1 Harbor Rd · Long Neck, DE 19966

$132,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 78 Days on market

Built 2002 12 ac lot $115/sqft · 115% above area ↓ 8% 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
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Summer Oasis. .. .. a Boater's Waterfront Dream!!!!!! Walk over to the little Cafe for Breakfast or sit on your Boat and Listen to Live music on the weekend!! Nestled in this sought-after Waterfront Community, this Beautifully updated 3-bedroom, 2-bath home is designed for effortless summer living and unforgettable getaways!! Step inside to a freshly painted interior with a light, airy Coastal Vibe that instantly puts you at ease. Brand-new LVP flooring flows throughout, offering both style and durability—perfect for easy, low-maintenance seasonal living. The open layout creates an inviting space for gathering with family and friends after a day in the SUN!!!!!! This home is ideal for those seeking a seasonal escape, giving you a dedicated place to unwind, recharge, and enjoy the best months of the year by the water. Spend your days boating, fishing, or simply soaking up the coastal atmosphere—this is truly a boater’s dream with convenient water access, Boat Slips and a vibrant community setting! Get ready for great Summer Fun, from Beach Days and Water adventures to evening breezes and sunset cruises. Fishing, Crabbing, Tubing, Kayaking, etc. When the season calls, this is the place Everyone will want to be!! Don’t miss your chance to own a slice of Coastal Waterfront Summer Living—your perfect seasonal getaway awaits!

Key facts

• 11.54 acre lot
• 3 parking spots
• Built 2002

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $132k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.1% 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 $913 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 $37k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($124k) 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 $124,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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. 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: 1.70% ✓
• Cap rate: 14.10%
• Cash-on-cash: 27.89%
• DSCR: 2.24
• GRM: 4.9

CMA / ARV

• ARV (median comp): $56,389
• List price: $132,000
• Delta: 134.09%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26590 Hermit Ln #1930	0.58mi	2/1.0 (-1)	1,140 (-1%)	15mo	$45,000	$39	50
35468 Joann Dr #11511	0.59mi	3/1.0	1,260 (+9%)	11mo	$52,000	$41	44

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $4,315
• Equity at exit: $19,682

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $37,736
• Equity at exit: $11,413

Cash invested: $36,960 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,242 medium
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,980/yr
• Insurance: −$55
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $399

Break-even live

Break-even rent $1,738

Max offer price $132,000

Occupancy floor 77%

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: $33,000
• Closing costs: $3,960
• 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	13d	1	0.58mi

Listing history 11 events

1. 2026-06-10
   days on market $132,000 Active 78 DOM
2. 2026-06-09
   days on market $132,000 Active 77 DOM
3. 2026-06-08
   days on market $132,000 Active 76 DOM
4. 2026-06-07
   days on market $132,000 Active 75 DOM
5. 2026-06-02
   days on market $132,000 Active 70 DOM
6. 2026-06-01
   days on market $132,000 Active 69 DOM
7. 2026-05-31
   days on market $132,000 Active 68 DOM
8. 2026-05-30
   days on market $132,000 Active 67 DOM
9. 2026-05-06
   price $137,500 1371-char remark

   Show marketing remark (1371 chars)

   Summer Oasis. .. .. a Boater's Waterfront Dream!!!!!! Walk over to the little Cafe for Breakfast or sit on your Boat and Listen to Live music on the weekend!! Nestled in this sought-after Waterfront Community, this Beautifully updated 3-bedroom, 2-bath home is designed for effortless summer living and unforgettable getaways!! Step inside to a freshly painted interior with a light, airy Coastal Vibe that instantly puts you at ease. Brand-new LVP flooring flows throughout, offering both style and durability—perfect for easy, low-maintenance seasonal living. The open layout creates an inviting space for gathering with family and friends after a day in the SUN!!!!!! This home is ideal for those seeking a seasonal escape, giving you a dedicated place to unwind, recharge, and enjoy the best months of the year by the water. Spend your days boating, fishing, or simply soaking up the coastal atmosphere—this is truly a boater’s dream with convenient water access, Boat Slips and a vibrant community setting! Get ready for great Summer Fun, from Beach Days and Water adventures to evening breezes and sunset cruises. Fishing, Crabbing, Tubing, Kayaking, etc. When the season calls, this is the place Everyone will want to be!! Don’t miss your chance to own a slice of Coastal Waterfront Summer Living—your perfect seasonal getaway awaits!

10. 2026-03-24
    listed $149,000 Active 1371-char remark

    Show marketing remark (1371 chars)

    Summer Oasis. .. .. a Boater's Waterfront Dream!!!!!! Walk over to the little Cafe for Breakfast or sit on your Boat and Listen to Live music on the weekend!! Nestled in this sought-after Waterfront Community, this Beautifully updated 3-bedroom, 2-bath home is designed for effortless summer living and unforgettable getaways!! Step inside to a freshly painted interior with a light, airy Coastal Vibe that instantly puts you at ease. Brand-new LVP flooring flows throughout, offering both style and durability—perfect for easy, low-maintenance seasonal living. The open layout creates an inviting space for gathering with family and friends after a day in the SUN!!!!!! This home is ideal for those seeking a seasonal escape, giving you a dedicated place to unwind, recharge, and enjoy the best months of the year by the water. Spend your days boating, fishing, or simply soaking up the coastal atmosphere—this is truly a boater’s dream with convenient water access, Boat Slips and a vibrant community setting! Get ready for great Summer Fun, from Beach Days and Water adventures to evening breezes and sunset cruises. Fishing, Crabbing, Tubing, Kayaking, etc. When the season calls, this is the place Everyone will want to be!! Don’t miss your chance to own a slice of Coastal Waterfront Summer Living—your perfect seasonal getaway awaits!

11. 2026-03-19
    historical $149,000 1371-char remark

    Show marketing remark (1371 chars)

    Summer Oasis. .. .. a Boater's Waterfront Dream!!!!!! Walk over to the little Cafe for Breakfast or sit on your Boat and Listen to Live music on the weekend!! Nestled in this sought-after Waterfront Community, this Beautifully updated 3-bedroom, 2-bath home is designed for effortless summer living and unforgettable getaways!! Step inside to a freshly painted interior with a light, airy Coastal Vibe that instantly puts you at ease. Brand-new LVP flooring flows throughout, offering both style and durability—perfect for easy, low-maintenance seasonal living. The open layout creates an inviting space for gathering with family and friends after a day in the SUN!!!!!! This home is ideal for those seeking a seasonal escape, giving you a dedicated place to unwind, recharge, and enjoy the best months of the year by the water. Spend your days boating, fishing, or simply soaking up the coastal atmosphere—this is truly a boater’s dream with convenient water access, Boat Slips and a vibrant community setting! Get ready for great Summer Fun, from Beach Days and Water adventures to evening breezes and sunset cruises. Fishing, Crabbing, Tubing, Kayaking, etc. When the season calls, this is the place Everyone will want to be!! Don’t miss your chance to own a slice of Coastal Waterfront Summer Living—your perfect seasonal getaway awaits!

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $26,905
• − Mortgage interest: −$7,394
• − Property taxes: −$1,980
• − Insurance: −$6,185
• − Repairs & maintenance: −$2,152
• − Management: −$2,152
• − Depreciation: −$3,840
• Taxable income: $3,201
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $4,015/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

-7.7% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $137,500 BRIGHT MLS
• 2026-03-24 Listed $149,000 BRIGHT MLS
• 2026-03-19 Coming Soon $149,000 BRIGHT MLS

Property tax history

+2.6%/yr

Latest (2025): $253 · +11.3% YoY. Source: county tax records.