34376 Laurel Way S #1144 · Long Neck, DE 19966

$55,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily · 31 Days on market

Built 1996 Fair condition $38/sqft · 65% below area ↓ 30% since listing

---

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
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover your dream coastal retreat in this spacious 3-bedroom, 2-bath home, boasting 1,456 square feet of comfort and style. With a large family room addition perfect for gatherings, this partially furnished gem is ready for you to move in and start making memories. Enjoy the convenience of a 12x12 shed for your golf car and fishing gear, all nestled on a generous lot in the heart of Pot-Nets Creekside. Embrace a lifestyle filled with recreational options, from a refreshing swimming pool to a boat ramp and crabbing pier, all surrounded by the stunning natural beauty and wildlife of the waterfront. Don't miss your chance to fall in love with this unique home and vibrant community! New HVAC System

Key facts

• Swimming pool
• Crabbing pier
• 12x12 shed

Tags

• LARGE FAMILY ROOM ADDITION
• 12X12 SHED
• SWIMMING POOL
• BOAT RAMP
• CRABBING PIER
• NEW HVAC SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.9% 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: 870 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 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($53k) 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 $53,350 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.89% ✓
• Cap rate: 34.86%
• Cash-on-cash: 102.02%
• DSCR: 5.54
• GRM: 2.1

CMA / ARV

• ARV (median comp): $155,092
• List price: $55,000
• Delta: -64.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25594 Crab Aly E #1050	0.21mi	3/2.0	1,456 (0%)	0mo	$167,500	$115	90
34458 High Tide Dr #48273	0.08mi	2/2.0 (-1)	1,428 (-2%)	8mo	$115,000	$81	82
34142 Gull South Dr #1031	0.31mi	3/2.0	1,366 (-6%)	4mo	$257,326	$188	72
33955 Liberty St #10834	0.42mi	3/2.0	1,392 (-4%)	11mo	$125,000	$90	64
34219 Laurel Way N #36271	0.23mi	3/2.0	1,600 (+10%)	12mo	$110,000	$69	63
34789 Come About Cir #1212	0.42mi	4/3.0 (+1)	1,534 (+5%)	1mo	$148,049	$97	62
32030 Robin Hood's Loop	0.30mi	3/2.0	1,384 (-5%)	19mo	$360,000	$260	62
25620 Crab Alley East #1066	0.13mi	3/2.0	1,660 (+14%)	12mo	$255,000	$154	61
33928 New Moon St Unit C-2	0.44mi	2/2.0 (-1)	1,380 (-5%)	7mo	$125,000	$91	60
34564 Alls Well Aly	0.21mi	3/3.0	1,634 (+12%)	8mo	$150,000	$92	59
34013 Taylor Dr N #1351	0.39mi	3/2.0	1,248 (-14%)	6mo	$165,500	$133	52
25795 American Ave	0.63mi	3/2.0	1,560 (+7%)	10mo	$185,000	$119	50

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: 65.6%
• Equity multiple: 3.95×
• Total profit: $45,466
• Equity at exit: $8,201

10-year hold

• IRR: 70.0%
• Equity multiple: 8.17×
• Total profit: $110,487
• Equity at exit: $4,755

Cash invested: $15,400 (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: 870
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,138 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $849

Break-even live

Break-even rent $1,064

Max offer price $55,000

Occupancy floor 55%

Sensitivity live

Price	-10% $887	-5% $868	+0% $849	+5% $830	+10% $811
Rent	-10% $680	-5% $764	+0% $849	+5% $933	+10% $1,018
Rate	-1.0pp $877	-0.5pp $863	base $849	+0.5pp $835	+1.0pp $820

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	0.71mi

Listing history 3 events

1. 2026-05-07
   status Pending 705-char remark

   Show marketing remark (705 chars)

   Discover your dream coastal retreat in this spacious 3-bedroom, 2-bath home, boasting 1,456 square feet of comfort and style. With a large family room addition perfect for gatherings, this partially furnished gem is ready for you to move in and start making memories. Enjoy the convenience of a 12x12 shed for your golf car and fishing gear, all nestled on a generous lot in the heart of Pot-Nets Creekside. Embrace a lifestyle filled with recreational options, from a refreshing swimming pool to a boat ramp and crabbing pier, all surrounded by the stunning natural beauty and wildlife of the waterfront. Don't miss your chance to fall in love with this unique home and vibrant community! New HVAC System

2. 2026-04-24
   price $55,000 705-char remark

   Show marketing remark (705 chars)

   Discover your dream coastal retreat in this spacious 3-bedroom, 2-bath home, boasting 1,456 square feet of comfort and style. With a large family room addition perfect for gatherings, this partially furnished gem is ready for you to move in and start making memories. Enjoy the convenience of a 12x12 shed for your golf car and fishing gear, all nestled on a generous lot in the heart of Pot-Nets Creekside. Embrace a lifestyle filled with recreational options, from a refreshing swimming pool to a boat ramp and crabbing pier, all surrounded by the stunning natural beauty and wildlife of the waterfront. Don't miss your chance to fall in love with this unique home and vibrant community! New HVAC System

3. 2026-04-06
   listed $79,000 Active 705-char remark

   Show marketing remark (705 chars)

   Discover your dream coastal retreat in this spacious 3-bedroom, 2-bath home, boasting 1,456 square feet of comfort and style. With a large family room addition perfect for gatherings, this partially furnished gem is ready for you to move in and start making memories. Enjoy the convenience of a 12x12 shed for your golf car and fishing gear, all nestled on a generous lot in the heart of Pot-Nets Creekside. Embrace a lifestyle filled with recreational options, from a refreshing swimming pool to a boat ramp and crabbing pier, all surrounded by the stunning natural beauty and wildlife of the waterfront. Don't miss your chance to fall in love with this unique home and vibrant community! New HVAC System

ⓘ 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: $25,661
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$5,800
• − Repairs & maintenance: −$2,053
• − Management: −$2,053
• − Depreciation: −$1,600
• Taxable income: $10,249
• Est. tax owed @ 24.0%: −$2,460
• After-tax cash flow: $7,726/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

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and appearance, with a focus on the kitchen and bathrooms. Upgrades in these areas would significantly enhance its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor exterior siding — some discoloration

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Resale replace carpeting — new carpeting improves comfort and appearance
• Resale replace kitchen cabinets — new cabinets modernize the space
• Resale replace bathroom fixtures — new fixtures improve functionality and appearance
• Both landscaping — improved landscaping enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Resale replace carpeting — new carpeting improves comfort and appearance ↑
• Resale replace kitchen cabinets — new cabinets modernize the space ↑
• Resale replace bathroom fixtures — new fixtures improve functionality and appearance ↑
• Both landscaping — improved landscaping enhances curb appeal and adds value ↑

ⓘ 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

-30.4% since first listed

3 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-04-24 Price Changed $55,000 BRIGHT MLS
• 2026-04-06 Listed $79,000 BRIGHT MLS