent growth +2.5/5.0
Manufactured-home adj. -5.5

$150,000

25928 Kings Ln #2 · Millsboro, DE 19966

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 117 Days on market

Manufactured home Built 2005 Good condition 4,356 sqft lot Garage $103/sqft · 47% below area Est $285k · 47% under ↓ 6% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Enchanted Acres has a great location! It is just off of Long Neck Road, so there are many nearby marinas, plus Massey’s Landing public boat launch is down the road. There’s lots of shopping and dining close to home, too. And you’re just 13 miles from the famous Rehoboth boardwalk or the Lewes public beach when you want a day in the surf and sun. Nicely update 2005 Redman doublewide is approx. 1,800 sq. ft. with a four-season addition that has a wet bar, a two-drawer fridge, and a gas griddle/cooktop with an exhaust vent. The 4-season porch has access to the rear screened porch for pest-free outdoor dining.

Key facts

Four-season addition
Wet bar
Great location

What this means for you Summary

Snapshot

This is a 3-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $291 ($3k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $150k).
Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
Cap rate 8.6% vs local median 3.4% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute F.
Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Zoned schools: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
Market conditions: 1186 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $4k 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 117 days — a 9% lower offer ($136k) 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 $136,500 (9.0% below list)

Questions for the listing agent

It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Crime grade is D 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?
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.
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.
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: 1.12% ✓
Cap rate: 8.62%
Cash-on-cash: 8.31%
DSCR: 1.37
GRM: 7.4

CMA / ARV

ARV (median comp): $285,287
List price: $150,000
Delta: -45.67%
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
25808 Hallmark St	0.81mi	3/2.0	1,500 (+3%)	0mo	$160,000	$107	60
24489 Westridge Drive - Lot #42	1.43mi	3/2.0	1,361 (-6%)	1mo	$536,550	$394	54
26453 Cottontail Cv	0.51mi	3/2.0	1,755 (+20%)	1mo	$185,000	$105	50
32838 Landlubber Cv #2806	0.61mi	3/2.0	1,208 (-17%)	1mo	$135,500	$112	46
33502 Lakeshore Cir #2833	0.63mi	3/2.0	1,680 (+15%)	1mo	$189,000	$113	45
25868 Sandpiper Ct #55	0.66mi	3/2.5	1,800 (+24%)	0mo	$315,000	$175	42
32298 Turnstone Ct	0.70mi	3/2.5	1,667 (+14%)	1mo	$319,000	$191	40
25868 American Ave	0.75mi	3/2.0	1,100 (-24%)	0mo	$120,000	$109	40
34212 Colony Dr S	1.21mi	3/2.0	1,680 (+15%)	0mo	$190,000	$113	40
26693 River Breeze Dr	1.13mi	3/2.0	1,681 (+16%)	0mo	$290,000	$173	40
29482 Tree Swallow Dr	1.40mi	4/3.0 (+1)	1,662 (+14%)	1mo	$536,957	$323	32
29516 Tree Swallow Dr	1.43mi	4/3.0 (+1)	1,662 (+14%)	1mo	$679,178	$409	32

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: -3.6%
Equity multiple: 0.86×
Total profit: $-5,746
Equity at exit: $22,365

10-year hold

IRR: 6.1%
Equity multiple: 1.45×
Total profit: $18,965
Equity at exit: $12,969

Cash invested: $42,000 (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 →

Active competition Active MLS

For sale now: 0 active · 2 under contract

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

ZIP-level market 19966

Home prices YoY: -6.4%
Active inventory: 1186
Price-to-rent: 7.4×

Monthly cashflow live

Estimated rent: $1,681 medium interval (Pro) →
Mortgage (P&I): −$787
Tax est. 1.5%: −$188 /mo · $2,250/yr
Insurance: −$62
HOA: −$0
Lot rent leased land?: −$0
Vacancy / Maint / Mgmt: −$353
Net cashflow: $291

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 78%

Sensitivity live

Price	-10% $395	-5% $343	+0% $291	+5% $239	+10% $187
Rent	-10% $158	-5% $225	+0% $291	+5% $357	+10% $424
Rate	-1.0pp $367	-0.5pp $329	base $291	+0.5pp $252	+1.0pp $213

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: $37,500
Closing costs: $4,500
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25940 Starboard Dr #72 Millsboro, DE	3.0	2.0	1456	$1,500	$1.03	6d	1	0.44mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	109d	1	0.79mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,383	$4.18	4d	1	1.22mi

Property features AI

Finance

Other: Ownership interest listed as land lease
Financial info: Annual ground rent noted as an income/expense item
HOA & community: Ground rent exists with monthly land lease payment of $719 (annually billed option noted)Ground rent payment is handled annually and land lease years remaining: 1

Exterior

Parking: Concrete drivewayDriveway parking for 6 vehicles (total garage and parking spaces: 6)
Utilities: Community waterPublic sewerElectric hot waterElectric heating and cooling fuelInternet: Fiber optic, Cable, SatelliteMunicipal trash not provided
Home design: Manufactured home (double wide, Redman)Single-story entry (main living on one level)Good conditionLand lease ownership
Construction: Vinyl sidingShingle roofCrawl space foundation with pillar/post/pierBuilt as a double-wide manufactured home (28 ft by 52 ft)
Exterior features: Deck(s) with screened porchPorch(es)ShedNot located in a federal flood zonePrivate blacktop roadLocated in a mobile home park (Enchanted Acres MHP, LLC)

Interior

Kitchen: Built-in microwaveDishwasherDisposalElectric oven/rangeRange hoodRefrigeratorStainless steel appliancesPantryExtra refrigerator/freezer
Bedrooms: Three main-level bedrooms
Flooring: Luxury vinyl plank flooring
Bathrooms: Two full bathrooms (both on the main level)
Heating & cooling: Forced air heating (electric)Wall unit heatingCentral air conditioningCeiling fansWall unit cooling100 amp electrical service with 220 volts
Interior features: Open floor plan with combination kitchen/dining and combination dining/living areasSkylightsWet/dry barCeiling fansWalk-in closetsMaster bathWalk-in showerWindow treatmentsVaulted ceilingsFrench, insulated and sliding glass doors
Laundry & utility: Washer and front-loading dryer in unitLaundry on main floorElectric water heater

Listing history 50 events

2026-09-24

days on market $150,000 Active 117 DOM
2026-09-24

days on market $150,000 Active 116 DOM
2026-09-22

days on market $150,000 Active 115 DOM
2026-09-21

days on market $150,000 Active 114 DOM
2026-09-20

days on market $150,000 Active 113 DOM
2026-09-19

days on market $150,000 Active 112 DOM
2026-09-18

pricedays on market $150,000 Active 111 DOM
2026-09-17

days on market $155,000 Active 110 DOM
2026-09-16

days on market $155,000 Active 109 DOM
2026-09-15

days on market $155,000 Active 108 DOM
2026-09-14

days on market $155,000 Active 107 DOM
2026-09-13

days on market $155,000 Active 106 DOM
2026-09-12

days on market $155,000 Active 105 DOM
2026-09-11

days on market $155,000 Active 104 DOM
2026-09-05

days on market $155,000 Active 98 DOM
2026-09-04

days on market $155,000 Active 97 DOM
2026-09-03

days on market $155,000 Active 96 DOM
2026-08-31

days on market $155,000 Active 93 DOM
2026-08-30

days on market $155,000 Active 92 DOM
2026-08-29

days on market $155,000 Active 91 DOM
2026-08-28

days on market $155,000 Active 90 DOM
2026-08-27

days on market $155,000 Active 89 DOM
2026-08-26

days on market $155,000 Active 88 DOM
2026-08-25

days on market $155,000 Active 87 DOM
2026-08-24

days on market $155,000 Active 86 DOM
2026-08-23

days on market $155,000 Active 85 DOM
2026-08-22

days on market $155,000 Active 84 DOM
2026-08-21

days on market $155,000 Active 83 DOM
2026-08-20

pricedays on market $155,000 Active 82 DOM
2026-08-19

days on market $165,000 Active 81 DOM
2026-08-18

days on market $165,000 Active 80 DOM
2026-08-17

days on market $165,000 Active 79 DOM
2026-08-16

statusdays on market $165,000 Active 78 DOM
2026-08-07

statusdays on market $165,000 Active Under Contract 77 DOM
2026-08-06

days on market $165,000 Active 76 DOM
2026-08-05

days on market $165,000 Active 75 DOM
2026-08-04

days on market $165,000 Active 74 DOM
2026-08-03

days on market $165,000 Active 73 DOM
2026-07-31

days on market $165,000 Active 70 DOM
2026-07-29

days on market $165,000 Active 68 DOM
2026-07-27

days on market $165,000 Active 66 DOM
2026-07-25

days on market $165,000 Active 64 DOM
2026-07-24

days on market $165,000 Active 63 DOM
2026-07-23

days on market $165,000 Active 62 DOM
2026-07-22

days on market $165,000 Active 61 DOM
2026-07-21

days on market $165,000 Active 60 DOM
2026-07-18

days on market $165,000 Active 57 DOM
2026-07-16

days on market $165,000 Active 55 DOM
2026-07-16

days on market $165,000 Active 54 DOM
2026-07-13

days on market $165,000 Active 52 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $20,166
− Mortgage interest: −$8,402
− Property taxes: −$2,250
− Insurance: −$750
− Repairs & maintenance: −$1,613
− Management: −$1,613
− Depreciation: −$4,364
Taxable income: $1,174

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$282
After-tax cash flow: $3,210/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 · 30 photos

Good 80/100 Cosmetic rehab Est. rehab $7,280–$21,840 screening

This well-maintained, updated mobile home is move-in ready with a good condition score and potential for further value enhancement through cosmetic upgrades and smart home features.

Value-add opportunities

Both Painting the exterior siding — Enhances curb appeal and value. ↑
Both Landscaping improvements — Enhances curb appeal and value. ↑
Resale Upgrading the kitchen appliances — Modernizes the kitchen and adds value. ↑
Both Adding smart home features — Improves convenience and adds value. ↑
Both Upgrading the HVAC system — Improves comfort and adds value. ↑

ⓘ 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 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

Schools (NCES district)

District: Indian River School District
NCES district ID: 1000680
Math proficiency: 25% ▼ -27.00%
Reading proficiency: 41% ▼ -17.00%
Median HH income: $53,838
Composite: 28.99/100
National rank: #6620
State rank: #14 of 26 in DE

C Composite livability gradescore 66/100

Livability — Millsboro

Score: 66/100
State rank: #44
US rank: #12135

Category grades

Amenities D- Commute F Cost of living B+ Crime D- Employment C Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

County: Sussex County · 248,853 people
City population: 35,884
Metro: Salisbury, MD-DE
Population (ZIP): 35,884
Household income: $78,305
Rent vs Own: 17.8% rent · 82.2% own
Severe rent burden: 5% of renters

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 (74%)
Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
Hispanic origin (detail): Mexican 3%
Common ancestry: Romanian 4% Slovak 2% Serbian 1%
Foreign-born: 8% · Canada, China
Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
Current HPI: 268.5609
Rent YoY: —
Metro: Salisbury, MD-DE
State GDP YoY: —
F500 in state: 0

Price history

-5.7% since first listed

3 events — show timeline

2026-07-12 Price Changed $165,000 BRIGHT MLS
2026-06-24 Price Changed $170,000 BRIGHT MLS
2026-05-22 Listed $175,000 BRIGHT MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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