14475 Alpha St

Greenwood, DE 19950

$217,500C-

3 bd · 2.0 ba · 1,248 sqft · Built 1973 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,803/mo
• Mortgage (P&I): −$1,141
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $140/mo
• Annual: $1,677/yr
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• 1% rule: 0.83%
• Cash to close: $60,900

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $218k.
• 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).
• It's been on market 40 days — a 3% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (17.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.