21785 A St · Rehoboth Beach, DE 19971

$109,000

2 bd · 1.5 ba · 672 sqft · Manufactured · 34 Days on market

Built 1969 151 ac lot $1/mo HOA ↓ 16% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

* * MOTIVATED SELLER — VACATION HOME ALERT! * * This beautifully updated beach cottage has been lovingly maintained and completely renovated in 2023, offering the perfect year-round retreat or summer getaway near Rehoboth Beach. Features include a sophisticated European-style kitchen with stainless appliances, luxury plank flooring, spacious primary suite closet, and high-end finishes throughout. Recent upgrades include a new roof with transferable warranty, Culligan water filtration system, updated plumbing and electric, plus newer windows and hot water heater for worry-free ownership. Enjoy outstanding community amenities including a private beach and marina, community pool, bask

Key facts

• 151.03 acre lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Property manager present; Located bayfront in a rented-lot community (Rehoboth Bay MHP); Directions provided to community
• Financial info: Land lease $705 monthly (approximately 5 years remaining); Lease not considered
• HOA & community: HOA fee $10 annually; Community pool (fenced, concrete, in-ground)

Exterior

• Parking: Gravel driveway; Driveway parking (2 spaces); On-street parking; Total of 2 garage/parking spaces
• Utilities: Private/community water; Public sewer; No municipal trash service
• Home design: Mobile home (single wide, approx. 12' x 60'); Mobile pre-1976; Land lease ownership interest; Excellent condition; Effective year built / major remodel: 2023; Entry level features include screened porch
• Construction: Modular/manufactured construction; Pillar/post/pier foundation; Building not winterized
• Exterior features: Private beach; Porch(es); Shed; Water view (Rehoboth Bay); Water access; Navigable water; Lot noted as level and premium; Flood plain

Interior

• Kitchen: Built-in microwave; Cooktop; Dishwasher; Single oven; Refrigerator; Stainless steel appliances; Disposal; Upgraded countertops
• Bedrooms: 2 bedrooms on the main level
• Flooring: Luxury vinyl plank
• Bathrooms: 1 full bathroom on the main level; 1 half bathroom on the main level
• Heating & cooling: 90% forced air heating; Propane (leased) heating fuel; Central air conditioning; Electric cooling; Electric hot water
• Interior features: Tub/shower; Ceiling fans; Combination kitchen and living area; Efficiency layout; Upgraded countertops; Water treatment system; Window treatments; Other
• Laundry & utility: Washer in unit; Main-floor laundry; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $109k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.4% 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; 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 $754 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.84% ✓
• Cap rate: 15.43%
• Cash-on-cash: 32.65%
• DSCR: 2.45
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $6,210
• Equity at exit: $16,252

10-year hold

• IRR: 14.9%
• Equity multiple: 2.21×
• Total profit: $37,018
• Equity at exit: $9,424

Cash invested: $30,520 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,006 medium
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$1
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $370

Break-even live

Break-even rent $1,538

Max offer price $109,000

Occupancy floor 77%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1 · $12/yr
• Likely covers: waterelectricpool

Listing history 19 events

1. 2026-06-18
   days on market $109,000 Active 34 DOM
2. 2026-06-17
   price $109,000 Active 33 DOM
3. 2026-06-17
   days on market $129,000 Active 33 DOM
4. 2026-06-16
   days on market $129,000 Active 32 DOM
5. 2026-06-15
   days on market $129,000 Active 31 DOM
6. 2026-06-14
   days on market $129,000 Active 29 DOM
7. 2026-06-13
   days on market $129,000 Active 28 DOM
8. 2026-06-10
   days on market $129,000 Active 26 DOM
9. 2026-06-09
   days on market $129,000 Active 25 DOM
10. 2026-06-08
    days on market $129,000 Active 24 DOM
11. 2026-06-07
    days on market $129,000 Active 23 DOM
12. 2026-06-05
    days on market $129,000 Active 20 DOM
13. 2026-06-03
    days on market $129,000 Active 19 DOM
14. 2026-06-02
    days on market $129,000 Active 18 DOM
15. 2026-06-01
    days on market $129,000 Active 17 DOM
16. 2026-05-31
    days on market $129,000 Active 16 DOM
17. 2026-05-30
    days on market $129,000 Active 15 DOM
18. 2026-05-16
    listed $129,000 Active 920-char remark
19. 2026-05-05
    historical $129,000 920-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 7/10 Severe FEMA zone AE · 96% 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: $24,070
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$6,070
• − Repairs & maintenance: −$1,926
• − Management: −$1,926
• − HOA: −$12
• − Depreciation: −$3,171
• Taxable income: $3,225
• Est. tax owed @ 24.0%: −$774
• After-tax cash flow: $3,665/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

-15.5% since first listed

3 events — show timeline

• 2026-06-18 Price Changed $109,000 BRIGHT MLS
• 2026-05-16 Listed $129,000 BRIGHT MLS
• 2026-05-05 Coming Soon $129,000 BRIGHT MLS

Property tax history

-3.3%/yr

Latest (2025): $98 · -35.0% YoY. Source: county tax records.