36259 Skyview St · Rehoboth Beach, DE 19971

$54,900

2 bd · 2.0 ba · 720 sqft · Manufactured · 82 Days on market

Manufactured home Built 1972 Fair condition 54 ac lot $76/sqft · 50% below area Est $109k · 50% under

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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
• Schools +5.0/10.0
• Livability +3.6/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.5

Listing remarks

Make an OFFER! Welcome to the Beach. If you are looking for affordability a Motivates Seller and location here it is. With an affordable rent of only $715 a month this could be your steppingstone? Mixing a little Love and a little TLC this cute 2 bedroom, 2 bath manufactured home would make a great full time residence or a nice beach get-a-way. Sea Air Village is a Leased Land community located approximately 2 miles from the famous Rehoboth Beach and boardwalk. Features of this home are as follows.

Key facts

• Short walk to beach
• Plenty of storage
• Community pool

Tags

• ENCLOSED PORCH
• COMMUNITY POOL
• COMMUNITY PLAYGROUND
• PLENTY OF STORAGE
• 2 SHEDS
• SHORT WALK TO BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.0% vs local median 1.4% in Rehoboth Beach — 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 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, health & safety A+; Watch: crime F, 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 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: 426 active listings in the ZIP; 1 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 $380 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (16%) 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 $51,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
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: 2.93% ✓
• Cap rate: 27.01%
• Cash-on-cash: 74.00%
• DSCR: 4.29
• GRM: 2.8

CMA / ARV

• ARV (median comp): $108,877
• List price: $54,900
• Delta: -44.98%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19961 Center Ave #20473	0.17mi	2/1.0	728 (+1%)	7mo	$38,380	$53	80
19975 Dodd Ave Unit G10	0.27mi	3/1.0 (+1)	720 (0%)	9mo	$34,000	$47	71
19972 Atlantic Ave #19227	0.18mi	3/1.0 (+1)	840 (+17%)	0mo	$50,000	$60	58
19989 Center Ave Unit D95	0.20mi	2/1.0	840 (+17%)	13mo	$68,000	$81	51
19962 Center Ave #3125	0.15mi	3/1.0 (+1)	886 (+23%)	14mo	$32,000	$36	47
19603 Queen St #18	0.33mi	3/1.5 (+1)	840 (+17%)	10mo	$45,100	$54	44
19751 Norwood St	0.95mi	2/1.0	625 (-13%)	3mo	$660,000	$1,056	37
26 Sunnyfield Rd Unit E-15	0.71mi	2/1.0	840 (+17%)	3mo	$110,000	$131	35
35948 Haven Dr Unit D201	0.86mi	2/2.0	858 (+19%)	8mo	$350,000	$408	33
21263 K St #37217	1.42mi	2/2.0	860 (+19%)	11mo	$140,000	$163	31
36011 Condo Dr Unit A101	0.80mi	2/2.0	875 (+22%)	16mo	$362,000	$414	27
35948 Haven Dr Unit D106	0.86mi	2/2.0	858 (+19%)	17mo	$369,900	$431	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: 73.8%
• Equity multiple: 4.35×
• Total profit: $51,464
• Equity at exit: $8,186

10-year hold

• IRR: 77.6%
• Equity multiple: 8.97×
• Total profit: $122,505
• Equity at exit: $4,747

Cash invested: $15,372 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $37,950 ($61/sqft)
• Median days on market: 196 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +149.9% above current asking $/sqft

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

ZIP-level market 19971

• Active inventory: 426
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,606 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$10 /mo · $123/yr
• Insurance: −$23
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $948

Break-even live

Break-even rent $406

Max offer price $54,900

Occupancy floor 36%

Sensitivity live

Price	-10% $979	-5% $963	+0% $948	+5% $932	+10% $917
Rent	-10% $821	-5% $884	+0% $948	+5% $1,011	+10% $1,075
Rate	-1.0pp $976	-0.5pp $962	base $948	+0.5pp $934	+1.0pp $919

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: $13,725
• Closing costs: $1,647
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	93d	1	1.26mi

Property features AI

Finance

• Other: Above-grade finished living area approximately 720 (assessor source)Total below-grade area reported as 0Living area source: AssessorIncome/expense note: Annual ground rent
• Financial info: Land lease of $715 per month; approximately 1 year remainingProperty manager presentNot in a federal flood zone

Exterior

• Parking: Driveway parking (3 spaces total)
• Utilities: Public waterPublic sewerElectric service
• Home design: Manufactured single-wide home (Schultz)Estimated year builtMetal roofAbove grade living space
• Construction: Steel siding and combination exterior materialsManufactured structure
• Exterior features: Community poolGround rent exists

Interior

• Kitchen: CooktopElectric oven/rangeRefrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooringPartially carpeted
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: 90% forced air heating (electric)Central air conditioning (electric)
• Interior features: Stall shower and tub/shower combinationEat-in kitchenWindow treatmentsPaneled wallsFurnished
• Laundry & utility: Washer in unitDryer in unitElectric water heater

Listing history 50 events

1. 2026-08-08
   days on market $54,900 Active 82 DOM
2. 2026-08-07
   pricedays on market $54,900 Active 81 DOM
3. 2026-08-06
   days on market $59,900 Active 80 DOM
4. 2026-08-05
   days on market $59,900 Active 79 DOM
5. 2026-08-04
   days on market $59,900 Active 78 DOM
6. 2026-08-03
   days on market $59,900 Active 77 DOM
7. 2026-07-31
   days on market $59,900 Active 74 DOM
8. 2026-07-30
   days on market $59,900 Active 73 DOM
9. 2026-07-29
   days on market $59,900 Active 72 DOM
10. 2026-07-27
    days on market $59,900 Active 70 DOM
11. 2026-07-25
    days on market $59,900 Active 68 DOM
12. 2026-07-24
    days on market $59,900 Active 67 DOM
13. 2026-07-23
    days on market $59,900 Active 66 DOM
14. 2026-07-22
    days on market $59,900 Active 65 DOM
15. 2026-07-21
    pricedays on market $59,900 Active 64 DOM
16. 2026-07-18
    days on market $65,000 Active 61 DOM
17. 2026-07-16
    days on market $65,000 Active 59 DOM
18. 2026-07-16
    days on market $65,000 Active 58 DOM
19. 2026-07-14
    days on market $65,000 Active 57 DOM
20. 2026-07-13
    days on market $65,000 Active 56 DOM
21. 2026-07-12
    days on market $65,000 Active 55 DOM
22. 2026-07-11
    days on market $65,000 Active 54 DOM
23. 2026-07-10
    days on market $65,000 Active 53 DOM
24. 2026-07-09
    days on market $65,000 Active 52 DOM
25. 2026-07-08
    days on market $65,000 Active 51 DOM
26. 2026-07-07
    days on market $65,000 Active 50 DOM
27. 2026-07-06
    days on market $65,000 Active 49 DOM
28. 2026-07-05
    days on market $65,000 Active 48 DOM
29. 2026-07-04
    days on market $65,000 Active 47 DOM
30. 2026-07-03
    days on market $65,000 Active 46 DOM
31. 2026-07-02
    days on market $65,000 Active 45 DOM
32. 2026-07-01
    days on market $65,000 Active 44 DOM
33. 2026-07-01
    price $65,000 Active 43 DOM
34. 2026-06-30
    days on market $59,900 Active 43 DOM
35. 2026-06-29
    days on market $59,900 Active 42 DOM
36. 2026-06-28
    days on market $59,900 Active 41 DOM
37. 2026-06-28
    pricedays on market $59,900 Active 40 DOM
38. 2026-06-27
    days on market $65,000 Active 39 DOM
39. 2026-06-25
    days on market $65,000 Active 37 DOM
40. 2026-06-23
    days on market $65,000 Active 35 DOM
41. 2026-06-22
    days on market $65,000 Active 34 DOM
42. 2026-06-18
    days on market $65,000 Active 31 DOM
43. 2026-06-17
    days on market $65,000 Active 30 DOM
44. 2026-06-16
    days on market $65,000 Active 29 DOM
45. 2026-06-15
    days on market $65,000 Active 28 DOM
46. 2026-06-14
    days on market $65,000 Active 26 DOM
47. 2026-06-13
    days on market $65,000 Active 25 DOM
48. 2026-06-10
    days on market $65,000 Active 23 DOM
49. 2026-06-09
    days on market $65,000 Active 22 DOM
50. 2026-06-08
    days on market $65,000 Active 21 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: $123 · $10/mo
• Projected year-2 tax: $221 · $18/mo
• Expected delta: +$98/yr (+$8/mo · 79.1%)

ⓘ 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: $19,275
• − Mortgage interest: −$3,075
• − Property taxes: −$123
• − Insurance: −$274
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$1,597
• Taxable income: $11,121
• Est. tax owed @ 24.0%: −$2,669
• After-tax cash flow: $8,706/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

Fair 45/100 Moderate rehab Est. rehab $18,000–$32,400 screening

This manufactured home requires moderate repairs and maintenance to improve its condition and value. Painting the exterior and replacing the carpet would significantly enhance its curb appeal and rental potential.

Deferred maintenance Est. $60,000–$180,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Roof appears old and damaged
• Major Windows (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Windows appear old and damaged
• Major Electrical (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Electrical panel appears old and damaged
• Major Plumbing (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Plumbing fixtures appear old and damaged
• Major Exterior (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Exterior siding appears old and damaged
• Major Other (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Other components appear old and damaged

Repairs flagged

• Moderate siding — Weathered and discolored
• Moderate exterior paint — Needs touch-up

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both replace carpet — Improves comfort and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate 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 50/100

Zoned Schools

Elementary Rehoboth Elementary School C DE #8/105 Nat'l #9,513/41,679 Middle Beacon Middle School B- DE #1/36 Nat'l #2,418/14,009 High Cape Henlopen High School F DE #14/40 Nat'l #8,796/17,239

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

B Composite livability gradescore 71/100

Livability — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 248,853 people
• City population: 14,886
• Metro: Salisbury, MD-DE
• Population (ZIP): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 8% 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 (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%

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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: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Property features AI

Finance

• Other: Above-grade finished living area approximately 720 (assessor source)Total below-grade area reported as 0Living area source: AssessorIncome/expense note: Annual ground rent
• Financial info: Land lease of $715 per month; approximately 1 year remainingProperty manager presentNot in a federal flood zone

Exterior

• Parking: Driveway parking (3 spaces total)
• Utilities: Public waterPublic sewerElectric service
• Home design: Manufactured single-wide home (Schultz)Estimated year builtMetal roofAbove grade living space
• Construction: Steel siding and combination exterior materialsManufactured structure
• Exterior features: Community poolGround rent exists

Interior

• Kitchen: CooktopElectric oven/rangeRefrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooringPartially carpeted
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: 90% forced air heating (electric)Central air conditioning (electric)
• Interior features: Stall shower and tub/shower combinationEat-in kitchenWindow treatmentsPaneled wallsFurnished
• Laundry & utility: Washer in unitDryer in unitElectric water heater

Price history

3 events — show timeline

• 2026-06-03 Relisted — BRIGHT MLS
• 2026-05-24 Contingent — BRIGHT MLS
• 2026-05-08 Listed $65,000 BRIGHT MLS

Property tax history

-5.3%/yr

Latest (2025): $123 · -45.0% YoY. Source: county tax records.