27284 Cottage Rd #9182 · Long Neck, DE 19966

$64,000

2 bd · 1.0 ba · 930 sqft · Manufactured · 92 Days on market

Manufactured home Built 1975 Fair condition 332 ac lot Garage $69/sqft · 34% below area Est $97k · 34% under $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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.3

Listing remarks

FREE Lot rent till the end of the year. Coastal living meets quiet, wooded privacy in White House Beach. This well‑kept 2‑bedroom, 1‑bath single‑wide sits on a beautiful, tree‑lined lot that offers rare tranquility just minutes from the bay. Enjoy your mornings and evenings on the large screened‑in porch, perfect for relaxing, dining, or taking in the natural surroundings without the bugs. Inside, the home offers an efficient layout with a comfortable living area, functional kitchen, and two cozy bedrooms.

Key facts

• Functional kitchen
• Tree lined lot
• 332.36 acre lot

Tags

• TREE LINED LOT
• LARGE SCREENED IN PORCH
• FUNCTIONAL KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $64k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $58k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 4.1% 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); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 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: 999 active listings in the ZIP; 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 $442 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 $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,240 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.16% ✓
• Cap rate: 18.45%
• Cash-on-cash: 43.42%
• DSCR: 2.93
• GRM: 3.9

CMA / ARV

• ARV (median comp): $97,257
• List price: $64,000
• Delta: -34.20%
• 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
27412 Grove Circle Rd	0.20mi	3/1.0 (+1)	910 (-2%)	6mo	$138,500	$152	78
35547 Main St	1.39mi	2/1.0	950 (+2%)	1mo	$72,000	$76	60
34053 Village Way Unit E-996	1.40mi	3/2.0 (+1)	912 (-2%)	1mo	$112,000	$123	52
35487 Joann Dr	0.90mi	3/1.0 (+1)	900 (-3%)	4mo	$54,000	$60	51
34984 Sea Waye Ln	0.81mi	2/1.0	840 (-10%)	0mo	$49,000	$58	49
36331 Rabbit Run	1.44mi	3/1.5 (+1)	980 (+5%)	3mo	$43,000	$44	47
35469 Joann Dr	0.88mi	2/1.0	840 (-10%)	4mo	$30,500	$36	46
35716 E River Dr Unit A22	0.64mi	3/2.0 (+1)	1,012 (+9%)	4mo	$340,000	$336	43
35262 7th St	0.95mi	2/2.0	1,132 (+22%)	2mo	$98,000	$87	34
26539 Cattail Ln	1.06mi	3/2.0 (+1)	1,152 (+24%)	0mo	$118,000	$102	31
34144 Indian Cabin Creek Rd #259	1.07mi	3/2.0 (+1)	1,068 (+15%)	5mo	$95,000	$89	27
34056 Village Way	1.41mi	3/2.0 (+1)	1,136 (+22%)	7mo	$155,900	$137	25

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: 2.8%
• Equity multiple: 1.11×
• Total profit: $1,906
• Equity at exit: $9,543

10-year hold

• IRR: 12.7%
• Equity multiple: 2.02×
• Total profit: $18,314
• Equity at exit: $5,534

Cash invested: $17,920 (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 →

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Median asking: $94,950 ($109/sqft)
• Median days on market: 157 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: -3.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,383 medium
• Mortgage (P&I): −$336
• Tax est. 1.5%: −$80 /mo · $960/yr
• Insurance: −$27
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $188

Break-even live

Break-even rent $1,145

Max offer price $64,000

Occupancy floor 81%

Sensitivity live

Price	-10% $232	-5% $210	+0% $188	+5% $166	+10% $144
Rent	-10% $79	-5% $133	+0% $188	+5% $243	+10% $297
Rate	-1.0pp $220	-0.5pp $204	base $188	+0.5pp $171	+1.0pp $155

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: $16,000
• Closing costs: $1,920
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Federal flood zone AENavigable waterWater body: Indian River Bay
• Financial info: Land lease amount $901 annually (approximately 1 year remaining)
• HOA & community: HOA/association fee $25 annuallyProperty manager presentPark name: White House BeachLocation: Outside city limits; between Rt 1 & 113; blacktop road

Exterior

• Parking: Driveway parking (2 spaces)Off-street parking (total 2 garage/parking spaces reported)
• Utilities: Public waterPublic sewerCable TV availablePhone service
• Home design: Manufactured homeSingle-story (1 floor)Main entrance faces southLand lease ownership
• Construction: Vinyl sidingBatts insulationAsphalt roofLow-E, vinyl-clad windowsEstimated year built
• Exterior features: Deck(s)Patio(s)Enclosed and screened outdoor living areasShedSide yard(s)Rear yardTrees/woodedWater view (Indian River Bay)Water access with private access for boating, canoe/kayak, fishing, personal watercraft

Interior

• Kitchen: Electric oven/rangeRefrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: LaminateVinyl
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (90% efficiency)Oil-fired heatingCentral A/C (electric)220 volt electrical serviceElectric hot water
• Interior features: Tub/showerBreakfast areaCeiling fan(s)Combination dining/living areaCombination kitchen/dining areaPaneled walls
• Laundry & utility: WasherElectric dryerHas laundry area

Listing history 50 events

1. 2026-08-08
   days on market $64,000 Active 92 DOM
2. 2026-08-07
   days on market $64,000 Active 91 DOM
3. 2026-08-06
   days on market $64,000 Active 90 DOM
4. 2026-08-05
   days on market $64,000 Active 89 DOM
5. 2026-08-04
   days on market $64,000 Active 88 DOM
6. 2026-08-03
   days on market $64,000 Active 87 DOM
7. 2026-07-31
   days on market $64,000 Active 84 DOM
8. 2026-07-29
   days on market $64,000 Active 82 DOM
9. 2026-07-27
   days on market $64,000 Active 80 DOM
10. 2026-07-25
    days on market $64,000 Active 78 DOM
11. 2026-07-24
    days on market $64,000 Active 77 DOM
12. 2026-07-23
    days on market $64,000 Active 76 DOM
13. 2026-07-22
    days on market $64,000 Active 75 DOM
14. 2026-07-21
    days on market $64,000 Active 74 DOM
15. 2026-07-18
    pricedays on market $64,000 Active 71 DOM
16. 2026-07-16
    days on market $59,900 Active 69 DOM
17. 2026-07-16
    days on market $59,900 Active 68 DOM
18. 2026-07-13
    days on market $59,900 Active 66 DOM
19. 2026-07-12
    days on market $59,900 Active 65 DOM
20. 2026-07-11
    pricedays on market $59,900 Active 64 DOM
21. 2026-07-10
    days on market $69,500 Active 63 DOM
22. 2026-07-09
    days on market $69,500 Active 62 DOM
23. 2026-07-08
    days on market $69,500 Active 61 DOM
24. 2026-07-07
    days on market $69,500 Active 60 DOM
25. 2026-07-06
    days on market $69,500 Active 59 DOM
26. 2026-07-05
    days on market $69,500 Active 58 DOM
27. 2026-07-04
    days on market $69,500 Active 57 DOM
28. 2026-07-03
    days on market $69,500 Active 56 DOM
29. 2026-07-02
    days on market $69,500 Active 55 DOM
30. 2026-07-01
    days on market $69,500 Active 54 DOM
31. 2026-06-30
    days on market $69,500 Active 53 DOM
32. 2026-06-29
    days on market $69,500 Active 52 DOM
33. 2026-06-28
    days on market $69,500 Active 51 DOM
34. 2026-06-28
    days on market $69,500 Active 50 DOM
35. 2026-06-27
    days on market $69,500 Active 49 DOM
36. 2026-06-25
    days on market $69,500 Active 47 DOM
37. 2026-06-23
    days on market $69,500 Active 45 DOM
38. 2026-06-21
    days on market $69,500 Active 44 DOM
39. 2026-06-18
    days on market $69,500 Active 41 DOM
40. 2026-06-17
    days on market $69,500 Active 40 DOM
41. 2026-06-16
    days on market $69,500 Active 39 DOM
42. 2026-06-15
    days on market $69,500 Active 38 DOM
43. 2026-06-14
    days on market $69,500 Active 36 DOM
44. 2026-06-13
    days on market $69,500 Active 35 DOM
45. 2026-06-10
    days on market $69,500 Active 33 DOM
46. 2026-06-09
    days on market $69,500 Active 32 DOM
47. 2026-06-08
    days on market $69,500 Active 31 DOM
48. 2026-06-07
    days on market $69,500 Active 30 DOM
49. 2026-06-02
    days on market $69,500 Active 25 DOM
50. 2026-06-01
    days on market $69,500 Active 24 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 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $16,598
• − Mortgage interest: −$3,585
• − Property taxes: −$960
• − Insurance: −$5,845
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − HOA: −$24
• − Depreciation: −$1,862
• Taxable income: $1,666
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $1,856/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 · 1 photo

Fair 45/100 Moderate rehab Est. rehab $23,250–$41,850 screening

This manufactured home requires moderate repairs and maintenance to improve its condition and increase its value for resale or rental.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major exterior paint — Peeling paint
• Major porch flooring — Worn-out and uneven
• Major interior walls — Visible wear and tear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both repair porch flooring — Improves functionality and aesthetics ↑
• Both repair interior walls — Enhances interior condition and resale value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 34/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Indian River High School F DE #10/40 Nat'l #7,572/17,239

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

C Composite livability gradescore 69/100

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 · 248,853 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: 5% of renters

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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%

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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%

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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

Property features AI

Finance

• Other: Federal flood zone AENavigable waterWater body: Indian River Bay
• Financial info: Land lease amount $901 annually (approximately 1 year remaining)
• HOA & community: HOA/association fee $25 annuallyProperty manager presentPark name: White House BeachLocation: Outside city limits; between Rt 1 & 113; blacktop road

Exterior

• Parking: Driveway parking (2 spaces)Off-street parking (total 2 garage/parking spaces reported)
• Utilities: Public waterPublic sewerCable TV availablePhone service
• Home design: Manufactured homeSingle-story (1 floor)Main entrance faces southLand lease ownership
• Construction: Vinyl sidingBatts insulationAsphalt roofLow-E, vinyl-clad windowsEstimated year built
• Exterior features: Deck(s)Patio(s)Enclosed and screened outdoor living areasShedSide yard(s)Rear yardTrees/woodedWater view (Indian River Bay)Water access with private access for boating, canoe/kayak, fishing, personal watercraft

Interior

• Kitchen: Electric oven/rangeRefrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: LaminateVinyl
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (90% efficiency)Oil-fired heatingCentral A/C (electric)220 volt electrical serviceElectric hot water
• Interior features: Tub/showerBreakfast areaCeiling fan(s)Combination dining/living areaCombination kitchen/dining areaPaneled walls
• Laundry & utility: WasherElectric dryerHas laundry area

Price history

+54.4% since first listed

23 events — show timeline

• 2026-05-18 Relisted — BRIGHT MLS
• 2026-05-15 Pending — BRIGHT MLS
• 2026-05-12 Listing Removed — BRIGHT MLS
• 2026-05-02 Listed $69,500 BRIGHT MLS
• 2024-05-10 Listing Removed — BRIGHT MLS
• 2024-03-04 Price Changed $95,900 BRIGHT MLS
• 2024-02-07 Listed $99,999 BRIGHT MLS
• 2024-01-20 Coming Soon — BRIGHT MLS
• 2023-05-10 Sold (MLS) $55,900 BRIGHT MLS
• 2023-05-03 Contingent — BRIGHT MLS
• 2023-04-18 Relisted — BRIGHT MLS
• 2023-04-06 Pending — BRIGHT MLS
• 2023-03-24 Listed $59,900 BRIGHT MLS
• 2023-03-21 Coming Soon $59,900 BRIGHT MLS
• 2021-04-29 Sold (MLS) $45,000 BRIGHT MLS
• 2021-04-21 Contingent — BRIGHT MLS
• 2021-04-07 Relisted — BRIGHT MLS
• 2021-03-27 Contingent — BRIGHT MLS
• 2021-02-12 Relisted — BRIGHT MLS
• 2021-01-26 Contingent — BRIGHT MLS
• 2021-01-08 Relisted — BRIGHT MLS
• 2020-12-15 Pending — BRIGHT MLS
• 2020-11-19 Listed $45,000 BRIGHT MLS