33002 Bishop St · Millsboro, DE 19966

$86,000

2 bd · 1.0 ba · 896 sqft · Manufactured public records · 317 Days on market

Manufactured home Built 1983 Good condition 20 ac lot $96/sqft · 34% below area Est $168k · 49% under ↓ 13% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.4

Listing remarks MLS

This three-bedroom, one-bath home is full of potential and located right off Long Neck Road, just minutes from area beaches. Renovations have already been started, giving you a great head start to add your finishing touches and make it your own. New deck and living room roof only a few years old. With low lot rent of only $625 a month, this property is an affordable option as a perfect starter home, a beach getaway, or even an investment opportunity. Don’t miss the chance to bring this home back to life in a fantastic location.

Key facts

• New deck
• Fantastic location
• 20.22 acre lot

Tags

• NEW DECK
• INVESTMENT OPPORTUNITY
• FANTASTIC LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $86k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $798 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $86k).
• Recommended offer: $76k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 3.4% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute 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: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 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: 999 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $595 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 317 days — a 12% lower offer ($76k) 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 $75,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 317 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. Crime grade is D 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?
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: 1.91% ✓
• Cap rate: 17.43%
• Cash-on-cash: 39.79%
• DSCR: 2.77
• GRM: 4.4

CMA / ARV

• ARV (median comp): $167,958
• List price: $86,000
• Delta: -48.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34396 High Tide Dr S #21326	1.37mi	2/2.0	924 (+3%)	4mo	$63,000	$68	53
34053 Village Way Unit E-996	1.11mi	3/2.0 (+1)	912 (+2%)	1mo	$112,000	$123	52
25845 Lingo Ln	0.18mi	3/2.0 (+1)	1,080 (+20%)	8mo	$190,000	$176	51
25307 Crab Aly W #1492	1.09mi	2/2.0	924 (+3%)	8mo	$116,000	$126	49
24494 Blue Blvd	1.29mi	3/2.0 (+1)	924 (+3%)	4mo	$109,900	$119	47
33385 Court Dr	0.41mi	3/2.0 (+1)	1,034 (+15%)	2mo	$275,000	$266	46
47 White Pine Dr	0.79mi	3/2.0 (+1)	954 (+6%)	2mo	$245,000	$257	44
25780 Blue Ridge St #4198	0.79mi	3/1.0 (+1)	740 (-17%)	3mo	$58,850	$80	33
34066 Taylor Dr S #1008	1.02mi	3/1.0 (+1)	1,080 (+20%)	4mo	$140,000	$130	32
26435 River Breeze Dr	0.95mi	3/2.0 (+1)	1,114 (+24%)	2mo	$320,000	$287	29
32346 Bennett Dr	1.09mi	3/2.0 (+1)	1,064 (+19%)	2mo	$245,000	$230	29
25920 Atlas St #53011	0.75mi	3/2.0 (+1)	1,088 (+21%)	6mo	$85,000	$78	26

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: 36.1%
• Equity multiple: 2.53×
• Total profit: $36,882
• Equity at exit: $12,823

10-year hold

• IRR: 42.8%
• Equity multiple: 5.05×
• Total profit: $97,461
• Equity at exit: $7,436

Cash invested: $24,080 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 2 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,645 medium
• Mortgage (P&I): −$451
• Tax from tax record: −$14 /mo · $172/yr
• Insurance: −$36
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $798

Break-even live

Break-even rent $634

Max offer price $86,000

Occupancy floor 46%

Sensitivity live

Price	-10% $847	-5% $823	+0% $798	+5% $676	+10% $646
Rent	-10% $668	-5% $733	+0% $798	+5% $863	+10% $928
Rate	-1.0pp $842	-0.5pp $820	base $798	+0.5pp $776	+1.0pp $753

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: $21,500
• Closing costs: $2,580
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	62d	1	0.79mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$3,146	$3.00	62d	1	1.16mi

Listing history 50 events

1. 2026-08-08
   days on market $86,000 Active 317 DOM
2. 2026-08-07
   days on market $86,000 Active 316 DOM
3. 2026-08-06
   days on market $86,000 Active 315 DOM
4. 2026-08-05
   days on market $86,000 Active 314 DOM
5. 2026-08-04
   days on market $86,000 Active 313 DOM
6. 2026-08-03
   days on market $86,000 Active 312 DOM
7. 2026-07-31
   days on market $86,000 Active 309 DOM
8. 2026-07-29
   days on market $86,000 Active 307 DOM
9. 2026-07-27
   days on market $86,000 Active 305 DOM
10. 2026-07-25
    days on market $86,000 Active 303 DOM
11. 2026-07-24
    days on market $86,000 Active 302 DOM
12. 2026-07-23
    days on market $86,000 Active 301 DOM
13. 2026-07-22
    days on market $86,000 Active 300 DOM
14. 2026-07-21
    days on market $86,000 Active 299 DOM
15. 2026-07-18
    days on market $86,000 Active 296 DOM
16. 2026-07-16
    days on market $86,000 Active 294 DOM
17. 2026-07-16
    days on market $86,000 Active 293 DOM
18. 2026-07-13
    days on market $86,000 Active 291 DOM
19. 2026-07-12
    days on market $86,000 Active 290 DOM
20. 2026-07-11
    days on market $86,000 Active 289 DOM
21. 2026-07-10
    days on market $86,000 Active 288 DOM
22. 2026-07-09
    days on market $86,000 Active 287 DOM
23. 2026-07-08
    days on market $86,000 Active 286 DOM
24. 2026-07-07
    days on market $86,000 Active 285 DOM
25. 2026-07-06
    days on market $86,000 Active 284 DOM
26. 2026-07-05
    days on market $86,000 Active 283 DOM
27. 2026-07-04
    days on market $86,000 Active 282 DOM
28. 2026-07-03
    days on market $86,000 Active 281 DOM
29. 2026-07-02
    days on market $86,000 Active 280 DOM
30. 2026-07-01
    days on market $86,000 Active 279 DOM
31. 2026-06-30
    days on market $86,000 Active 278 DOM
32. 2026-06-29
    days on market $86,000 Active 277 DOM
33. 2026-06-28
    days on market $86,000 Active 276 DOM
34. 2026-06-28
    days on market $86,000 Active 275 DOM
35. 2026-06-27
    days on market $86,000 Active 274 DOM
36. 2026-06-25
    days on market $86,000 Active 272 DOM
37. 2026-06-23
    days on market $86,000 Active 270 DOM
38. 2026-06-21
    days on market $86,000 Active 269 DOM
39. 2026-06-18
    days on market $86,000 Active 266 DOM
40. 2026-06-17
    days on market $86,000 Active 265 DOM
41. 2026-06-16
    days on market $86,000 Active 264 DOM
42. 2026-06-15
    days on market $86,000 Active 263 DOM
43. 2026-06-14
    days on market $86,000 Active 261 DOM
44. 2026-06-13
    days on market $86,000 Active 260 DOM
45. 2026-06-10
    days on market $86,000 Active 258 DOM
46. 2026-06-09
    days on market $86,000 Active 257 DOM
47. 2026-06-08
    days on market $86,000 Active 256 DOM
48. 2026-06-07
    days on market $86,000 Active 255 DOM
49. 2026-06-02
    days on market $86,000 Active 250 DOM
50. 2026-06-01
    days on market $86,000 Active 249 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: $172 · $14/mo
• Projected year-2 tax: $335 · $28/mo
• Expected delta: +$163/yr (+$14/mo · 95.0%)

ⓘ 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 2/10 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: $19,740
• − Mortgage interest: −$4,817
• − Property taxes: −$172
• − Insurance: −$430
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$2,502
• Taxable income: $8,660
• Est. tax owed @ 24.0%: −$2,078
• After-tax cash flow: $7,502/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $4,480–$13,440 screening

This three-bedroom home is in good condition with a new roof and well-maintained exterior. It offers a good head start for potential buyers to add their finishing touches and make it their own.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Resale Replace worn furniture — Fresh furniture can make the home more appealing to potential buyers. ↑
• Resale Update kitchen cabinets — Modernizing the kitchen can increase the home's appeal and value. ↑
• Both Install smart home devices — Smart home devices can improve convenience and attract tech-savvy buyers/tenants. ↑
• Both Add smart thermostat — A smart thermostat can improve energy efficiency and attract eco-conscious buyers/tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

Livability — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

Amenities D- Commute F Cost of living B+ Crime D- Employment C Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 248,853 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 5% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

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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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-13.1% since first listed

5 events — show timeline

• 2026-05-19 Price Changed $86,000 BRIGHT MLS
• 2026-03-17 Price Changed $88,000 BRIGHT MLS
• 2025-10-11 Price Changed $89,000 BRIGHT MLS
• 2025-10-02 Price Changed $99,999 BRIGHT MLS
• 2025-09-25 Listed $99,000 BRIGHT MLS

Property tax history

-6.2%/yr

Latest (2025): $172 · -46.5% YoY. Source: county tax records.