35593 E Harbor Dr · Long Neck, DE 19966

$74,900

3 bd · 1.0 ba · 1,008 sqft · Manufactured · 10 Days on market

Built 1967 332 ac lot Est $122k · 39% under

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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 +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Summer is here…. are you ready for some water antics? White House Beach is a highly sought after Leased Land community located in Millsboro. The location is just far enough away from the hustle-n-bustle, but a short drive to area shopping, local restaurants and only 15 miles from Rehoboth Beach and it’s boardwalk. With a little vision and some updating this affordable home could be your “IN” to experience beach life at it’s best! Home has 3 bedrooms, 1 bath, eat in kitchen, living area with an addition creating extra space for additional overnight guests, a cute front porch, and a short walk to the boat slips. The following exterior improvements were made in

Key facts

• Cute front porch
• Local restaurants
• 332.36 acre lot

Tags

• LEASED LAND COMMUNITY
• SHORT DRIVE TO AREA SHOPPING
• LOCAL RESTAURANTS
• 15 MILES FROM REHOBOTH BEACH
• LIVING AREA WITH AN ADDITION
• CUTE FRONT PORCH

Property features AI

Finance

• Other: Mobile home make: Newport; Mobile home dimensions approximately 12 ft by 50 ft; Finished above-grade area approximately 1,008 (source: Assessor)
• Financial info: Annual ground rent listed
• HOA & community: Land lease amount $726 per month; Ground rent exists and is paid annually; 1 year remaining

Exterior

• Utilities: Public water; Public sewer; Electric hot water
• Home design: Manufactured home; Modular/Manufactured construction; Shingle roof; Land lease ownership
• Construction: Vinyl siding; Manufactured structure; Estimated year built
• Exterior features: Water access to bay; Located outside city limits; Directions: Take John J Williams Hwy west towards Long Neck, make a left on Long Neck Rd. Entrance to the community is about 3 miles down located on the right side.

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Partially carpeted
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Heating fuel: Oil; Cooling: Other; Hot water: Electric
• Interior features: Open floor plan; Combination kitchen and dining area; Tub shower; Paneled walls and drywall; Furnished

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $856 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 27.4% 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 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 $518 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 10 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 $74,900

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.96% ✓
• Cap rate: 27.39%
• Cash-on-cash: 75.34%
• DSCR: 4.35
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $121,968
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27543 Whelk Ln #9683	0.10mi	2/1.5 (-1)	950 (-6%)	16mo	$115,000	$121	66

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: 46.8%
• Equity multiple: 3.03×
• Total profit: $42,671
• Equity at exit: $11,168

10-year hold

• IRR: 52.6%
• Equity multiple: 6.17×
• Total profit: $108,472
• Equity at exit: $6,476

Cash invested: $20,972 (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: 2.8×

Monthly cashflow live

• Estimated rent: $2,220 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$13 /mo · $157/yr
• Insurance: −$31
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $856

Break-even live

Break-even rent $1,136

Max offer price $74,900

Occupancy floor 56%

Sensitivity live

Price	-10% $899	-5% $878	+0% $856	+5% $835	+10% $724
Rent	-10% $681	-5% $769	+0% $856	+5% $944	+10% $1,032
Rate	-1.0pp $894	-0.5pp $875	base $856	+0.5pp $837	+1.0pp $817

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: $18,725
• Closing costs: $2,247
• 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	0.42mi

Listing history 9 events

1. 2026-06-18
   days on market $74,900 Active 10 DOM
2. 2026-06-17
   days on market $74,900 Active 9 DOM
3. 2026-06-16
   days on market $74,900 Active 8 DOM
4. 2026-06-15
   days on market $74,900 Active 7 DOM
5. 2026-06-14
   days on market $74,900 Active 5 DOM
6. 2026-06-13
   days on market $74,900 Active 4 DOM
7. 2026-06-10
   days on market $74,900 Active 2 DOM
8. 2026-06-09
   remarks 668-char remark
9. 2026-06-09
   listed $74,900 Active 1 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: $157 · $13/mo
• Projected year-2 tax: $296 · $25/mo
• Expected delta: +$138/yr (+$12/mo · 88.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 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: $26,641
• − Mortgage interest: −$4,196
• − Property taxes: −$157
• − Insurance: −$5,900
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$2,179
• Taxable income: $9,947
• Est. tax owed @ 24.0%: −$2,387
• After-tax cash flow: $7,889/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

1 event — show timeline

• 2026-06-08 Listed $74,900 BRIGHT MLS

Property tax history

+4.3%/yr

Latest (2025): $157 · +29.1% YoY. Source: county tax records.