32846 Tern Cv #2794 · Long Neck, DE 19966

$254,900

3 bd · 3.0 ba · 2,182 sqft · SingleFamily · 68 Days on market

Built 2002 Good condition $117/sqft · 41% below area Est $431k · 41% under

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Why this score? — see what drove the C- 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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• 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 MLS

Step into a world of elegance and comfort with this stunning 3-bedroom, 3-bath residence, offering over 2,100 sq ft of beautifully designed living space. As you approach, you’ll be greeted by meticulously manicured shrubs and a lush front lawn, creating a royal welcome for you and your guests. The charming exterior sets the tone for the exquisite interiors that await. Enjoy the tranquility of backing up to a wooded area, providing a peaceful backdrop for your everyday life. This home is perfect for entertaining, with a spacious dining and living room combination that features soaring vaulted ceilings and large windows. Natural light floods the space, creating an inviting atmosphere for gatherings or quiet evenings at home. The oversized eat-in kitchen is a culinary enthusiast's paradise! Equipped with newer stainless steel appliances, a stylish backsplash, and a generous island, it’s perfect for meal prep or casual gatherings. Whether you’re whipping up a gourmet dinner or enjoying a leisurely brunch, this kitchen is designed for both functionality and style. Unwind in the cozy second living room, complete with a gas fireplace that adds warmth and ambiance. This space seamlessly connects to a furnished 3-season room, where you can relax and soak in the beauty of your surroundings after a day spent at the private beaches. Retreat to the expansive primary suite, a true sanctuary featuring dual bathrooms and a tranquil sitting area. This private haven is designed for relaxation and rejuvenation, ensuring you start and end your day in comfort. The guest rooms are equally inviting, offering spacious closets and a modern walk-in shower, making them perfect for family or visitors. With a new HVAC system, windows, exterior doors, roof installed in 2012, and partial furnishings included, this move-in ready gem is designed for your peace of mind. You can focus on making memories in your new home without the stress of immediate renovations or repairs. Discover Lakeside, the latest gem in the Pot-Nets communities, where modern coastal charm meets serene living. Nestled around a stunning six-acre lake, this community features beautifully landscaped grounds with a fountain, gazebo, and a scenic half-mile walking path—ideal for morning strolls or evening relaxation. Enjoy picturesque water views from many homes, all just a short walk from the community pool. Embrace the perfect blend of tranquility and an active coastal lifestyle with access to Pot-Nets' full range of amenities, including beaches, marinas, dining, and recreational facilities. Your peaceful retreat awaits! * * * 2026 pre-paid annual lot rent included in the sale of the home * * * * *

Key facts

• 6 parking spots
• Community pool
• Built 2002

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $255k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (5.6% below list).
• Recommended offer: $240k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 37% 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 68 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $239,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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: 0.94% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (median comp): $430,515
• List price: $254,900
• Delta: -40.79%
• 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
32645 Seaview Loop	0.23mi	3/2.5	2,150 (-2%)	4mo	$399,999	$186	81
32619 Seaview Loop	0.20mi	3/3.0	2,306 (+6%)	1mo	$430,000	$186	80
32751 Spring Water Dr	0.12mi	3/3.0	2,325 (+7%)	6mo	$440,000	$189	79
32908 Tern Cv	0.13mi	3/2.5	2,004 (-8%)	1mo	$446,884	$223	77
32727 Sailers Cv	0.20mi	3/2.5	2,004 (-8%)	1mo	$440,902	$220	74
32614 Seaview Loop	0.23mi	3/3.0	2,350 (+8%)	4mo	$400,000	$170	74
32912-LOT # 3167 Tern Cv	0.02mi	3/2.0	1,855 (-15%)	3mo	$430,779	$232	68
26383 Timbercreek Ln	0.38mi	4/3.0 (+1)	2,100 (-4%)	7mo	$432,000	$206	65
30521 Spoonbill Ct	0.71mi	4/3.0 (+1)	2,138 (-2%)	1mo	$598,000	$280	58
26349 Tributary Blvd	0.68mi	3/2.0	2,033 (-7%)	0mo	$549,000	$270	53
26366 Timbercreek Ln	0.34mi	4/2.0 (+1)	1,900 (-13%)	8mo	$439,000	$231	47
32373 Bayshore Dr	0.67mi	3/2.0	1,892 (-13%)	3mo	$395,000	$209	40

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: -12.6%
• Equity multiple: 0.55×
• Total profit: $-32,390
• Equity at exit: $38,006

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-16,624
• Equity at exit: $22,039

Cash invested: $71,372 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,406 medium
• Mortgage (P&I): −$1,337
• Tax est. 1.5%: −$319 /mo · $3,824/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $139

Break-even live

Break-even rent $2,230

Max offer price $254,900

Occupancy floor 89%

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	21d	1	0.82mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	13d	1	1.23mi
22140 Shorebird Way Millsboro, DE	4.0	2.5	1906	$3,000	$1.57	43d	1	1.46mi
32082 Plaza Dr , DE	1.0–3.0	1.0–2.0	1169	$2,019	$1.73	21d	14	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $254,900 Active 68 DOM
2. 2026-06-17
   days on market $254,900 Active 67 DOM
3. 2026-06-16
   days on market $254,900 Active 66 DOM
4. 2026-06-15
   days on market $254,900 Active 65 DOM
5. 2026-06-14
   days on market $254,900 Active 63 DOM
6. 2026-06-13
   days on market $254,900 Active 62 DOM
7. 2026-06-10
   days on market $254,900 Active 60 DOM
8. 2026-06-09
   days on market $254,900 Active 59 DOM
9. 2026-06-08
   days on market $254,900 Active 58 DOM
10. 2026-06-07
    days on market $254,900 Active 57 DOM
11. 2026-06-02
    days on market $254,900 Active 52 DOM
12. 2026-06-01
    days on market $254,900 Active 51 DOM
13. 2026-05-31
    pricedays on market $254,900 Active 50 DOM
14. 2026-05-30
    days on market $259,000 Active 49 DOM
15. 2026-04-12
    listed $259,000 Active 2714-char remark

    Show marketing remark (2714 chars)

    Step into a world of elegance and comfort with this stunning 3-bedroom, 3-bath residence, offering over 2,100 sq ft of beautifully designed living space. As you approach, you’ll be greeted by meticulously manicured shrubs and a lush front lawn, creating a royal welcome for you and your guests. The charming exterior sets the tone for the exquisite interiors that await. Enjoy the tranquility of backing up to a wooded area, providing a peaceful backdrop for your everyday life. This home is perfect for entertaining, with a spacious dining and living room combination that features soaring vaulted ceilings and large windows. Natural light floods the space, creating an inviting atmosphere for gatherings or quiet evenings at home. The oversized eat-in kitchen is a culinary enthusiast's paradise! Equipped with newer stainless steel appliances, a stylish backsplash, and a generous island, it’s perfect for meal prep or casual gatherings. Whether you’re whipping up a gourmet dinner or enjoying a leisurely brunch, this kitchen is designed for both functionality and style. Unwind in the cozy second living room, complete with a gas fireplace that adds warmth and ambiance. This space seamlessly connects to a furnished 3-season room, where you can relax and soak in the beauty of your surroundings after a day spent at the private beaches. Retreat to the expansive primary suite, a true sanctuary featuring dual bathrooms and a tranquil sitting area. This private haven is designed for relaxation and rejuvenation, ensuring you start and end your day in comfort. The guest rooms are equally inviting, offering spacious closets and a modern walk-in shower, making them perfect for family or visitors. With a new HVAC system, windows, exterior doors, roof installed in 2012, and partial furnishings included, this move-in ready gem is designed for your peace of mind. You can focus on making memories in your new home without the stress of immediate renovations or repairs. Discover Lakeside, the latest gem in the Pot-Nets communities, where modern coastal charm meets serene living. Nestled around a stunning six-acre lake, this community features beautifully landscaped grounds with a fountain, gazebo, and a scenic half-mile walking path—ideal for morning strolls or evening relaxation. Enjoy picturesque water views from many homes, all just a short walk from the community pool. Embrace the perfect blend of tranquility and an active coastal lifestyle with access to Pot-Nets' full range of amenities, including beaches, marinas, dining, and recreational facilities. Your peaceful retreat awaits! * * * 2026 pre-paid annual lot rent included in the sale of the home * * * * *

16. 2026-04-07
    historical $259,000 2714-char remark

    Show marketing remark (2714 chars)

    Step into a world of elegance and comfort with this stunning 3-bedroom, 3-bath residence, offering over 2,100 sq ft of beautifully designed living space. As you approach, you’ll be greeted by meticulously manicured shrubs and a lush front lawn, creating a royal welcome for you and your guests. The charming exterior sets the tone for the exquisite interiors that await. Enjoy the tranquility of backing up to a wooded area, providing a peaceful backdrop for your everyday life. This home is perfect for entertaining, with a spacious dining and living room combination that features soaring vaulted ceilings and large windows. Natural light floods the space, creating an inviting atmosphere for gatherings or quiet evenings at home. The oversized eat-in kitchen is a culinary enthusiast's paradise! Equipped with newer stainless steel appliances, a stylish backsplash, and a generous island, it’s perfect for meal prep or casual gatherings. Whether you’re whipping up a gourmet dinner or enjoying a leisurely brunch, this kitchen is designed for both functionality and style. Unwind in the cozy second living room, complete with a gas fireplace that adds warmth and ambiance. This space seamlessly connects to a furnished 3-season room, where you can relax and soak in the beauty of your surroundings after a day spent at the private beaches. Retreat to the expansive primary suite, a true sanctuary featuring dual bathrooms and a tranquil sitting area. This private haven is designed for relaxation and rejuvenation, ensuring you start and end your day in comfort. The guest rooms are equally inviting, offering spacious closets and a modern walk-in shower, making them perfect for family or visitors. With a new HVAC system, windows, exterior doors, roof installed in 2012, and partial furnishings included, this move-in ready gem is designed for your peace of mind. You can focus on making memories in your new home without the stress of immediate renovations or repairs. Discover Lakeside, the latest gem in the Pot-Nets communities, where modern coastal charm meets serene living. Nestled around a stunning six-acre lake, this community features beautifully landscaped grounds with a fountain, gazebo, and a scenic half-mile walking path—ideal for morning strolls or evening relaxation. Enjoy picturesque water views from many homes, all just a short walk from the community pool. Embrace the perfect blend of tranquility and an active coastal lifestyle with access to Pot-Nets' full range of amenities, including beaches, marinas, dining, and recreational facilities. Your peaceful retreat awaits! * * * 2026 pre-paid annual lot rent included in the sale of the home * * * * *

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $28,875
• − Mortgage interest: −$14,278
• − Property taxes: −$3,824
• − Insurance: −$1,274
• − Repairs & maintenance: −$2,310
• − Management: −$2,310
• − Depreciation: −$7,415
• Taxable loss: −$2,536
• Est. tax savings @ 24.0%: +$609
• After-tax cash flow: $2,282/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 well-maintained single-family home with a good condition score and cosmetic rehab level is ready for a fresh coat of paint and some minor updates to increase its value.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and value
• Resale Clean gutters — Improves home's appearance and functionality
• Both Replace carpet with hardwood flooring — Increases both resale and rental value
• Resale Update kitchen appliances — Modernizes the kitchen and adds value
• Rental Install smart home devices — Attracts tech-savvy renters

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and value ↑
• Resale Clean gutters — Improves home's appearance and functionality ↑
• Both Replace carpet with hardwood flooring — Increases both resale and rental value ↑
• Resale Update kitchen appliances — Modernizes the kitchen and adds value ↑
• Rental Install smart home devices — Attracts tech-savvy renters ↑

ⓘ 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

+0.0% since first listed

2 events — show timeline

• 2026-04-12 Listed $259,000 BRIGHT MLS
• 2026-04-07 Coming Soon $259,000 BRIGHT MLS