26383 Jennifer Lee Dr #178 · Long Neck, DE 19966

$79,900

3 bd · 2.0 ba · 1,680 sqft · SingleFamily · 25 Days on market

Built 1989 Fair condition 4,356 sqft lot $48/sqft · 48% below area Est $154k · 48% 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 +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 +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Mariner’s Cove is the place to be if you are a boater, especially since this community has slips for rent, as well as a community boat ramp. Ideal for a vacationing. .. but this house spacious enough as a year-round residence. This 1,680 sq. ft. doublewide home sits on a premium corner lot. The living room has vaulted ceiling and it adjoins the sunroom, which has a sliding glass door into the enclosed 3-season porch. The eat-in kitchen has space for a dinette set & it has a little breakfast bar. Built-in shelving in the kitchen gives you space to store your cookbooks and small kitchen appliances. There is an electric range with a range hood, a dishwasher, and a fridge. The dinin

Key facts

• Premium corner lot
• Electric range
• Front and rear decks

Tags

• PREMIUM CORNER LOT
• ENCLOSED 3-SEASON PORCH
• BUILT-IN SHELVING
• ELECTRIC RANGE
• FRONT AND REAR DECKS
• BIG SHED

Property features AI

Finance

• Other: Located in a federal flood zone (AE); Accessible with 2+ access exits; Pets allowed (cats and dogs with number limits)
• Financial info: Monthly land lease payment; Annual ground rent listed among income/expense items
• HOA & community: Association amenities include boat ramp, community center, picnic area, outdoor pool, club house, exercise room, common grounds and water/lake privileges; Association fee covers common area maintenance, pier/dock maintenance, pools, recreation facilities, road maintenance and snow removal; Private roads with blacktop surface; Community managed by Equity LifeStyle Properties, Inc.

Exterior

• Parking: Concrete driveway; Driveway parking with four spaces (total garage and parking spaces: 4)
• Security: Insulated windows
• Utilities: Public water; Public sewer; 200+ amp electric service with 220 volts; Fiber optic, cable and satellite internet available
• Home design: Manufactured double-wide (Commodore); Estimated year built; Shingle roof; Entry and layout on main level; Land lease ownership interest (monthly land lease)
• Construction: Vinyl siding; Pillar/post/pier foundation
• Exterior features: Corner lot with cleared front yard; Deck(s) and enclosed porch; Private water access to a cove on Rehoboth Bay; Community in-ground fenced pool; Shed on the property; Above- and below-grade other structures noted

Interior

• Kitchen: Dishwasher; Electric oven/range; Range hood; Refrigerator; Eat-in kitchen
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced-air heating (electric); Central air conditioning; Ceiling fans; Electric hot water
• Interior features: Tub/shower and walk-in shower; Built-in storage; Ceiling fans; Dining area; Traditional floor plan; Eat-in kitchen; Primary bathroom; Window treatments; Paneled walls; Insulated, sliding glass and storm doors
• Laundry & utility: Washer and dryer in unit (dryer is electric); Has laundry on the main floor

🏷️ Possibly a rental listed for sale. The $79,900 price doesn't fit this home's estimated sale value (~$153,524) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $903 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.8% vs local median 3.4% 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+, amenities F, commute 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.
• Zoned schools: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• 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 37% 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 $552 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 3.03% ✓
• Cap rate: 26.77%
• Cash-on-cash: 73.13%
• DSCR: 4.25
• GRM: 2.7

CMA / ARV

• ARV (median comp): $153,524
• List price: $79,900
• Delta: -47.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26273 N Cove Dr #47846	0.12mi	3/2.0	1,624 (-3%)	9mo	$210,000	$129	81
26217 Cove Dr	0.17mi	3/2.0	1,567 (-7%)	2mo	$210,000	$134	80
35665 Knoll Way	0.16mi	3/2.0	1,792 (+7%)	9mo	$130,000	$73	74
35518 Joann Dr #137	0.09mi	2/— (-1)	1,484 (-12%)	3mo	$138,000	$93	69
35615 Knoll Way #43056	0.12mi	3/2.0	1,904 (+13%)	7mo	$215,000	$113	67
35536 E Harbor Dr #16911	0.69mi	3/2.0	1,700 (+1%)	2mo	$170,000	$100	64
35515 Knoll Way #56383	0.10mi	3/2.0	1,447 (-14%)	10mo	$210,000	$145	64
35593 Main St #36356	0.45mi	3/2.0	1,536 (-9%)	3mo	$75,000	$49	62
26406 Pine Cone Dr #155	0.64mi	3/2.0	1,768 (+5%)	5mo	$310,000	$175	58
34858 Gunnel Rd Unit E-639	0.73mi	3/2.0	1,716 (+2%)	7mo	$351,653	$205	56
27113 Clipper Rd #52505	0.74mi	3/2.0	1,484 (-12%)	8mo	$155,000	$104	39
26396 Pine Cone Dr Lot 152	0.65mi	2/2.0 (-1)	1,904 (+13%)	8mo	$235,000	$123	35

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: 46.1%
• Equity multiple: 3.01×
• Total profit: $44,886
• Equity at exit: $11,913

10-year hold

• IRR: 52.0%
• Equity multiple: 6.12×
• Total profit: $114,441
• Equity at exit: $6,908

Cash invested: $22,372 (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: 2.7×

Monthly cashflow live

• Estimated rent: $2,425 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $903

Break-even live

Break-even rent $1,282

Max offer price $79,900

Occupancy floor 58%

Sensitivity live

Price	-10% $958	-5% $931	+0% $903	+5% $875	+10% $848
Rent	-10% $711	-5% $807	+0% $903	+5% $999	+10% $1,095
Rate	-1.0pp $943	-0.5pp $923	base $903	+0.5pp $882	+1.0pp $861

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	45d	1	0.26mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	15d	1	0.29mi

Listing history 2 events

1. 2026-06-15
   status $79,900 Pending 25 DOM
2. 2026-05-04
   listed $79,900 Active 2487-char remark

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 19 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: $29,098
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$5,924
• − Repairs & maintenance: −$2,328
• − Management: −$2,328
• − Depreciation: −$2,324
• Taxable income: $10,519
• Est. tax owed @ 24.0%: −$2,525
• After-tax cash flow: $8,312/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 1,680 sq. ft. doublewide home in Mariner’s Cove requires moderate renovations to update the kitchen and paint the interior and exterior. The property has a good foundation and structure, and the location is ideal for both year-round and vacationing residents.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen appliances — outdated and in need of replacement
• Minor interior paint — peeling in some areas

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to both buyers and renters
• Both paint interior and exterior — fresh paint will improve curb appeal and interior aesthetics
• Both landscaping — improved landscaping will enhance curb appeal and attract more potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
interior paint · peeling in some areas	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to both buyers and renters ↑
• Both paint interior and exterior — fresh paint will improve curb appeal and interior aesthetics ↑
• Both landscaping — improved landscaping will enhance curb appeal and attract more potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

3 events — show timeline

• 2026-06-15 Pending — BRIGHT MLS
• 2026-05-29 Contingent — BRIGHT MLS
• 2026-05-04 Listed $79,900 BRIGHT MLS