34409 Laurel Dr S #1154 · Long Neck, DE 19966

$149,000

2 bd · 2.0 ba · 1,680 sqft · SingleFamily · 31 Days on market

Built 1985 Good condition Est $173k · 14% 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 +13.8/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into a world of comfort and convenience with this charming 1680 sq. ft. residence, perfectly designed for family living. Heating and air conditioning systems and water heater and a new metal roof have all been replaced within the past 7 years. Featuring 2 spacious bedrooms and 2 baths, this home offers ample space for everyone to unwind and thrive. Experience the warmth of two inviting living areas that provide the perfect backdrop for larger gatherings, movie nights, or simply relaxing after a long day. The eat-in kitchen is equipped with newer stainless steel appliances that make food prep a breeze. Its seamless connection to the family room ensures that you can entertain your guests

Key facts

• Front deck
• Generous deck
• Large carport

Tags

• NEWLY INSTALLED WALK-IN SHOWER
• GENEROUS DECK
• LARGE CARPORT
• ATTACHED SHED
• FRONT DECK
• BACK DECK

Property features AI

Finance

• Other: Finished above-grade living area is approximately 1,680 (estimated); Total below-grade area recorded as 0
• Financial info: Not in a federal flood zone
• HOA & community: Land lease amount of $937 per month; Ground rent/land lease has about 5 years remaining; Located in Potnets Creekside park

Exterior

• Parking: Attached carport with 2 spaces; Driveway with 2 spaces; Total of 4 garage/parking spaces
• Utilities: Public water; Public sewer; No municipal trash service
• Home design: Manufactured home; Single wide model (approximately 14 ft x 70 ft); Estimated year built; Property in good condition; Building not winterized
• Construction: Aluminum siding; Metal and asbestos shingle roof; Other structures above and below grade
• Exterior features: Community pool; Ground rent exists (land lease); Pets allowed (cats and dogs OK)

Interior

• Kitchen: Dishwasher; Microwave; Gas range/oven; Refrigerator; Stainless steel appliances; Water heater
• Bedrooms: Two bedrooms on the main level
• Flooring: Laminate; Luxury vinyl plank; Partially carpeted
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% forced air heating; Propane hot water; Propane (leased) heating fuel; Central air conditioning (electric); 100 amp electrical service
• Interior features: Attic/house fan; Walk-in shower in bathroom; Breakfast area; Combination kitchen and living area; Window treatments

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 33% 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 $4k 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 31 days — a 3% lower offer ($145k) 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 $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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: 1.43% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.67%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $173,040
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25620 Crab Alley East #1066	0.13mi	3/2.0 (+1)	1,660 (-1%)	12mo	$255,000	$154	77
34564 Alls Well Aly	0.17mi	3/3.0 (+1)	1,634 (-3%)	8mo	$150,000	$92	72
34233 Colony Dr S #1112	0.15mi	3/2.5 (+1)	1,734 (+3%)	11mo	$192,500	$111	71
34458 High Tide Dr #48273	0.02mi	2/2.0	1,428 (-15%)	7mo	$115,000	$81	68
34219 Laurel Way N #36271	0.29mi	3/2.0 (+1)	1,600 (-5%)	12mo	$110,000	$69	64
25594 Crab Aly E #1050	0.26mi	3/2.0 (+1)	1,456 (-13%)	0mo	$167,500	$115	60
34443 Sunset Dr #1537	0.34mi	3/2.0 (+1)	1,792 (+7%)	13mo	$127,900	$71	57
25928 Atlas St	0.67mi	3/2.0 (+1)	1,680 (0%)	20mo	$121,000	$72	47
26013 Loop Dr #1301	0.59mi	3/2.0 (+1)	1,792 (+7%)	13mo	$184,900	$103	45
25795 American Ave	0.67mi	3/2.0 (+1)	1,560 (-7%)	10mo	$185,000	$119	43

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: -7.7%
• Equity multiple: 0.72×
• Total profit: $-11,801
• Equity at exit: $22,216

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $6,491
• Equity at exit: $12,883

Cash invested: $41,720 (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: 5.8×

Monthly cashflow live

• Estimated rent: $2,125 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $189

Break-even live

Break-even rent $1,886

Max offer price $149,000

Occupancy floor 86%

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: $37,250
• Closing costs: $4,470
• 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	1.48mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	44d	1	1.50mi

Listing history 15 events

1. 2026-06-18
   days on market $149,000 Active 31 DOM
2. 2026-06-17
   days on market $149,000 Active 30 DOM
3. 2026-06-16
   days on market $149,000 Active 29 DOM
4. 2026-06-15
   days on market $149,000 Active 28 DOM
5. 2026-06-14
   days on market $149,000 Active 26 DOM
6. 2026-06-13
   days on market $149,000 Active 25 DOM
7. 2026-06-10
   days on market $149,000 Active 23 DOM
8. 2026-06-09
   days on market $149,000 Active 22 DOM
9. 2026-06-08
   days on market $149,000 Active 21 DOM
10. 2026-06-07
    days on market $149,000 Active 20 DOM
11. 2026-06-02
    days on market $149,000 Active 15 DOM
12. 2026-06-01
    days on market $149,000 Active 14 DOM
13. 2026-05-31
    days on market $149,000 Active 13 DOM
14. 2026-05-30
    days on market $149,000 Active 12 DOM
15. 2026-05-18
    listed $149,000 Active

ⓘ 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 4/10 Moderate
• 🌡 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: $25,503
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$6,270
• − Repairs & maintenance: −$2,040
• − Management: −$2,040
• − Depreciation: −$4,335
• Taxable income: $237
• Est. tax owed @ 24.0%: −$57
• After-tax cash flow: $2,209/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 · 25 photos

Good 75/100 Cosmetic rehab

This well-maintained mobile home with recent updates and a good condition score is ready for a new owner or renter.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Rental Replace carpet — Improves comfort and reduces maintenance

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Replace carpet — Improves comfort and reduces maintenance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-18 Listed $149,000 BRIGHT MLS