36950 Beach Plum Row · Long Neck, DE 19966

$174,000

3 bd · 2.5 ba · 1,288 sqft · Manufactured · 5 Days on market

Built 1980

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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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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

Lot rent is paid through the end of the year for added buyer peace of mind. Coastal luxury meets everyday ease in this pristine, beautifully maintained 3-bedroom, 2.5-bathroom home nestled in the highly sought-after, water-privileged community of Pot-Nets Seaside. Offering the perfect blend of casual beach vibes and high-end modern design, this property stands out from the moment you pull up the custom paved driveway. Step inside to an airy, light-filled open-concept floor plan designed for effortless entertaining and comfortable coastal living. The true showstopper is the chef-inspired kitchen, featuring upgraded countertops, an abundance of generous cabinetry, and a center island that ser

Key facts

• Private bay beaches
• Outdoor pools
• 3 parking spots

Tags

• CUSTOM PAVED DRIVEWAY
• CHEF INSPIRED KITCHEN
• EXPANSIVE COVERED PATIO
• PRIVATE BAY BEACHES
• MARINAS WITH BOAT SLIPS
• OUTDOOR POOLS

Property features AI

Finance

• Other: Ownership is land lease
• Financial info: Monthly land lease payment (amount provided separately); Land lease years remaining (short term remaining)
• HOA & community: Community amenities include boat ramp, boat slip, community center, playground, outdoor pool, and water/lake privileges; Land lease with a monthly fee

Exterior

• Parking: Off-street parking on driveway for three vehicles (total of 3 parking spaces)
• Security: Storm and screen windows
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Manufactured double-wide home; Entry level living areas; Estimated year built (model year 1969 indicated)
• Construction: Vinyl siding; Shingle/asphalt roof; Pilings and crawl space foundation
• Exterior features: Outbuilding(s) and shed; Wire fencing; Community pool; Water access to a river; Multiple-slip docks (2 docks); Navigable water nearby

Interior

• Kitchen: Electric range/oven; Refrigerator; Extra refrigerator/freezer; Dishwasher; Disposal; Microwave; Kitchen island
• Bedrooms: Three bedrooms on the main level; At least one entry-level bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Heat pump(s); Electric heating fuel; Central air conditioning
• Interior features: Open floor plan with combination kitchen/dining and combination dining/living areas; Breakfast area; Kitchen island; Crown molding; Recessed lighting; Ceiling fans; Walk-in shower in bathroom; Master bath
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Cap rate 10.3% vs local median 3.3% 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+, amenities F, 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: 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 34% 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

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 $174,000

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: 1.29% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.18%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $101,752
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26849 Blue Heron Way #1317	0.35mi	3/1.0	1,134 (-12%)	9mo	$90,000	$79	50
26590 Hermit Ln #1930	0.23mi	2/1.0 (-1)	1,140 (-12%)	15mo	$45,000	$39	47
26869 Diver Duck Dr #6052	0.40mi	3/1.5	1,100 (-15%)	13mo	$126,900	$115	42

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: -11.6%
• Equity multiple: 0.58×
• Total profit: $-20,543
• Equity at exit: $25,944

10-year hold

• IRR: -2.1%
• Equity multiple: 0.85×
• Total profit: $-7,155
• Equity at exit: $15,044

Cash invested: $48,720 (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: 6.4×

Monthly cashflow live

• Estimated rent: $2,251 medium
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $115

Break-even live

Break-even rent $2,105

Max offer price $174,000

Occupancy floor 90%

Sensitivity live

Price	-10% $235	-5% $175	+0% $115	+5% $55	+10% $-5
Rent	-10% $-63	-5% $26	+0% $115	+5% $204	+10% $293
Rate	-1.0pp $203	-0.5pp $159	base $115	+0.5pp $70	+1.0pp $24

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: $43,500
• Closing costs: $5,220
• 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	15d	1	1.33mi

Listing history 5 events

1. 2026-06-15
   status $174,000 Pending 5 DOM
2. 2026-06-15
   days on market $174,000 Active 5 DOM
3. 2026-06-14
   days on market $174,000 Active 3 DOM
4. 2026-06-13
   remarks 699-char remark
5. 2026-06-13
   listed $174,000 Active 2 DOM

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥99°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: $27,009
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$6,395
• − Repairs & maintenance: −$2,161
• − Management: −$2,161
• − Depreciation: −$5,062
• Taxable loss: −$1,126
• Est. tax savings @ 24.0%: +$270
• After-tax cash flow: $1,652/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

• 2026-06-10 Listed $174,000 BRIGHT MLS

Property tax history

+0.0%/yr

Latest (2025): $247 · -15.1% YoY. Source: county tax records.