18540 Big Burn Ln · Rehoboth Beach, DE 19971

$119,999

3 bd · 2.0 ba · 1,400 sqft · Manufactured · 37 Days on market

Built 1980 45 ac lot $86/sqft · 25% below area Est $160k · 25% under ↓ 19% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome SUMMER!!!!! Right next to the POOL!!! Seller is VERY MOTIVATED!!!! This Unit will be gorgeous with just a little LOVE!! Bedrooms are HUGE!! Home sold Fully Furnished, if Buyer would like. Looking for an affordable way to live near Delaware's beautiful beaches? This 3-bedroom, 2-bathroom manufactured home in the friendly Aspen Meadows community puts you right in the heart of it all — without the beach-town price tag. With three comfortable bedrooms and two full baths, there's plenty of room for family, guests, or a home office. The primary bedroom features a private en-suite bath, while the additional bedrooms and second full bath offer flexible space for however you choose to

Key facts

• 45.46 acre lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Financial info: Annual ground rent noted
• HOA & community: Community amenities include outdoor pool and recreational center

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Manufactured property (double wide); Land lease ownership; Ground rent remaining: 34 years; Land lease payment: $837 monthly; Finished above-grade living area per assessor
• Construction: Modular/Manufactured construction; Architectural shingle roof; Building not winterized
• Exterior features: Community outdoor pool; Above grade and below grade other structures; Not in a federal flood zone

Interior

• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Electric heat pumps; Forced air heating; Electric hot water; 100 amp electric service
• Interior features: Partially furnished; Good condition; No basement
• Laundry & utility: Main floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 1.1% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, employment A+; Watch: crime F, 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 31% 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 $829 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($116k) 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 $116,399 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 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. Crime grade is F 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?
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: 2.19% ✓
• Cap rate: 18.80%
• Cash-on-cash: 44.66%
• DSCR: 2.99
• GRM: 3.8

CMA / ARV

• ARV (median comp): $159,756
• List price: $119,999
• Delta: -24.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 41.7%
• Equity multiple: 2.79×
• Total profit: $60,235
• Equity at exit: $17,892

10-year hold

• IRR: 47.9%
• Equity multiple: 5.62×
• Total profit: $155,163
• Equity at exit: $10,375

Cash invested: $33,600 (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: 3.8×

Monthly cashflow live

• Estimated rent: $2,633 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $1,250

Break-even live

Break-even rent $1,050

Max offer price $119,999

Occupancy floor 48%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	20d	1	0.46mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	43d	1	0.50mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	20d	1	0.65mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	13d	1	0.68mi
113 Loganberry Ln Rehoboth Beach, DE	3.0	2.0	1629	$2,900	$1.78	13d	1	0.91mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	0.97mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	43d	1	1.22mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	43d	1	1.39mi

Listing history 19 events

1. 2026-06-18
   days on market $119,999 Active 37 DOM
2. 2026-06-17
   days on market $119,999 Active 36 DOM
3. 2026-06-16
   days on market $119,999 Active 35 DOM
4. 2026-06-15
   days on market $119,999 Active 34 DOM
5. 2026-06-14
   days on market $119,999 Active 32 DOM
6. 2026-06-13
   days on market $119,999 Active 31 DOM
7. 2026-06-10
   days on market $119,999 Active 29 DOM
8. 2026-06-09
   days on market $119,999 Active 28 DOM
9. 2026-06-09
   price $119,999 Active 27 DOM
10. 2026-06-08
    days on market $129,000 Active 27 DOM
11. 2026-06-07
    days on market $129,000 Active 26 DOM
12. 2026-06-05
    days on market $129,000 Active 23 DOM
13. 2026-06-03
    days on market $129,000 Active 22 DOM
14. 2026-06-02
    pricedays on market $129,000 Active 21 DOM
15. 2026-06-01
    days on market $134,900 Active 20 DOM
16. 2026-05-31
    days on market $134,900 Active 19 DOM
17. 2026-05-30
    pricedays on market $134,900 Active 18 DOM
18. 2026-05-12
    listed $149,000 Active 1081-char remark
19. 2026-05-06
    historical $149,000 1081-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 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: $31,591
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,527
• − Management: −$2,527
• − Depreciation: −$3,491
• Taxable income: $13,923
• Est. tax owed @ 24.0%: −$3,342
• After-tax cash flow: $11,664/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: 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 — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 14,886
• 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

-19.5% since first listed

6 events — show timeline

• 2026-06-08 Price Changed $119,999 BRIGHT MLS
• 2026-06-01 Price Changed $129,000 BRIGHT MLS
• 2026-05-30 Price Changed $134,900 BRIGHT MLS
• 2026-05-19 Price Changed $139,000 BRIGHT MLS
• 2026-05-12 Listed $149,000 BRIGHT MLS
• 2026-05-06 Coming Soon $149,000 BRIGHT MLS

Property tax history

-14.1%/yr

Latest (2025): $149 · -57.0% YoY. Source: county tax records.