23306 Martin Ln · Long Neck, DE 19958

$85,000

2 bd · 1.0 ba · 686 sqft · Manufactured · 39 Days on market

Built 1983 23 ac lot $124/sqft · 73% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Look no further! Completely remodeled! Nice 2 bed 1 bath single wide with stick built addition located in the quiet community of Angola Crest II. New siding, Pela windows, appliances and flooring just to name a few of the improvements on this property. Large lot to kick back on with an ample sized shed/ workshop with electric perfect for your beach gear and hobbies. Centrally located to both Lewes and Rehoboth. Short drive to restaurants, shopping and of course the beaches. Perfect for anyone looking for a year round or seasonal home. Relax on the deck with a cocktail or coffee and enjoy the quiet surroundings. Interior is currently under construction. Home being sold as is. Purchase based upon park approval.

Key facts

• 23.28 acre lot
• Built 1983
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 818 active listings in the ZIP; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.17% ✓
• Cap rate: 18.56%
• Cash-on-cash: 43.79%
• DSCR: 2.95
• GRM: 3.8

CMA / ARV

• ARV (median comp): $313,236
• List price: $85,000
• Delta: -72.86%
• Verdict: UNDERPRICED
• Comps: 15 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34244 E Maple Ln	0.39mi	3/1.0 (+1)	600 (-12%)	20mo	$109,000	$182	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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 38.2%
• Equity multiple: 2.58×
• Total profit: $37,529
• Equity at exit: $12,674

10-year hold

• IRR: 43.6%
• Equity multiple: 4.70×
• Total profit: $88,152
• Equity at exit: $7,349

Cash invested: $23,800 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,843 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $869

Break-even live

Break-even rent $744

Max offer price $85,000

Occupancy floor 48%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $85,000 Active 39 DOM
2. 2026-06-17
   days on market $85,000 Active 38 DOM
3. 2026-06-16
   days on market $85,000 Active 37 DOM
4. 2026-06-15
   days on market $85,000 Active 36 DOM
5. 2026-06-14
   days on market $85,000 Active 34 DOM
6. 2026-06-13
   days on market $85,000 Active 33 DOM
7. 2026-06-10
   days on market $85,000 Active 31 DOM
8. 2026-06-09
   days on market $85,000 Active 30 DOM
9. 2026-06-08
   days on market $85,000 Active 29 DOM
10. 2026-06-07
    days on market $85,000 Active 28 DOM
11. 2026-06-05
    days on market $85,000 Active 25 DOM
12. 2026-06-03
    days on market $85,000 Active 24 DOM
13. 2026-06-02
    days on market $85,000 Active 23 DOM
14. 2026-06-01
    days on market $85,000 Active 22 DOM
15. 2026-05-31
    days on market $85,000 Active 21 DOM
16. 2026-05-30
    days on market $85,000 Active 20 DOM
17. 2026-05-11
    listed $85,000 Active 719-char remark

    Show marketing remark (719 chars)

    Look no further! Completely remodeled! Nice 2 bed 1 bath single wide with stick built addition located in the quiet community of Angola Crest II. New siding, Pela windows, appliances and flooring just to name a few of the improvements on this property. Large lot to kick back on with an ample sized shed/ workshop with electric perfect for your beach gear and hobbies. Centrally located to both Lewes and Rehoboth. Short drive to restaurants, shopping and of course the beaches. Perfect for anyone looking for a year round or seasonal home. Relax on the deck with a cocktail or coffee and enjoy the quiet surroundings. Interior is currently under construction. Home being sold as is. Purchase based upon park approval.

18. 2026-04-10
    historical $85,000 719-char remark

    Show marketing remark (719 chars)

    Look no further! Completely remodeled! Nice 2 bed 1 bath single wide with stick built addition located in the quiet community of Angola Crest II. New siding, Pela windows, appliances and flooring just to name a few of the improvements on this property. Large lot to kick back on with an ample sized shed/ workshop with electric perfect for your beach gear and hobbies. Centrally located to both Lewes and Rehoboth. Short drive to restaurants, shopping and of course the beaches. Perfect for anyone looking for a year round or seasonal home. Relax on the deck with a cocktail or coffee and enjoy the quiet surroundings. Interior is currently under construction. Home being sold as is. Purchase based upon park approval.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $22,116
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,769
• − Management: −$1,769
• − Depreciation: −$2,473
• Taxable income: $9,644
• Est. tax owed @ 24.0%: −$2,314
• After-tax cash flow: $8,108/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)

• District: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 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

• County: Sussex County · 82,708 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-11 Listed $85,000 BRIGHT MLS
• 2026-04-10 Coming Soon $85,000 BRIGHT MLS

Property tax history

-9.6%/yr

Latest (2025): $125 · -61.9% YoY. Source: county tax records.