27461 Chiton Ln · Long Neck, DE 19966

$225,000

3 bd · 2.0 ba · 1,090 sqft · Manufactured · 16 Days on market

Built 1984

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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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Turnkey Coastal Living with Bay Views & Direct Bay Access! Welcome to this beautifully cared-for 3-bedroom, 2-bath coastal home offering incredible bay views, a move-in ready interior, and an unbeatable location just steps from the boat ramp, marina, playground, and community beach area. Bring your boat (slips available) and start enjoying life on the water with direct bay access, or take advantage of the many community amenities included in the land lease so you may never want to leave. Inside, you’ll find an inviting open floor plan with vaulted ceilings, skylights, and natural light throughout, along with beautiful views from many of the windows. The upgraded kitchen is a sta

Key facts

• 21 parking spots
• Built 1984
• Listed 15 days

Property features AI

Finance

• Other: Located on Indian River Bay with water access for boat, PWC, canoe/kayak and private access
• Financial info: Land lease (monthly land lease payment disclosed separately); Land lease years remaining noted
• HOA & community: Community amenities include beach, boat ramp, boat slip, pier/dock, tennis courts, playgrounds, and water/lake privileges

Exterior

• Parking: Total of 21 parking spaces; 1 driveway space; 20 off-site spaces; Electric vehicle charging station(s)
• Security: Community security (HOA amenity)
• Utilities: Public water; Public sewer; Electric service (200+ amp); Electric hot water; Propane (leased) for heating
• Home design: Manufactured home; Modular/Manufactured construction with vinyl siding; Architectural shingle roof; Pillar/post/pier foundation; Bayfront location; Outside city limits; Land lease ownership interest
• Construction: Manufactured structure; Vinyl siding; Architectural shingle roof; Pillar/post/pier foundation; Shed on property
• Exterior features: Private beach access; Outbuilding(s) and shed; Porch (screened); Deck(s)

Interior

• Kitchen: Refrigerator; Microwave; Gas range/oven; Range hood; Icemaker
• Bedrooms: 3 bedrooms on main level
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Forced air heating (propane - leased); Central air conditioning; 200+ amp electric service
• Interior features: Open floor plan; Eat-in kitchen; Kitchen island; Combination living/dining and combination kitchen/dining areas; Master bedroom with bay front; Master bath; Walk-in shower; Ceiling fans; Skylights; Window treatments; Attic; Vaulted ceilings; Furnished
• Laundry & utility: Washer in unit; Dryer in unit (electric); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Market conditions: 870 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 35% 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 $7k 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 16 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask is 400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.00% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.37%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $134,070
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33261 Waterview Ct Unit C-74	0.71mi	4/2.0 (+1)	1,220 (+12%)	16mo	$150,000	$123	29
33305 Marlin Ct	0.70mi	2/1.0 (-1)	980 (-10%)	23mo	$70,000	$71	22

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-21,807
• Equity at exit: $33,548

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-28
• Equity at exit: $19,454

Cash invested: $63,000 (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: 8.3×

Monthly cashflow live

• Estimated rent: $2,259 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $230

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 85%

Sensitivity live

Price	-10% $385	-5% $307	+0% $230	+5% $152	+10% $74
Rent	-10% $51	-5% $140	+0% $230	+5% $319	+10% $408
Rate	-1.0pp $343	-0.5pp $287	base $230	+0.5pp $171	+1.0pp $112

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33179 Woodland Ct S Lewes, DE	4.0	2.0	1325	$2,300	$1.74	14d	1	1.07mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	1.12mi
33135 Woodland Ct N Lewes, DE	3.0	2.0	1120	$2,250	$2.01	14d	1	1.17mi
22730 Holly Way W Lewes, DE	3.0	2.0	1232	$2,250	$1.83	14d	1	1.36mi

Listing history 22 events

1. 2026-06-21
   days on market $225,000 Active 16 DOM
2. 2026-06-18
   days on market $225,000 Active 13 DOM
3. 2026-06-17
   days on market $225,000 Active 12 DOM
4. 2026-06-16
   days on market $225,000 Active 11 DOM
5. 2026-06-15
   days on market $225,000 Active 10 DOM
6. 2026-06-14
   days on market $225,000 Active 8 DOM
7. 2026-06-13
   days on market $225,000 Active 7 DOM
8. 2026-06-10
   days on market $225,000 Active 5 DOM
9. 2026-06-09
   days on market $225,000 Active 4 DOM
10. 2026-06-08
    days on market $225,000 Active 3 DOM
11. 2026-06-07
    statusdays on market $225,000 Active 2 DOM
12. 2026-06-02
    days on market $225,000 Coming Soon 10 DOM
13. 2026-06-01
    days on market $225,000 Coming Soon 9 DOM
14. 2026-05-31
    days on market $225,000 Coming Soon 8 DOM
15. 2026-05-30
    days on market $225,000 Coming Soon 7 DOM
16. 2026-05-23
    historical $225,000
17. 2015-02-11
    historical
18. 2014-03-21
    listed $45,000
19. 2013-05-31
    historical
20. 2012-06-06
    listed $59,900
21. 2010-12-01
    historical
22. 2009-11-29
    listed $69,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,105
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,168
• − Management: −$2,168
• − Depreciation: −$6,545
• Taxable loss: −$880
• Est. tax savings @ 24.0%: +$211
• After-tax cash flow: $2,966/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)

No district data.

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

+221.9% since first listed

7 events — show timeline

• 2026-05-23 Coming Soon $225,000 BRIGHT MLS
• 2015-02-11 Listing Removed — BRIGHT MLS
• 2014-03-21 Listed $45,000 BRIGHT MLS
• 2013-05-31 Listing Removed — BRIGHT MLS
• 2012-06-06 Listed $59,900 BRIGHT MLS
• 2010-12-01 Listing Removed — BRIGHT MLS
• 2009-11-29 Listed $69,900 BRIGHT MLS

Property tax history

-3.3%/yr

Latest (2025): $241 · -37.6% YoY. Source: county tax records.