35537 Sussex Ln · Long Neck, DE 19966

$100,000

2 bd · 1.5 ba · 1,300 sqft · Manufactured · 21 Days on market

Built 1980 4,000 sqft lot $77/sqft · 20% below area Est $124k · 20% under ↓ 33% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

WATERFRONT. PRIVATE DOCK. $100K. — THIS IS YOUR MOMENT! If you’ve been waiting for an affordable way to get on the water in Long Neck… this is it. And it’s not going to sit forever at this new price. This beautifully maintained 2-bedroom, 1.5-bath modular home in Mariner’s Cove is officially being repositioned to $100,000 to get it SOLD. Not because something is wrong—because we need the right buyer to see the opportunity and act. Let’s be clear: - No known issues - No smoke or pet odors - Lovingly maintained - Move-in ready The only two factors holding buyers back have been: Land rent: $1,764/month Cash sale required (modular home—no DMV tit

Key facts

• Huge screened porch
• Private dock
• Spacious deck

Tags

• PRIVATE DOCK
• BOAT SLIP
• HUGE SCREENED PORCH
• SPACIOUS DECK
• SUNROOM
• 12X24 SHED

Property features AI

Finance

• Other: Located in a federal flood zone (AE); Property manager present; Pets allowed (cats and dogs allowed; number limit applies)
• Financial info: Monthly land lease payment required
• HOA & community: Community amenities include outdoor pool, common grounds, community center, picnic area, pier/dock, boat ramp, boat slip and water/lake privileges; Association fee covers pool(s), road maintenance and common area maintenance

Exterior

• Parking: Driveway with crushed stone surface
• Utilities: Public water; Public sewer; Electric service (200+ amp); Electric hot water
• Home design: Detached property; Level entry to main floor; Doors with lever handles; Land lease ownership (land lease payments apply); Excellent property condition; Estimated year built
• Construction: Vinyl siding; Block foundation; Asphalt shingle roof; Double-pane, energy-efficient vinyl-clad windows with screens; Builder: Muncy
• Exterior features: Porch (screened and enclosed), decks; Extensive hardscape; Gutter system; Outside shower; Street lighting; Shed; Bulkheaded lot; Navigable water access (canal) with 40' water frontage; On waterfront — canal to Rehoboth Bay; Private dock site

Interior

• Kitchen: Built-in range; Dishwasher; Refrigerator; Microwave
• Bedrooms: Two bedrooms on the main level; Entry-level bedroom
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: One full bathroom; One half bathroom on the main level
• Heating & cooling: Electric heating; Electric cooling; 200+ amp electrical service
• Interior features: Open floor plan with combination kitchen/living and family room off the kitchen; Kitchen island; Recessed lighting; Ceiling fans; Drywall walls and ceilings
• Laundry & utility: Main-floor laundry; Washer; Electric dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.0% 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+, 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) — 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: 865 active listings in the ZIP; 1 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 31% 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 $691 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 + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,500 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.00% ✓
• Cap rate: 17.00%
• Cash-on-cash: 38.23%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (median comp): $124,248
• List price: $100,000
• Delta: -19.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35468 Joann Dr #11511	0.14mi	3/1.0 (+1)	1,260 (-3%)	11mo	$52,000	$41	72
27299 Dinghy Rd #1348	0.68mi	3/2.0 (+1)	1,200 (-8%)	9mo	$69,000	$58	41
35476 Bayview Ln #4147	0.63mi	3/2.0 (+1)	1,400 (+8%)	17mo	$146,000	$104	36

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: 10.5%
• Equity multiple: 1.41×
• Total profit: $11,596
• Equity at exit: $14,910

10-year hold

• IRR: 19.7%
• Equity multiple: 2.67×
• Total profit: $46,764
• Equity at exit: $8,646

Cash invested: $28,000 (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: 865
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $432

Break-even live

Break-even rent $1,458

Max offer price $100,000

Occupancy floor 73%

Sensitivity live

Price	-10% $501	-5% $466	+0% $432	+5% $397	+10% $362
Rent	-10% $273	-5% $352	+0% $432	+5% $511	+10% $590
Rate	-1.0pp $482	-0.5pp $457	base $432	+0.5pp $406	+1.0pp $379

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	14d	1	0.16mi

Listing history 24 events

1. 2026-06-18
   days on market $100,000 Active 21 DOM
2. 2026-06-17
   days on market $100,000 Active 20 DOM
3. 2026-06-16
   days on market $100,000 Active 19 DOM
4. 2026-06-15
   days on market $100,000 Active 18 DOM
5. 2026-06-14
   days on market $100,000 Active 16 DOM
6. 2026-06-13
   days on market $100,000 Active 15 DOM
7. 2026-06-10
   days on market $100,000 Active 13 DOM
8. 2026-06-09
   days on market $100,000 Active 12 DOM
9. 2026-06-08
   days on market $100,000 Active 11 DOM
10. 2026-06-07
    days on market $100,000 Active 10 DOM
11. 2026-06-02
    days on market $100,000 Active 5 DOM
12. 2026-06-01
    days on market $100,000 Active 4 DOM
13. 2026-05-31
    days on market $100,000 Active 3 DOM
14. 2026-05-30
    days on market $100,000 Active 2 DOM
15. 2026-05-05
    price $100,000 2746-char remark
16. 2026-04-03
    price $125,000 2746-char remark
17. 2026-01-16
    price $129,000 2746-char remark
18. 2025-10-28
    price $129,900 2746-char remark
19. 2025-09-04
    price $140,000 2746-char remark
20. 2025-08-13
    price $159,900 2746-char remark
21. 2025-07-25
    price $169,900 2746-char remark
22. 2025-07-25
    status Active 2746-char remark
23. 2025-06-03
    historical 2746-char remark
24. 2025-05-29
    listed $150,000 Active 2746-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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 19 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: $24,047
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$6,025
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$2,909
• Taxable income: $4,163
• Est. tax owed @ 24.0%: −$999
• After-tax cash flow: $4,180/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

• 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

-33.3% since first listed

12 events — show timeline

• 2026-05-28 Listing Removed — BRIGHT MLS
• 2026-05-28 Listed $100,000 BRIGHT MLS
• 2026-05-05 Price Changed $100,000 BRIGHT MLS
• 2026-04-03 Price Changed $125,000 BRIGHT MLS
• 2026-01-16 Price Changed $129,000 BRIGHT MLS
• 2025-10-28 Price Changed $129,900 BRIGHT MLS
• 2025-09-04 Price Changed $140,000 BRIGHT MLS
• 2025-08-13 Price Changed $159,900 BRIGHT MLS
• 2025-07-25 Price Changed $169,900 BRIGHT MLS
• 2025-07-25 Relisted — BRIGHT MLS
• 2025-06-03 Listing Removed — BRIGHT MLS
• 2025-05-29 Listed $150,000 BRIGHT MLS

Property tax history

-7.5%/yr

Latest (2025): $169 · -43.1% YoY. Source: county tax records.