33 Lantern Ln · Lewes, DE 19971

$69,900

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 44 Days on market

Built 2013 3,484 sqft lot $76/sqft · 8% below area Est $76k · 8% under $2/mo HOA ↓ 39% 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 +11.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market at no fault of the Seller ! Newer manufactured home located in desirable Colonial East MHP. This 2013 Champion manufactured home has 3 bedrooms, 2 baths and is within walking distance of a movie theater, water park, restaurants, gym, go cart track, Duncan Donuts, Dollar Tree, public transportation and so much more! Priced to Sell and selling AS IS. AC/Heat was checked by and HVAC person and is working. Interior of home and carpets have been cleaned. Community monthly land rent of $1022,00 includes use of community pool, lawn mowing, road maintenance and you are only short drive of being able to wiggle your toes in the sand on the beach. Seller has never lived in the home so there is limited knowledge to provide. Interested Buyer will have to apply to the community for a credit and background check. Closing Cost will include ½ of the 3.75% DMV Transfer Fee, a settlement agent fee of apprx $400 and any pro-rated rent and utilities that are associated with this property.

Key facts

• Community pool
• 3,484 sq ft lot
• 2 parking spots

Tags

• WALKING DISTANCE TO WATER PARK
• WALKING DISTANCE TO GYM
• COMMUNITY POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.0% 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: 331 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 30% of the median local income ($102k/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 $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $19k (21%) 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 $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 3.67% ✓
• Cap rate: 34.03%
• Cash-on-cash: 99.07%
• DSCR: 5.41
• GRM: 2.3

CMA / ARV

• ARV (median comp): $76,151
• List price: $69,900
• Delta: -8.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 5.68×
• Total profit: $91,581
• Equity at exit: $10,422

10-year hold

• IRR: —
• Equity multiple: 11.84×
• Total profit: $212,243
• Equity at exit: $6,044

Cash invested: $19,572 (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 19971

• Active inventory: 331
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,566 high
• Mortgage (P&I): −$367
• Tax from tax record: −$14 /mo · $167/yr
• Insurance: −$29
• HOA: −$2
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $1,616

Break-even live

Break-even rent $521

Max offer price $69,900

Occupancy floor 32%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.51mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,375	$2.25	43d	1	0.51mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.73mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.80mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	43d	1	0.92mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$2,250	$1.92	43d	1	1.09mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	1.11mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,850	$3.16	43d	1	1.42mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	13d	1	1.43mi

HOA detail

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

Listing history 23 events

1. 2026-06-17
   status $69,900 Pending 44 DOM
2. 2026-06-08
   status $69,900 Active Under Contract 44 DOM
3. 2026-06-07
   days on market $69,900 Active 44 DOM
4. 2026-06-05
   days on market $69,900 Active 41 DOM
5. 2026-06-03
   days on market $69,900 Active 40 DOM
6. 2026-06-02
   days on market $69,900 Active 39 DOM
7. 2026-06-01
   days on market $69,900 Active 38 DOM
8. 2026-05-31
   days on market $69,900 Active 37 DOM
9. 2026-05-30
   days on market $69,900 Active 36 DOM
10. 2026-05-14
    status Active 1010-char remark

    Show marketing remark (1010 chars)

    Back on the market at no fault of the Seller ! Newer manufactured home located in desirable Colonial East MHP. This 2013 Champion manufactured home has 3 bedrooms, 2 baths and is within walking distance of a movie theater, water park, restaurants, gym, go cart track, Duncan Donuts, Dollar Tree, public transportation and so much more! Priced to Sell and selling AS IS. AC/Heat was checked by and HVAC person and is working. Interior of home and carpets have been cleaned. Community monthly land rent of $1022,00 includes use of community pool, lawn mowing, road maintenance and you are only short drive of being able to wiggle your toes in the sand on the beach. Seller has never lived in the home so there is limited knowledge to provide. Interested Buyer will have to apply to the community for a credit and background check. Closing Cost will include ½ of the 3.75% DMV Transfer Fee, a settlement agent fee of apprx $400 and any pro-rated rent and utilities that are associated with this property.

11. 2026-04-22
    historical Active Under Contract 1010-char remark

    Show marketing remark (1010 chars)

    Back on the market at no fault of the Seller ! Newer manufactured home located in desirable Colonial East MHP. This 2013 Champion manufactured home has 3 bedrooms, 2 baths and is within walking distance of a movie theater, water park, restaurants, gym, go cart track, Duncan Donuts, Dollar Tree, public transportation and so much more! Priced to Sell and selling AS IS. AC/Heat was checked by and HVAC person and is working. Interior of home and carpets have been cleaned. Community monthly land rent of $1022,00 includes use of community pool, lawn mowing, road maintenance and you are only short drive of being able to wiggle your toes in the sand on the beach. Seller has never lived in the home so there is limited knowledge to provide. Interested Buyer will have to apply to the community for a credit and background check. Closing Cost will include ½ of the 3.75% DMV Transfer Fee, a settlement agent fee of apprx $400 and any pro-rated rent and utilities that are associated with this property.

12. 2026-04-14
    price $79,000 1010-char remark

    Show marketing remark (1010 chars)

    Back on the market at no fault of the Seller ! Newer manufactured home located in desirable Colonial East MHP. This 2013 Champion manufactured home has 3 bedrooms, 2 baths and is within walking distance of a movie theater, water park, restaurants, gym, go cart track, Duncan Donuts, Dollar Tree, public transportation and so much more! Priced to Sell and selling AS IS. AC/Heat was checked by and HVAC person and is working. Interior of home and carpets have been cleaned. Community monthly land rent of $1022,00 includes use of community pool, lawn mowing, road maintenance and you are only short drive of being able to wiggle your toes in the sand on the beach. Seller has never lived in the home so there is limited knowledge to provide. Interested Buyer will have to apply to the community for a credit and background check. Closing Cost will include ½ of the 3.75% DMV Transfer Fee, a settlement agent fee of apprx $400 and any pro-rated rent and utilities that are associated with this property.

13. 2026-04-02
    listed $89,000 Active 1010-char remark

    Show marketing remark (1010 chars)

    Back on the market at no fault of the Seller ! Newer manufactured home located in desirable Colonial East MHP. This 2013 Champion manufactured home has 3 bedrooms, 2 baths and is within walking distance of a movie theater, water park, restaurants, gym, go cart track, Duncan Donuts, Dollar Tree, public transportation and so much more! Priced to Sell and selling AS IS. AC/Heat was checked by and HVAC person and is working. Interior of home and carpets have been cleaned. Community monthly land rent of $1022,00 includes use of community pool, lawn mowing, road maintenance and you are only short drive of being able to wiggle your toes in the sand on the beach. Seller has never lived in the home so there is limited knowledge to provide. Interested Buyer will have to apply to the community for a credit and background check. Closing Cost will include ½ of the 3.75% DMV Transfer Fee, a settlement agent fee of apprx $400 and any pro-rated rent and utilities that are associated with this property.

14. 2025-07-27
    historical
15. 2025-03-14
    price $110,000
16. 2025-01-31
    listed $120,000 Active
17. 2025-01-30
    historical
18. 2022-04-20
    soldstatus $99,999 Closed
19. 2022-03-31
    historical Active Under Contract
20. 2022-03-26
    price $99,999
21. 2022-02-21
    price $114,500
22. 2022-01-09
    price $119,900
23. 2021-12-17
    listed $130,000 Active

ⓘ 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: $167 · $14/mo
• Projected year-2 tax: $286 · $24/mo
• Expected delta: +$119/yr (+$10/mo · 71.3%)

ⓘ 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 ≥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: $30,797
• − Mortgage interest: −$3,915
• − Property taxes: −$167
• − Insurance: −$350
• − Repairs & maintenance: −$2,464
• − Management: −$2,464
• − HOA: −$24
• − Depreciation: −$2,033
• Taxable income: $19,380
• Est. tax owed @ 24.0%: −$4,651
• After-tax cash flow: $14,739/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: 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): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

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% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-39.2% since first listed

14 events — show timeline

• 2026-05-14 Relisted — BRIGHT MLS
• 2026-04-22 Contingent — BRIGHT MLS
• 2026-04-14 Price Changed $79,000 BRIGHT MLS
• 2026-04-02 Listed $89,000 BRIGHT MLS
• 2025-07-27 Listing Removed — BRIGHT MLS
• 2025-03-14 Price Changed $110,000 BRIGHT MLS
• 2025-01-31 Listed $120,000 BRIGHT MLS
• 2025-01-30 Coming Soon — BRIGHT MLS
• 2022-04-20 Sold (MLS) $99,999 BRIGHT MLS
• 2022-03-31 Contingent — BRIGHT MLS
• 2022-03-26 Price Changed $99,999 BRIGHT MLS
• 2022-02-21 Price Changed $114,500 BRIGHT MLS
• 2022-01-09 Price Changed $119,900 BRIGHT MLS
• 2021-12-17 Listed $130,000 BRIGHT MLS

Property tax history

-5.4%/yr

Latest (2025): $167 · -45.3% YoY. Source: county tax records.