20019 Golden Ave · Rehoboth Beach, DE 19971

$119,000

2 bd · 1.5 ba · 996 sqft · Manufactured · 128 Days on market

Built 1990 $119/sqft · 13% above area Est $105k · 13% over

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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 +30.0/30.0
• 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
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy Charm Meets Modern Updates! Don't let the "cute" exterior fool you—this home is deceptively spacious. Featuring a massive family room extension perfect for game nights and gatherings, this 2-bedroom 1.5 bath home has been thoughtfully refreshed. Enjoy brand-new luxury vinyl plank flooring throughout the main living areas, updated plumbing in the kitchen, and a bright, enclosed porch with new windows. Half bathrooms feature modern "comfort" upgrades, making this move-in-ready gem a must-see. This home has central air and oil heat to keep you comfortable no matter the season. You will truly enjoy your time here with the great outdoor space, paver patio, and outside shower. The driveway will hold 4 cars so there is plenty of parking! This park has a playground area, club house, basketball court, dog park, and a spacious outdoor pool. Don't have a car, we have that covered too as the bus is a short walk outside the community. The amenity rich community features a clubhouse, basketball court, dog park, fitness room, swimming pool, and a playground and the monthly fees include lawn mowing, snow removal, water and trash too.

Key facts

• 2 parking spots
• Community pool
• Built 1990

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $119k.

Deal economics

• At list price, monthly cash flow is $992 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 1.5% 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: amenities A+, employment A+, health & safety 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.
• Zoned schools: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 334 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $823 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 $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($105k) 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 $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.93% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.74%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $105,346
• List price: $119,000
• Delta: 12.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19627 Queen St #22	0.35mi	3/2.0 (+1)	980 (-2%)	2mo	$58,000	$59	73
36122 Knight St	0.43mi	2/2.0	956 (-4%)	2mo	$105,000	$110	70
19962 Center Ave #3125	0.10mi	3/1.0 (+1)	886 (-11%)	13mo	$32,000	$36	60

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: 31.4%
• Equity multiple: 2.32×
• Total profit: $43,949
• Equity at exit: $17,743

10-year hold

• IRR: 38.6%
• Equity multiple: 4.60×
• Total profit: $119,788
• Equity at exit: $10,289

Cash invested: $33,320 (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: 334
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,297 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $992

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,075	-5% $1,033	+0% $992	+5% $951	+10% $910
Rent	-10% $811	-5% $902	+0% $992	+5% $1,083	+10% $1,174
Rate	-1.0pp $1,052	-0.5pp $1,023	base $992	+0.5pp $961	+1.0pp $930

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	45d	1	0.76mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	45d	1	0.79mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	22d	1	0.91mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	22d	1	0.98mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	45d	1	1.31mi

Listing history 20 events

1. 2026-06-22
   days on market $119,000 Active 128 DOM
2. 2026-06-18
   days on market $119,000 Active 125 DOM
3. 2026-06-17
   days on market $119,000 Active 124 DOM
4. 2026-06-16
   days on market $119,000 Active 123 DOM
5. 2026-06-15
   days on market $119,000 Active 122 DOM
6. 2026-06-14
   days on market $119,000 Active 120 DOM
7. 2026-06-13
   days on market $119,000 Active 119 DOM
8. 2026-06-10
   days on market $119,000 Active 117 DOM
9. 2026-06-09
   days on market $119,000 Active 116 DOM
10. 2026-06-08
    days on market $119,000 Active 115 DOM
11. 2026-06-07
    days on market $119,000 Active 114 DOM
12. 2026-06-05
    days on market $119,000 Active 111 DOM
13. 2026-06-03
    days on market $119,000 Active 110 DOM
14. 2026-06-02
    days on market $119,000 Active 109 DOM
15. 2026-06-01
    days on market $119,000 Active 108 DOM
16. 2026-05-31
    days on market $119,000 Active 107 DOM
17. 2026-05-30
    days on market $119,000 Active 106 DOM
18. 2026-04-04
    price $119,000 1168-char remark

    Show marketing remark (1168 chars)

    Cozy Charm Meets Modern Updates! Don't let the "cute" exterior fool you—this home is deceptively spacious. Featuring a massive family room extension perfect for game nights and gatherings, this 2-bedroom 1.5 bath home has been thoughtfully refreshed. Enjoy brand-new luxury vinyl plank flooring throughout the main living areas, updated plumbing in the kitchen, and a bright, enclosed porch with new windows. Half bathrooms feature modern "comfort" upgrades, making this move-in-ready gem a must-see. This home has central air and oil heat to keep you comfortable no matter the season. You will truly enjoy your time here with the great outdoor space, paver patio, and outside shower. The driveway will hold 4 cars so there is plenty of parking! This park has a playground area, club house, basketball court, dog park, and a spacious outdoor pool. Don't have a car, we have that covered too as the bus is a short walk outside the community. The amenity rich community features a clubhouse, basketball court, dog park, fitness room, swimming pool, and a playground and the monthly fees include lawn mowing, snow removal, water and trash too.

19. 2026-02-13
    listed $120,000 Active 1168-char remark

    Show marketing remark (1168 chars)

    Cozy Charm Meets Modern Updates! Don't let the "cute" exterior fool you—this home is deceptively spacious. Featuring a massive family room extension perfect for game nights and gatherings, this 2-bedroom 1.5 bath home has been thoughtfully refreshed. Enjoy brand-new luxury vinyl plank flooring throughout the main living areas, updated plumbing in the kitchen, and a bright, enclosed porch with new windows. Half bathrooms feature modern "comfort" upgrades, making this move-in-ready gem a must-see. This home has central air and oil heat to keep you comfortable no matter the season. You will truly enjoy your time here with the great outdoor space, paver patio, and outside shower. The driveway will hold 4 cars so there is plenty of parking! This park has a playground area, club house, basketball court, dog park, and a spacious outdoor pool. Don't have a car, we have that covered too as the bus is a short walk outside the community. The amenity rich community features a clubhouse, basketball court, dog park, fitness room, swimming pool, and a playground and the monthly fees include lawn mowing, snow removal, water and trash too.

20. 2026-02-07
    historical $120,000 1168-char remark

    Show marketing remark (1168 chars)

    Cozy Charm Meets Modern Updates! Don't let the "cute" exterior fool you—this home is deceptively spacious. Featuring a massive family room extension perfect for game nights and gatherings, this 2-bedroom 1.5 bath home has been thoughtfully refreshed. Enjoy brand-new luxury vinyl plank flooring throughout the main living areas, updated plumbing in the kitchen, and a bright, enclosed porch with new windows. Half bathrooms feature modern "comfort" upgrades, making this move-in-ready gem a must-see. This home has central air and oil heat to keep you comfortable no matter the season. You will truly enjoy your time here with the great outdoor space, paver patio, and outside shower. The driveway will hold 4 cars so there is plenty of parking! This park has a playground area, club house, basketball court, dog park, and a spacious outdoor pool. Don't have a car, we have that covered too as the bus is a short walk outside the community. The amenity rich community features a clubhouse, basketball court, dog park, fitness room, swimming pool, and a playground and the monthly fees include lawn mowing, snow removal, water and trash too.

ⓘ 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: $27,564
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$2,205
• − Management: −$2,205
• − Depreciation: −$3,462
• Taxable income: $10,646
• Est. tax owed @ 24.0%: −$2,555
• After-tax cash flow: $9,352/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

-0.8% since first listed

3 events — show timeline

• 2026-04-04 Price Changed $119,000 BRIGHT MLS
• 2026-02-13 Listed $120,000 BRIGHT MLS
• 2026-02-07 Coming Soon $120,000 BRIGHT MLS

Property tax history

-1.9%/yr

Latest (2025): $127 · -26.5% YoY. Source: county tax records.