205 Long Neck Cir · Long Neck, DE 19966

$309,900

3 bd · 2.0 ba · 1,674 sqft · Manufactured · 129 Days on market

Built 2003 7,405 sqft lot $13/mo HOA

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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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• 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

GREAT LOCATION, LOW HOA FEES & NO GROUND RENT! Welcome to this 3 bedroom, 2 bath, modern & beautifully maintained home in the established community of the Pines at Long Neck. Featuring plenty of room with: 2 living rooms, a large kitchen, a private primary suite & 2 additional guest rooms - and mostly furnished, too! Relax on the secluded screened porch, or rear deck, and have plenty of room to store your beach necessities & yard equipment in the included shed out back! Recent improvements include: a recently replaced HVAC system and a roof that's only 3 years old! Surrounded by mature trees providing a quiet, country like setting - all while being close to Lewes &a

Key facts

• Low hoa fees
• Included shed
• Large kitchen

Tags

• LOW HOA FEES
• SECLUDED SCREENED PORCH
• LARGE KITCHEN
• PRIVATE PRIMARY SUITE
• INCLUDED SHED
• MATURE TREES

Property features AI

Finance

• HOA & community: HOA fee of $150 annually

Exterior

• Parking: Driveway
• Security: Window screens
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Level entry to main floor
• Construction: Vinyl siding; Architectural shingle roof; Above-grade and below-grade structures
• Exterior features: Deck(s); Porch(es), including screened porch; Shed; Landscaped lot

Interior

• Kitchen: Dishwasher; Microwave; Electric range/oven; Range hood; Refrigerator; Exhaust fan
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: Two full bathrooms on the main level; Two full bathrooms total
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric)
• Interior features: Soaking tub; Walk-in shower in bathroom; Ceiling fans; Combination kitchen and dining area; Family room off the kitchen; Master bathroom; Walk-in closets; Window treatments; Partially furnished; Storm door(s)
• Laundry & utility: Washer and dryer on the main floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $310k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $310k).
• Recommended offer: $273k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: 865 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $3,140/mo this rent would consume 48% of the median local household income ($78k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 129 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $27k; list at $310k implies a 1052% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $272,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.50%
• DSCR: 1.20
• GRM: 8.2

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-29,418
• Equity at exit: $46,207

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $1,318
• Equity at exit: $26,794

Cash invested: $86,772 (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: 865
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,140 medium
• Mortgage (P&I): −$1,625
• Tax est. 1.5%: −$387 /mo · $4,648/yr
• Insurance: −$129
• HOA: −$13
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $326

Break-even live

Break-even rent $2,727

Max offer price $309,900

Occupancy floor 85%

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	13d	1	0.50mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	20d	1	1.12mi
24850 Rivers Edge Rd Millsboro, DE	3.0	2.5	2069	$2,300	$1.11	43d	1	1.45mi

HOA detail

• Monthly dues: $13 · $156/yr

Listing history 10 events

1. 2026-05-01
   historical Active Under Contract
2. 2026-03-09
   price $309,900
3. 2026-03-09
   status Active
4. 2026-01-22
   historical
5. 2026-01-13
   historical Active Under Contract
6. 2025-12-02
   status Active
7. 2025-10-21
   historical Active Under Contract
8. 2025-10-05
   price $315,000
9. 2025-09-17
   listed $324,900 Active
10. 2001-03-12
    soldstatus $26,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $37,676
• − Mortgage interest: −$17,359
• − Property taxes: −$4,648
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,014
• − Management: −$3,014
• − HOA: −$156
• − Depreciation: −$9,015
• Taxable loss: −$1,081
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $4,168/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

+1052.0% since first listed

10 events — show timeline

• 2026-05-01 Contingent — BRIGHT MLS
• 2026-03-09 Price Changed $309,900 BRIGHT MLS
• 2026-03-09 Relisted — BRIGHT MLS
• 2026-01-22 Listing Removed — BRIGHT MLS
• 2026-01-13 Contingent — BRIGHT MLS
• 2025-12-02 Relisted — BRIGHT MLS
• 2025-10-21 Contingent — BRIGHT MLS
• 2025-10-05 Price Changed $315,000 BRIGHT MLS
• 2025-09-17 Listed $324,900 BRIGHT MLS
• 2001-03-12 Sold (Public Records) $26,900 Public Records

Property tax history

+1.0%/yr

Latest (2025): $581 · -7.8% YoY. Source: county tax records.