5 Emery Cir · Delmar, DE 19940

$180,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 259 Days on market

Built 2004 8.13 ac lot $115/sqft · 35% below area Est $298k · 40% 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 +25.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.2/10.0
• 1% rule +5.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

This renovated 3-bedroom, 2-bathroom mobile home offers modern updates and spacious living. Featuring a freshly remodeled interior with new flooring, fixtures, and appliances, it provides a comfortable space. The open floor plan includes a bright living area, a well-appointed kitchen, and generously sized bedrooms, making it ideal for families or those looking for a stylish and affordable home.

Key facts

• 8.13 acre lot
• 2 parking spots
• Built 2004

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $394 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.1% in Delmar — 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 62/100 on livability (#63 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Delmar School District (suburban): math 20% / reading 38% proficiency, ranked #17 of 26 in DE (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $180k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.03% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.39%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (median comp): $298,130
• List price: $180,000
• Delta: -39.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 3.44×
• Total profit: $123,059
• Equity at exit: $162,158

10-year hold

• IRR: 26.9%
• Equity multiple: 7.80×
• Total profit: $342,485
• Equity at exit: $349,700

Cash invested: $50,400 (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 19940

• Home prices YoY: 6.2%
• Active inventory: 41
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $394

Break-even live

Break-even rent $1,351

Max offer price $180,000

Occupancy floor 74%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 E East St Delmar, MD	3.0	2.0	1663	$1,850	$1.11	13d	1	0.67mi

Listing history 18 events

1. 2026-06-18
   days on market $180,000 Active 259 DOM
2. 2026-06-17
   days on market $180,000 Active 258 DOM
3. 2026-06-16
   days on market $180,000 Active 257 DOM
4. 2026-06-15
   days on market $180,000 Active 256 DOM
5. 2026-06-14
   days on market $180,000 Active 254 DOM
6. 2026-06-13
   days on market $180,000 Active 253 DOM
7. 2026-06-10
   days on market $180,000 Active 251 DOM
8. 2026-06-09
   days on market $180,000 Active 250 DOM
9. 2026-06-08
   days on market $180,000 Active 249 DOM
10. 2026-06-07
    days on market $180,000 Active 248 DOM
11. 2026-06-02
    days on market $180,000 Active 243 DOM
12. 2026-06-01
    days on market $180,000 Active 242 DOM
13. 2026-05-31
    days on market $180,000 Active 241 DOM
14. 2026-05-30
    days on market $180,000 Active 240 DOM
15. 2025-10-03
    listed $195,000 Active 397-char remark

    Show marketing remark (397 chars)

    This renovated 3-bedroom, 2-bathroom mobile home offers modern updates and spacious living. Featuring a freshly remodeled interior with new flooring, fixtures, and appliances, it provides a comfortable space. The open floor plan includes a bright living area, a well-appointed kitchen, and generously sized bedrooms, making it ideal for families or those looking for a stylish and affordable home.

16. 2025-09-28
    historical $195,000 397-char remark

    Show marketing remark (397 chars)

    This renovated 3-bedroom, 2-bathroom mobile home offers modern updates and spacious living. Featuring a freshly remodeled interior with new flooring, fixtures, and appliances, it provides a comfortable space. The open floor plan includes a bright living area, a well-appointed kitchen, and generously sized bedrooms, making it ideal for families or those looking for a stylish and affordable home.

17. 2005-06-24
    soldstatus $69,500 299-char remark

    Show marketing remark (299 chars)

    2005 DOUBLEWIDE WITH BUILT-IN PORCH/ HOLLY OAK MH PARK/ $220 PER MO LOT RENT/ BUYER MUST BE PARK APPROVED/ LIKE-NEW ROMAN 28X60 WITH SPLIT FLOORPLAN, WHIRLPOOL TUB & BREAKFAST BAR/ MANY OPTIONS & UPGRADES/ ALL APPLIANCES CONVEY/ NICE CURTAINS/ MANY CABINETS/ TILT WINDOWS/ SPACIOUS ROOMS

18. 2005-03-02
    listed $76,900 299-char remark

    Show marketing remark (299 chars)

    2005 DOUBLEWIDE WITH BUILT-IN PORCH/ HOLLY OAK MH PARK/ $220 PER MO LOT RENT/ BUYER MUST BE PARK APPROVED/ LIKE-NEW ROMAN 28X60 WITH SPLIT FLOORPLAN, WHIRLPOOL TUB & BREAKFAST BAR/ MANY OPTIONS & UPGRADES/ ALL APPLIANCES CONVEY/ NICE CURTAINS/ MANY CABINETS/ TILT WINDOWS/ SPACIOUS ROOMS

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $580 · $48/mo
• Projected year-2 tax: $812 · $68/mo
• Expected delta: +$232/yr (+$19/mo · 40.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$10,083
• − Property taxes: −$580
• − Insurance: −$900
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$5,236
• Taxable income: $1,849
• Est. tax owed @ 24.0%: −$444
• After-tax cash flow: $4,287/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: Delmar School District
• NCES district ID: 1000270
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 38% ▼ -13.00%
• Median HH income: $46,620
• Composite: 24.98/100
• National rank: #7561
• State rank: #17 of 26 in DE

Livability — Delmar

• Score: 62/100
• State rank: #63
• US rank: #16926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delmar, DE
• Population (ZIP): 7,108

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 (66%)
• Race & ethnicity: White 66% Black 16% Two or more races 13% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Italian 2% Slovak 2% Hispanic 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 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: ▲ 16.92%
• Current HPI: 288.6213
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+153.6% since first listed

4 events — show timeline

• 2025-10-03 Listed $195,000 BRIGHT MLS
• 2025-09-28 Coming Soon $195,000 BRIGHT MLS
• 2005-06-24 Sold (MLS) $69,500 BRIGHT MLS
• 2005-03-02 Listed $76,900 BRIGHT MLS

Property tax history

+1.8%/yr

Latest (2025): $580 · +12.9% YoY. Source: county tax records.