35254 Breakers St Unit E-744 · Long Neck, DE 19966

$89,900

3 bd · 2.0 ba · 980 sqft · Manufactured · 110 Days on market

Manufactured home Built 1988 Good condition $92/sqft · 14% below area Est $104k · 14% 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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.3

Listing remarks

Discover your dream getaway in this beautifully renovated 800 sq ft beach house nestled on a serene wooded lot in the highly sought-after Pot-Nets Bayside community. With 3 spacious bedrooms and 2 full bathrooms, this home is perfect for creating unforgettable summer memories. Enjoy a kitchen equipped with the latest appliances, a living room for gatherings, and a delightful screened-in porch that invites the outdoors in. The expansive corner lot features a concrete patio and a handy shed for all your recreational gear, ensuring you have everything you need for fun-filled days.

Key facts

• Screened in porch
• Handy shed
• Tennis courts

Tags

• RENOVATED BEACH HOUSE
• SCREENED IN PORCH
• CONCRETE PATIO
• HANDY SHED
• PRIVATE BEACHES
• TENNIS COURTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 4.0% 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: 1186 active listings in the ZIP; 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

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 $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.79% ✓
• Cap rate: 15.01%
• Cash-on-cash: 31.13%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $104,171
• List price: $89,900
• Delta: -13.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35237 Breakers St Unit E-711	0.05mi	3/2.0	1,056 (+8%)	0mo	$120,000	$114	85
34640 Gooseneck St	0.12mi	2/2.0 (-1)	780 (-20%)	1mo	$30,000	$38	63
26539 Cattail Ln	0.30mi	3/2.0	1,152 (+18%)	2mo	$118,000	$102	60
27011 White House Rd	0.90mi	3/2.0	896 (-9%)	0mo	$89,000	$99	50
27194 Telling Ln	1.13mi	2/2.0 (-1)	1,034 (+6%)	1mo	$187,500	$181	50
25868 American Ave	1.05mi	3/2.0	1,100 (+12%)	0mo	$120,000	$109	44
25319 Crab Aly W #1496	1.28mi	2/2.0 (-1)	1,092 (+11%)	1mo	$110,000	$101	40
35390 Heron Rd	0.82mi	3/2.0	1,188 (+21%)	1mo	$75,000	$63	39
35394 Sussex Ln	0.76mi	3/2.0	1,204 (+23%)	1mo	$80,000	$66	39
26334 Jennifer Lee Dr	0.98mi	2/2.0 (-1)	1,120 (+14%)	0mo	$96,000	$86	36
35372 Bayshore Ln	1.09mi	3/1.0	1,160 (+18%)	1mo	$100,000	$86	35
27335 Seafarer Rd #78	0.93mi	2/1.5 (-1)	1,145 (+17%)	1mo	$145,000	$127	32

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: 26.0%
• Equity multiple: 2.07×
• Total profit: $27,052
• Equity at exit: $13,404

10-year hold

• IRR: 33.6%
• Equity multiple: 4.07×
• Total profit: $77,216
• Equity at exit: $7,773

Cash invested: $25,172 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active · 3 under contract
• Months of supply: 36.0 mo (3%/mo absorbed)
• Median asking: $107,000 ($112/sqft)
• Median days on market: 30 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: -5.2% 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: 1186
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,613 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $653

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 55%

Sensitivity live

Price	-10% $715	-5% $684	+0% $653	+5% $622	+10% $591
Rent	-10% $526	-5% $589	+0% $653	+5% $717	+10% $781
Rate	-1.0pp $698	-0.5pp $676	base $653	+0.5pp $630	+1.0pp $606

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: $22,475
• Closing costs: $2,697
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Lease not consideredNo agricultural taxPets allowed (cats and dogs OK)
• Financial info: Ground rent exists with monthly land lease of $988.69 (annually paid frequency noted elsewhere); approximately 7 years of ground rent/land lease remainingAnnual ground rent noted in income/expense listing
• HOA & community: Community in-ground pool

Exterior

• Parking: Driveway parking (crushed stone)Four driveway/total parking spaces
• Utilities: Public waterPublic sewerElectric hot waterCentral A/C powered by electricity
• Home design: Manufactured homeLand lease ownership (ground rent applies)Property condition described as averageBuilding not winterized
• Construction: Vinyl sidingPillar/post/pier foundationYear built source: Assessor
• Exterior features: Porch(es) with screened porchShedTrees/wooded lot featuresCorner lot/unitPrivate road with blacktop surface

Interior

• Kitchen: MicrowaveSelf-cleaning ovenRefrigeratorExhaust fan
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% efficient forced-air heatingPropane (leased) heating fuelCentral air conditioning (electric)
• Interior features: Combination kitchen and dining areaEntry-level bedroomPrimary bedroom with en-suite bathroomNot furnished
• Laundry & utility: Washer and electric dryer located on the main floorElectric water heater

Listing history 50 events

1. 2026-09-24
   days on market $89,900 Active 110 DOM
2. 2026-09-24
   days on market $89,900 Active 109 DOM
3. 2026-09-22
   days on market $89,900 Active 108 DOM
4. 2026-09-21
   days on market $89,900 Active 107 DOM
5. 2026-09-20
   days on market $89,900 Active 106 DOM
6. 2026-09-19
   days on market $89,900 Active 105 DOM
7. 2026-09-18
   days on market $89,900 Active 104 DOM
8. 2026-09-17
   days on market $89,900 Active 103 DOM
9. 2026-09-16
   days on market $89,900 Active 102 DOM
10. 2026-09-15
    days on market $89,900 Active 101 DOM
11. 2026-09-14
    days on market $89,900 Active 100 DOM
12. 2026-09-13
    days on market $89,900 Active 99 DOM
13. 2026-09-12
    days on market $89,900 Active 98 DOM
14. 2026-09-11
    days on market $89,900 Active 97 DOM
15. 2026-09-05
    days on market $89,900 Active 91 DOM
16. 2026-09-04
    days on market $89,900 Active 90 DOM
17. 2026-09-03
    days on market $89,900 Active 89 DOM
18. 2026-08-31
    days on market $89,900 Active 86 DOM
19. 2026-08-30
    days on market $89,900 Active 85 DOM
20. 2026-08-29
    days on market $89,900 Active 84 DOM
21. 2026-08-28
    days on market $89,900 Active 83 DOM
22. 2026-08-27
    days on market $89,900 Active 82 DOM
23. 2026-08-26
    days on market $89,900 Active 81 DOM
24. 2026-08-25
    price $89,900 Active 80 DOM
25. 2026-08-25
    days on market $99,000 Active 80 DOM
26. 2026-08-24
    days on market $99,000 Active 79 DOM
27. 2026-08-23
    days on market $99,000 Active 78 DOM
28. 2026-08-22
    days on market $99,000 Active 77 DOM
29. 2026-08-21
    days on market $99,000 Active 76 DOM
30. 2026-08-20
    days on market $99,000 Active 75 DOM
31. 2026-08-19
    days on market $99,000 Active 74 DOM
32. 2026-08-18
    days on market $99,000 Active 73 DOM
33. 2026-08-17
    days on market $99,000 Active 72 DOM
34. 2026-08-16
    days on market $99,000 Active 71 DOM
35. 2026-08-15
    days on market $99,000 Active 70 DOM
36. 2026-08-14
    days on market $99,000 Active 69 DOM
37. 2026-08-13
    days on market $99,000 Active 68 DOM
38. 2026-08-12
    days on market $99,000 Active 67 DOM
39. 2026-08-11
    days on market $99,000 Active 66 DOM
40. 2026-08-10
    days on market $99,000 Active 65 DOM
41. 2026-08-09
    days on market $99,000 Active 64 DOM
42. 2026-08-08
    days on market $99,000 Active 63 DOM
43. 2026-08-07
    days on market $99,000 Active 62 DOM
44. 2026-08-06
    days on market $99,000 Active 61 DOM
45. 2026-08-05
    days on market $99,000 Active 60 DOM
46. 2026-08-04
    days on market $99,000 Active 59 DOM
47. 2026-08-03
    days on market $99,000 Active 58 DOM
48. 2026-07-31
    days on market $99,000 Active 55 DOM
49. 2026-07-29
    days on market $99,000 Active 53 DOM
50. 2026-07-27
    days on market $99,000 Active 51 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 3/10 Moderate FEMA zone X (unshaded) · 12% 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: $19,357
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$2,615
• Taxable income: $6,811
• Est. tax owed @ 24.0%: −$1,635
• After-tax cash flow: $6,202/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 · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $4,900–$14,700 screening

This beautifully renovated 800 sq ft beach house is move-in ready with a good condition score and minimal maintenance required.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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 69/100

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 · 248,853 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: 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: Lease not consideredNo agricultural taxPets allowed (cats and dogs OK)
• Financial info: Ground rent exists with monthly land lease of $988.69 (annually paid frequency noted elsewhere); approximately 7 years of ground rent/land lease remainingAnnual ground rent noted in income/expense listing
• HOA & community: Community in-ground pool

Exterior

• Parking: Driveway parking (crushed stone)Four driveway/total parking spaces
• Utilities: Public waterPublic sewerElectric hot waterCentral A/C powered by electricity
• Home design: Manufactured homeLand lease ownership (ground rent applies)Property condition described as averageBuilding not winterized
• Construction: Vinyl sidingPillar/post/pier foundationYear built source: Assessor
• Exterior features: Porch(es) with screened porchShedTrees/wooded lot featuresCorner lot/unitPrivate road with blacktop surface

Interior

• Kitchen: MicrowaveSelf-cleaning ovenRefrigeratorExhaust fan
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% efficient forced-air heatingPropane (leased) heating fuelCentral air conditioning (electric)
• Interior features: Combination kitchen and dining areaEntry-level bedroomPrimary bedroom with en-suite bathroomNot furnished
• Laundry & utility: Washer and electric dryer located on the main floorElectric water heater

Price history

1 event — show timeline

• 2026-06-06 Listed $99,000 BRIGHT MLS