33245 Tidewater Cv · Long Neck, DE 19966

$160,000

3 bd · 2.0 ba · 1,176 sqft · Manufactured public records · 101 Days on market

Built 2003 $136/sqft · 7% below area Est $160k · at est. $25/mo HOA · 1% of rent ↓ 5% since listing

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.4/15.0
• 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 MLS

Motivated sellers. .. Experience relaxed coastal living in this inviting 3‑bedroom, 2‑full‑bath home located in the sought‑after Pot‑Nets Lakeside community. Enjoy a cozy living room with fireplace and a peaceful screened‑in porch perfect for unwinding and taking in the outdoor sounds. The community offers multiple pools, nature trails freshwater ponds and lakes, community center and an active HOA with plenty of activities, making it easy to enjoy a fun, connected lifestyle. Comfort, charm, and coastal convenience all come together here. Low lot rent $900.01.

Key facts

• Screened in porch
• Cozy living room
• Active hoa

Tags

• COZY LIVING ROOM
• SCREENED IN PORCH
• MULTIPLE POOLS
• ACTIVE HOA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 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 33% 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($146k) 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 $145,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.2

CMA / ARV

• ARV (median comp): $159,802
• List price: $160,000
• Delta: 0.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $10,172
• Equity at exit: $23,857

10-year hold

• IRR: 15.3%
• Equity multiple: 2.24×
• Total profit: $55,472
• Equity at exit: $13,834

Cash invested: $44,800 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,148 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$25
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $566

Break-even live

Break-even rent $1,431

Max offer price $160,000

Occupancy floor 69%

Sensitivity live

Price	-10% $677	-5% $621	+0% $566	+5% $511	+10% $455
Rent	-10% $396	-5% $481	+0% $566	+5% $651	+10% $736
Rate	-1.0pp $647	-0.5pp $607	base $566	+0.5pp $525	+1.0pp $482

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	1.16mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: waterpool

Listing history 17 events

1. 2026-06-18
   days on market $160,000 Active 101 DOM
2. 2026-06-17
   days on market $160,000 Active 100 DOM
3. 2026-06-16
   days on market $160,000 Active 99 DOM
4. 2026-06-15
   days on market $160,000 Active 98 DOM
5. 2026-06-14
   days on market $160,000 Active 96 DOM
6. 2026-06-13
   days on market $160,000 Active 95 DOM
7. 2026-06-10
   days on market $160,000 Active 93 DOM
8. 2026-06-09
   days on market $160,000 Active 92 DOM
9. 2026-06-08
   days on market $160,000 Active 91 DOM
10. 2026-06-07
    pricedays on market $160,000 Active 90 DOM
11. 2026-06-02
    days on market $175,000 Active 85 DOM
12. 2026-06-01
    days on market $175,000 Active 84 DOM
13. 2026-05-31
    days on market $175,000 Active 83 DOM
14. 2026-05-30
    days on market $175,000 Active 82 DOM
15. 2026-05-05
    price $175,000 565-char remark

    Show marketing remark (565 chars)

    Motivated sellers. .. Experience relaxed coastal living in this inviting 3‑bedroom, 2‑full‑bath home located in the sought‑after Pot‑Nets Lakeside community. Enjoy a cozy living room with fireplace and a peaceful screened‑in porch perfect for unwinding and taking in the outdoor sounds. The community offers multiple pools, nature trails freshwater ponds and lakes, community center and an active HOA with plenty of activities, making it easy to enjoy a fun, connected lifestyle. Comfort, charm, and coastal convenience all come together here. Low lot rent $900.01.

16. 2026-04-23
    price $180,000 565-char remark

    Show marketing remark (565 chars)

    Motivated sellers. .. Experience relaxed coastal living in this inviting 3‑bedroom, 2‑full‑bath home located in the sought‑after Pot‑Nets Lakeside community. Enjoy a cozy living room with fireplace and a peaceful screened‑in porch perfect for unwinding and taking in the outdoor sounds. The community offers multiple pools, nature trails freshwater ponds and lakes, community center and an active HOA with plenty of activities, making it easy to enjoy a fun, connected lifestyle. Comfort, charm, and coastal convenience all come together here. Low lot rent $900.01.

17. 2026-03-09
    listed $185,000 Active 565-char remark

    Show marketing remark (565 chars)

    Motivated sellers. .. Experience relaxed coastal living in this inviting 3‑bedroom, 2‑full‑bath home located in the sought‑after Pot‑Nets Lakeside community. Enjoy a cozy living room with fireplace and a peaceful screened‑in porch perfect for unwinding and taking in the outdoor sounds. The community offers multiple pools, nature trails freshwater ponds and lakes, community center and an active HOA with plenty of activities, making it easy to enjoy a fun, connected lifestyle. Comfort, charm, and coastal convenience all come together here. Low lot rent $900.01.

ⓘ 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: $25,773
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$2,062
• − Management: −$2,062
• − HOA: −$300
• − Depreciation: −$4,655
• Taxable income: $4,533
• Est. tax owed @ 24.0%: −$1,088
• After-tax cash flow: $5,705/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

• 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

-5.4% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $175,000 BRIGHT MLS
• 2026-04-23 Price Changed $180,000 BRIGHT MLS
• 2026-03-09 Listed $185,000 BRIGHT MLS

Property tax history

-2.3%/yr

Latest (2025): $172 · -28.4% YoY. Source: county tax records.