38362 Squirrel Rd · Ocean View, DE 19970

$159,900

3 bd · 2.0 ba · 792 sqft · Manufactured public records · 56 Days on market

Built 2022 Good condition 57 ac lot $202/sqft · 98% above area

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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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience easy coastal living in this well-kept 2022 single-wide home, ideally situated in a quaint marina community just minutes from the beaches of Bethany. It’s the perfect setting for those who want a relaxed, seaside lifestyle without sacrificing everyday convenience. Inside, you’ll find a light-filled, open layout with modern touches throughout. The kitchen is both stylish and functional, featuring contemporary cabinetry, updated appliances, and plenty of workspace—great for hosting friends or enjoying a quiet night in after a day at the beach. With 3 bedrooms and 2 full baths, this home offers a comfortable retreat surrounded by refreshing coastal breezes and a lai

Key facts

• Updated appliances
• Charming paver patio
• Quiet beach access

Tags

• LIGHT FILLED OPEN LAYOUT
• CONTEMPORARY CABINETRY
• UPDATED APPLIANCES
• CHARMING PAVER PATIO
• QUIET BEACH ACCESS

Property features AI

Finance

• Other: Property manager present; Located in FEMA flood zone AE6
• Financial info: Annual ground rent listed under income/expense items
• HOA & community: Quarterly other fees of $82; Ground rent exists with 99 years remaining; Monthly land lease payment of $511

Exterior

• Parking: Total 6 garage/parking spaces; Driveway with 4 spaces; 2 off-street spaces
• Utilities: Public sewer; Private/community water; Electric hot water; Electric heating and cooling
• Home design: Manufactured / modular home; Single-story (main-level living); Land lease ownership
• Construction: Manufactured construction; Architectural shingle roof; Built year per assessor (year built source: assessor)
• Exterior features: Concrete driveway; Off-street parking; No basement; Above- and below-grade other structures noted; Located outside city limits

Interior

• Kitchen: Dishwasher; Electric range/oven; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open floor plan; Combination kitchen and living area; Eat-in kitchen; Master bathroom; Recessed lighting; Ceiling fans; Carpet flooring in some areas; Window treatments; Efficiency layout
• Laundry & utility: Electric dryer; Main-level laundry

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 $317 ($4k/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 8.7% 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: 231 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

• 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 56 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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. 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: 1.13% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.50%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $80,822
• List price: $159,900
• Delta: 97.84%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38014 Dove Rd #21352	0.27mi	2/1.0 (-1)	800 (+1%)	15mo	$90,000	$113	64
38306 Squirrel Rd #217	0.17mi	2/1.0 (-1)	720 (-9%)	5mo	$89,900	$125	64

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,696
• Equity at exit: $23,842

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $21,146
• 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 19970

• Home prices YoY: -18.6%
• Active inventory: 231
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $317

Break-even live

Break-even rent $1,399

Max offer price $159,900

Occupancy floor 77%

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
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30380 Crowley Dr #403 Ocean View, DE	2.0	2.0	988	$1,800	$1.82	13d	1	0.88mi

Listing history 15 events

1. 2026-06-18
   days on market $159,900 Active 56 DOM
2. 2026-06-17
   days on market $159,900 Active 55 DOM
3. 2026-06-16
   days on market $159,900 Active 54 DOM
4. 2026-06-15
   days on market $159,900 Active 53 DOM
5. 2026-06-14
   days on market $159,900 Active 51 DOM
6. 2026-06-13
   days on market $159,900 Active 50 DOM
7. 2026-06-10
   days on market $159,900 Active 48 DOM
8. 2026-06-09
   days on market $159,900 Active 47 DOM
9. 2026-06-08
   days on market $159,900 Active 46 DOM
10. 2026-06-07
    days on market $159,900 Active 45 DOM
11. 2026-06-02
    days on market $159,900 Active 40 DOM
12. 2026-06-01
    days on market $159,900 Active 39 DOM
13. 2026-05-31
    days on market $159,900 Active 38 DOM
14. 2026-05-30
    days on market $159,900 Active 37 DOM
15. 2026-04-23
    listed $159,900 Active 1442-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 6/10 Major FEMA zone X (unshaded) · 54% 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,600
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$4,652
• Taxable income: $1,337
• Est. tax owed @ 24.0%: −$321
• After-tax cash flow: $3,483/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 · 12 photos

Good 80/100 Cosmetic rehab

This 2022 single-wide home in a marina community offers a good condition with modern updates and a coastal vibe. It's move-in ready with minor maintenance needed.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — refreshes interior and exterior
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — refreshes interior and exterior ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ 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: 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): 8,265

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Romanian 6% Serbian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% 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: ▼ -65.41%
• Current HPI: 286.3503
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-23 Listed $159,900 BRIGHT MLS

Property tax history

-5.3%/yr

Latest (2025): $176 · -25.1% YoY. Source: county tax records.