26552 River Breeze Dr · Long Neck, DE 19966

$234,000

3 bd · 2.0 ba · 1,436 sqft · Manufactured · 88 Days on market

Built 1988 0.50 ac lot $163/sqft · 21% below area Est $297k · 21% under $10/mo HOA ↓ 6% since listing

---

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 +27.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great summer place or year- round living with no land rent! This charming 3-bedroom 2 bath single wide home with added sun porch is located in the quaint neighborhood of River Breeze. Home is in very good condition on a nice quiet street. Home is nestled on a half-acre lot with a spacious yard. This property has multiple decks to relax! It's close to restaurants, shopping at the Outlets and many other amenities! You're only a short ride to the beach. This property is having many improvements done at present. They include: fresh paint throughout, new flooring, new vanity in front bath, front and rear decks painted, exterior power washed and the septic tank has been inspected and pumped.

Key facts

• 0.5 acre lot
• 4 parking spots
• Built 1988

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $234k.

Deal economics

• At list price, monthly cash flow is $719 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $234k).
• Recommended offer: $220k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.2% in Long Neck — 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 69/100 on livability (#30 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, schools F, amenities F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 865 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $2,970/mo this rent would consume 46% of the median local household income ($78k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $66k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $219,960 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.27% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.17%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $297,161
• List price: $234,000
• Delta: -21.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25818 Autumn Rd	0.74mi	3/2.0	1,500 (+4%)	10mo	$190,000	$127	50

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $7,924
• Equity at exit: $34,890

10-year hold

• IRR: 12.7%
• Equity multiple: 2.01×
• Total profit: $66,070
• Equity at exit: $20,232

Cash invested: $65,520 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,970 medium
• Mortgage (P&I): −$1,227
• Tax est. 1.5%: −$292 /mo · $3,510/yr
• Insurance: −$98
• HOA: −$10
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $719

Break-even live

Break-even rent $2,060

Max offer price $234,000

Occupancy floor 71%

Sensitivity live

Price	-10% $881	-5% $800	+0% $719	+5% $638	+10% $557
Rent	-10% $484	-5% $602	+0% $719	+5% $836	+10% $954
Rate	-1.0pp $837	-0.5pp $778	base $719	+0.5pp $658	+1.0pp $597

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: $58,500
• Closing costs: $7,020
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	14d	1	0.91mi
32082 Plaza Dr , DE	1.0–3.0	1.0–2.0	1169	$2,019	$1.73	21d	14	0.97mi

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 19 events

1. 2026-06-18
   days on market $234,000 Active 88 DOM
2. 2026-06-17
   days on market $234,000 Active 87 DOM
3. 2026-06-16
   days on market $234,000 Active 86 DOM
4. 2026-06-15
   days on market $234,000 Active 85 DOM
5. 2026-06-14
   days on market $234,000 Active 83 DOM
6. 2026-06-13
   days on market $234,000 Active 82 DOM
7. 2026-06-10
   days on market $234,000 Active 80 DOM
8. 2026-06-09
   days on market $234,000 Active 79 DOM
9. 2026-06-08
   days on market $234,000 Active 78 DOM
10. 2026-06-07
    days on market $234,000 Active 77 DOM
11. 2026-06-02
    days on market $234,000 Active 72 DOM
12. 2026-06-01
    days on market $234,000 Active 71 DOM
13. 2026-05-31
    days on market $234,000 Active 70 DOM
14. 2026-05-30
    days on market $234,000 Active 69 DOM
15. 2026-03-22
    listed $249,000 Active 694-char remark

    Show marketing remark (694 chars)

    Great summer place or year- round living with no land rent! This charming 3-bedroom 2 bath single wide home with added sun porch is located in the quaint neighborhood of River Breeze. Home is in very good condition on a nice quiet street. Home is nestled on a half-acre lot with a spacious yard. This property has multiple decks to relax! It's close to restaurants, shopping at the Outlets and many other amenities! You're only a short ride to the beach. This property is having many improvements done at present. They include: fresh paint throughout, new flooring, new vanity in front bath, front and rear decks painted, exterior power washed and the septic tank has been inspected and pumped.

16. 2026-02-27
    historical $249,000 694-char remark

    Show marketing remark (694 chars)

    Great summer place or year- round living with no land rent! This charming 3-bedroom 2 bath single wide home with added sun porch is located in the quaint neighborhood of River Breeze. Home is in very good condition on a nice quiet street. Home is nestled on a half-acre lot with a spacious yard. This property has multiple decks to relax! It's close to restaurants, shopping at the Outlets and many other amenities! You're only a short ride to the beach. This property is having many improvements done at present. They include: fresh paint throughout, new flooring, new vanity in front bath, front and rear decks painted, exterior power washed and the septic tank has been inspected and pumped.

17. 2025-12-31
    historical
18. 2025-09-30
    price $249,000
19. 2025-09-05
    listed $265,000 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: $35,637
• − Mortgage interest: −$13,108
• − Property taxes: −$3,510
• − Insurance: −$1,170
• − Repairs & maintenance: −$2,851
• − Management: −$2,851
• − HOA: −$120
• − Depreciation: −$6,807
• Taxable income: $5,220
• Est. tax owed @ 24.0%: −$1,253
• After-tax cash flow: $7,375/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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Long Neck

• Score: 69/100
• State rank: #30
• US rank: #8720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-6.0% since first listed

5 events — show timeline

• 2026-03-22 Listed $249,000 BRIGHT MLS
• 2026-02-27 Coming Soon $249,000 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-09-30 Price Changed $249,000 BRIGHT MLS
• 2025-09-05 Listed $265,000 BRIGHT MLS

Property tax history

-2.4%/yr

Latest (2025): $315 · -36.7% YoY. Source: county tax records.