33198 Lakeshore Cir · Long Neck, DE 19966

$185,000

3 bd · 2.0 ba · 1,792 sqft · Manufactured public records · 80 Days on market

Built 1993 $103/sqft · 15% above area Est $163k · 14% over $3/mo HOA

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Why this score? — see what drove the C- 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 +26.2/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 33198 Lakeshore Circle, a charming retreat with a water view in the desirable Pot-Nets Lakeside community of Millsboro. This well-maintained 3-bedroom, 2-bath home offers a bright and inviting open-concept layout, seamlessly connecting the kitchen, dining, and living areas—perfect for everyday living and entertaining. Skylights in the kitchen and bathrooms enhance the space with abundant natural light. The spacious primary suite features a relaxing soaking tub, creating a private retreat at the end of the day. The second bathroom is thoughtfully designed with handicap-accessible entry for added convenience. One of the home’s standout features is the expansive sunroom, complete with double French doors, a cozy gas fireplace, and stunning west-facing views of the lake and community clubhouse—an ideal setting to enjoy breathtaking sunsets. Additional highlights include a storage shed for all your outdoor essentials, a generous driveway for ample parking, and a location just steps from the community pool. Whether you're looking for a full-time residence or a coastal getaway, this home offers comfort, convenience, and scenic living in one of the area's most sought-after communities.

Key facts

• Community pool
• Built 1993
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 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 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 $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $185k implies a 364% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $173,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.20% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

• ARV (median comp): $162,733
• List price: $185,000
• Delta: 13.68%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $44
• Equity at exit: $27,584

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $38,794
• Equity at exit: $15,995

Cash invested: $51,800 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,218 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$3
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $471

Break-even live

Break-even rent $1,622

Max offer price $185,000

Occupancy floor 74%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	21d	1	1.26mi

HOA detail

• Monthly dues: $3 · $36/yr
• Likely covers: watergaspool

Listing history 19 events

1. 2026-06-18
   days on market $185,000 Active 80 DOM
2. 2026-06-17
   days on market $185,000 Active 79 DOM
3. 2026-06-16
   days on market $185,000 Active 78 DOM
4. 2026-06-15
   days on market $185,000 Active 77 DOM
5. 2026-06-14
   days on market $185,000 Active 75 DOM
6. 2026-06-13
   days on market $185,000 Active 74 DOM
7. 2026-06-10
   days on market $185,000 Active 72 DOM
8. 2026-06-09
   days on market $185,000 Active 71 DOM
9. 2026-06-08
   days on market $185,000 Active 70 DOM
10. 2026-06-07
    days on market $185,000 Active 69 DOM
11. 2026-06-02
    days on market $185,000 Active 64 DOM
12. 2026-06-01
    days on market $185,000 Active 63 DOM
13. 2026-05-31
    days on market $185,000 Active 62 DOM
14. 2026-05-30
    days on market $185,000 Active 61 DOM
15. 2026-05-11
    price $185,000 1225-char remark

    Show marketing remark (1225 chars)

    Welcome to 33198 Lakeshore Circle, a charming retreat with a water view in the desirable Pot-Nets Lakeside community of Millsboro. This well-maintained 3-bedroom, 2-bath home offers a bright and inviting open-concept layout, seamlessly connecting the kitchen, dining, and living areas—perfect for everyday living and entertaining. Skylights in the kitchen and bathrooms enhance the space with abundant natural light. The spacious primary suite features a relaxing soaking tub, creating a private retreat at the end of the day. The second bathroom is thoughtfully designed with handicap-accessible entry for added convenience. One of the home’s standout features is the expansive sunroom, complete with double French doors, a cozy gas fireplace, and stunning west-facing views of the lake and community clubhouse—an ideal setting to enjoy breathtaking sunsets. Additional highlights include a storage shed for all your outdoor essentials, a generous driveway for ample parking, and a location just steps from the community pool. Whether you're looking for a full-time residence or a coastal getaway, this home offers comfort, convenience, and scenic living in one of the area's most sought-after communities.

16. 2026-03-30
    listed $199,900 Active 1225-char remark

    Show marketing remark (1225 chars)

    Welcome to 33198 Lakeshore Circle, a charming retreat with a water view in the desirable Pot-Nets Lakeside community of Millsboro. This well-maintained 3-bedroom, 2-bath home offers a bright and inviting open-concept layout, seamlessly connecting the kitchen, dining, and living areas—perfect for everyday living and entertaining. Skylights in the kitchen and bathrooms enhance the space with abundant natural light. The spacious primary suite features a relaxing soaking tub, creating a private retreat at the end of the day. The second bathroom is thoughtfully designed with handicap-accessible entry for added convenience. One of the home’s standout features is the expansive sunroom, complete with double French doors, a cozy gas fireplace, and stunning west-facing views of the lake and community clubhouse—an ideal setting to enjoy breathtaking sunsets. Additional highlights include a storage shed for all your outdoor essentials, a generous driveway for ample parking, and a location just steps from the community pool. Whether you're looking for a full-time residence or a coastal getaway, this home offers comfort, convenience, and scenic living in one of the area's most sought-after communities.

17. 2015-09-14
    soldstatus $39,900 843-char remark

    Show marketing remark (843 chars)

    PRICE REDUCTION NOW 39,900, Turn your Vacation into a Lifestyle! Come see a well maintained home in Pot Nets Lakeside with a Lake View. Home used occasionally in the past seven years and seldom in the past two years. A Gated Community. Home is being sold completely furnished, including all appliances. Motorized G-Cart stays so you can travel along the paths to other connecting Pot-Nets communities, with Community Center, Pool, G Course, Tennis Court, Playground, and Trails for Walking/Jogging. Water/lake privileges. Lake is stocked for catch and release fishing. Nice relaxing Lake View from screened porch and front of the house. Just a short ride on your G-Cart to the Paradise Grille & Bar on the Bay. Enjoy Lunch and a cold drink on the Beach under the Palm Trees and enjoy the view Motivated Owner. Schedule your tour today.

18. 2015-08-11
    historical 843-char remark

    Show marketing remark (843 chars)

    PRICE REDUCTION NOW 39,900, Turn your Vacation into a Lifestyle! Come see a well maintained home in Pot Nets Lakeside with a Lake View. Home used occasionally in the past seven years and seldom in the past two years. A Gated Community. Home is being sold completely furnished, including all appliances. Motorized G-Cart stays so you can travel along the paths to other connecting Pot-Nets communities, with Community Center, Pool, G Course, Tennis Court, Playground, and Trails for Walking/Jogging. Water/lake privileges. Lake is stocked for catch and release fishing. Nice relaxing Lake View from screened porch and front of the house. Just a short ride on your G-Cart to the Paradise Grille & Bar on the Bay. Enjoy Lunch and a cold drink on the Beach under the Palm Trees and enjoy the view Motivated Owner. Schedule your tour today.

19. 2014-09-09
    listed $39,900 843-char remark

    Show marketing remark (843 chars)

    PRICE REDUCTION NOW 39,900, Turn your Vacation into a Lifestyle! Come see a well maintained home in Pot Nets Lakeside with a Lake View. Home used occasionally in the past seven years and seldom in the past two years. A Gated Community. Home is being sold completely furnished, including all appliances. Motorized G-Cart stays so you can travel along the paths to other connecting Pot-Nets communities, with Community Center, Pool, G Course, Tennis Court, Playground, and Trails for Walking/Jogging. Water/lake privileges. Lake is stocked for catch and release fishing. Nice relaxing Lake View from screened porch and front of the house. Just a short ride on your G-Cart to the Paradise Grille & Bar on the Bay. Enjoy Lunch and a cold drink on the Beach under the Palm Trees and enjoy the view Motivated Owner. Schedule your tour today.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $26,617
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,129
• − Management: −$2,129
• − HOA: −$36
• − Depreciation: −$5,382
• Taxable income: $2,878
• Est. tax owed @ 24.0%: −$691
• After-tax cash flow: $4,959/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

+363.7% since first listed

5 events — show timeline

• 2026-05-11 Price Changed $185,000 BRIGHT MLS
• 2026-03-30 Listed $199,900 BRIGHT MLS
• 2015-09-14 Sold (MLS) $39,900 BRIGHT MLS
• 2015-08-11 Listing Removed — BRIGHT MLS
• 2014-09-09 Listed $39,900 BRIGHT MLS

Property tax history

-4.2%/yr

Latest (2025): $350 · +5.8% YoY. Source: county tax records.