35237 Breakers St Unit E-711 · Long Neck, DE 19966

$137,000

3 bd · 2.0 ba · 1,056 sqft · SingleFamily · 33 Days on market

Built 2005 Good condition $130/sqft · 12% above area Est $123k · 12% over ↓ 13% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +2.3/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live the Ultimate Coastal Dream at Pot-Nets Bayside! Discover the perfect blend of resort-style living and unbeatable value. Nestled along the scenic Indian River and Rehoboth Bays, this highly sought-after community offers an incredible, year-round vacation lifestyle. This vibrant, golf-cart-friendly neighborhood boasts premier amenities, including private beaches, full-service marinas, boat slips, fishing piers, sparkling pools, and walking trails. Tucked into this coastal paradise is a beautiful, low-maintenance 2005 double-wide manufactured home designed for easy living. The interior features an open-concept flow between the spacious living and dining area—perfect for entertaining. Cook with ease in the eat-in kitchen. Retreat to the private primary suite, complete with a walk-in shower and soaking tub. Move the party outside to your screened porch, where you can unwind against a serene, private wooded backdrop. This property also delivers excellent functionality with a two-car asphalt driveway and a dedicated outbuilding for all your beach gear and water toys. Whether you are looking for a turnkey vacation getaway or a full-time beach retreat, this home delivers. Enjoy local community perks plus quick access to the world-class dining, tax-free shopping, golf courses, and iconic beaches of Rehoboth and Lewes. Don't miss this rare opportunity to own your piece of the Delaware coast—schedule your tour today! ________________________________________

Key facts

• Boat slips
• Full service marinas
• Sparkling pools

Tags

• PRIVATE BEACHES
• FULL SERVICE MARINAS
• BOAT SLIPS
• FISHING PIERS
• SPARKLING POOLS
• WALKING TRAILS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $137k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• Recommended offer: $133k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 34% 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 $947 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 2 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,890 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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: 1.64% ✓
• Cap rate: 13.50%
• Cash-on-cash: 25.74%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $122,776
• List price: $137,000
• Delta: 18.10%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34448 Fleet St Unit E-768	0.12mi	3/2.0	980 (-7%)	8mo	$124,500	$127	76
34991 Starboard Ct #51975	0.42mi	3/2.0	1,056 (0%)	8mo	$121,200	$115	73
34665 Scarp St	0.27mi	3/1.5	980 (-7%)	6mo	$41,500	$42	68
34952 Breakers St	0.52mi	3/2.0	1,036 (-2%)	11mo	$160,000	$154	64
34144 Indian Cabin Creek Rd #259	0.68mi	3/2.0	1,068 (+1%)	4mo	$95,000	$89	64
34635 Deck St Unit E-323	0.29mi	4/2.0 (+1)	1,168 (+11%)	3mo	$134,900	$115	61
34957 Starboard Ct	0.43mi	3/2.0	980 (-7%)	10mo	$54,000	$55	59
34056 Village Way	0.57mi	3/2.0	1,136 (+8%)	6mo	$155,900	$137	56
35296 5th St #46027	0.75mi	4/2.0 (+1)	1,066 (+1%)	4mo	$115,000	$108	56
35262 7th St	0.71mi	2/2.0 (-1)	1,132 (+7%)	0mo	$98,000	$87	50
34401 Mallard Rd #502	0.64mi	3/2.0	1,200 (+14%)	3mo	$99,900	$83	45
26204 Skip Jack Ln #49539	0.54mi	2/2.0 (-1)	924 (-12%)	10mo	$67,000	$73	41

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,207
• Equity at exit: $20,427

10-year hold

• IRR: 10.6%
• Equity multiple: 1.84×
• Total profit: $32,070
• Equity at exit: $11,845

Cash invested: $38,360 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,240 medium
• Mortgage (P&I): −$718
• Tax est. 1.5%: −$171 /mo · $2,055/yr
• Insurance: −$57
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $363

Break-even live

Break-even rent $1,781

Max offer price $137,000

Occupancy floor 79%

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: $34,250
• Closing costs: $4,110
• 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	0.95mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	13d	1	1.48mi

Listing history 21 events

1. 2026-06-18
   days on market $137,000 Active 33 DOM
2. 2026-06-17
   days on market $137,000 Active 32 DOM
3. 2026-06-16
   days on market $137,000 Active 31 DOM
4. 2026-06-15
   days on market $137,000 Active 30 DOM
5. 2026-06-14
   days on market $137,000 Active 28 DOM
6. 2026-06-13
   days on market $137,000 Active 27 DOM
7. 2026-06-10
   days on market $137,000 Active 25 DOM
8. 2026-06-09
   days on market $137,000 Active 24 DOM
9. 2026-06-09
   price $137,000 Active 23 DOM
10. 2026-06-08
    days on market $139,900 Active 23 DOM
11. 2026-06-07
    days on market $139,900 Active 22 DOM
12. 2026-06-02
    days on market $139,900 Active 17 DOM
13. 2026-06-01
    days on market $139,900 Active 16 DOM
14. 2026-05-31
    days on market $139,900 Active 15 DOM
15. 2026-05-30
    days on market $139,900 Active 14 DOM
16. 2026-05-16
    listed $139,900 Active 1486-char remark

    Show marketing remark (1486 chars)

    Live the Ultimate Coastal Dream at Pot-Nets Bayside! Discover the perfect blend of resort-style living and unbeatable value. Nestled along the scenic Indian River and Rehoboth Bays, this highly sought-after community offers an incredible, year-round vacation lifestyle. This vibrant, golf-cart-friendly neighborhood boasts premier amenities, including private beaches, full-service marinas, boat slips, fishing piers, sparkling pools, and walking trails. Tucked into this coastal paradise is a beautiful, low-maintenance 2005 double-wide manufactured home designed for easy living. The interior features an open-concept flow between the spacious living and dining area—perfect for entertaining. Cook with ease in the eat-in kitchen. Retreat to the private primary suite, complete with a walk-in shower and soaking tub. Move the party outside to your screened porch, where you can unwind against a serene, private wooded backdrop. This property also delivers excellent functionality with a two-car asphalt driveway and a dedicated outbuilding for all your beach gear and water toys. Whether you are looking for a turnkey vacation getaway or a full-time beach retreat, this home delivers. Enjoy local community perks plus quick access to the world-class dining, tax-free shopping, golf courses, and iconic beaches of Rehoboth and Lewes. Don't miss this rare opportunity to own your piece of the Delaware coast—schedule your tour today! ________________________________________

17. 2026-05-08
    historical
18. 2026-04-27
    price $145,000
19. 2026-03-17
    price $149,000
20. 2025-11-29
    price $155,000
21. 2025-10-06
    listed $160,000 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 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: $26,882
• − Mortgage interest: −$7,674
• − Property taxes: −$2,055
• − Insurance: −$6,210
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$3,985
• Taxable income: $2,656
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $3,713/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 Cosmetic rehab

This low-maintenance 2005 double-wide manufactured home is in good condition and ready for a new owner. It offers an open-concept floor plan and is located in a desirable coastal community with amenities like private beaches and marinas.

Value-add opportunities

• Both Paint the interior walls — Fresh paint can make the home more appealing to buyers and renters
• Both Replace carpeted flooring with hardwood or tile — Hardwood or tile flooring can increase the home's value and make it more attractive to buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the interior walls — Fresh paint can make the home more appealing to buyers and renters ↑
• Both Replace carpeted flooring with hardwood or tile — Hardwood or tile flooring can increase the home's value and make it more attractive to buyers and renters ↑

ⓘ 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

• 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

-12.6% since first listed

6 events — show timeline

• 2026-05-16 Listed $139,900 BRIGHT MLS
• 2026-05-08 Listing Removed — BRIGHT MLS
• 2026-04-27 Price Changed $145,000 BRIGHT MLS
• 2026-03-17 Price Changed $149,000 BRIGHT MLS
• 2025-11-29 Price Changed $155,000 BRIGHT MLS
• 2025-10-06 Listed $160,000 BRIGHT MLS