26746 Castaway Cir #2880 · Long Neck, DE 19966

$149,000

3 bd · 2.0 ba · 1,624 sqft · SingleFamily · 8 Days on market

Built 2006 Est $192k · 22% under ↓ 40% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Welcome to your dream home at Lakeside, one of the gems in the Pot-Nets Communities! This stunning 3-bedroom, 2-bathroom home spans 1,640 sq ft and features an expansive kitchen with newer appliances, ample cabinetry, and vaulted ceilings adorned with skylights. The heart of the home is the spacious living area, perfect for entertaining friends and family. Retreat to the large primary bedroom, complete with an oversized closet and a beautifully renovated ensuite featuring floor-to-ceiling tiled shower, dual showerheads, and quartz counters. Enjoy outdoor living on the large side deck, ideal for grilling, or relax in the screened-in front porch. Plus, a 14x14 shed with power provides extra s

Key facts

• 6 parking spots
• Community pool
• Built 2006

Property features AI

Finance

• Other: Not in a federal flood zone; Lot/lot dimensions per assessor
• Financial info: Land lease payment of $1,083.18 per month; Ground rent paid annually; Approximately 3 years remaining on land lease
• HOA & community: Community in-ground pool; Land lease with monthly payment

Exterior

• Parking: Gravel driveway; Driveway parking with six spaces total
• Utilities: Public water; Public sewer; Electric hot water; 100 amp electrical service; Propane (leased) for heat
• Home design: Manufactured double-wide home; 28 ft by 60 ft; Vinyl siding; Architectural shingle roof; Pillar/post/pier foundation; Not winterized; Good overall condition; Land lease ownership (lease payments required)
• Construction: Vinyl siding construction; Architectural shingle roof; Pillar/post/pier foundation; Manufactured structure; Shed
• Exterior features: Split rail fencing; Community in-ground pool; Shed on property; Above- and below-grade other structures

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Self-cleaning oven; Stove; Refrigerator; Stainless steel appliances
• Bedrooms: Three bedrooms on the main level
• Flooring: Laminate plank flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Propane (leased) heating; Electric cooling; 100 amp electric service
• Interior features: Walk-in shower in bathroom; Breakfast area; Built-in shelving/storage; Ceiling fans; Combination kitchen and dining area; Crown molding; Window treatments; Partially furnished
• Laundry & utility: Washer and dryer; Main-floor laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Cap rate 14.5% 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: 870 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).
• This rent runs 40% of the median local income ($78k/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 $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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $149,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.74% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.45%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $191,632
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26656 Castaway Cir #52344	0.12mi	3/2.0	1,680 (+3%)	8mo	$199,000	$118	82
32935 Mimosa Cv	0.26mi	3/2.0	1,680 (+3%)	4mo	$280,000	$167	79
26496 Launch Cv #2947	0.29mi	3/2.0	1,680 (+3%)	5mo	$100,000	$60	77
33361 Nannyberry Cv #2601	0.52mi	3/2.0	1,680 (+3%)	2mo	$166,000	$99	68
33284 High Bush #2662	0.34mi	3/2.0	1,488 (-8%)	6mo	$198,897	$134	65
26300 Timbercreek Ln	0.43mi	3/2.0	1,775 (+9%)	2mo	$439,690	$248	63
32685 Seaview Loop	0.52mi	2/2.0 (-1)	1,734 (+7%)	1mo	$385,000	$222	59
32912-LOT # 3167 Tern Cv	0.35mi	3/2.0	1,855 (+14%)	3mo	$430,779	$232	58
33318 Lakeshore Cir #2763	0.43mi	3/2.0	1,782 (+10%)	8mo	$205,000	$115	58
33239 Tidewater Cv #2678	0.28mi	3/2.0	1,400 (-14%)	8mo	$119,000	$85	57
33246 Oakwood Cv #47472	0.36mi	3/2.0	1,388 (-14%)	8mo	$160,000	$115	52
26294 Creekwood Cir #2631	0.51mi	3/2.0	1,848 (+14%)	2mo	$208,000	$113	51

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: 23.9%
• Equity multiple: 1.99×
• Total profit: $41,099
• Equity at exit: $22,216

10-year hold

• IRR: 31.8%
• Equity multiple: 3.87×
• Total profit: $119,909
• Equity at exit: $12,883

Cash invested: $41,720 (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: 870
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,599 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,024

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,127	-5% $1,075	+0% $1,024	+5% $972	+10% $921
Rent	-10% $818	-5% $921	+0% $1,024	+5% $1,126	+10% $1,229
Rate	-1.0pp $1,099	-0.5pp $1,062	base $1,024	+0.5pp $985	+1.0pp $946

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	22d	1	1.10mi
22140 Shorebird Way Millsboro, DE	4.0	2.5	1906	$3,000	$1.57	45d	1	1.28mi

Listing history 7 events

1. 2026-06-21
   days on market $149,000 Active 8 DOM
2. 2026-06-18
   days on market $149,000 Active 5 DOM
3. 2026-06-17
   days on market $149,000 Active 4 DOM
4. 2026-06-16
   days on market $149,000 Active 3 DOM
5. 2026-06-15
   days on market $149,000 Active 2 DOM
6. 2026-06-14
   remarks 699-char remark
7. 2026-06-14
   listed $149,000 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $31,192
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,495
• − Management: −$2,495
• − Depreciation: −$4,335
• Taxable income: $10,540
• Est. tax owed @ 24.0%: −$2,530
• After-tax cash flow: $9,756/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

• Census place: Long Neck, DE
• 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

-40.2% since first listed

9 events — show timeline

• 2026-06-13 Listed $149,000 BRIGHT MLS
• 2026-05-04 Listing Removed — BRIGHT MLS
• 2026-03-29 Contingent — BRIGHT MLS
• 2026-03-14 Price Changed $189,000 BRIGHT MLS
• 2026-03-14 Relisted — BRIGHT MLS
• 2026-02-18 Pending — BRIGHT MLS
• 2026-01-06 Price Changed $200,000 BRIGHT MLS
• 2025-12-11 Price Changed $229,000 BRIGHT MLS
• 2025-10-11 Listed $249,000 BRIGHT MLS