34063 Village Way Unit E-995 · Long Neck, DE 19966

$130,000

3 bd · 2.0 ba · 1,400 sqft · SingleFamily · 24 Days on market

Built 1988 Good condition Est $168k · 23% 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
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Your Dream Beach Cottage in Pot-Nets, Bayside! Escape to your very own slice of paradise with this charming 3-bedroom, 2-bath home, spanning 1,400 square feet, this coastal retreat is nestled among towering trees in a serene cul-de-sac, offering you the tranquility you’ve been searching for. As you enter through the French doors, you’ll be greeted by an open-concept living area that radiates warmth and natural light. The luxury vinyl plank flooring adds a touch of sophistication while ensuring durability for your beachside lifestyle. The stylish kitchen is a chef’s dream, featuring a butcher block island that not only serves as a functional workspace but also as

Key facts

• Brick patio
• Butcher block island
• Beach cottage

Tags

• BEACH COTTAGE
• BUTCHER BLOCK ISLAND
• PRIVATE BACKYARD OASIS
• BRICK PATIO
• ACCESS TO PRIVATE BEACHES
• ACCESS TO MARINAS

Property features AI

Finance

• Other: Property condition listed as good; No stairs required (accessibility: no stairs); Road is private and blacktop; Not in a federal flood zone; Pets allowed (dogs and cats OK)
• Financial info: Monthly land lease payment (ground rent) of $975; approximately 10 years of ground rent/land lease remaining; Annual ground rent noted in income/expense list
• HOA & community: Community in-ground pool

Exterior

• Parking: Driveway parking (4 spaces total)
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Manufactured home; Land lease ownership (land lease exists with ~10 years remaining)
• Construction: Vinyl siding; Architectural shingle roof; Passive radon mitigation in foundation; Building not winterized; Built year per assessor
• Exterior features: Street lights; Split-rail fencing; Patio(s); Porch(es), including screened porch; Shed

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Single oven; Range hood; Stove; Refrigerator; Country-style kitchen layout
• Bedrooms: 3 bedrooms on the main level; At least one bedroom is on the entry level
• Flooring: Vinyl; Luxury vinyl plank; Carpet
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: 90% efficiency forced air heating; Propane (leased) heating fuel; Central air conditioning (electric)
• Interior features: Stall shower and tub/shower combination; Ceiling fans; Combination kitchen and dining area; Country-style kitchen; Master bathroom; Walk-in closets; Storm door(s); Furnished
• Laundry & utility: Washer and dryer; Main-floor laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.2% 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+, 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; 2 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 $899 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($128k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,050 (1.5% below list)

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: 1.71% ✓
• Cap rate: 14.22%
• Cash-on-cash: 28.30%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $168,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26545 Woodchuck Ln Unit E-862	0.37mi	3/2.0	1,456 (+4%)	1mo	$159,000	$109	75
25981 Loop Dr Unit 1319A	0.30mi	3/2.0	1,340 (-4%)	7mo	$226,144	$169	73
34142 Gull South Dr #1031	0.48mi	3/2.0	1,366 (-2%)	4mo	$257,326	$188	70
25594 Crab Aly E #1050	0.59mi	3/2.0	1,456 (+4%)	0mo	$167,500	$115	65
34488 Easy St Unit E-810	0.59mi	3/2.0	1,456 (+4%)	1mo	$190,000	$130	65
34495 Easy St	0.58mi	3/2.0	1,432 (+2%)	6mo	$140,000	$98	64
33928 New Moon St Unit C-2	0.58mi	2/2.0 (-1)	1,380 (-1%)	7mo	$125,000	$91	60
33385 Court Dr	0.70mi	3/2.0	1,352 (-3%)	6mo	$145,000	$107	57
34013 Taylor Dr N #1351	0.49mi	3/2.0	1,248 (-11%)	6mo	$165,500	$133	54
33386 Nannyberry Cv #2611	0.69mi	3/2.0	1,456 (+4%)	9mo	$175,000	$120	53
26979 Flipper Rd #50027	0.73mi	3/2.0	1,350 (-4%)	9mo	$127,400	$94	52
26322 Portside Ln	0.75mi	3/2.0	1,264 (-10%)	7mo	$170,000	$134	43

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: 3.3%
• Equity multiple: 1.13×
• Total profit: $4,596
• Equity at exit: $19,383

10-year hold

• IRR: 13.0%
• Equity multiple: 2.04×
• Total profit: $37,924
• Equity at exit: $11,240

Cash invested: $36,400 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,224 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $398

Break-even live

Break-even rent $1,720

Max offer price $130,000

Occupancy floor 77%

Sensitivity live

Price	-10% $488	-5% $443	+0% $398	+5% $353	+10% $308
Rent	-10% $222	-5% $310	+0% $398	+5% $486	+10% $574
Rate	-1.0pp $463	-0.5pp $431	base $398	+0.5pp $364	+1.0pp $330

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	15d	1	0.99mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	15d	1	1.48mi

Listing history 12 events

1. 2026-06-21
   days on market $130,000 Active 24 DOM
2. 2026-06-18
   days on market $130,000 Active 21 DOM
3. 2026-06-17
   days on market $130,000 Active 20 DOM
4. 2026-06-16
   days on market $130,000 Active 19 DOM
5. 2026-06-15
   days on market $130,000 Active 18 DOM
6. 2026-06-14
   days on market $130,000 Active 16 DOM
7. 2026-06-13
   pricedays on market $130,000 Active 15 DOM
8. 2026-06-10
   days on market $139,000 Active 13 DOM
9. 2026-06-09
   days on market $139,000 Active 12 DOM
10. 2026-06-09
    status $139,000 Active 11 DOM
11. 2026-04-30
    status Pending
12. 2026-04-19
    listed $139,000 Active

ⓘ 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 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: $26,685
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$6,175
• − Repairs & maintenance: −$2,135
• − Management: −$2,135
• − Depreciation: −$3,782
• Taxable income: $3,227
• Est. tax owed @ 24.0%: −$774
• After-tax cash flow: $4,001/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 · 12 photos

Good 75/100 Cosmetic rehab

This charming 3-bedroom, 2-bath home in Long Neck, DE, is move-in ready with a good condition and a good value for both resale and rental.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

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

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-04-30 Pending — BRIGHT MLS
• 2026-04-19 Listed $139,000 BRIGHT MLS