17320 Water View Dr #89 · Lewes, DE 19958

$159,900

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 52 Days on market

Manufactured home Built 2026 Good condition $95/sqft · at area comps Est $164k · at est.

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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 +27.5/30.0
• DSCR +9.6/10.0
• ARV discount +8.6/15.0
• 1% rule +7.5/10.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.6

Listing remarks

YOUR PRIVATE COASTAL RETREAT AWAITS Welcome to Sweetbriar Community. Serene Living in a Quiet Beach Community Escape the noise and come home to peaceful coastal living in this beautifully designed 3-bedroom, 2-bath home nestled in a tucked-away, tree lined, beach community with tranquil pond views. Enjoy mornings on the welcoming front porch, evenings surrounded by nature, and the perfect balance of privacy and convenience. This home boasts 3 spacious bedrooms and 2 full baths. Master suite with walk in closet, large bathroom and walk in shower.

Key facts

• Master suite
• Coastal retreat
• Large bathroom

Tags

• COASTAL RETREAT
• TRANQUIL POND VIEWS
• WELCOMING FRONT PORCH
• MASTER SUITE
• WALK IN CLOSET
• LARGE BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 1.9% 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.
• Zoned schools: Milton Elementary School (math 47% / reading 57%, grade C-, #13 of 105 statewide, top 12%, 556 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 942 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 52 days — a 3% lower offer ($155k) 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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: 1.25% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $164,039
• List price: $159,900
• Delta: -2.52%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17247 Pine Water Dr Lot 42	0.08mi	3/2.0	1,800 (+7%)	0mo	$115,000	$64	84
17063 W Holly Dr	0.28mi	4/2.0 (+1)	1,658 (-1%)	2mo	$360,000	$217	78
17282 Ridge Line Dr	0.05mi	3/2.0	1,456 (-13%)	0mo	$145,000	$100	75
12137 Spicer Creek Ave	0.48mi	3/—	1,703 (+1%)	1mo	$470,000	$276	74
30361 Green Valley Run	0.47mi	3/2.0	1,588 (-6%)	1mo	$425,000	$268	68
17180 Valley Dr	0.18mi	3/2.0	1,266 (-25%)	0mo	$350,000	$276	66
16521 Samuel Paynter Blvd	1.13mi	3/2.0	1,681 (+0%)	2mo	$459,000	$273	64
30009 W Mill Run	0.34mi	3/2.0	2,100 (+25%)	0mo	$482,500	$230	58
29680 Vincent Village Dr	0.80mi	3/2.0	1,865 (+11%)	1mo	$505,000	$271	46
3 Nottingham Dr	1.25mi	3/2.0	1,344 (-20%)	1mo	$185,000	$138	39
4 Whitehaven Way #49622	1.19mi	2/2.0 (-1)	1,463 (-13%)	1mo	$176,000	$120	37
16251 John Rowland Trl	1.02mi	3/2.5	2,000 (+19%)	1mo	$505,000	$253	37

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-174
• Equity at exit: $23,842

10-year hold

• IRR: 7.1%
• Equity multiple: 1.48×
• Total profit: $21,517
• Equity at exit: $13,825

Cash invested: $44,772 (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 19958

• Rents YoY: 0.8%
• Active inventory: 942
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,997 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $472

Break-even live

Break-even rent $1,399

Max offer price $159,900

Occupancy floor 71%

Sensitivity live

Price	-10% $583	-5% $528	+0% $472	+5% $417	+10% $362
Rent	-10% $315	-5% $394	+0% $472	+5% $551	+10% $630
Rate	-1.0pp $553	-0.5pp $513	base $472	+0.5pp $431	+1.0pp $389

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: $39,975
• Closing costs: $4,797
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16832 Ole Grist Run Milton, DE	3.0	2.0	1375	$2,300	$1.67	93d	1	0.50mi
16894 Beulah Blvd Milton, DE	3.0	2.0	1875	$2,695	$1.44	70d	3	0.80mi

Property features AI

Finance

• Other: Listing status: ActiveInventory type: SpecLast modified: 2026-06-17
• Financial info: List price $159,900

Exterior

• Home design: Condominium / attached unitSingle-level plan (Magnolia)
• Exterior features: Address: 17320 Water View Dr #89, Lewes, DE 19958

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home, Magnolia floor planLiving area approximately 1680

Listing history 42 events

1. 2026-08-08
   days on market $159,900 Active 52 DOM
2. 2026-08-07
   days on market $159,900 Active 51 DOM
3. 2026-08-06
   days on market $159,900 Active 50 DOM
4. 2026-08-05
   days on market $159,900 Active 49 DOM
5. 2026-08-04
   days on market $159,900 Active 48 DOM
6. 2026-08-03
   days on market $159,900 Active 47 DOM
7. 2026-07-31
   days on market $159,900 Active 44 DOM
8. 2026-07-30
   days on market $159,900 Active 43 DOM
9. 2026-07-29
   days on market $159,900 Active 42 DOM
10. 2026-07-27
    days on market $159,900 Active 40 DOM
11. 2026-07-25
    days on market $159,900 Active 38 DOM
12. 2026-07-24
    days on market $159,900 Active 37 DOM
13. 2026-07-23
    days on market $159,900 Active 36 DOM
14. 2026-07-22
    days on market $159,900 Active 35 DOM
15. 2026-07-21
    days on market $159,900 Active 34 DOM
16. 2026-07-18
    days on market $159,900 Active 31 DOM
17. 2026-07-16
    days on market $159,900 Active 29 DOM
18. 2026-07-16
    days on market $159,900 Active 28 DOM
19. 2026-07-14
    days on market $159,900 Active 27 DOM
20. 2026-07-13
    days on market $159,900 Active 26 DOM
21. 2026-07-12
    days on market $159,900 Active 25 DOM
22. 2026-07-11
    days on market $159,900 Active 24 DOM
23. 2026-07-10
    days on market $159,900 Active 23 DOM
24. 2026-07-09
    days on market $159,900 Active 22 DOM
25. 2026-07-08
    days on market $159,900 Active 21 DOM
26. 2026-07-07
    days on market $159,900 Active 20 DOM
27. 2026-07-06
    days on market $159,900 Active 19 DOM
28. 2026-07-06
    days on market $159,900 Active 18 DOM
29. 2026-07-04
    days on market $159,900 Active 17 DOM
30. 2026-07-03
    days on market $159,900 Active 16 DOM
31. 2026-07-02
    days on market $159,900 Active 15 DOM
32. 2026-07-01
    days on market $159,900 Active 14 DOM
33. 2026-06-30
    days on market $159,900 Active 13 DOM
34. 2026-06-29
    days on market $159,900 Active 12 DOM
35. 2026-06-28
    days on market $159,900 Active 11 DOM
36. 2026-06-28
    days on market $159,900 Active 10 DOM
37. 2026-06-27
    days on market $159,900 Active 9 DOM
38. 2026-06-25
    days on market $159,900 Active 7 DOM
39. 2026-06-23
    days on market $159,900 Active 5 DOM
40. 2026-06-22
    days on market $159,900 Active 4 DOM
41. 2026-06-17
    remarks 699-char remark
42. 2026-06-17
    listed $159,900 Active 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 ≥102°F today · 17 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: $23,961
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,917
• − Management: −$1,917
• − Depreciation: −$4,652
• Taxable income: $3,321
• Est. tax owed @ 24.0%: −$797
• After-tax cash flow: $4,872/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 · 6 photos

Good 80/100 None rehab

This well-maintained, move-in-ready manufactured home offers a serene coastal retreat with modern amenities and a welcoming exterior. Potential buyers and tenants will appreciate the spacious kitchen, two full bathrooms, and the tranquil setting.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and market value. ↑
• Both Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and attract more buyers/tenants. ↑

F Composite school gradezoned avg 44/100

Zoned Schools

Elementary Milton Elementary School C- DE #13/105 Nat'l #11,263/41,679 Middle Mariner Middle School F DE #7/36 Nat'l #6,005/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

C Composite livability gradescore 67/100

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 · 248,853 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: 11% of renters

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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%

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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%

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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

Property features AI

Finance

• Other: Listing status: ActiveInventory type: SpecLast modified: 2026-06-17
• Financial info: List price $159,900

Exterior

• Home design: Condominium / attached unitSingle-level plan (Magnolia)
• Exterior features: Address: 17320 Water View Dr #89, Lewes, DE 19958

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home, Magnolia floor planLiving area approximately 1680