37156 Alabama Dr · Ocean View, DE 19945

$250,000

3 bd · 2.0 ba · 672 sqft · Manufactured · 10 Days on market

Built 2000 10,019 sqft lot $13/mo HOA · 1% of rent

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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 +15.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Your summer home awaits you! Renovated 3 BD, 2 BA class C. New paint, dishwasher, carpet and screens in porch. Home features laminate floors, central AC, oil heat, storage shed, deck and enclosed porch, paved drive & central sewer.

Key facts

• Peaceful wooded lot
• New roof
• Newer hvac system

Tags

• PRIVATE BEACH RETREAT
• PEACEFUL WOODED LOT
• NEWER HVAC SYSTEM
• NEW ROOF
• COMFORTABLE ONE-LEVEL LIVING

Property features AI

Finance

• HOA & community: HOA fee $150 annually

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home; Above-grade finished area reported as 672 (assessor)
• Construction: T-1-11 exterior siding
• Exterior features: Not in a federal flood zone; Lot dimensions approximately 75 x 135; Ground rent paid annually

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump with electric backup; Central air conditioning; Electric hot water
• Interior features: Living area reported by assessor; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $81 ($968/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (20.0% below list).
• Recommended offer: $200k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 1.9% in Ocean View — 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 69/100 on livability (#27 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: 281 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $103k; list at $250k implies a 143% gain — meaningful room to come down on a strong offer.

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 $200,000 (20.0% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.80% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.38%
• DSCR: 1.06
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 3.02×
• Total profit: $141,184
• Equity at exit: $225,220

10-year hold

• IRR: 22.2%
• Equity multiple: 6.88×
• Total profit: $411,503
• Equity at exit: $485,695

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 19945

• Home prices YoY: 16.9%
• Active inventory: 281
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$71 /mo · $854/yr
• Insurance: −$104
• HOA: −$13
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $81

Break-even live

Break-even rent $1,898

Max offer price $250,000

Occupancy floor 91%

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30022 Center Point Rd Millville, DE	3.0	2.5	704	$2,000	$2.84	21d	1	1.25mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: sewer

Listing history 8 events

1. 2026-06-10
   status $250,000 Pending 10 DOM
2. 2026-06-09
   days on market $250,000 Active 10 DOM
3. 2026-06-08
   days on market $250,000 Active 9 DOM
4. 2026-06-07
   days on market $250,000 Active 8 DOM
5. 2026-06-02
   days on market $250,000 Active 3 DOM
6. 2026-06-01
   days on market $250,000 Active 2 DOM
7. 2026-05-30
   remarks 699-char remark
8. 2026-05-30
   listed $250,000 Active 1 DOM

ⓘ 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: $854 · $71/mo
• Projected year-2 tax: $1,152 · $96/mo
• Expected delta: +$298/yr (+$25/mo · 34.9%)

ⓘ 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 ≥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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$14,004
• − Property taxes: −$854
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$156
• − Depreciation: −$7,273
• Taxable loss: −$3,376
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $1,778/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: 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

Livability — Ocean View

• Score: 69/100
• State rank: #27
• US rank: #8560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,917

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 (77%)
• Race & ethnicity: White 77% Black 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 46.51%
• Current HPI: 322.2407
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+127.3% since first listed

4 events — show timeline

• 2026-05-30 Listed $250,000 BRIGHT MLS
• 2013-07-16 Sold (MLS) $103,000 BRIGHT MLS
• 2013-07-15 Listing Removed — BRIGHT MLS
• 2013-02-01 Listed $110,000 BRIGHT MLS

Property tax history

-0.7%/yr

Latest (2025): $854 · -5.5% YoY. Source: county tax records.