29 W Reybold Dr #29 · Middletown, DE 19709

$60,000

2 bd · 1.0 ba · 1,000 sqft · SingleFamily · 41 Days on market

Built 1991 Good condition $60/sqft · 42% below area Est $104k · 42% under

---

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 +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

2-bedroom, 1-bath mobile home located in Middletown, DE, featuring recent updates to the kitchen and bathroom. The renovated kitchen offers refreshed cabinetry, countertops, and updated finishes, while the bathroom has been tastefully remodeled with modern touches. This home offers a functional layout with comfortable living space and plenty of potential for a new owner to add their own personal updates and finishing touches. Conveniently located near shopping, dining, and major routes, this property presents a great opportunity for affordable homeownership or investment in a desirable area.

Key facts

• Built 1991
• Listed 41 days

Property features AI

Finance

• Other: Improvement assessed at $58,200
• Financial info: Land lease: $930 monthly; 99 years of land lease remaining

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Estimated year built
• Construction: Vinyl siding; Above grade and below grade structures
• Exterior features: Ground rent exists (land lease); Annual ground rent income/expense applicable

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.1% vs local median 3.0% in Middletown — 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 71/100 on livability (#17 in DE) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living C-, commute F.
• Appoquinimink School District (rural): math 37% / reading 52% proficiency, ranked #6 of 26 in DE (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 451 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 3.91% ✓
• Cap rate: 35.09%
• Cash-on-cash: 102.84%
• DSCR: 5.58
• GRM: 2.1

CMA / ARV

• ARV (median comp): $103,925
• List price: $60,000
• Delta: -42.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 Village Dr Unit A620	0.34mi	3/2.0 (+1)	1,050 (+5%)	8mo	$68,000	$65	60
738 Cleaver Farms Rd	0.45mi	3/2.0 (+1)	1,080 (+8%)	1mo	$87,000	$81	56
308 New St	0.39mi	3/1.0 (+1)	1,128 (+13%)	1mo	$80,000	$71	54
726 Cleaver Farms Rd	0.42mi	3/2.0 (+1)	1,000 (0%)	21mo	$50,000	$50	54
403 New St	0.33mi	3/1.0 (+1)	1,150 (+15%)	2mo	$310,000	$270	53
111 Anderson St	0.75mi	3/1.0 (+1)	1,050 (+5%)	5mo	$310,000	$295	47
455 Alder Ave	0.39mi	3/2.0 (+1)	1,100 (+10%)	12mo	$55,000	$50	46

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 · 1.07% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.62×
• Total profit: $77,540
• Equity at exit: $8,946

10-year hold

• IRR: —
• Equity multiple: 11.01×
• Total profit: $168,087
• Equity at exit: $5,188

Cash invested: $16,800 (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 19709

• Home prices YoY: -21.4%
• Rents YoY: 1.1%
• Active inventory: 451
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,347 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $1,440

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,481	-5% $1,461	+0% $1,440	+5% $1,419	+10% $1,398
Rent	-10% $1,254	-5% $1,347	+0% $1,440	+5% $1,532	+10% $1,625
Rate	-1.0pp $1,470	-0.5pp $1,455	base $1,440	+0.5pp $1,424	+1.0pp $1,408

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 Naughty Ln Unit 404 Middletown, DE	3.0	3.0	1200	$2,600	$2.17	25d	1	1.31mi
407 Champs Ln Middletown, DE	2.0	2.5	1250	$2,000	$1.60	44d	1	1.34mi
132 Rosie Dr Middletown, DE	2.0	2.5	1450	$1,990	$1.37	21d	1	1.36mi

Listing history 17 events

1. 2026-06-18
   days on market $60,000 Active 41 DOM
2. 2026-06-17
   days on market $60,000 Active 40 DOM
3. 2026-06-16
   days on market $60,000 Active 39 DOM
4. 2026-06-15
   days on market $60,000 Active 38 DOM
5. 2026-06-13
   days on market $60,000 Active 36 DOM
6. 2026-06-09
   days on market $60,000 Active 32 DOM
7. 2026-06-08
   days on market $60,000 Active 31 DOM
8. 2026-06-07
   days on market $60,000 Active 30 DOM
9. 2026-06-04
   days on market $60,000 Active 27 DOM
10. 2026-06-03
    days on market $60,000 Active 26 DOM
11. 2026-06-02
    days on market $60,000 Active 25 DOM
12. 2026-06-01
    days on market $60,000 Active 24 DOM
13. 2026-05-31
    days on market $60,000 Active 23 DOM
14. 2026-05-08
    listed $60,000 Active 598-char remark
15. 2026-05-07
    historical $60,000 598-char remark
16. 2026-04-16
    historical
17. 2026-02-05
    listed $60,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,168
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$2,253
• − Management: −$2,253
• − Depreciation: −$1,745
• Taxable income: $17,355
• Est. tax owed @ 24.0%: −$4,165
• After-tax cash flow: $13,112/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

Good 75/100 Cosmetic rehab

This 2-bedroom, 1-bath mobile home in Middletown, DE, features recent updates to the kitchen and bathroom, making it move-in ready with good curb appeal and interior condition.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace ceiling fan in living room — A new ceiling fan improves comfort and adds a modern touch.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace ceiling fan in living room — A new ceiling fan improves comfort and adds a modern touch. ↑

ⓘ 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: Appoquinimink School District
• NCES district ID: 1000080
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $93,397
• Composite: 42.32/100
• National rank: #3256
• State rank: #6 of 26 in DE

Livability — Middletown

• Score: 71/100
• State rank: #17
• US rank: #6446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, DE
• County: New Castle County · 483,412 people
• City population: 53,234
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 53,234
• Household income: $132,956
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 268.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 23% Asian 7% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 5% Slovak 1% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.40%
• Current HPI: 317.1386
• Rent YoY: ▲ 1.07%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

4 events — show timeline

• 2026-05-08 Listed $60,000 BRIGHT MLS
• 2026-05-07 Coming Soon $60,000 BRIGHT MLS
• 2026-04-16 Listing Removed — BRIGHT MLS
• 2026-02-05 Listed $60,000 BRIGHT MLS