26556 Wharfside Cv #3027 · Long Neck, DE 19966

$170,000

3 bd · 2.5 ba · 1,680 sqft · Manufactured · 31 Days on market

Manufactured home Built 1995 Good condition

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your dream coastal retreat! This charming 3-bedroom, 2.5-bath home boasts just under 1,700 square feet of comfortable living space, perfectly situated on a beautiful corner lot adorned with mature trees. Step inside to discover a cozy living room and a den that seamlessly flows off the kitchen, where you can enjoy casual meals at the countertop that comfortably accommodates two barstools. With two inviting decks, you’ll have plenty of outdoor space to soak up the sun or host gatherings with all of your friends. The home is available partially furnished, making it easy for you to settle in and start enjoying your new lifestyle right away. Imagine sipping your morning coffee

Key facts

• Spacious shed
• Florida room
• Swimming pool

Tags

• CORNER LOT
• DEN OFF KITCHEN
• TWO DECKS
• FLORIDA ROOM
• SPACIOUS SHED
• SWIMMING POOL

Property features AI

Finance

• Other: Ground rent paid annually
• Financial info: Monthly land lease: $990 (approximately 10 years remaining)
• HOA & community: Community pool; Potnets Lakeside park

Exterior

• Parking: Driveway parking; Two driveway spaces (total 2 parking spaces)
• Utilities: Public water; Public sewer; Electric available; Propane available; Cable TV available; Electric hot water
• Home design: Manufactured home; Single wide (28' x 60'); Vinyl siding; Asbestos shingle roof; Land lease ownership; Building not winterized
• Construction: Vinyl siding construction; Asbestos shingle roof; Manufactured structure; Above-grade other structures (shed)
• Exterior features: Community pool; Shed; Ground rent exists (annual payment; 10 years remaining)

Interior

• Kitchen: Dishwasher; Microwave; Gas range/oven; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Laminate; Partially carpeted
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: 90% efficient forced air heating; Propane (leased) heating fuel; Central air conditioning (electric); 100 amp electrical service
• Interior features: Jetted tub in bathroom; Ceiling fans; Family room off the kitchen; Traditional floor plan; Drywall walls and ceilings; Entry-level bedroom
• Laundry & utility: Washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (0.4% below list).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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+, 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: 871 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

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 $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.00% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.9%
• Equity multiple: 0.64×
• Total profit: $-17,167
• Equity at exit: $25,348

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,511
• Equity at exit: $14,698

Cash invested: $47,600 (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: 871
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,693 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $163

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 85%

Sensitivity live

Price	-10% $280	-5% $221	+0% $163	+5% $104	+10% $45
Rent	-10% $29	-5% $96	+0% $163	+5% $229	+10% $296
Rate	-1.0pp $248	-0.5pp $206	base $163	+0.5pp $119	+1.0pp $74

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	23d	1	1.20mi

Listing history 17 events

1. 2026-06-23
   days on market $170,000 Active 31 DOM
2. 2026-06-21
   days on market $170,000 Active 30 DOM
3. 2026-06-18
   days on market $170,000 Active 27 DOM
4. 2026-06-17
   days on market $170,000 Active 26 DOM
5. 2026-06-16
   days on market $170,000 Active 25 DOM
6. 2026-06-15
   days on market $170,000 Active 24 DOM
7. 2026-06-14
   days on market $170,000 Active 22 DOM
8. 2026-06-13
   days on market $170,000 Active 21 DOM
9. 2026-06-10
   days on market $170,000 Active 19 DOM
10. 2026-06-09
    days on market $170,000 Active 18 DOM
11. 2026-06-08
    days on market $170,000 Active 17 DOM
12. 2026-06-07
    days on market $170,000 Active 16 DOM
13. 2026-06-02
    days on market $170,000 Active 11 DOM
14. 2026-06-01
    days on market $170,000 Active 10 DOM
15. 2026-05-31
    days on market $170,000 Active 9 DOM
16. 2026-05-30
    days on market $170,000 Active 8 DOM
17. 2026-05-22
    listed $170,000 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 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: $20,315
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − Depreciation: −$4,945
• Taxable loss: −$803
• Est. tax savings @ 24.0%: +$193
• After-tax cash flow: $2,144/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 · 15 photos

Good 75/100 Cosmetic rehab

This charming 3-bedroom home is in good condition with cosmetic updates needed for a fresh look and increased value.

Repairs flagged

• Minor landscaping — some overgrown areas

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace carpet — improves comfort and value
• Both update kitchen cabinets — modernizes space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
landscaping · some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace carpet — improves comfort and value ↑
• Both update kitchen cabinets — modernizes space and adds value ↑

ⓘ 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

• 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

1 event — show timeline

• 2026-05-22 Listed $170,000 BRIGHT MLS