126 Cobble Creek Curv #126

Glasgow, DE 19702

$185,000C

2 bd · 1.5 ba · 1,150 sqft · Built 1988 · Townhouse · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,044/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$150
• Vac / Maint / Mgmt: −$429
• Net cashflow: $187/mo
• Annual: $2,239/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• 1% rule: 1.11%
• Cash to close: $51,800

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $185k. Condition is rated average.
• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#4 in DE, #3,151 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Christina School District (suburban): math 22% / reading 33% proficiency, ranked #18 of 26 in DE (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Brader (Henry M.) Elementary School (math 22% / reading 27%, grade F, #67 of 105 statewide, top 65%, 323 students, 0% FRL); Gauger-Cobbs Middle School (math 11% / reading 26%, grade F, #30 of 36 statewide, top 86%, 779 students, 0% FRL); Glasgow High School (math 8% / reading 17%, grade F, #36 of 40 statewide, top 90%, 895 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.2%/yr); 154 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 3.5% in Glasgow — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: kitchen appliances — outdated and in need of replacement
• Moderate: bathroom vanity — basic and in need of updating