34587 Scarp St Unit E-536 · Long Neck, DE 19966

$130,000

3 bd · 2.0 ba · 980 sqft · Manufactured · 220 Days on market

Built 1977 Good condition $133/sqft · 111% above area ↓ 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
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the charm of coastal living in this beautifully renovated 980 sq ft home, featuring 3 bedrooms and 2 baths, nestled in the picturesque Bayside community. Surrounded by mature trees and lush greenery, the expansive corner yard invites you to explore endless outdoor activities or simply unwind in nature's embrace. The modern eat-in kitchen boasts new stainless-steel appliances, butcher block counters, and a stylish tiled backsplash, seamlessly connecting to a spacious family room perfect for gatherings. Retreat to the primary suite with its large closets and luxurious ensuite or enjoy the newly renovated guest room and bath on the opposite side for added privacy. Complete with a 12’x20’ screened porch, this home is your private oasis, just moments from the stunning beaches and marinas of Rehoboth and Indian River Bays. Don’t miss the chance to create lasting memories in this serene sanctuary!

Key facts

• Screened porch
• 4 parking spots
• Community pool

Tags

• EXPANSIVE CORNER YARD
• MODERN EAT-IN KITCHEN
• NEW STAINLESS-STEEL APPLIANCES
• BUTCHER BLOCK COUNTERS
• STYLISH TILED BACKSPLASH
• SCREENED PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $843 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% 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; 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 $899 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 220 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 14.07%
• Cash-on-cash: 27.79%
• DSCR: 2.24
• GRM: 4.9

CMA / ARV

• ARV (median comp): $61,581
• List price: $130,000
• Delta: 111.10%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34587 Scarp St #17051	0.00mi	3/2.0	924 (-6%)	20mo	$120,000	$130	74

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: 21.9%
• Equity multiple: 1.90×
• Total profit: $32,656
• Equity at exit: $19,383

10-year hold

• IRR: 30.0%
• Equity multiple: 3.68×
• Total profit: $97,703
• Equity at exit: $11,240

Cash invested: $36,400 (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: 865
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,204 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $843

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 57%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $130,000 Active 220 DOM
2. 2026-06-17
   days on market $130,000 Active 219 DOM
3. 2026-06-16
   days on market $130,000 Active 218 DOM
4. 2026-06-15
   days on market $130,000 Active 217 DOM
5. 2026-06-14
   days on market $130,000 Active 215 DOM
6. 2026-06-13
   days on market $130,000 Active 214 DOM
7. 2026-06-10
   days on market $130,000 Active 212 DOM
8. 2026-06-09
   days on market $130,000 Active 211 DOM
9. 2026-06-08
   days on market $130,000 Active 210 DOM
10. 2026-06-07
    days on market $130,000 Active 209 DOM
11. 2026-06-02
    days on market $130,000 Active 204 DOM
12. 2026-06-01
    days on market $130,000 Active 203 DOM
13. 2026-05-31
    days on market $130,000 Active 202 DOM
14. 2026-05-30
    days on market $130,000 Active 201 DOM
15. 2026-05-05
    price $130,000 932-char remark

    Show marketing remark (932 chars)

    Experience the charm of coastal living in this beautifully renovated 980 sq ft home, featuring 3 bedrooms and 2 baths, nestled in the picturesque Bayside community. Surrounded by mature trees and lush greenery, the expansive corner yard invites you to explore endless outdoor activities or simply unwind in nature's embrace. The modern eat-in kitchen boasts new stainless-steel appliances, butcher block counters, and a stylish tiled backsplash, seamlessly connecting to a spacious family room perfect for gatherings. Retreat to the primary suite with its large closets and luxurious ensuite or enjoy the newly renovated guest room and bath on the opposite side for added privacy. Complete with a 12’x20’ screened porch, this home is your private oasis, just moments from the stunning beaches and marinas of Rehoboth and Indian River Bays. Don’t miss the chance to create lasting memories in this serene sanctuary!

16. 2026-03-29
    price $139,000 932-char remark

    Show marketing remark (932 chars)

    Experience the charm of coastal living in this beautifully renovated 980 sq ft home, featuring 3 bedrooms and 2 baths, nestled in the picturesque Bayside community. Surrounded by mature trees and lush greenery, the expansive corner yard invites you to explore endless outdoor activities or simply unwind in nature's embrace. The modern eat-in kitchen boasts new stainless-steel appliances, butcher block counters, and a stylish tiled backsplash, seamlessly connecting to a spacious family room perfect for gatherings. Retreat to the primary suite with its large closets and luxurious ensuite or enjoy the newly renovated guest room and bath on the opposite side for added privacy. Complete with a 12’x20’ screened porch, this home is your private oasis, just moments from the stunning beaches and marinas of Rehoboth and Indian River Bays. Don’t miss the chance to create lasting memories in this serene sanctuary!

17. 2025-11-10
    listed $149,000 Active 932-char remark

    Show marketing remark (932 chars)

    Experience the charm of coastal living in this beautifully renovated 980 sq ft home, featuring 3 bedrooms and 2 baths, nestled in the picturesque Bayside community. Surrounded by mature trees and lush greenery, the expansive corner yard invites you to explore endless outdoor activities or simply unwind in nature's embrace. The modern eat-in kitchen boasts new stainless-steel appliances, butcher block counters, and a stylish tiled backsplash, seamlessly connecting to a spacious family room perfect for gatherings. Retreat to the primary suite with its large closets and luxurious ensuite or enjoy the newly renovated guest room and bath on the opposite side for added privacy. Complete with a 12’x20’ screened porch, this home is your private oasis, just moments from the stunning beaches and marinas of Rehoboth and Indian River Bays. Don’t miss the chance to create lasting memories in this serene sanctuary!

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 44% 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: $26,451
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$2,116
• − Management: −$2,116
• − Depreciation: −$3,782
• Taxable income: $8,555
• Est. tax owed @ 24.0%: −$2,053
• After-tax cash flow: $8,062/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 beautifully renovated 980 sq ft home in Bayside community is move-in ready with modern updates and a great location.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and outdoor living space
• Both New flooring in living areas — Improves aesthetics and functionality
• Both New lighting fixtures — Enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and outdoor living space ↑
• Both New flooring in living areas — Improves aesthetics and functionality ↑
• Both New lighting fixtures — Enhances curb appeal and interior aesthetics ↑

ⓘ 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

-12.8% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $130,000 BRIGHT MLS
• 2026-03-29 Price Changed $139,000 BRIGHT MLS
• 2025-11-10 Listed $149,000 BRIGHT MLS