26580 Driftwood Dr · Long Neck, DE 19966

$55,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 16 Days on market

Built 2004 174 ac lot

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

Listing remarks

Home features 3 beds, 2 full baths, country kitchen, 3 season room, oversized deck and partial fenced-in area for pets. Updates are needed. This home is perfect for a sweat equity project or a fix and flip. Priced below today’s value. Seller is motivated. * * interior photos coming soon * * If you want the relaxed beach lifestyle, Pot Nets offers private beaches, 5 pools, Tennis, basketball courts, beach volleyball, crabbing/fishing piers, baseball diamond (games every night 5 pm for kids) walking/golf cart trails, 24 hr. security patrol and 2 waterfront restaurants, Coveside offers a tennis court, playground, docks and direct access to Rehoboth Bay. Short distance to Delaware bea

Key facts

• 174.11 acre lot
• Community pool
• Built 2004

Property features AI

Finance

• Other: Not in a federal flood zone
• Financial info: Land lease payment: $1,040 monthly; Ground rent paid annually

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric service; Oil heating fuel
• Home design: Manufactured home; Land lease ownership
• Construction: Vinyl siding
• Exterior features: Community pool; Ground rent exists (paid annually)

Interior

• Kitchen: Eat-in kitchen; Kitchen island
• Bedrooms: 3 bedrooms on main level
• Bathrooms: 2 full bathrooms on main level; 2 full bathrooms total
• Heating & cooling: Electric cooling; Oil heating; Electric hot water
• Interior features: Ceiling fans; Combination kitchen and dining area; Eat-in kitchen; Kitchen island; Skylights

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 37.8% 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+, schools F, amenities 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.
• Market conditions: 870 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).
• This rent runs 35% 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 $380 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($54k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 4.10% ✓
• Cap rate: 37.78%
• Cash-on-cash: 112.47%
• DSCR: 6.00
• GRM: 2.0

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: 76.7%
• Equity multiple: 4.51×
• Total profit: $53,981
• Equity at exit: $8,201

10-year hold

• IRR: 80.4%
• Equity multiple: 9.36×
• Total profit: $128,797
• Equity at exit: $4,755

Cash invested: $15,400 (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: 2.0×

Monthly cashflow live

• Estimated rent: $2,253 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$23
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $983

Break-even live

Break-even rent $1,009

Max offer price $55,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,014	-5% $998	+0% $983	+5% $967	+10% $952
Rent	-10% $805	-5% $894	+0% $983	+5% $1,072	+10% $1,161
Rate	-1.0pp $1,011	-0.5pp $997	base $983	+0.5pp $969	+1.0pp $954

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	14d	1	1.06mi

Listing history 12 events

1. 2026-06-21
   days on market $55,000 Coming Soon 16 DOM
2. 2026-06-18
   days on market $55,000 Coming Soon 13 DOM
3. 2026-06-17
   days on market $55,000 Coming Soon 12 DOM
4. 2026-06-16
   days on market $55,000 Coming Soon 11 DOM
5. 2026-06-15
   days on market $55,000 Coming Soon 10 DOM
6. 2026-06-14
   days on market $55,000 Coming Soon 8 DOM
7. 2026-06-13
   days on market $55,000 Coming Soon 7 DOM
8. 2026-06-10
   days on market $55,000 Coming Soon 5 DOM
9. 2026-06-09
   days on market $55,000 Coming Soon 4 DOM
10. 2026-06-08
    days on market $55,000 Coming Soon 3 DOM
11. 2026-06-07
    remarks 693-char remark
12. 2026-06-07
    listed $55,000 Coming Soon 2 DOM

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

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $303 · $25/mo
• Projected year-2 tax: $311 · $26/mo
• Expected delta: +$8/yr (+$1/mo · 2.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 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: $27,038
• − Mortgage interest: −$3,081
• − Property taxes: −$303
• − Insurance: −$5,800
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − Depreciation: −$1,600
• Taxable income: $11,927
• Est. tax owed @ 24.0%: −$2,863
• After-tax cash flow: $8,933/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.

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

1 event — show timeline

• 2026-06-05 Coming Soon $55,000 BRIGHT MLS

Property tax history

-2.2%/yr

Latest (2025): $303 · -27.2% YoY. Source: county tax records.