38059 Quail Rd Lot 136 · Ocean View, DE 19970

$89,900

3 bd · 1.0 ba · 732 sqft · SingleFamily · 18 Days on market

Built 1973 Fair condition 57 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your perfect coastal retreat! Ideally located just steps from the community marina, this charming 3-bedroom, 1-bath furnished home offers beautiful marina views and an unbeatable location near the sandy shores of Bethany Beach, Delaware. Inside, you'll find a bright and inviting living space featuring an updated kitchen with attractive cabinetry, a gas range, and ample storage. The updated bathroom cabinetry adds a fresh, modern touch, while the fully furnished interior makes this home truly move-in ready. Relax and unwind on the spacious screened porch, the perfect place to enjoy morning coffee, evening breezes, and peaceful marina views. A newer storage shed provides plenty of

Key facts

• 57.36 acre lot
• 4 parking spots
• Built 1973

Property features AI

Finance

• Financial info: Annual ground rent listed as an income/expense item
• HOA & community: Land lease in place (monthly land lease); Monthly land lease payment of $511; Ground rent exists with 1 year remaining

Exterior

• Parking: Off-street parking for four vehicles (total 4 spaces)
• Utilities: Public sewer; Community water; Electric hot water; Propane heating (leased); Electric cooling
• Home design: Manufactured single-wide home; Modular/Manufactured construction; Average condition; Outside city limits; Bayside location in Bayshore Mobile Home Park
• Construction: Manufactured structure; Modular/Manufactured construction; Other structures above and below grade
• Exterior features: Outbuilding(s); Shed; Water view

Interior

• Kitchen: Kitchen open to dining area
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet
• Bathrooms: One full bathroom on the main level
• Heating & cooling: 90% forced air heating; Propane (leased) heating fuel; Central air conditioning (electric)
• Interior features: Breakfast area; Carpet flooring in living spaces; Ceiling fans; Combination kitchen and dining area
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $893 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.2% 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: 235 active listings in the ZIP; 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $88,551 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1973 — 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. 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: 2.13% ✓
• Cap rate: 18.22%
• Cash-on-cash: 42.58%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $53,436
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38063 Dove Rd #1542	0.07mi	3/1.0	720 (-2%)	20mo	$52,500	$73	77
38015 Dove Rd #13051	0.09mi	2/1.0 (-1)	840 (+15%)	14mo	$54,000	$64	54

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: 39.3%
• Equity multiple: 2.68×
• Total profit: $42,353
• Equity at exit: $13,404

10-year hold

• IRR: 45.7%
• Equity multiple: 5.38×
• Total profit: $110,255
• Equity at exit: $7,773

Cash invested: $25,172 (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: 235
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,917 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $893

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 48%

Sensitivity live

Price	-10% $955	-5% $924	+0% $893	+5% $862	+10% $831
Rent	-10% $742	-5% $818	+0% $893	+5% $969	+10% $1,045
Rate	-1.0pp $939	-0.5pp $916	base $893	+0.5pp $870	+1.0pp $846

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $89,900 Active 18 DOM
2. 2026-06-18
   days on market $89,900 Active 15 DOM
3. 2026-06-17
   days on market $89,900 Active 14 DOM
4. 2026-06-16
   days on market $89,900 Active 13 DOM
5. 2026-06-15
   days on market $89,900 Active 12 DOM
6. 2026-06-14
   days on market $89,900 Active 10 DOM
7. 2026-06-13
   days on market $89,900 Active 9 DOM
8. 2026-06-10
   days on market $89,900 Active 7 DOM
9. 2026-06-09
   days on market $89,900 Active 6 DOM
10. 2026-06-08
    days on market $89,900 Active 5 DOM
11. 2026-06-07
    statusdays on market $89,900 Active 4 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $89,900 Coming Soon 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 54% 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,006
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − Depreciation: −$2,615
• Taxable income: $9,876
• Est. tax owed @ 24.0%: −$2,370
• After-tax cash flow: $8,349/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 · 2 photos

Fair 45/100 Cosmetic rehab

This move-in ready home offers a good condition with updated kitchen and bathroom, and is located just steps from the community marina. Simple exterior and interior updates can significantly enhance its value.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value.
• Both Landscaping the front yard — Improves curb appeal and rental value.
• Both Updating the flooring — Enhances the overall aesthetic and value.
• Both Reorganizing the furniture on the porch — Creates a more inviting and functional space for potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and resale value. ↑
• Both Landscaping the front yard — Improves curb appeal and rental value. ↑
• Both Updating the flooring — Enhances the overall aesthetic and value. ↑
• Both Reorganizing the furniture on the porch — Creates a more inviting and functional space for potential buyers or renters. ↑

ⓘ 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: 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

1 event — show timeline

• 2026-06-01 Coming Soon $89,900 BRIGHT MLS