21728 C St · Rehoboth Beach, DE 19971

$189,900

3 bd · 2.0 ba · 1,272 sqft · Manufactured · 70 Days on market

Built 1973 4,356 sqft lot $149/sqft · 15% above area Est $164k · 15% over

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This meticulously maintained, fully furnished, turn‑key 3‑bedroom, 2‑bathroom home offers an exceptional blend of comfort, convenience, and coastal charm. Thoughtfully cared for inside and out, the property includes a golf cart for effortless community exploring and a bright four‑season room equipped with both heat and AC, creating a welcoming space to enjoy year‑round. Nestled in an active, amenity‑rich community, residents have access to a private beach on the bay, a fishing pier, kayak and paddleboard launch areas, and a sparkling community pool. Enjoy boating? With the community's private marina, bring your boat and enjoy the beauty of Rehoboth Bay! With its inviting atmosphere and move‑in‑ready appeal, this home provides the perfect setting for relaxation and recreation. Don't worry about the lawn. .that service is already paid for 2026! Ideally located just minutes from the beach, boardwalk, shopping, and dining, it delivers the ultimate coastal lifestyle in a beautifully maintained package.

Key facts

• 4,356 sq ft lot
• 4 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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).
• This rent runs 31% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($179k) 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 $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. 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: 1.40% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.87%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $164,491
• List price: $189,900
• Delta: 15.45%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-9,335
• Equity at exit: $28,315

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $20,372
• Equity at exit: $16,419

Cash invested: $53,172 (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 19971

• Active inventory: 331
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,664 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $332

Break-even live

Break-even rent $2,244

Max offer price $189,900

Occupancy floor 83%

Sensitivity live

Price	-10% $463	-5% $397	+0% $332	+5% $266	+10% $200
Rent	-10% $121	-5% $226	+0% $332	+5% $437	+10% $542
Rate	-1.0pp $427	-0.5pp $380	base $332	+0.5pp $282	+1.0pp $232

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $189,900 Active 70 DOM
2. 2026-06-17
   days on market $189,900 Active 69 DOM
3. 2026-06-16
   days on market $189,900 Active 68 DOM
4. 2026-06-15
   days on market $189,900 Active 67 DOM
5. 2026-06-14
   days on market $189,900 Active 65 DOM
6. 2026-06-13
   days on market $189,900 Active 64 DOM
7. 2026-06-10
   days on market $189,900 Active 62 DOM
8. 2026-06-09
   days on market $189,900 Active 61 DOM
9. 2026-06-08
   days on market $189,900 Active 60 DOM
10. 2026-06-07
    days on market $189,900 Active 59 DOM
11. 2026-06-05
    days on market $189,900 Active 56 DOM
12. 2026-06-03
    days on market $189,900 Active 55 DOM
13. 2026-06-02
    days on market $189,900 Active 54 DOM
14. 2026-06-01
    days on market $189,900 Active 53 DOM
15. 2026-05-31
    days on market $189,900 Active 52 DOM
16. 2026-05-30
    days on market $189,900 Active 51 DOM
17. 2026-04-10
    listed $189,900 Active 1015-char remark

    Show marketing remark (1015 chars)

    This meticulously maintained, fully furnished, turn‑key 3‑bedroom, 2‑bathroom home offers an exceptional blend of comfort, convenience, and coastal charm. Thoughtfully cared for inside and out, the property includes a golf cart for effortless community exploring and a bright four‑season room equipped with both heat and AC, creating a welcoming space to enjoy year‑round. Nestled in an active, amenity‑rich community, residents have access to a private beach on the bay, a fishing pier, kayak and paddleboard launch areas, and a sparkling community pool. Enjoy boating? With the community's private marina, bring your boat and enjoy the beauty of Rehoboth Bay! With its inviting atmosphere and move‑in‑ready appeal, this home provides the perfect setting for relaxation and recreation. Don't worry about the lawn. .that service is already paid for 2026! Ideally located just minutes from the beach, boardwalk, shopping, and dining, it delivers the ultimate coastal lifestyle in a beautifully maintained package.

18. 2026-03-22
    historical $189,900 1015-char remark

    Show marketing remark (1015 chars)

    This meticulously maintained, fully furnished, turn‑key 3‑bedroom, 2‑bathroom home offers an exceptional blend of comfort, convenience, and coastal charm. Thoughtfully cared for inside and out, the property includes a golf cart for effortless community exploring and a bright four‑season room equipped with both heat and AC, creating a welcoming space to enjoy year‑round. Nestled in an active, amenity‑rich community, residents have access to a private beach on the bay, a fishing pier, kayak and paddleboard launch areas, and a sparkling community pool. Enjoy boating? With the community's private marina, bring your boat and enjoy the beauty of Rehoboth Bay! With its inviting atmosphere and move‑in‑ready appeal, this home provides the perfect setting for relaxation and recreation. Don't worry about the lawn. .that service is already paid for 2026! Ideally located just minutes from the beach, boardwalk, shopping, and dining, it delivers the ultimate coastal lifestyle in a beautifully maintained package.

ⓘ 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: $31,964
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$6,475
• − Repairs & maintenance: −$2,557
• − Management: −$2,557
• − Depreciation: −$5,524
• Taxable income: $1,365
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $3,651/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

+0.0% since first listed

2 events — show timeline

• 2026-04-10 Listed $189,900 BRIGHT MLS
• 2026-03-22 Coming Soon $189,900 BRIGHT MLS

Property tax history

-7.2%/yr

Latest (2025): $128 · -52.9% YoY. Source: county tax records.