34104 Meadow Ln · Long Neck, DE 19966

$159,999

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 34 Days on market

Built 2001 7,840 sqft lot $110/sqft · 23% below area Est $208k · 23% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 34104 Meadow Lane in Pot Nets Bayside. This 1700 square foot home has been well cared for throughout the years. The home was manufactured in 2001, has a newer roof, new HVAC with 3 large bedrooms on opposite ends, 2 full baths. Propane heat, propane cooking, nice carport that could be turned into a garage, and a large addition with windows for all the seasons. The home sits on a corner lot, that is super private. The shed behind the home is great for extra beach toys, and mower. Close to the community pool and baseball fields, in a super quiet section of Bayside. Hop on the golf cart and roll up to the Grill!!! Comes completely furnished with a golf cart, sold as is.

Key facts

• Newer roof
• Large addition
• Private

Tags

• NEWER ROOF
• LARGE ADDITION
• CORNER LOT
• PRIVATE
• SHED BEHIND HOME
• CLOSE TO COMMUNITY POOL

Property features AI

Finance

• Other: Not in a federal flood zone
• Financial info: Property is on a land lease; buyer should review lease terms
• HOA & community: Land lease in place (monthly land lease: $1,144.15; approximately 1 year remaining)

Exterior

• Parking: Attached carport with two spaces; Driveway parking (total garage/parking spaces: 2)
• Security: No security details provided
• Utilities: Public water; Public sewer; Electric cooling fuel; Electric hot water; Propane (leased) for heating
• Home design: Manufactured home; Entry level and facing direction not provided
• Construction: Block and modular/manufactured construction; Architectural shingle roof; No basement
• Exterior features: Community pool; Above-grade and below-grade other structures

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Three bedrooms on the main level
• Flooring: No flooring details provided
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: 90% forced air heating; Propane (leased) heating fuel; Central air conditioning; Ceiling fans; Electric hot water
• Interior features: Gas/propane fireplace with glass doors; Two or more access exits
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 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 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 $1k of loan paydown is wiped out by about $5k 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 34 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $155,199 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.41% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $207,860
• List price: $159,999
• Delta: -23.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34651 Deck St	0.60mi	3/1.5	1,476 (+1%)	7mo	$40,000	$27	62
34433 River Rd #4972	0.50mi	3/2.0	1,510 (+4%)	20mo	$45,000	$30	54
34122 Sassafras Rd #228	0.42mi	3/1.0	1,330 (-9%)	23mo	$105,000	$79	43
34178 River Rd #49050	0.62mi	3/2.0	1,350 (-7%)	24mo	$250,000	$185	39

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-11,916
• Equity at exit: $23,856

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $8,544
• Equity at exit: $13,834

Cash invested: $44,800 (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 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,255 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $215

Break-even live

Break-even rent $1,982

Max offer price $159,999

Occupancy floor 85%

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: $40,000
• Closing costs: $4,800
• 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	13d	1	1.39mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	13d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $159,999 Active 34 DOM
2. 2026-06-17
   days on market $159,999 Active 33 DOM
3. 2026-06-16
   days on market $159,999 Active 32 DOM
4. 2026-06-15
   days on market $159,999 Active 31 DOM
5. 2026-06-14
   days on market $159,999 Active 29 DOM
6. 2026-06-13
   days on market $159,999 Active 28 DOM
7. 2026-06-10
   days on market $159,999 Active 26 DOM
8. 2026-06-09
   days on market $159,999 Active 25 DOM
9. 2026-06-08
   days on market $159,999 Active 24 DOM
10. 2026-06-07
    remarks 687-char remark
11. 2026-06-07
    days on market $159,999 Active 23 DOM
12. 2026-06-02
    days on market $159,999 Active 18 DOM
13. 2026-06-01
    days on market $159,999 Active 17 DOM
14. 2026-05-31
    days on market $159,999 Active 16 DOM
15. 2026-05-30
    days on market $159,999 Active 15 DOM
16. 2026-05-15
    listed $159,999 Active 673-char remark

ⓘ 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 10/10 Extreme FEMA zone AE · 99% 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: $27,055
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$6,325
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − Depreciation: −$4,655
• Taxable income: $384
• Est. tax owed @ 24.0%: −$92
• After-tax cash flow: $2,488/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: 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

1 event — show timeline

• 2026-05-15 Listed $159,999 BRIGHT MLS

Property tax history

-5.2%/yr

Latest (2025): $316 · -40.0% YoY. Source: county tax records.