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

$289,900

3 bd · 3.5 ba · 1,765 sqft · Condo · 509 Days on market

Built 2006 Good condition $164/sqft · 8% below area Est $314k · 8% 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 +11.0/15.0
• Cash flow +6.7/30.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• DSCR +1.0/10.0
• 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 $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-459 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (16.6% below list).
• Recommended offer: $224k (22.9% 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: 999 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 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 $9k 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 509 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask is 11496% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $220k; 32% 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 $223,552 (22.9% 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 509 days. Have you received any prior offers? Is the seller open to a 23% 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: 0.83% ✗
• Cap rate: 4.39%
• Cash-on-cash: -6.78%
• DSCR: 0.70
• GRM: 10.0

CMA / ARV

• ARV (median comp): $314,225
• List price: $289,900
• Delta: -7.74%
• 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
26605 Briarstone Pl	0.28mi	3/2.5	1,524 (-14%)	0mo	$279,900	$184	60
26367 West Pintail Rd #81	1.34mi	3/2.0	1,768 (+0%)	0mo	$229,000	$130	58
34644 W Harbor Dr #45061	0.99mi	3/2.5	1,716 (-3%)	0mo	$180,000	$105	56
34855 Halyard St Unit E-440	0.48mi	3/2.0	1,366 (-23%)	0mo	$280,633	$205	46
25858 N Cherry St #49858	0.82mi	3/2.0	1,904 (+8%)	1mo	$125,000	$66	45
34648 West Hbr	0.98mi	4/2.5 (+1)	1,643 (-7%)	0mo	$250,000	$152	44
34481 Broadwater Rd #643	0.94mi	3/1.5	1,925 (+9%)	0mo	$35,000	$18	42
34695 Deck St Unit E-160	0.62mi	2/2.0 (-1)	1,442 (-18%)	0mo	$110,000	$76	35
34104 Meadow Ln	1.22mi	3/2.0	1,456 (-18%)	0mo	$126,000	$87	34
34063 Village Way Unit E-995	1.32mi	3/2.0	1,400 (-21%)	0mo	$119,000	$85	34
36812 Teal Rd #53	1.36mi	3/2.0	1,337 (-24%)	1mo	$218,000	$163	33
25962 Bald Cypress St	0.87mi	3/2.0	1,490 (-16%)	1mo	$125,000	$84	33

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: -27.9%
• Equity multiple: 0.06×
• Total profit: $-75,918
• Equity at exit: $43,225

10-year hold

• IRR: -26.1%
• Equity multiple: -0.26×
• Total profit: $-102,652
• Equity at exit: $25,065

Cash invested: $81,172 (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 →

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 999
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,418 medium
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$365
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-459

Break-even live

Break-even rent $2,998

Max offer price $223,552

Occupancy floor —

Sensitivity live

Price	-10% $-258	-5% $-358	+0% $-459	+5% $-559	+10% $-659
Rent	-10% $-650	-5% $-554	+0% $-459	+5% $-363	+10% $-268
Rate	-1.0pp $-313	-0.5pp $-385	base $-459	+0.5pp $-534	+1.0pp $-610

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: $72,475
• Closing costs: $8,697
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	62d	1	0.20mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	93d	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. 2026-08-08
   days on market $289,900 Active 509 DOM
2. 2026-08-07
   days on market $289,900 Active 508 DOM
3. 2026-08-06
   days on market $289,900 Active 507 DOM
4. 2026-08-05
   days on market $289,900 Active 506 DOM
5. 2026-08-04
   days on market $289,900 Active 505 DOM
6. 2026-08-03
   days on market $289,900 Active 504 DOM
7. 2026-07-31
   days on market $289,900 Active 501 DOM
8. 2026-07-29
   days on market $289,900 Active 499 DOM
9. 2026-07-27
   days on market $289,900 Active 497 DOM
10. 2026-07-25
    days on market $289,900 Active 495 DOM
11. 2026-07-24
    days on market $289,900 Active 494 DOM
12. 2026-07-23
    days on market $289,900 Active 493 DOM
13. 2026-07-22
    days on market $289,900 Active 492 DOM
14. 2026-07-21
    days on market $289,900 Active 491 DOM
15. 2026-07-18
    days on market $289,900 Active 488 DOM
16. 2026-07-16
    days on market $289,900 Active 486 DOM
17. 2026-07-16
    days on market $289,900 Active 485 DOM
18. 2026-07-13
    days on market $289,900 Active 483 DOM
19. 2026-07-12
    days on market $289,900 Active 482 DOM
20. 2026-07-11
    days on market $289,900 Active 481 DOM
21. 2026-07-10
    days on market $289,900 Active 480 DOM
22. 2026-07-09
    days on market $289,900 Active 479 DOM
23. 2026-07-08
    days on market $289,900 Active 478 DOM
24. 2026-07-07
    days on market $289,900 Active 477 DOM
25. 2026-07-06
    days on market $289,900 Active 476 DOM
26. 2026-07-05
    days on market $289,900 Active 475 DOM
27. 2026-07-04
    days on market $289,900 Active 474 DOM
28. 2026-07-03
    days on market $289,900 Active 473 DOM
29. 2026-07-02
    days on market $289,900 Active 472 DOM
30. 2026-07-01
    days on market $289,900 Active 471 DOM
31. 2026-06-30
    days on market $289,900 Active 470 DOM
32. 2026-06-29
    days on market $289,900 Active 469 DOM
33. 2026-06-28
    days on market $289,900 Active 468 DOM
34. 2026-06-28
    days on market $289,900 Active 467 DOM
35. 2026-06-27
    days on market $289,900 Active 466 DOM
36. 2026-06-25
    days on market $289,900 Active 464 DOM
37. 2026-06-23
    pricedays on market $289,900 Active 462 DOM
38. 2026-06-21
    days on market $295,000 Active 461 DOM
39. 2026-06-18
    days on market $295,000 Active 458 DOM
40. 2026-06-17
    days on market $295,000 Active 457 DOM
41. 2026-06-16
    days on market $295,000 Active 456 DOM
42. 2026-06-15
    days on market $295,000 Active 455 DOM
43. 2026-06-14
    days on market $295,000 Active 453 DOM
44. 2026-06-13
    days on market $295,000 Active 452 DOM
45. 2026-06-10
    days on market $295,000 Active 450 DOM
46. 2026-06-09
    days on market $295,000 Active 449 DOM
47. 2026-06-08
    days on market $295,000 Active 448 DOM
48. 2026-06-07
    days on market $295,000 Active 447 DOM
49. 2026-06-02
    days on market $295,000 Active 442 DOM
50. 2026-06-01
    days on market $295,000 Active 441 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: $29,011
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,321
• − Management: −$2,321
• − HOA: −$4,380
• − Depreciation: −$8,433
• Taxable loss: −$10,481
• Est. tax savings @ 24.0%: +$2,515
• After-tax cash flow: $-2,987/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%
• 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

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