37466 Shady Ct · Ocean View, DE 19970

$360,000

3 bd · 2.0 ba · 1,960 sqft · Manufactured public records · 100 Days on market

Built 1997 0.33 ac lot $184/sqft · 28% below area Est $500k · 28% under $6/mo HOA ↓ 6% since listing

---

Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +9.0/30.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

Key facts

• 0.33 acre lot
• 2 garage spots
• Built 1997

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $360k.

Deal economics

• At list price, monthly cash flow is $-284 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (35.5% below list).
• Recommended offer: $232k (35.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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+, schools 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.
• Market conditions: 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $11k 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 100 days — a 9% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (6%) 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 $232,221 (35.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 12.9

CMA / ARV

• ARV (median comp): $500,347
• List price: $360,000
• Delta: -28.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.0%
• Equity multiple: 0.24×
• Total profit: $-76,588
• Equity at exit: $53,677

10-year hold

• IRR: -16.1%
• Equity multiple: 0.10×
• Total profit: $-90,728
• Equity at exit: $31,126

Cash invested: $100,800 (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 19970

• Home prices YoY: -18.6%
• Active inventory: 231
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,322 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$74 /mo · $891/yr
• Insurance: −$150
• HOA: −$6
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $-284

Break-even live

Break-even rent $2,681

Max offer price $309,906

Occupancy floor —

Sensitivity live

Price	-10% $-80	-5% $-182	+0% $-284	+5% $-385	+10% $-487
Rent	-10% $-467	-5% $-375	+0% $-284	+5% $-192	+10% $-100
Rate	-1.0pp $-102	-0.5pp $-192	base $-284	+0.5pp $-377	+1.0pp $-472

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33697 Ashland Dr Frankford, DE	3.0	2.0	1696	$2,200	$1.30	44d	1	0.08mi
37580 Mahogany St Ocean View, DE	4.0	3.5	1600	$2,300	$1.44	44d	1	0.46mi
21 Village Green Dr Ocean View, DE	3.0	2.5	2076	$2,445	$1.18	14d	3	0.81mi
34278 Gooseberry Ave Ocean View, DE	3.0	2.0	1850	$2,900	$1.57	44d	1	0.96mi
40 Old Orchard Ave #2 Ocean View, DE	3.0	2.0	1424	$2,500	$1.76	44d	1	1.07mi
35059 Dundee St Frankford, DE	4.0	2.5	2565	$2,800	$1.09	22d	1	1.37mi

HOA detail

• Monthly dues: $6 · $72/yr

Listing history 19 events

1. 2026-06-18
   days on market $360,000 Active 100 DOM
2. 2026-06-17
   days on market $360,000 Active 99 DOM
3. 2026-06-16
   days on market $360,000 Active 98 DOM
4. 2026-06-15
   days on market $360,000 Active 97 DOM
5. 2026-06-14
   days on market $360,000 Active 95 DOM
6. 2026-06-13
   days on market $360,000 Active 94 DOM
7. 2026-06-10
   days on market $360,000 Active 92 DOM
8. 2026-06-09
   days on market $360,000 Active 91 DOM
9. 2026-06-08
   days on market $360,000 Active 90 DOM
10. 2026-06-07
    days on market $360,000 Active 89 DOM
11. 2026-06-02
    days on market $360,000 Active 84 DOM
12. 2026-06-01
    days on market $360,000 Active 83 DOM
13. 2026-05-31
    days on market $360,000 Active 82 DOM
14. 2026-05-30
    days on market $360,000 Active 81 DOM
15. 2026-05-17
    price $360,000 992-char remark

    Show marketing remark (992 chars)

    Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

16. 2026-03-11
    status Active 992-char remark

    Show marketing remark (992 chars)

    Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

17. 2026-03-04
    historical 992-char remark

    Show marketing remark (992 chars)

    Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

18. 2026-03-04
    listed $385,000 Active 992-char remark

    Show marketing remark (992 chars)

    Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

19. 2026-02-18
    historical $385,000 992-char remark

    Show marketing remark (992 chars)

    Discover this charming home nestled in the desirable Shadydell Park. Built in 1997, this Class C residence offers a spacious 1,960 sq. ft. of living space on a generous 0.57-acre lot, situated on a peaceful cul-de-sac. The interior features a cozy wood-burning fireplace, and a well-appointed kitchen equipped with stainless steel appliances. The living space flooring has been upgraded with luxury vinyl plank. Spacious bedrooms with walk-in closets. The property boasts a detached garage with space for two vehicles, along with additional driveway parking for six. Shadydell Park is known for its tranquil environment and proximity to local amenities. Residents can enjoy nearby parks, shopping, and dining options, making it an ideal location for those seeking a balanced lifestyle. This property combines comfort, convenience, and a prime location, making it a fantastic opportunity for anyone looking to settle in a welcoming community. Don't miss your chance to make this home your own!

ⓘ 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: $891 · $74/mo
• Projected year-2 tax: $1,489 · $124/mo
• Expected delta: +$599/yr (+$50/mo · 67.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,867
• − Mortgage interest: −$20,166
• − Property taxes: −$891
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,229
• − Management: −$2,229
• − HOA: −$72
• − Depreciation: −$10,473
• Taxable loss: −$9,993
• Est. tax savings @ 24.0%: +$2,398
• After-tax cash flow: $-1,004/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): 8,265

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Romanian 6% Serbian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -65.41%
• Current HPI: 286.3503
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-6.5% since first listed

5 events — show timeline

• 2026-05-17 Price Changed $360,000 BRIGHT MLS
• 2026-03-11 Relisted — BRIGHT MLS
• 2026-03-04 Listing Removed — BRIGHT MLS
• 2026-03-04 Listed $385,000 BRIGHT MLS
• 2026-02-18 Coming Soon $385,000 BRIGHT MLS

Property tax history

-0.2%/yr

Latest (2025): $891 · -12.1% YoY. Source: county tax records.