4 Buckingam Dr Unit BUC004 · Lewes, DE 19958

$224,425

3 bd · 2.0 ba · 1,792 sqft · Manufactured · 80 Days on market

Built 2026 Good condition Est $152k · 47% 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * Sussex West is an active and exciting 55+ Senior Community. Manufactured in 2014 and freshly painted, this lovely home has curb appeal and backs to the mature treelined Minos Conway Rd. Enter the home via the large wrap-around porch into the spacious living room. The flex room is through the French doors; Make it your office, exercise room or a 3rd bedroom. The formal dining room offers lots of space for entertaining, plus a gourmet eat-in kitchen with a huge island fitted with electrical outlets and space for an intimate bistro set. Sleek black appliances, large prep space and storage will make any chef happy! The primary bedroom at the rear of the home, overlooks the tree-lined backyard and offers a roomy walk-in closet, ensuite with dual sinks and walk-in shower. Completing the floor plan is the guest room, second bath, ample laundry room with a utility sink, plus a garage entry! Got stuff? Store it in the garage. Outside find a secluded patio ready for your grill and firepit! Relax in your yard, entertain guests and spend time with family in a community with mature landscaping, and amenities including a beautiful clubhouse, heated indoor pool, pickleball courts, shuffleboard, a dog park, bocce ball and a horseshoe pit. You can participate in weekly activities and monthly events. You will have access to the Georgetown-Lewes Bike Trail and live only 6 miles from downtown Lewes. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $224k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $224k).
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: Rents flat; 818 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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).
• This rent runs 32% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 80 days — a 6% lower offer ($211k) 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,959 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.16% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.78%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $152,320
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31702 Siham Rd #2339	0.63mi	3/2.0	1,524 (-15%)	22mo	$130,000	$85	27

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-9,457
• Equity at exit: $33,462

10-year hold

• IRR: 2.8%
• Equity multiple: 1.18×
• Total profit: $11,416
• Equity at exit: $19,404

Cash invested: $62,839 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,611 high
• Mortgage (P&I): −$1,177
• Tax est. 1.5%: −$281 /mo · $3,366/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $512

Break-even live

Break-even rent $1,963

Max offer price $224,425

Occupancy floor 75%

Sensitivity live

Price	-10% $667	-5% $589	+0% $512	+5% $434	+10% $357
Rent	-10% $306	-5% $409	+0% $512	+5% $615	+10% $718
Rate	-1.0pp $625	-0.5pp $569	base $512	+0.5pp $454	+1.0pp $395

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: $56,106
• Closing costs: $6,733
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20141 Riesling Ln #306 Lewes, DE	2.0	2.0	1600	$2,600	$1.62	44d	1	0.70mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.73mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	14d	17	0.76mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	44d	1	0.78mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	44d	1	1.01mi
33731 Freeport Dr Lewes, DE	3.0	2.5	2300	$3,295	$1.43	14d	1	1.31mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	22d	1	1.39mi

Listing history 17 events

1. 2026-06-18
   days on market $224,425 Active 80 DOM
2. 2026-06-17
   days on market $224,425 Active 79 DOM
3. 2026-06-16
   days on market $224,425 Active 78 DOM
4. 2026-06-15
   days on market $224,425 Active 77 DOM
5. 2026-06-14
   days on market $224,425 Active 75 DOM
6. 2026-06-13
   days on market $224,425 Active 74 DOM
7. 2026-06-10
   days on market $224,425 Active 72 DOM
8. 2026-06-09
   days on market $224,425 Active 71 DOM
9. 2026-06-08
   days on market $224,425 Active 70 DOM
10. 2026-06-07
    days on market $224,425 Active 69 DOM
11. 2026-06-05
    days on market $224,425 Active 66 DOM
12. 2026-06-03
    days on market $224,425 Active 65 DOM
13. 2026-06-02
    days on market $224,425 Active 64 DOM
14. 2026-06-01
    days on market $224,425 Active 63 DOM
15. 2026-05-31
    days on market $224,425 Active 62 DOM
16. 2026-05-30
    days on market $224,425 Active 61 DOM
17. 2026-03-30
    listed $224,425 Active 1480-char remark

    Show marketing remark (1480 chars)

    * THIS IS A RESALE LISTING * Sussex West is an active and exciting 55+ Senior Community. Manufactured in 2014 and freshly painted, this lovely home has curb appeal and backs to the mature treelined Minos Conway Rd. Enter the home via the large wrap-around porch into the spacious living room. The flex room is through the French doors; Make it your office, exercise room or a 3rd bedroom. The formal dining room offers lots of space for entertaining, plus a gourmet eat-in kitchen with a huge island fitted with electrical outlets and space for an intimate bistro set. Sleek black appliances, large prep space and storage will make any chef happy! The primary bedroom at the rear of the home, overlooks the tree-lined backyard and offers a roomy walk-in closet, ensuite with dual sinks and walk-in shower. Completing the floor plan is the guest room, second bath, ample laundry room with a utility sink, plus a garage entry! Got stuff? Store it in the garage. Outside find a secluded patio ready for your grill and firepit! Relax in your yard, entertain guests and spend time with family in a community with mature landscaping, and amenities including a beautiful clubhouse, heated indoor pool, pickleball courts, shuffleboard, a dog park, bocce ball and a horseshoe pit. You can participate in weekly activities and monthly events. You will have access to the Georgetown-Lewes Bike Trail and live only 6 miles from downtown Lewes. Deposits & Fees are subject to change.

ⓘ 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 · 19 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: $31,334
• − Mortgage interest: −$12,571
• − Property taxes: −$3,366
• − Insurance: −$1,122
• − Repairs & maintenance: −$2,507
• − Management: −$2,507
• − Depreciation: −$6,529
• Taxable income: $2,732
• Est. tax owed @ 24.0%: −$656
• After-tax cash flow: $5,487/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a fresh paint job and well-maintained exterior. It is move-in ready and would benefit from a fresh coat of paint on the exterior trim to enhance curb appeal.

Value-add opportunities

• Resale Paint exterior trim — Fresh paint enhances curb appeal and home value.
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Fresh paint enhances curb appeal and home value. ↑
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-30 Listed $224,425 Zillow