42 Buckingham Dr · Lewes, DE 19958

$224,900

3 bd · 2.0 ba · 1,495 sqft · Manufactured · 125 Days on market

Built 2025 Good condition 8,000 sqft lot $150/sqft · at area comps Est $226k · at est. $2/mo HOA

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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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.8/15.0
• 1% rule +6.3/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Brand New 3BR Home in 55+ Sussex West. Contemporary style and built on energy efficiency and sustainability, our smarter beach homes focus on open floor plans, large windows, charming details and high-end finishes. Find luxury vinyl plank throughout, spacious living/dining/kitchen areas, gourmet kitchens with islands, beautiful stainless-steel appliances featuring natural gas cooking to keep the chef happy. Other features include pendant lights and recessed lighting, deep sinks, sparkling backsplashes, and generous primary bedrooms with huge walk-in closets and ensuite baths. Utilize the two additional guest rooms as your home gym, office or crafting space. Additional full bath and handy laundry/mud room complete the floor plan. These homes have a one car garage and off-street parking for two cars. Explore Sussex West, an active adult community with mature trees and amenities that include a beautiful clubhouse, heated indoor pool, dog park, pickle ball and shuffleboard (coming in 2025), bocce ball court and a horseshoe pit. Snow removal and recycling are included with your land lease, and you will enjoy community sponsored events and an onsite management team. Live a short drive to tax-free outlets, unique shops, world-class restaurants, and only five miles from the shops on Lewes’ Second Street. Perfect as your summer getaway or as your year-round residence, live your life in Sussex West, and live close to all that life in Delaware has to offer. Our Land Lease Amenity Package Includes: Clubhouse Weekly Activities & Monthly Events Indoor Salt-Water Swimming Pool w/ Chair Lift & Shower Facility Neighborhood Newsletter Dog Park Bocce Ball Court Horseshoe Pit Lewes to Georgetown Trail Access Off Street Parking Pets (2) Welcome RV Storage (Fee) Covered Mailboxes Street Lights Snow Removal Clubhouse Rental On-Site Management & Maintenance On-site Sales Office with Home Listing Service State-of-the-Art Security Camera System Pickleball & Shuffleboard – Coming This Year

Key facts

• Dog park
• Pickle ball
• Luxury vinyl plank

Tags

• ENERGY EFFICIENCY
• GOURMET KITCHENS
• LUXURY VINYL PLANK
• HEATED INDOOR POOL
• DOG PARK
• PICKLE BALL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.
• Zoned schools: Milton Elementary School (math 47% / reading 57%, grade C-, #13 of 105 statewide, top 12%, 556 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 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: Rents flat; 822 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); 71% 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 31% 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 125 days — a 12% lower offer ($198k) 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 $197,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.13% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.71%
• DSCR: 1.39
• GRM: 7.4

CMA / ARV

• ARV (median comp): $226,416
• List price: $224,900
• Delta: -0.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31658 Siham Rd Unit E-42	0.41mi	3/2.0	1,368 (-8%)	12mo	$99,000	$72	56
31702 Siham Rd #2339	0.50mi	3/2.0	1,524 (+2%)	22mo	$130,000	$85	55

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: -5.6%
• Equity multiple: 0.80×
• Total profit: $-12,879
• Equity at exit: $33,533

10-year hold

• IRR: 1.1%
• Equity multiple: 1.07×
• Total profit: $4,490
• Equity at exit: $19,445

Cash invested: $62,972 (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: 822
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,549 high
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$2
• Vacancy / Maint / Mgmt: −$535
• Net cashflow: $457

Break-even live

Break-even rent $1,970

Max offer price $224,900

Occupancy floor 77%

Sensitivity live

Price	-10% $613	-5% $535	+0% $457	+5% $379	+10% $302
Rent	-10% $256	-5% $357	+0% $457	+5% $558	+10% $659
Rate	-1.0pp $570	-0.5pp $514	base $457	+0.5pp $399	+1.0pp $340

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: $56,225
• Closing costs: $6,747
• 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	45d	1	0.67mi
24258 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.70mi
17010 Minos Conaway Rd Lewes, DE	3.0	2.0	1600	$2,500	$1.56	45d	1	0.74mi
12001 Old Vine Blvd Lewes, DE	1.0–2.0	1.0–2.0	987	$3,055	$3.10	15d	17	0.75mi
24238 Zinfandel Ln Lewes, DE	2.0	2.0	1300	$2,300	$1.77	45d	1	0.75mi
17432 Slipper Shell Way #5 Lewes, DE	3.0	2.0	1840	$2,150	$1.17	22d	1	1.27mi
16832 Ole Grist Run Milton, DE	3.0	2.0	1375	$2,300	$1.67	45d	1	1.47mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: watergassnow removalpoolgymsecurity

Listing history 18 events

1. 2026-06-22
   days on market $224,900 Active 125 DOM
2. 2026-06-18
   days on market $224,900 Active 122 DOM
3. 2026-06-17
   days on market $224,900 Active 121 DOM
4. 2026-06-16
   days on market $224,900 Active 120 DOM
5. 2026-06-15
   days on market $224,900 Active 119 DOM
6. 2026-06-14
   days on market $224,900 Active 117 DOM
7. 2026-06-13
   days on market $224,900 Active 116 DOM
8. 2026-06-10
   days on market $224,900 Active 114 DOM
9. 2026-06-09
   days on market $224,900 Active 113 DOM
10. 2026-06-08
    days on market $224,900 Active 112 DOM
11. 2026-06-07
    days on market $224,900 Active 111 DOM
12. 2026-06-05
    days on market $224,900 Active 108 DOM
13. 2026-06-03
    days on market $224,900 Active 107 DOM
14. 2026-06-02
    days on market $224,900 Active 106 DOM
15. 2026-06-01
    days on market $224,900 Active 105 DOM
16. 2026-05-31
    days on market $224,900 Active 104 DOM
17. 2026-05-30
    days on market $224,900 Active 103 DOM
18. 2026-02-16
    listed $224,900 Active 2043-char remark

    Show marketing remark (2043 chars)

    Beautiful Brand New 3BR Home in 55+ Sussex West. Contemporary style and built on energy efficiency and sustainability, our smarter beach homes focus on open floor plans, large windows, charming details and high-end finishes. Find luxury vinyl plank throughout, spacious living/dining/kitchen areas, gourmet kitchens with islands, beautiful stainless-steel appliances featuring natural gas cooking to keep the chef happy. Other features include pendant lights and recessed lighting, deep sinks, sparkling backsplashes, and generous primary bedrooms with huge walk-in closets and ensuite baths. Utilize the two additional guest rooms as your home gym, office or crafting space. Additional full bath and handy laundry/mud room complete the floor plan. These homes have a one car garage and off-street parking for two cars. Explore Sussex West, an active adult community with mature trees and amenities that include a beautiful clubhouse, heated indoor pool, dog park, pickle ball and shuffleboard (coming in 2025), bocce ball court and a horseshoe pit. Snow removal and recycling are included with your land lease, and you will enjoy community sponsored events and an onsite management team. Live a short drive to tax-free outlets, unique shops, world-class restaurants, and only five miles from the shops on Lewes’ Second Street. Perfect as your summer getaway or as your year-round residence, live your life in Sussex West, and live close to all that life in Delaware has to offer. Our Land Lease Amenity Package Includes: Clubhouse Weekly Activities & Monthly Events Indoor Salt-Water Swimming Pool w/ Chair Lift & Shower Facility Neighborhood Newsletter Dog Park Bocce Ball Court Horseshoe Pit Lewes to Georgetown Trail Access Off Street Parking Pets (2) Welcome RV Storage (Fee) Covered Mailboxes Street Lights Snow Removal Clubhouse Rental On-Site Management & Maintenance On-site Sales Office with Home Listing Service State-of-the-Art Security Camera System Pickleball & Shuffleboard – Coming This Year

ⓘ 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: $30,584
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,447
• − Management: −$2,447
• − HOA: −$24
• − Depreciation: −$6,543
• Taxable income: $2,028
• Est. tax owed @ 24.0%: −$487
• After-tax cash flow: $5,000/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 None rehab

This brand new 3-bedroom home in Lewes, DE is move-in ready with modern finishes and energy-efficient design. It offers a good condition score and minimal maintenance needs, making it an attractive investment.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters.
• Both Add a small front porch or bench — Can increase curb appeal and provide a welcoming entrance.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters. ↑
• Both Add a small front porch or bench — Can increase curb appeal and provide a welcoming entrance. ↑

ⓘ 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

• 2026-02-16 Listed $224,900 BRIGHT MLS