37202 Carolina Dr · Ocean View, DE 19945

$195,000

3 bd · 1.0 ba · 924 sqft · Manufactured · 5 Days on market

Built 1976 10,019 sqft lot $13/mo HOA · 1% of rent

---

Why this score? — see what drove the B- 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 +24.7/30.0
• Appreciation +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Don't miss this investment opporunity. This cozy 3 bedroom, 1 bath offers a large screened in covered porch and outdoor shower. Large fenced in yard with mature trees for shade and plenty of room for entertaining. New electric panel and heating system installed in 2020 and new central air unit was installed May 2021. NO lot rent and low HOAs. Great location-Only 3 miles to Bethany Beach, Ocean View, and Assawoman Canal that offers a boat ramp and areas for picnicing, fishing, and kayaking. Take advantage of the monthly rental income with the current tenant until the end of September.

Key facts

• Screened in porch
• Hvac replaced
• Outdoor shower

Tags

• FENCED IN YARD
• SCREENED IN PORCH
• OUTDOOR SHOWER
• UPDATED FLOORING
• HVAC REPLACED

Property features AI

Finance

• Other: Lot dimensions approximately 75 x 135; Not a federal flood zone
• HOA & community: HOA fee $150 annually

Exterior

• Parking: Driveway
• Utilities: Public sewer; Well water; Electric power
• Home design: Manufactured home (Single Wide); Built information from assessor; Fee simple ownership; Outside city limits; located between Rt 1 & 113; Ground rent paid annually
• Construction: Single wide manufactured, make: HALL; Above grade finished area reported as 924 by assessor
• Exterior features: Outbuilding(s); Outside shower

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Not furnished; No basement; Porch(es) with screened porch

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Cap rate 8.8% 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+, housing 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.
• Zoned schools: Selbyville Middle School (math 20% / reading 49%, grade F, #12 of 36 statewide, top 34%, 719 students, 0% FRL); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 281 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

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 19y 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 $155k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.03% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.91%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.8%
• Equity multiple: 3.42×
• Total profit: $131,935
• Equity at exit: $175,671

10-year hold

• IRR: 26.6%
• Equity multiple: 7.74×
• Total profit: $368,080
• Equity at exit: $378,842

Cash invested: $54,600 (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 19945

• Home prices YoY: 16.9%
• Active inventory: 281
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$58 /mo · $695/yr
• Insurance: −$81
• HOA: −$13
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $405

Break-even live

Break-even rent $1,487

Max offer price $195,000

Occupancy floor 75%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30022 Center Point Rd Millville, DE	3.0	2.5	704	$2,000	$2.84	21d	1	1.18mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: electric

Listing history 6 events

1. 2026-06-13
   status $195,000 Pending 5 DOM
2. 2026-06-10
   days on market $195,000 Active 5 DOM
3. 2026-06-09
   days on market $195,000 Active 4 DOM
4. 2026-06-08
   days on market $195,000 Active 3 DOM
5. 2026-06-07
   remarks 435-char remark
6. 2026-06-07
   listed $195,000 Active 2 DOM

ⓘ 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: $695 · $58/mo
• Projected year-2 tax: $913 · $76/mo
• Expected delta: +$218/yr (+$18/mo · 31.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$10,923
• − Property taxes: −$695
• − Insurance: −$975
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$156
• − Depreciation: −$5,673
• Taxable income: $1,738
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $4,446/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: 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): 8,917

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 12% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▲ 46.51%
• Current HPI: 322.2407
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+95.0% since first listed

16 events — show timeline

• 2026-06-05 Listed $195,000 BRIGHT MLS
• 2021-11-05 Sold (Public Records) $135,000 Public Records
• 2021-11-05 Sold (MLS) $155,000 BRIGHT MLS
• 2021-09-13 Contingent — BRIGHT MLS
• 2021-09-12 Price Changed $165,000 BRIGHT MLS
• 2021-05-21 Listed $175,000 BRIGHT MLS
• 2020-01-03 Sold (Public Records) $70,000 Public Records
• 2019-12-30 Sold (MLS) $95,000 BRIGHT MLS
• 2019-12-21 Pending — BRIGHT MLS
• 2019-10-25 Contingent — BRIGHT MLS
• 2019-10-23 Listed $97,500 BRIGHT MLS
• 2012-04-13 Listing Removed — BRIGHT MLS
• 2011-04-18 Listed $117,500 BRIGHT MLS
• 2008-08-31 Listing Removed — BRIGHT MLS
• 2007-08-31 Listed $175,000 BRIGHT MLS
• 2005-09-07 Sold (Public Records) $100,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $695 · -10.1% YoY. Source: county tax records.