28144 Sloop Ave Unit E-25 · Long Neck, DE 19966

$219,000

3 bd · 2.0 ba · 1,824 sqft · SingleFamily · 520 Days on market

Built 1995 Good condition $120/sqft · 23% below area Est $283k · 23% under ↓ 39% since listing

---

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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Dive into the ultimate waterfront lifestyle with this stunning home in the desirable Pot-Nets-Bayside community! Enjoy direct access to the Indian River Bay, perfect for boating adventures and serene days by the water. This spacious lot offers breathtaking marina views, setting the stage for a life filled with excitement and relaxation. Inside, you'll find a fabulous 3-season porch with vaulted ceilings, ideal for unwinding after a day on the water. This 1824 sq ft home features 3 bedrooms and 2 baths, with an open concept living area designed for entertaining. The large kitchen boasts ample counter space and a breakfast bar that any chef will love. The large heated and cooled sunroom provides stunning water views and a cozy brick fireplace, perfect for game nights or curling up with a book. Spacious bedrooms with plush carpeting ensure your guests feel at home, while the luxurious owner's suite features a step-up garden tub and shower. With a double garage for all your cars and beach gear, you’re set for unforgettable memories in Bayside! Enjoy numerous amenities like Paradise Grill, playgrounds, private beaches, and an extensive network of golf car paths. Don’t miss out on this incredible opportunity—call our sales office today!

Key facts

• Golf car paths
• 3 season porch
• Private beaches

Tags

• 3 SEASON PORCH
• PRIVATE BEACHES
• GOLF CAR PATHS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $219k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.0% 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+, amenities F, commute 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.
• Zoned schools: Long Neck Elementary School (math 22% / reading 35%, grade F, #57 of 105 statewide, top 55%, 693 students, 0% FRL); Millsboro Middle School (math 24% / reading 42%, grade F, #14 of 36 statewide, top 37%, 771 students, 0% FRL); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1189 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 37% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 520 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $80k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 520 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.11% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $283,080
• List price: $219,000
• Delta: -22.64%
• 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
28259 Sloop Unit E-129	0.10mi	3/2.0	1,768 (-3%)	0mo	$405,000	$229	90
34805 Rowlock Pl #50349	0.11mi	3/2.0	1,920 (+5%)	3mo	$200,000	$104	83
34840 W Harbor Dr	0.30mi	3/2.0	1,800 (-1%)	3mo	$315,000	$175	81
34608 Stem St Unit E-302	0.27mi	3/2.5	1,862 (+2%)	1mo	$309,701	$166	81
34859 Gromet St Unit E-83	0.26mi	3/2.0	1,702 (-7%)	1mo	$180,000	$106	76
34644 W Harbor Dr #45061	0.30mi	3/2.5	1,716 (-6%)	2mo	$180,000	$105	73
35356 Sandpiper Rd	0.66mi	3/2.0	1,792 (-2%)	0mo	$147,000	$82	66
27012 Harbor Rd #876	0.65mi	3/2.0	1,792 (-2%)	3mo	$219,000	$122	64
34648 West Hbr	0.29mi	4/2.5 (+1)	1,643 (-10%)	2mo	$250,000	$152	62
27297 Waters Edge Rd	0.33mi	3/2.0	1,568 (-14%)	3mo	$165,000	$105	59
34427 Fleet St	0.66mi	3/2.0	2,042 (+12%)	4mo	$243,000	$119	46
34160 Huckleberry Ln #909	0.59mi	4/2.0 (+1)	2,052 (+12%)	1mo	$259,000	$126	46

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-9,771
• Equity at exit: $32,654

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $24,706
• Equity at exit: $18,935

Cash invested: $61,320 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 29 active · 26 under contract
• Months of supply: 5.4 mo (18%/mo absorbed)
• Median asking: $229,000 ($131/sqft)
• Median days on market: 85 d
• This list price: 41% of active listings are priced below it
• ARV vs active asking: +18.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 1189
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,426 medium
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $403

Break-even live

Break-even rent $1,916

Max offer price $219,000

Occupancy floor 78%

Sensitivity live

Price	-10% $555	-5% $479	+0% $403	+5% $328	+10% $252
Rent	-10% $212	-5% $307	+0% $403	+5% $499	+10% $595
Rate	-1.0pp $513	-0.5pp $459	base $403	+0.5pp $346	+1.0pp $289

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: $54,750
• Closing costs: $6,570
• Club membership (one-time): —
• 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	110d	1	0.96mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	140d	1	1.00mi

Listing history 50 events

1. 2026-09-25
   days on market $219,000 Active 520 DOM
2. 2026-09-24
   days on market $219,000 Active 519 DOM
3. 2026-09-24
   days on market $219,000 Active 518 DOM
4. 2026-09-22
   days on market $219,000 Active 517 DOM
5. 2026-09-21
   days on market $219,000 Active 516 DOM
6. 2026-09-19
   days on market $219,000 Active 514 DOM
7. 2026-09-18
   days on market $219,000 Active 513 DOM
8. 2026-09-17
   days on market $219,000 Active 512 DOM
9. 2026-09-16
   days on market $219,000 Active 511 DOM
10. 2026-09-15
    days on market $219,000 Active 510 DOM
11. 2026-09-14
    days on market $219,000 Active 509 DOM
12. 2026-09-13
    days on market $219,000 Active 508 DOM
13. 2026-09-12
    days on market $219,000 Active 507 DOM
14. 2026-09-05
    days on market $219,000 Active 500 DOM
15. 2026-09-04
    days on market $219,000 Active 499 DOM
16. 2026-09-03
    days on market $219,000 Active 498 DOM
17. 2026-08-31
    days on market $219,000 Active 495 DOM
18. 2026-08-30
    days on market $219,000 Active 494 DOM
19. 2026-08-29
    days on market $219,000 Active 493 DOM
20. 2026-08-28
    pricedays on market $219,000 Active 492 DOM
21. 2026-08-27
    days on market $259,000 Active 491 DOM
22. 2026-08-26
    days on market $259,000 Active 490 DOM
23. 2026-08-25
    days on market $259,000 Active 489 DOM
24. 2026-08-24
    days on market $259,000 Active 488 DOM
25. 2026-08-23
    days on market $259,000 Active 487 DOM
26. 2026-08-22
    days on market $259,000 Active 486 DOM
27. 2026-08-21
    days on market $259,000 Active 485 DOM
28. 2026-08-20
    days on market $259,000 Active 484 DOM
29. 2026-08-19
    days on market $259,000 Active 483 DOM
30. 2026-08-18
    days on market $259,000 Active 482 DOM
31. 2026-08-17
    days on market $259,000 Active 481 DOM
32. 2026-08-16
    days on market $259,000 Active 480 DOM
33. 2026-08-15
    days on market $259,000 Active 479 DOM
34. 2026-08-14
    days on market $259,000 Active 478 DOM
35. 2026-08-13
    days on market $259,000 Active 477 DOM
36. 2026-08-12
    days on market $259,000 Active 476 DOM
37. 2026-08-11
    days on market $259,000 Active 475 DOM
38. 2026-08-10
    days on market $259,000 Active 474 DOM
39. 2026-08-09
    days on market $259,000 Active 473 DOM
40. 2026-08-08
    days on market $259,000 Active 472 DOM
41. 2026-08-07
    days on market $259,000 Active 471 DOM
42. 2026-08-06
    days on market $259,000 Active 470 DOM
43. 2026-08-05
    days on market $259,000 Active 469 DOM
44. 2026-08-04
    days on market $259,000 Active 468 DOM
45. 2026-08-03
    days on market $259,000 Active 467 DOM
46. 2026-07-31
    days on market $259,000 Active 464 DOM
47. 2026-07-29
    days on market $259,000 Active 462 DOM
48. 2026-07-27
    days on market $259,000 Active 460 DOM
49. 2026-07-25
    days on market $259,000 Active 458 DOM
50. 2026-07-24
    days on market $259,000 Active 457 DOM

ⓘ 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: $29,114
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − Depreciation: −$6,371
• Taxable income: $1,437
• Est. tax owed @ 24.0%: −$345
• After-tax cash flow: $4,493/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 · 3 photos

Good 75/100 Cosmetic rehab Est. rehab $9,120–$27,360 screening

This waterfront home in Long Neck, DE, offers a good condition with minimal repairs needed. It's move-in ready with a good curb appeal and direct access to the Indian River Bay, making it an attractive property for both resale and rental.

Value-add opportunities

• Both Paint exterior siding — Fresh paint enhances curb appeal and can increase both resale and rental value. ↑
• Both Trim bushes and trees — Well-maintained landscaping improves curb appeal and can attract more buyers. ↑
• Both Clean gutters — Clean gutters prevent water damage and improve the home's overall appearance, boosting both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 69/100

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 · 248,853 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: 5% of renters

---

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

-39.1% since first listed

14 events — show timeline

• 2026-03-26 Price Changed $259,000 BRIGHT MLS
• 2025-10-30 Price Changed $274,000 BRIGHT MLS
• 2025-07-06 Price Changed $289,000 BRIGHT MLS
• 2025-06-03 Price Changed $294,000 BRIGHT MLS
• 2025-04-23 Listed $299,000 BRIGHT MLS
• 2025-01-17 Listing Removed — BRIGHT MLS
• 2024-09-22 Price Changed $299,000 BRIGHT MLS
• 2024-07-29 Price Changed $329,900 BRIGHT MLS
• 2024-06-12 Price Changed $369,900 BRIGHT MLS
• 2024-04-27 Price Changed $379,900 BRIGHT MLS
• 2024-04-27 Relisted — BRIGHT MLS
• 2024-04-26 Listing Removed — BRIGHT MLS
• 2024-02-07 Price Changed $399,900 BRIGHT MLS
• 2023-12-09 Listed $425,000 BRIGHT MLS