10667 Heritage Rd · Milford, DE 19960

$250,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 1 Days on market

Built 2000 0.52 ac lot

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Why this score? — see what drove the D+ 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 +12.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 10667 Heritage Road! Situated on nearly half an acre with no HOA restrictions, this 3-bedroom, 2-bath home offers an affordable opportunity for first-time home buyers, investors, or those searching for a weekend retreat near Delaware's beautiful beaches. Inside, you'll find 1,344 square feet of comfortable living space with a functional layout designed for everyday living. When you first enter the home, you'll step inside to the open family room with a wood burning fireplace, perfect for gathering with loved ones regardless of the season. The primary bedroom offers a spacious ensuite bathroom with a shower, tub, and laundry space. At the other end of the home, you'll find 2 addit

Key facts

• Wooded backdrop
• No hoa restrictions
• Rear deck

Tags

• WOOD BURNING FIREPLACE
• REAR DECK
• WOODED BACKDROP
• NO HOA RESTRICTIONS

Property features AI

Exterior

• Parking: Circular driveway; Paved driveway; Driveway / off-street parking
• Utilities: Well water; Gravity septic field; Electric hot water; Electric cooling
• Home design: Manufactured home; Estimated year built; Single-level living (rooms listed include kitchen and family room)
• Construction: Modular/Manufactured construction with vinyl siding; Block foundation with crawl space; Asphalt shingle roof; Insulated windows
• Exterior features: Deck(s); Partly wooded lot

Interior

• Kitchen: Dishwasher; Gas oven/range; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Partially carpeted; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Space heater; Propane (leased) heating fuel; Central A/C (electric)
• Interior features: Breakfast area; Ceiling fan(s); Walk-in closet(s); Family room
• Laundry & utility: Washer; Dryer (electric); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $-42 ($-507/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (14.7% below list).
• Recommended offer: $213k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.7% in Milford — 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 (#61 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute 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.
• Zoned schools: H. O. Brittingham Elementary School (math 37% / reading 52%, grade F, #18 of 105 statewide, top 18%, 484 students, 0% FRL); Mariner Middle School (math 32% / reading 48%, grade F, #7 of 36 statewide, top 17%, 664 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 88 active listings in the ZIP; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $50k; list at $250k implies a 400% 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,350 (14.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.85% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 23.8%
• Equity multiple: 2.91×
• Total profit: $133,499
• Equity at exit: $225,220

10-year hold

• IRR: 21.1%
• Equity multiple: 6.65×
• Total profit: $395,312
• Equity at exit: $485,695

Cash invested: $70,000 (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 19960

• Home prices YoY: 23.9%
• Active inventory: 88
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,134 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-42

Break-even live

Break-even rent $2,187

Max offer price $243,889

Occupancy floor 97%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-19
   status $250,000 Active 1 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $250,000 Coming Soon 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°F today · 17 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: $25,602
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,048
• − Management: −$2,048
• − Depreciation: −$7,273
• Taxable loss: −$4,771
• Est. tax savings @ 24.0%: +$1,145
• After-tax cash flow: $638/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 — Milford

• Score: 62/100
• State rank: #61
• US rank: #16211

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,083

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 61% Black 23% Hispanic / Latino 14% Two or more races 10%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Italian 4% Scandinavian 2% Romanian 2%
• Foreign-born: 12% · Canada
• Languages at home: 82% English-only · Spanish 14% Other Indo-European 2% Other Asian/Pacific 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: ▲ 71.02%
• Current HPI: 367.6248
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+400.0% since first listed

5 events — show timeline

• 2026-06-18 Coming Soon $250,000 BRIGHT MLS
• 2014-08-22 Listing Removed — BRIGHT MLS
• 2011-03-18 Listed $134,900 BRIGHT MLS
• 2004-09-02 Sold (Public Records) $50,000 Public Records
• 2004-09-01 Sold (Public Records) $50,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $477 · -35.1% YoY. Source: county tax records.