35638 Highlands Way · Lewes, DE 19971

$239,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 183 Days on market

Built 1989 Est $432k · 45% under ↓ 16% since listing

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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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

Key facts

• 2 garage spots
• Community pool
• Built 1989

🏷️ Possibly a rental listed for sale. The $239,000 price doesn't fit this home's estimated sale value (~$432,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $133 ($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 $226k (5.5% below list).
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 1.7% 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.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 183 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $46k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $210,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.95% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $432,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Candlelight Ln #2542	0.30mi	2/1.0	1,100 (-4%)	6mo	$114,000	$104	69
36250 Shady Dr	0.68mi	2/1.0	1,000 (-13%)	3mo	$375,250	$375	40

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-30,227
• Equity at exit: $35,636

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-15,281
• Equity at exit: $20,664

Cash invested: $66,920 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,259 high
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $133

Break-even live

Break-even rent $2,091

Max offer price $239,000

Occupancy floor 89%

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: $59,750
• Closing costs: $7,170
• 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	21d	1	0.35mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	44d	1	0.40mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.42mi
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.61mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	13d	1	0.63mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	0.83mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	44d	1	1.31mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	44d	1	1.48mi

Listing history 13 events

1. 2026-06-03
   days on market $239,000 Active 183 DOM
2. 2026-06-02
   days on market $239,000 Active 182 DOM
3. 2026-06-01
   days on market $239,000 Active 181 DOM
4. 2026-05-31
   days on market $239,000 Active 180 DOM
5. 2026-05-30
   days on market $239,000 Active 179 DOM
6. 2026-05-01
   price $239,000 1609-char remark

   Show marketing remark (1609 chars)

   Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

7. 2026-04-16
   price $259,000 1609-char remark

   Show marketing remark (1609 chars)

   Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

8. 2026-03-05
   price $265,000 1609-char remark

   Show marketing remark (1609 chars)

   Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

9. 2026-03-04
   status Active 1609-char remark

   Show marketing remark (1609 chars)

   Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

10. 2026-01-02
    historical 1609-char remark

    Show marketing remark (1609 chars)

    Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

11. 2025-10-31
    price $279,000 1609-char remark

    Show marketing remark (1609 chars)

    Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

12. 2025-10-03
    listed $285,500 Active 1609-char remark

    Show marketing remark (1609 chars)

    Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

13. 2025-09-23
    historical $285,500 1609-char remark

    Show marketing remark (1609 chars)

    Welcome to your beach home! This home has so much to offer! One of the few homes in this community with a garage, it can hold two cars but it can also be a great workshop/hobby area since it has a mini-split for heat and air-conditioning. Another rare find is it has two driveways, so guest parking is a breeze. The current owners started renovating in 2022 and have continued to current day. The open floor plan lends to great entertaining and staying connected to your guests. The screened in porch is the perfect place to enjoy having coffee in the morning and the rear deck gives you the opportunity to chat with your neighbors. The kitchen was updated in 2022 with new cabinets, an island added, quartz counter tops, and the appliances have been replaced in the last 3 years. An addition was built in 2025 that added another bedroom/office. This room has an entrance from the exterior of the home so it would lend itself to many uses. All the windows and doors have been replaced, bathrooms have been updated including a walk-in shower, New HVAC 2025, New roof 2024, garage and front driveway, water lines were replaced (this is a biggie in a manufactured home), replaced deck 2025. Monthly land lease/rent is $909.00, and everyone must be park approved, this includes background check, credit report and income verification. Come out and take a look at this one, it is truly special! No short term rentals allowed in this community. The photographs were taken before the furnishings were removed. This property was taken off the market during the winter months and is now available to be your new home!

ⓘ 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: $27,108
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$6,953
• Taxable loss: −$2,350
• Est. tax savings @ 24.0%: +$564
• After-tax cash flow: $2,159/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 — 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 · 82,708 people
• City population: 31,938
• 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

-16.3% since first listed

8 events — show timeline

• 2026-05-01 Price Changed $239,000 BRIGHT MLS
• 2026-04-16 Price Changed $259,000 BRIGHT MLS
• 2026-03-05 Price Changed $265,000 BRIGHT MLS
• 2026-03-04 Relisted — BRIGHT MLS
• 2026-01-02 Listing Removed — BRIGHT MLS
• 2025-10-31 Price Changed $279,000 BRIGHT MLS
• 2025-10-03 Listed $285,500 BRIGHT MLS
• 2025-09-23 Coming Soon $285,500 BRIGHT MLS

Property tax history

-7.7%/yr

Latest (2025): $302 · -55.2% YoY. Source: county tax records.