10 Lantern Ln · Lewes, DE 19971

$119,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 40 Days on market

Built 2015 42 ac lot $113/sqft · 33% above area Est $81k · 47% over $25/mo HOA · 1% of rent ↓ 8% since listing

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Why this score? — see what drove the C+ 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
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

RENT under $700 monthly! Welcome Home to the Beach. .. REDUCED and Beautiful! Here is your chance to own a lovely well-maintained home, with an ideal location. The desirable community of Colonial East is within walking distance of restaurants, the movie theatre, Dollar Tree, a Rita’s, a water park, a thrift store and so much more! Home has 2 nice size bedrooms, 2 baths, covered porch and tons of storage. This split floorplan design offers privacy for you and your guest. The owner’s bedroom is located at the back of the home with a large bathroom that has a step-in shower. The 2nd bedroom is located to the front of the home conveniently located next to the hall bath. And look

Key facts

• Covered porch
• Real wood cabinets
• Access to clubhouse

Tags

• WALKING DISTANCE OF WATER PARK
• SPLIT FLOORPLAN DESIGN
• COVERED PORCH
• REAL WOOD CABINETS
• ACCESS TO POOL
• ACCESS TO CLUBHOUSE

Property features AI

Finance

• Other: Property manager present; Not in a federal flood zone; Property condition: Excellent
• Financial info: Land lease of $687 per month (land lease years remaining: 1); Annual ground rent listed
• HOA & community: $25 HOA/association fee

Exterior

• Parking: Asphalt driveway with 2 driveway spaces (2 total garage/parking spaces)
• Utilities: Public water; Public sewer
• Home design: Manufactured property; Single wide modular/manufactured home (Champion); Shingle roof
• Construction: Vinyl siding; Manufactured construction; Windows with screens
• Exterior features: Community pool; Ground rent exists (annual payment, 1 year remaining)

Interior

• Kitchen: Built-in microwave; Gas range/oven; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Partially carpeted; Vinyl flooring
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning (electric); Propane-metered heating; Electric hot water
• Interior features: Recessed lighting; Built-ins; Walk-in shower in bathroom; Open floor plan with combined kitchen and dining; Crown moldings
• Laundry & utility: Washer in unit; Dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $119k.

Deal economics

• At list price, monthly cash flow is $951 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 1.7% in Lewes — 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 67/100 on livability (#40 in DE) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: 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; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $823 of loan paydown is wiped out by about $4k 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 $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

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 $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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: 1.91% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.25%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $80,754
• List price: $119,000
• Delta: 47.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Candlelight Ln #2542	0.17mi	2/1.0	1,100 (+4%)	6mo	$114,000	$104	76

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: 29.7%
• Equity multiple: 2.24×
• Total profit: $41,338
• Equity at exit: $17,743

10-year hold

• IRR: 37.0%
• Equity multiple: 4.43×
• Total profit: $114,193
• Equity at exit: $10,289

Cash invested: $33,320 (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: 4.4×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$25
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $951

Break-even live

Break-even rent $1,073

Max offer price $119,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,033	-5% $992	+0% $951	+5% $910	+10% $869
Rent	-10% $771	-5% $861	+0% $951	+5% $1,041	+10% $1,131
Rate	-1.0pp $1,011	-0.5pp $981	base $951	+0.5pp $920	+1.0pp $889

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Colgate Dr Rehoboth Beach, DE	3.0	2.0	1120	$2,275	$2.03	21d	1	0.53mi
16 Colgate Dr Rehoboth Beach, DE	2.0	2.0	1192	$2,400	$2.01	14d	1	0.56mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	44d	1	0.58mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	0.82mi
17829 Callaway Dr #37 Lewes, DE	3.0	2.0	1000	$2,000	$2.00	44d	1	0.84mi
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.89mi
36916 Crooked Hammock Way Lewes, DE	2.0–3.0	2.0	1172	$1,990	$1.70	44d	1	1.01mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	44d	1	1.19mi
10150 Rockland St Lewes, DE	1.0–3.0	1.5–2.5	1217	$3,375	$2.77	44d	1	1.33mi
18482 Evelynton Rd Lewes, DE	2.0	2.0	1100	$1,650	$1.50	14d	1	1.37mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: water

Listing history 18 events

1. 2026-06-18
   days on market $119,000 Active 40 DOM
2. 2026-06-17
   days on market $119,000 Active 39 DOM
3. 2026-06-16
   days on market $119,000 Active 38 DOM
4. 2026-06-15
   days on market $119,000 Active 37 DOM
5. 2026-06-14
   days on market $119,000 Active 35 DOM
6. 2026-06-13
   days on market $119,000 Active 34 DOM
7. 2026-06-10
   days on market $119,000 Active 32 DOM
8. 2026-06-09
   days on market $119,000 Active 31 DOM
9. 2026-06-08
   remarks 687-char remark
10. 2026-06-08
    days on market $119,000 Active 30 DOM
11. 2026-06-07
    days on market $119,000 Active 29 DOM
12. 2026-06-05
    days on market $119,000 Active 26 DOM
13. 2026-06-03
    days on market $119,000 Active 25 DOM
14. 2026-06-02
    days on market $119,000 Active 24 DOM
15. 2026-06-01
    days on market $119,000 Active 23 DOM
16. 2026-05-31
    days on market $119,000 Active 22 DOM
17. 2026-05-30
    days on market $119,000 Active 21 DOM
18. 2026-05-09
    listed $129,000 Active 1255-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: $27,318
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − HOA: −$300
• − Depreciation: −$3,462
• Taxable income: $10,139
• Est. tax owed @ 24.0%: −$2,433
• After-tax cash flow: $8,979/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 — Lewes

• Score: 67/100
• State rank: #40
• US rank: #11077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 31,938
• 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

-7.8% since first listed

2 events — show timeline

• 2026-05-28 Price Changed $119,000 BRIGHT MLS
• 2026-05-09 Listed $129,000 BRIGHT MLS

Property tax history

-11.9%/yr

Latest (2025): $108 · -47.5% YoY. Source: county tax records.