36259 Skyview St · Rehoboth Beach, DE 19971

$65,000

2 bd · 2.0 ba · 720 sqft · Manufactured · 31 Days on market

Built 1972 54 ac lot $90/sqft · 41% below area Est $109k · 41% 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 +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Beach! Back on the Market at no fault of the Seller. 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. A lovely, enclosed porch that is heated providing you an extension to the home, a apprx 2 year old furnace and A/C system, comes furnished - appliances included,

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

Property features AI

Finance

• Other: Above-grade finished living area approximately 720 (assessor source); Total below-grade area reported as 0; Living area source: Assessor; Income/expense note: Annual ground rent
• Financial info: Land lease of $715 per month; approximately 1 year remaining; Property manager present; Not in a federal flood zone

Exterior

• Parking: Driveway parking (3 spaces total)
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured single-wide home (Schultz); Estimated year built; Metal roof; Above grade living space
• Construction: Steel siding and combination exterior materials; Manufactured structure
• Exterior features: Community pool; Ground rent exists

Interior

• Kitchen: Cooktop; Electric oven/range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooring; Partially 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 combination; Eat-in kitchen; Window treatments; Paneled walls; Furnished
• Laundry & utility: Washer in unit; Dryer in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.5% vs local median 1.1% 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: schools A+, amenities A+, employment 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.
• Market conditions: 331 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 $449 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

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 $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 3.21% ✓
• Cap rate: 28.47%
• Cash-on-cash: 79.20%
• DSCR: 4.52
• GRM: 2.6

CMA / ARV

• ARV (median comp): $109,285
• List price: $65,000
• Delta: -40.52%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20023 Golden Ave Unit L-67	0.10mi	3/1.0 (+1)	720 (0%)	16mo	$72,500	$101	73
19975 Dodd Ave Unit G10	0.27mi	3/1.0 (+1)	720 (0%)	7mo	$34,000	$47	73
19921 Sea Air Ave #14438	0.13mi	2/1.0	720 (0%)	24mo	$25,000	$35	70
20044 Atlantic Ave Unit E-76	0.18mi	2/1.0	624 (-13%)	20mo	$43,935	$70	48

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: 79.3%
• Equity multiple: 4.63×
• Total profit: $66,005
• Equity at exit: $9,692

10-year hold

• IRR: 82.8%
• Equity multiple: 9.58×
• Total profit: $156,118
• Equity at exit: $5,620

Cash invested: $18,200 (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: 2.6×

Monthly cashflow live

• Estimated rent: $2,089 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $1,201

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 38%

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: $16,250
• Closing costs: $1,950
• 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	43d	1	1.26mi

Listing history 13 events

1. 2026-06-18
   days on market $65,000 Active 31 DOM
2. 2026-06-17
   days on market $65,000 Active 30 DOM
3. 2026-06-16
   days on market $65,000 Active 29 DOM
4. 2026-06-15
   days on market $65,000 Active 28 DOM
5. 2026-06-14
   days on market $65,000 Active 26 DOM
6. 2026-06-13
   days on market $65,000 Active 25 DOM
7. 2026-06-10
   days on market $65,000 Active 23 DOM
8. 2026-06-09
   days on market $65,000 Active 22 DOM
9. 2026-06-08
   days on market $65,000 Active 21 DOM
10. 2026-06-07
    days on market $65,000 Active 20 DOM
11. 2026-06-05
    days on market $65,000 Active 17 DOM
12. 2026-06-03
    status $65,000 Active 16 DOM
13. 2026-05-08
    listed $65,000 Active 1285-char remark

ⓘ 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 · 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: $25,070
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − Depreciation: −$1,891
• Taxable income: $14,227
• Est. tax owed @ 24.0%: −$3,414
• After-tax cash flow: $11,000/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.

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 — 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 · 82,708 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: 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

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.