37686 Holly St · Ocean View, DE 19970

$224,900

3 bd · 2.0 ba · 1,000 sqft · Manufactured · 94 Days on market

Built 1966 6,970 sqft lot $225/sqft · 12% below area Est $256k · 12% under $4/mo HOA

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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 +27.1/30.0
• ARV discount +12.9/15.0
• DSCR +9.4/10.0
• 1% rule +6.1/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Class C home. Close to beach. Both bathrooms completely remodeled in December 2025. Decks were power washed and sealed December 2025. Interior painted January 2026

Key facts

• Interior painted
• 6,970 sq ft lot
• 3 parking spots

Tags

• DECKS POWER WASHED AND SEALED
• INTERIOR PAINTED

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 1 comparable units currently listed for rent nearby; 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $67k; list at $225k implies a 236% gain — meaningful room to come down on a strong offer.

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 $204,659 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (median comp): $255,759
• List price: $224,900
• Delta: -12.07%
• 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: 1.7%
• Equity multiple: 1.07×
• Total profit: $4,155
• Equity at exit: $33,533

10-year hold

• IRR: 11.3%
• Equity multiple: 1.88×
• Total profit: $55,628
• 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 19970

• Home prices YoY: -18.6%
• Active inventory: 231
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$59 /mo · $707/yr
• Insurance: −$94
• HOA: −$4
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $639

Break-even live

Break-even rent $1,691

Max offer price $224,900

Occupancy floor 69%

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40 Old Orchard Ave #2 Ocean View, DE	3.0	2.0	1424	$2,500	$1.76	43d	1	0.80mi

HOA detail

• Monthly dues: $4 · $48/yr

Listing history 16 events

1. 2026-06-16
   status $224,900 Pending 94 DOM
2. 2026-05-30
   status $224,900 Active Under Contract 94 DOM
3. 2026-04-19
   price $224,900 165-char remark

   Show marketing remark (165 chars)

   Class C home. Close to beach. Both bathrooms completely remodeled in December 2025. Decks were power washed and sealed December 2025. Interior painted January 2026

4. 2026-02-24
   listed $234,900 Active 165-char remark

   Show marketing remark (165 chars)

   Class C home. Close to beach. Both bathrooms completely remodeled in December 2025. Decks were power washed and sealed December 2025. Interior painted January 2026

5. 2025-12-08
   historical
6. 2025-11-29
   historical Active Under Contract
7. 2025-08-15
   listed $215,000 Active
8. 2025-07-31
   historical
9. 2025-06-23
   price $223,000
10. 2024-08-15
    listed $225,000 Active
11. 2024-07-29
    historical
12. 2024-03-28
    status Active
13. 2024-03-14
    historical
14. 2023-11-01
    price $239,000
15. 2023-09-15
    listed $250,000 Active
16. 2003-10-30
    soldstatus $67,000

ⓘ 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: $707 · $59/mo
• Projected year-2 tax: $1,006 · $84/mo
• Expected delta: +$299/yr (+$25/mo · 42.2%)

ⓘ 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 ≥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: $30,000
• − Mortgage interest: −$12,598
• − Property taxes: −$707
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$48
• − Depreciation: −$6,543
• Taxable income: $4,180
• Est. tax owed @ 24.0%: −$1,003
• After-tax cash flow: $6,664/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

+235.7% since first listed

14 events — show timeline

• 2026-04-19 Price Changed $224,900 BRIGHT MLS
• 2026-02-24 Listed $234,900 BRIGHT MLS
• 2025-12-08 Listing Removed — BRIGHT MLS
• 2025-11-29 Contingent — BRIGHT MLS
• 2025-08-15 Listed $215,000 BRIGHT MLS
• 2025-07-31 Listing Removed — BRIGHT MLS
• 2025-06-23 Price Changed $223,000 BRIGHT MLS
• 2024-08-15 Listed $225,000 BRIGHT MLS
• 2024-07-29 Listing Removed — BRIGHT MLS
• 2024-03-28 Relisted — BRIGHT MLS
• 2024-03-14 Listing Removed — BRIGHT MLS
• 2023-11-01 Price Changed $239,000 BRIGHT MLS
• 2023-09-15 Listed $250,000 BRIGHT MLS
• 2003-10-30 Sold (Public Records) $67,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $707 · +18.3% YoY. Source: county tax records.