35564 Sussex Ln · Millsboro, DE 19966

$69,000

2 bd · 2.0 ba · 1,316 sqft · Manufactured · 121 Days on market

Manufactured home Built 1980 Fair condition 4,356 sqft lot Garage $52/sqft · 45% below area Est $125k · 45% under $3/mo HOA ↓ 14% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.3

Listing remarks

JUST IN TIME FOR SUMMER! Welcome to Mariners Cove, a warm and inviting community where coastal charm meets everyday comfort. This 2-bedroom, 2-bath home offers a bright and spacious main living area with vaulted ceilings and an abundance of natural light, creating an open and airy feel throughout. A versatile second living room provides the perfect opportunity for a home office, guest space, or potential third bedroom. Enjoy summer days and evenings on the large porch—perfect for entertaining or simply relaxing while taking in the refreshing bay breeze. With a little TLC, this home presents a fantastic opportunity to add your personal touch and build equity.

Key facts

• Brand new roof
• Natural light
• Large porch

Tags

• VAULTED CEILINGS
• NATURAL LIGHT
• VERSATILE SECOND LIVING ROOM
• LARGE PORCH
• BRAND NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $69k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 3.4% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, commute 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.
• Zoned schools: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 999 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 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 $19k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($61k) 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 2.14% ✓
• Cap rate: 19.39%
• Cash-on-cash: 46.76%
• DSCR: 3.08
• GRM: 3.9

CMA / ARV

• ARV (median comp): $124,886
• List price: $69,000
• Delta: -44.75%
• 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
35468 Joann Dr #11511	0.20mi	3/1.0 (+1)	1,260 (-4%)	13mo	$52,000	$41	64
27287 Seabreeze Rd #5643	0.94mi	2/2.0	1,320 (+0%)	7mo	$125,000	$95	58
35317 Fishermans Rd #5751	0.83mi	2/1.5	1,300 (-1%)	20mo	$62,000	$48	44
27299 Dinghy Rd #1348	0.67mi	3/2.0 (+1)	1,200 (-9%)	11mo	$69,000	$58	40
35476 Bayview Ln #4147	0.66mi	3/2.0 (+1)	1,400 (+6%)	19mo	$146,000	$104	38
34651 Deck St	1.04mi	3/1.5 (+1)	1,476 (+12%)	9mo	$40,000	$27	31
26590 Hermit Ln #1930	0.98mi	2/1.0	1,140 (-13%)	16mo	$45,000	$39	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.40×
• Total profit: $7,711
• Equity at exit: $10,288

10-year hold

• IRR: 19.4%
• Equity multiple: 2.64×
• Total profit: $31,779
• Equity at exit: $5,966

Cash invested: $19,320 (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 →

Active competition Active MLS

• For sale now: 3 active · 2 under contract
• Median asking: $132,000 ($120/sqft)
• Median days on market: 78 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -21.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,475 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$19 /mo · $227/yr
• Insurance: −$29
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$3
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $292

Break-even live

Break-even rent $1,105

Max offer price $69,000

Occupancy floor 75%

Sensitivity live

Price	-10% $332	-5% $312	+0% $292	+5% $273	+10% $253
Rent	-10% $176	-5% $234	+0% $292	+5% $351	+10% $409
Rate	-1.0pp $327	-0.5pp $310	base $292	+0.5pp $275	+1.0pp $256

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: $17,250
• Closing costs: $2,070
• Club membership (one-time): —
• 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	62d	1	0.19mi

Property features AI

Finance

• Other: Property is in FEMA flood zone AE
• Financial info: Annual ground rent listed as an income/expense item
• HOA & community: HOA fee $30 annuallyGround rent exists ($660 monthly; 1 year remaining on lease)

Exterior

• Parking: Driveway parking (2 spaces)On-street parkingTotal of 2 garage/parking spaces
• Utilities: Public waterPublic sewerElectric heating, cooling, and hot water
• Home design: Manufactured (double-wide modular) homeLand lease ownershipBuilding winterizedBayblock location
• Construction: Modular / manufactured constructionDouble-wide body type
• Exterior features: Deck(s)Boat storageWater view (bay-oriented)Above-grade and below-grade structures noted

Interior

• Kitchen: Gas range / ovenRange hoodRefrigeratorBreakfast area adjacent to kitchen
• Bedrooms: 2 bedrooms on the main level (includes an entry-level bedroom)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (electric)Window air conditioning units (electric)
• Interior features: BarTub with showerBreakfast areaBuilt-in shelvingCeiling fansDining areaFamily room off kitchenMaster bath
• Laundry & utility: Washer and dryer on the main floorElectric water heater

Listing history 49 events

1. 2026-07-31
   days on market $69,000 Active 121 DOM
2. 2026-07-29
   days on market $69,000 Active 119 DOM
3. 2026-07-27
   days on market $69,000 Active 117 DOM
4. 2026-07-25
   days on market $69,000 Active 115 DOM
5. 2026-07-24
   days on market $69,000 Active 114 DOM
6. 2026-07-23
   days on market $69,000 Active 113 DOM
7. 2026-07-22
   days on market $69,000 Active 112 DOM
8. 2026-07-21
   days on market $69,000 Active 111 DOM
9. 2026-07-18
   days on market $69,000 Active 108 DOM
10. 2026-07-16
    days on market $69,000 Active 106 DOM
11. 2026-07-16
    days on market $69,000 Active 105 DOM
12. 2026-07-13
    days on market $69,000 Active 103 DOM
13. 2026-07-12
    days on market $69,000 Active 102 DOM
14. 2026-07-11
    days on market $69,000 Active 101 DOM
15. 2026-07-10
    days on market $69,000 Active 100 DOM
16. 2026-07-09
    days on market $69,000 Active 99 DOM
17. 2026-07-08
    days on market $69,000 Active 98 DOM
18. 2026-07-07
    days on market $69,000 Active 97 DOM
19. 2026-07-06
    days on market $69,000 Active 96 DOM
20. 2026-07-05
    days on market $69,000 Active 95 DOM
21. 2026-07-04
    days on market $69,000 Active 94 DOM
22. 2026-07-03
    days on market $69,000 Active 93 DOM
23. 2026-07-02
    days on market $69,000 Active 92 DOM
24. 2026-07-01
    days on market $69,000 Active 91 DOM
25. 2026-06-30
    days on market $69,000 Active 90 DOM
26. 2026-06-29
    days on market $69,000 Active 89 DOM
27. 2026-06-28
    days on market $69,000 Active 88 DOM
28. 2026-06-28
    days on market $69,000 Active 87 DOM
29. 2026-06-27
    days on market $69,000 Active 86 DOM
30. 2026-06-25
    days on market $69,000 Active 84 DOM
31. 2026-06-23
    days on market $69,000 Active 82 DOM
32. 2026-06-21
    days on market $69,000 Active 81 DOM
33. 2026-06-18
    days on market $69,000 Active 78 DOM
34. 2026-06-17
    days on market $69,000 Active 77 DOM
35. 2026-06-16
    days on market $69,000 Active 76 DOM
36. 2026-06-15
    price $69,000 Active 75 DOM
37. 2026-06-15
    days on market $69,900 Active 75 DOM
38. 2026-06-14
    days on market $69,900 Active 73 DOM
39. 2026-06-13
    days on market $69,900 Active 72 DOM
40. 2026-06-10
    days on market $69,900 Active 70 DOM
41. 2026-06-09
    days on market $69,900 Active 69 DOM
42. 2026-06-08
    days on market $69,900 Active 68 DOM
43. 2026-06-07
    days on market $69,900 Active 67 DOM
44. 2026-06-02
    days on market $69,900 Active 62 DOM
45. 2026-06-01
    days on market $69,900 Active 61 DOM
46. 2026-05-31
    days on market $69,900 Active 60 DOM
47. 2026-05-30
    days on market $69,900 Active 59 DOM
48. 2026-04-28
    price $69,900 785-char remark
49. 2026-04-01
    listed $79,900 Active 785-char remark

ⓘ 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: $227 · $19/mo
• Projected year-2 tax: $314 · $26/mo
• Expected delta: +$87/yr (+$7/mo · 38.1%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 19 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: $17,702
• − Mortgage interest: −$3,865
• − Property taxes: −$227
• − Insurance: −$5,870
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − HOA: −$36
• − Depreciation: −$2,007
• Taxable income: $2,864
• Est. tax owed @ 24.0%: −$687
• After-tax cash flow: $2,822/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 · 5 photos

Fair 45/100 Moderate rehab Est. rehab $32,900–$59,220 screening

This home requires moderate repairs and maintenance to improve its curb appeal and value. The deck and landscaping are in poor condition and need immediate attention.

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — The roof appears to be missing or damaged, indicating a major issue that needs immediate attention.

Repairs flagged

• Major deck — Severe wear and tear
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both trim siding — Improves home's appearance and value ↑
• Both prune trees — Enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

Livability — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 248,853 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 5% of renters

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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%

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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%

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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

Property features AI

Finance

• Other: Property is in FEMA flood zone AE
• Financial info: Annual ground rent listed as an income/expense item
• HOA & community: HOA fee $30 annuallyGround rent exists ($660 monthly; 1 year remaining on lease)

Exterior

• Parking: Driveway parking (2 spaces)On-street parkingTotal of 2 garage/parking spaces
• Utilities: Public waterPublic sewerElectric heating, cooling, and hot water
• Home design: Manufactured (double-wide modular) homeLand lease ownershipBuilding winterizedBayblock location
• Construction: Modular / manufactured constructionDouble-wide body type
• Exterior features: Deck(s)Boat storageWater view (bay-oriented)Above-grade and below-grade structures noted

Interior

• Kitchen: Gas range / ovenRange hoodRefrigeratorBreakfast area adjacent to kitchen
• Bedrooms: 2 bedrooms on the main level (includes an entry-level bedroom)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (electric)Window air conditioning units (electric)
• Interior features: BarTub with showerBreakfast areaBuilt-in shelvingCeiling fansDining areaFamily room off kitchenMaster bath
• Laundry & utility: Washer and dryer on the main floorElectric water heater

Price history

-13.6% since first listed

3 events — show timeline

• 2026-06-15 Price Changed $69,000 BRIGHT MLS
• 2026-04-28 Price Changed $69,900 BRIGHT MLS
• 2026-04-01 Listed $79,900 BRIGHT MLS

Property tax history

-7.6%/yr

Latest (2025): $227 · -51.2% YoY. Source: county tax records.