26767 Chatham Ln Unit B19-5 · Long Neck, DE 19966

$279,900

3 bd · 3.5 ba · 1,765 sqft · Condo · 601 Days on market

Built 2006 Good condition $159/sqft · 5% below area Est $295k · 5% under $365/mo HOA · 15% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +9.8/15.0
• Cash flow +7.5/30.0
• Condition / age +4.0/5.0
• 1% rule +3.8/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The townhouse at 26767 Chatham Lane, Unit B19-5, in Millsboro, Delaware, is ideally situated for those seeking proximity to water-based recreation, dining, and entertainment options. Located on the Long Neck peninsula, this property is just minutes away from Delaware's coastal towns, including Rehoboth Beach and Lewes, offering easy access to public boat slips on the Indian River and Rehoboth Bay. Residents can enjoy activities such as boating, sailing, fishing, and crabbing. Additionally, the area boasts tax-free shopping at unique local shops and the Tanger Outlets, as well as access to superb medical facilities and championship golf courses. This spacious three-level townhouse features an open-concept floor plan connecting the kitchen, dining, and living areas, making it ideal for entertaining. The primary ensuite bedroom includes a soaking tub and ample closet space, while the top floor boasts a large loft with a bathroom and a terrace suitable for outdoor dining. As part of the Fairfield at Long Neck community, residents have access to a community pool for relaxation and exercise. Given its location and amenities, this property is well-suited for use as a vacation retreat, rental investment, or full-time residence. Its proximity to water recreation activities and entertainment venues enhances its appeal to both residents and potential renters. Sellers will deliver home with new fridge and oven by closing or provide credit at closing to buyer.

Key facts

• Community pool
• Large loft
• Public boat slips

Tags

• PUBLIC BOAT SLIPS
• COMMUNITY POOL
• OPEN CONCEPT FLOOR PLAN
• LARGE LOFT
• OUTDOOR DINING TERRACE

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-347 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (11.7% below list).
• Recommended offer: $230k (17.9% below list) — sets the bar for cash-flow.

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: 1311 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 155d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 38% 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 601 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask is 11096% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $220k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $229,740 (17.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 601 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.31%
• DSCR: 0.76
• GRM: 9.4

CMA / ARV

• ARV (median comp): $295,008
• List price: $279,900
• Delta: -5.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26612 Briarstone Pl Unit B44	0.26mi	3/2.5	1,788 (+1%)	0mo	$240,000	$134	82
35480 Pine Dr	0.30mi	3/2.0	1,588 (-10%)	1mo	$161,600	$102	62
35260 6th St	0.41mi	3/2.0	1,550 (-12%)	0mo	$150,000	$97	54
34721 Ringbolt Ave #43248	0.75mi	3/2.0	1,852 (+5%)	0mo	$232,500	$126	51
35555 Sussex Ln	0.40mi	3/2.0	1,378 (-22%)	1mo	$215,000	$156	50
34679 Ringbolt Ave #13834	0.76mi	3/2.0	1,656 (-6%)	1mo	$159,000	$96	48
34863 Grommet St	0.49mi	3/2.0	1,374 (-22%)	0mo	$200,000	$146	46
34113 Sassafras Rd	1.29mi	3/2.0	1,632 (-8%)	0mo	$234,900	$144	46
27290 Cottage Rd	0.54mi	4/2.0 (+1)	1,516 (-14%)	1mo	$84,500	$56	39
26560 Woodchuck Ln Unit E-871	1.01mi	3/2.0	1,344 (-24%)	0mo	$135,000	$100	34
26423 Rudder Rd Unit E-932	1.15mi	3/2.0	1,344 (-24%)	1mo	$143,000	$106	33
34284 Bob White Ln #719	1.05mi	4/2.0 (+1)	1,356 (-23%)	1mo	$169,000	$125	28

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: -25.2%
• Equity multiple: 0.14×
• Total profit: $-67,172
• Equity at exit: $41,734

10-year hold

• IRR: -20.9%
• Equity multiple: -0.10×
• Total profit: $-85,858
• Equity at exit: $24,201

Cash invested: $78,372 (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: 1311
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,472 medium
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,198/yr
• Insurance: −$117
• HOA: −$365
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $-347

Break-even live

Break-even rent $2,911

Max offer price $229,740

Occupancy floor —

Sensitivity live

Price	-10% $-153	-5% $-250	+0% $-347	+5% $-443	+10% $-540
Rent	-10% $-542	-5% $-444	+0% $-347	+5% $-249	+10% $-151
Rate	-1.0pp $-206	-0.5pp $-275	base $-347	+0.5pp $-419	+1.0pp $-493

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: $69,975
• Closing costs: $8,397
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	154d	1	0.20mi
35821 S Gloucester Cir Millsboro, DE	3.0	2.0	1542	$2,600	$1.69	12d	1	0.22mi
35821 S Gloucester Cir Millsboro, DE	3.0	2.0	1542	$2,600	$1.69	0d	1	0.22mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	184d	1	0.25mi

HOA detail $365/mo · $4,380/yr condo

• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $279,900 Active 601 DOM
2. 2026-11-07
   days on market $279,900 Active 600 DOM
3. 2026-11-06
   days on market $279,900 Active 599 DOM
4. 2026-11-05
   days on market $279,900 Active 598 DOM
5. 2026-11-04
   pricedays on market $279,900 Active 597 DOM
6. 2026-11-02
   days on market $289,900 Active 595 DOM
7. 2026-11-01
   days on market $289,900 Active 594 DOM
8. 2026-10-31
   days on market $289,900 Active 593 DOM
9. 2026-10-30
   days on market $289,900 Active 592 DOM
10. 2026-10-29
    days on market $289,900 Active 591 DOM
11. 2026-10-28
    days on market $289,900 Active 590 DOM
12. 2026-10-27
    days on market $289,900 Active 589 DOM
13. 2026-10-26
    days on market $289,900 Active 588 DOM
14. 2026-10-25
    days on market $289,900 Active 587 DOM
15. 2026-10-24
    days on market $289,900 Active 586 DOM
16. 2026-10-23
    days on market $289,900 Active 585 DOM
17. 2026-10-22
    days on market $289,900 Active 584 DOM
18. 2026-10-21
    days on market $289,900 Active 583 DOM
19. 2026-10-20
    days on market $289,900 Active 582 DOM
20. 2026-10-19
    days on market $289,900 Active 581 DOM
21. 2026-10-18
    days on market $289,900 Active 580 DOM
22. 2026-10-17
    days on market $289,900 Active 579 DOM
23. 2026-10-16
    days on market $289,900 Active 578 DOM
24. 2026-10-15
    days on market $289,900 Active 577 DOM
25. 2026-10-14
    days on market $289,900 Active 576 DOM
26. 2026-10-13
    days on market $289,900 Active 575 DOM
27. 2026-10-12
    days on market $289,900 Active 574 DOM
28. 2026-10-11
    days on market $289,900 Active 573 DOM
29. 2026-10-10
    days on market $289,900 Active 572 DOM
30. 2026-10-09
    days on market $289,900 Active 571 DOM
31. 2026-10-08
    days on market $289,900 Active 570 DOM
32. 2026-10-07
    days on market $289,900 Active 569 DOM
33. 2026-10-06
    days on market $289,900 Active 568 DOM
34. 2026-10-05
    days on market $289,900 Active 567 DOM
35. 2026-10-04
    days on market $289,900 Active 566 DOM
36. 2026-10-04
    days on market $289,900 Active 565 DOM
37. 2026-10-02
    days on market $289,900 Active 564 DOM
38. 2026-10-01
    days on market $289,900 Active 563 DOM
39. 2026-09-30
    days on market $289,900 Active 562 DOM
40. 2026-09-29
    days on market $289,900 Active 561 DOM
41. 2026-09-28
    days on market $289,900 Active 560 DOM
42. 2026-09-27
    days on market $289,900 Active 559 DOM
43. 2026-09-26
    days on market $289,900 Active 558 DOM
44. 2026-09-25
    days on market $289,900 Active 557 DOM
45. 2026-09-24
    days on market $289,900 Active 556 DOM
46. 2026-09-24
    days on market $289,900 Active 555 DOM
47. 2026-09-22
    days on market $289,900 Active 554 DOM
48. 2026-09-21
    days on market $289,900 Active 553 DOM
49. 2026-09-19
    days on market $289,900 Active 551 DOM
50. 2026-09-18
    days on market $289,900 Active 550 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 6/10 Major FEMA zone X (unshaded) · 56% 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: $29,661
• − Mortgage interest: −$15,679
• − Property taxes: −$4,198
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,373
• − Management: −$2,373
• − HOA: −$4,380
• − Depreciation: −$8,143
• Taxable loss: −$8,884
• Est. tax savings @ 24.0%: +$2,132
• After-tax cash flow: $-2,028/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 80/100 None rehab

This three-bedroom townhouse is in good condition with a good condition score of 80. It has a good roof, exterior, flooring, and interior walls/paint. The kitchen and bathrooms are in good condition. The home is move-in ready and has a good curb appeal.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can enhance curb appeal and value ↑
• Both Replace blinds with energy-efficient windows — Improved energy efficiency and aesthetic appeal ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

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%
• 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

Price history

-98.9% since first listed

5 events — show timeline

• 2025-07-19 Listed for Rent $2,500 BRIGHTMLS
• 2025-03-17 Listed $295,000 BRIGHT MLS
• 2022-04-01 Sold (MLS) $220,000 BRIGHT MLS
• 2022-03-13 Pending — BRIGHT MLS
• 2022-03-10 Listed $220,000 BRIGHT MLS