14475 Alpha St · Greenwood, DE 19950

$217,500

3 bd · 2.0 ba · 1,248 sqft · Manufactured · 40 Days on market

Built 1973 0.30 ac lot $174/sqft · 38% below area Est $348k · 38% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• Appreciation +3.8/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

Key facts

• 0.3 acre lot
• Built 1973
• Listed 40 days

Property features AI

Finance

• Other: Fee simple ownership; Property assessed as being in good condition; Not in a federal flood zone; Above-grade finished living area recorded by assessor

Exterior

• Parking: Dirt driveway; Off-street parking
• Utilities: Well water; Gravity septic field; Electric service 200+ amps; Electric heating fuel; Electric hot water; Cable available; Electric available; No municipal trash service
• Home design: Manufactured home; East-facing main entrance
• Construction: Vinyl siding; Architectural shingle roof; Block foundation with crawl space; Permanent foundation; Shed on property; Building not winterized; Estimated year built
• Exterior features: Chain-link fencing (partial, rear); Additional parcel included; Partly wooded lot; Rear yard; No-thru street; Road frontage; Rural setting; Dirt road frontage

Interior

• Kitchen: Eat-in kitchen; Pantry
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% efficient forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Combination kitchen and dining area; Eat-in kitchen; Pantry; Not furnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $218k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/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 $180k (17.1% below list).
• Recommended offer: $180k (17.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#14 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Woodbridge School District (rural): math 17% / reading 34% proficiency, ranked #21 of 26 in DE (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 44 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.4%/yr); year-one equity from $2k 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 40 days — a 3% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $175k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,262 (17.1% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.83% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• GRM: 10.1

CMA / ARV

• ARV (median comp): $348,298
• List price: $217,500
• Delta: -37.55%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-2.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.65×
• Total profit: $-21,141
• Equity at exit: $38,081

10-year hold

• IRR: -0.6%
• Equity multiple: 0.95×
• Total profit: $-2,750
• Equity at exit: $28,658

Cash invested: $60,900 (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 19950

• Home prices YoY: -0.8%
• Active inventory: 44
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,803 medium
• Mortgage (P&I): −$1,141
• Tax from tax record: −$53 /mo · $638/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $140

Break-even live

Break-even rent $1,626

Max offer price $217,500

Occupancy floor 87%

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: $54,375
• Closing costs: $6,525
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $217,500 Active 40 DOM
2. 2026-06-17
   days on market $217,500 Active 39 DOM
3. 2026-06-16
   days on market $217,500 Active 38 DOM
4. 2026-06-15
   days on market $217,500 Active 37 DOM
5. 2026-06-13
   days on market $217,500 Active 35 DOM
6. 2026-06-12
   days on market $217,500 Active 34 DOM
7. 2026-06-09
   days on market $217,500 Active 31 DOM
8. 2026-06-08
   days on market $217,500 Active 30 DOM
9. 2026-06-07
   days on market $217,500 Active 29 DOM
10. 2026-06-07
    days on market $217,500 Active 28 DOM
11. 2026-06-04
    days on market $217,500 Active 25 DOM
12. 2026-06-02
    days on market $217,500 Active 24 DOM
13. 2026-06-01
    days on market $217,500 Active 23 DOM
14. 2026-05-31
    days on market $217,500 Active 22 DOM
15. 2026-05-31
    days on market $217,500 Active 21 DOM
16. 2026-05-09
    listed $217,500 Active 355-char remark
17. 2026-05-08
    historical $217,500 355-char remark
18. 2026-04-28
    historical
19. 2026-03-31
    price $229,900
20. 2026-01-16
    price $239,900
21. 2026-01-15
    price $229,900
22. 2026-01-15
    status Active
23. 2025-12-13
    historical Active Under Contract
24. 2025-11-29
    listed $249,900 Active
25. 2025-11-19
    historical
26. 2023-02-16
    soldstatus $175,000 Closed

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

27. 2023-01-20
    status Pending

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

28. 2022-12-29
    status Active

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

29. 2022-12-28
    historical Active Under Contract

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

30. 2022-12-09
    status Pending

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

31. 2022-11-28
    listed $179,900 Active

    Show marketing remark (572 chars)

    Welcome to this beautiful, recently remodeled, 3 bed, 2 bath, class c, ranch/rambler. This house is located in the heart of the peninsula, only a few hours away from major cities and less than an hour away from the Delaware beaches. As you walk into this impeccable home, you will find a spacious living room, an eat-in kitchen w/ new appliances, a hallway restroom, a laundry room, and bedrooms. You will particularly love the spacious master suite, complete with an en suite bath. Seller has Class C letter and Class H septic inspection. Schedule your appointment today!

32. 2016-10-04
    soldstatus $10,000
33. 2016-09-28
    soldstatus $10,000
34. 2015-06-15
    historical
35. 2015-04-20
    listed $12,000

ⓘ 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: $638 · $53/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$312/yr (+$26/mo · 48.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $21,631
• − Mortgage interest: −$12,183
• − Property taxes: −$638
• − Insurance: −$1,088
• − Repairs & maintenance: −$1,731
• − Management: −$1,731
• − Depreciation: −$6,327
• Taxable loss: −$2,065
• Est. tax savings @ 24.0%: +$496
• After-tax cash flow: $2,172/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: Woodbridge School District
• NCES district ID: 1001850
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $48,711
• Composite: 22.28/100
• National rank: #8137
• State rank: #21 of 26 in DE

Livability — Greenwood

• Score: 72/100
• State rank: #14
• US rank: #5920

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,822

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 10% Hispanic / Latino 8% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Italian 4% Hispanic 4% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 2% 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: ▼ -2.42%
• Current HPI: 284.3
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1712.5% since first listed

20 events — show timeline

• 2026-05-09 Listed $217,500 BRIGHT MLS
• 2026-05-08 Coming Soon $217,500 BRIGHT MLS
• 2026-04-28 Listing Removed — BRIGHT MLS
• 2026-03-31 Price Changed $229,900 BRIGHT MLS
• 2026-01-16 Price Changed $239,900 BRIGHT MLS
• 2026-01-15 Price Changed $229,900 BRIGHT MLS
• 2026-01-15 Relisted — BRIGHT MLS
• 2025-12-13 Contingent — BRIGHT MLS
• 2025-11-29 Listed $249,900 BRIGHT MLS
• 2025-11-19 Coming Soon — BRIGHT MLS
• 2023-02-16 Sold (MLS) $175,000 BRIGHT MLS
• 2023-01-20 Pending — BRIGHT MLS
• 2022-12-29 Relisted — BRIGHT MLS
• 2022-12-28 Contingent — BRIGHT MLS
• 2022-12-09 Pending — BRIGHT MLS
• 2022-11-28 Listed $179,900 BRIGHT MLS
• 2016-10-04 Sold (Public Records) $10,000 Public Records
• 2016-09-28 Sold (MLS) $10,000 BRIGHT MLS
• 2015-06-15 Listing Removed — BRIGHT MLS
• 2015-04-20 Listed $12,000 BRIGHT MLS

Property tax history

+34.7%/yr

Latest (2025): $638 · +1.7% YoY. Source: county tax records.