19888 Atlantic Ave · Rehoboth Beach, DE 19971

$94,900

2 bd · 2.0 ba · 840 sqft · Manufactured · 22 Days on market

Built 1980 54 ac lot $2/mo HOA

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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

Welcome to the vibrant community of Sea Air Village, where coastal charm and comfortable living come together just a few short miles from the beach. This beautifully maintained two-bedroom, two full bath home offers a warm and inviting atmosphere with tasteful beach-inspired décor throughout. The open-concept kitchen and living area create the perfect space for gathering and entertaining, highlighted by a convenient island that seamlessly connects the two spaces. The generous primary suite offers a relaxing retreat complete with a walk-in closet and private bath. Step outside and enjoy the outdoor patio, ideal for relaxing after a day at the beach, grilling with friends, or enjoying

Key facts

• Dog park
• Community pool
• Open-concept kitchen

Tags

• OPEN-CONCEPT KITCHEN
• OUTDOOR PATIO
• STORAGE SHED
• COMMUNITY POOL
• DOG PARK
• PLAYGROUND

Property features AI

Finance

• Financial info: Monthly land lease payment ($730/month); approximately 1 year of lease remaining
• HOA & community: Annual HOA fee ($25/year) covering common area maintenance and recreation facilities; Community amenities include clubhouse, common grounds, dog park, outdoor pool, fitness center, picnic area, and playgrounds/tot lots

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Single-wide patio home; Land lease ownership
• Construction: Mixed construction materials; Above-grade and below-grade structures
• Exterior features: Exterior lighting; Outbuilding(s); Patio(s); Community pool

Interior

• Kitchen: Microwave; Self-cleaning oven; Refrigerator
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Propane (leased) heating fuel; Central air conditioning; Ceiling fan cooling; Electric hot water
• Interior features: Tub with shower; Breakfast area; Built-in shelving/units; Ceiling fans; Open kitchen/dining combination; Dining area; Traditional floor plan; Kitchen with eat-in area; Kitchen island; Pantry; Master bathroom
• Laundry & utility: Washer and dryer in unit; Main-floor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.4% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $656 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($93k) 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 $93,476 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.37% ✓
• Cap rate: 20.40%
• Cash-on-cash: 50.39%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $45,360
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19603 Queen St #18	0.46mi	3/1.5 (+1)	840 (0%)	8mo	$45,100	$54	64
19975 Dodd Ave Unit G10	0.04mi	3/1.0 (+1)	720 (-14%)	7mo	$34,000	$47	59
19962 Center Ave #3125	0.30mi	3/1.0 (+1)	886 (+6%)	13mo	$32,000	$36	57
36122 Knight St	0.47mi	2/2.0	956 (+14%)	2mo	$105,000	$110	53
19921 Sea Air Ave #14438	0.28mi	2/1.0	720 (-14%)	24mo	$25,000	$35	39
20023 Golden Ave Unit L-67	0.33mi	3/1.0 (+1)	720 (-14%)	16mo	$72,500	$101	39

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: 48.2%
• Equity multiple: 3.10×
• Total profit: $55,726
• Equity at exit: $14,150

10-year hold

• IRR: 53.8%
• Equity multiple: 6.28×
• Total profit: $140,180
• Equity at exit: $8,205

Cash invested: $26,572 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,245 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$2
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,116

Break-even live

Break-even rent $833

Max offer price $94,900

Occupancy floor 45%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35948 Haven Dr #201 Rehoboth Beach, DE	2.0	2.0	858	$1,800	$2.10	21d	1	0.93mi
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	43d	1	0.93mi
107 Strawberry Way Rehoboth Beach, DE	3.0	2.0	1025	$2,750	$2.68	43d	1	1.00mi
300 Pebble Dr #318 Rehoboth Beach, DE	2.0	2.0	940	$1,800	$1.91	21d	1	1.00mi
32015 Azure Ave Rehoboth Beach, DE	1.0–3.0	1.0–2.0	1054	$2,095	$1.99	43d	1	1.43mi

HOA detail

• Monthly dues: $2 · $24/yr

Listing history 17 events

1. 2026-06-18
   days on market $94,900 Active 22 DOM
2. 2026-06-17
   days on market $94,900 Active 21 DOM
3. 2026-06-16
   days on market $94,900 Active 20 DOM
4. 2026-06-15
   days on market $94,900 Active 19 DOM
5. 2026-06-14
   days on market $94,900 Active 17 DOM
6. 2026-06-13
   days on market $94,900 Active 16 DOM
7. 2026-06-10
   days on market $94,900 Active 14 DOM
8. 2026-06-09
   pricedays on market $94,900 Active 13 DOM
9. 2026-06-08
   days on market $97,900 Active 12 DOM
10. 2026-06-07
    days on market $97,900 Active 11 DOM
11. 2026-06-05
    days on market $97,900 Active 8 DOM
12. 2026-06-03
    days on market $97,900 Active 7 DOM
13. 2026-06-02
    days on market $97,900 Active 6 DOM
14. 2026-06-01
    days on market $97,900 Active 5 DOM
15. 2026-05-31
    days on market $97,900 Active 4 DOM
16. 2026-05-30
    days on market $97,900 Active 3 DOM
17. 2026-05-27
    listed $97,900 Active

ⓘ 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: $26,942
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$2,155
• − Management: −$2,155
• − HOA: −$24
• − Depreciation: −$2,761
• Taxable income: $12,633
• Est. tax owed @ 24.0%: −$3,032
• After-tax cash flow: $10,358/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

1 event — show timeline

• 2026-05-27 Listed $97,900 BRIGHT MLS

Property tax history

-6.4%/yr

Latest (2025): $133 · -49.9% YoY. Source: county tax records.