28374 Nanticoke Ave #6274 · Long Neck, DE 19966

$99,900

3 bd · 1.0 ba · 1,050 sqft · Manufactured · 244 Days on market

Built 1964 Poor condition 18 ac lot $95/sqft · 21% below area Est $127k · 21% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable living near the water. This cottage sits on an extremely large lot and has a recently added master bedroom and closet! The covered front porch and screened in back porch add lots of extra living space. The kitchen is open to the living area and back porch, which provides easy access to both. There are two extra bedrooms and a full bath with plenty of sleeping area. The exterior has a fire pit area, two sheds for storage and a fish cleaning area in between. There is also a covered structure big enough to store a large boat. The home comes fully furnished and the new buyers must be park approved. The private boat club is just blocks away and with easy access to the Indian River Bay. So grab your fishing rods, put on your party hat or just relax, but don't wait to long to own this great property!

Key facts

• Covered front porch
• Large lot
• Fire pit area

Tags

• LARGE LOT
• MASTER BEDROOM
• COVERED FRONT PORCH
• SCREENED IN BACK PORCH
• FIRE PIT AREA
• FISH CLEANING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $724 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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; 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 36% 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 244 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 244 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.33% ✓
• Cap rate: 20.12%
• Cash-on-cash: 49.37%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (median comp): $126,549
• List price: $99,900
• Delta: -21.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 26.1%
• Equity multiple: 2.08×
• Total profit: $30,241
• Equity at exit: $14,895

10-year hold

• IRR: 33.8%
• Equity multiple: 4.11×
• Total profit: $86,944
• Equity at exit: $8,638

Cash invested: $27,972 (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: 3.6×

Monthly cashflow live

• Estimated rent: $2,331 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $724

Break-even live

Break-even rent $1,414

Max offer price $99,900

Occupancy floor 64%

Sensitivity live

Price	-10% $793	-5% $759	+0% $724	+5% $690	+10% $655
Rent	-10% $540	-5% $632	+0% $724	+5% $816	+10% $908
Rate	-1.0pp $775	-0.5pp $750	base $724	+0.5pp $698	+1.0pp $672

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29266 Honeysuckle Knl Millsboro, DE	3.0	1.0	1152	$1,900	$1.65	21d	1	1.29mi
32082 Plaza Dr , DE	1.0–3.0	1.0–2.0	1169	$2,019	$1.73	21d	14	1.37mi

Listing history 27 events

1. 2026-06-18
   days on market $99,900 Active 244 DOM
2. 2026-06-17
   days on market $99,900 Active 243 DOM
3. 2026-06-10
   days on market $99,900 Active 241 DOM
4. 2026-06-09
   days on market $99,900 Active 240 DOM
5. 2026-06-08
   days on market $99,900 Active 239 DOM
6. 2026-06-07
   pricedays on market $99,900 Active 238 DOM
7. 2026-06-02
   days on market $110,000 Active 233 DOM
8. 2026-06-01
   days on market $110,000 Active 232 DOM
9. 2026-05-31
   days on market $110,000 Active 231 DOM
10. 2026-05-30
    days on market $110,000 Active 230 DOM
11. 2026-03-17
    price $110,000 817-char remark

    Show marketing remark (817 chars)

    Affordable living near the water. This cottage sits on an extremely large lot and has a recently added master bedroom and closet! The covered front porch and screened in back porch add lots of extra living space. The kitchen is open to the living area and back porch, which provides easy access to both. There are two extra bedrooms and a full bath with plenty of sleeping area. The exterior has a fire pit area, two sheds for storage and a fish cleaning area in between. There is also a covered structure big enough to store a large boat. The home comes fully furnished and the new buyers must be park approved. The private boat club is just blocks away and with easy access to the Indian River Bay. So grab your fishing rods, put on your party hat or just relax, but don't wait to long to own this great property!

12. 2025-10-12
    listed $120,000 Active 817-char remark

    Show marketing remark (817 chars)

    Affordable living near the water. This cottage sits on an extremely large lot and has a recently added master bedroom and closet! The covered front porch and screened in back porch add lots of extra living space. The kitchen is open to the living area and back porch, which provides easy access to both. There are two extra bedrooms and a full bath with plenty of sleeping area. The exterior has a fire pit area, two sheds for storage and a fish cleaning area in between. There is also a covered structure big enough to store a large boat. The home comes fully furnished and the new buyers must be park approved. The private boat club is just blocks away and with easy access to the Indian River Bay. So grab your fishing rods, put on your party hat or just relax, but don't wait to long to own this great property!

13. 2022-10-01
    soldstatus $55,000 Closed 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

14. 2022-09-12
    status Pending 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

15. 2022-09-12
    historical Active Under Contract 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

16. 2022-08-22
    status Pending 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

17. 2022-08-15
    price $78,900 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

18. 2022-08-05
    listed $79,900 Active 735-char remark

    Show marketing remark (735 chars)

    It's not too late to enjoy the remainder of summer in your very own affordable home walking distance to water and the best little restaurant in the area, Serendipity's. Oak Orchards is the perfect place to live with a very reasonable land lease. Enjoy the beach life without all the traffic, yet live close enough to drive there in minutes. This home is on a double lot almost at the end of a tree lined street. Inside will offer you numerous opportunities to create your own form of ambiance. Better than camping and with all the feel of being on vacation, don't miss your opportunity to own this home now. Seller will pay at settlement up to $4,000.00 towards Buyers first year's Land Lease!!! Wow! Now is the Time! BRING ALL OFFERS!

19. 2022-04-08
    soldstatus $55,000 Closed
20. 2022-02-14
    historical Active Under Contract
21. 2021-11-17
    price $59,000
22. 2021-10-08
    price $64,900
23. 2021-09-24
    listed $67,999 Active
24. 2020-08-26
    soldstatus $30,000 Closed
25. 2020-08-24
    status Pending
26. 2020-08-17
    historical Active Under Contract
27. 2020-08-11
    listed $33,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 17 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: $27,968
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$5,618
• − Repairs & maintenance: −$2,237
• − Management: −$2,237
• − Depreciation: −$2,906
• Taxable income: $7,875
• Est. tax owed @ 24.0%: −$1,890
• After-tax cash flow: $6,802/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 · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and maintenance, including painting, window replacement, and landscaping. Upgrading these areas can significantly increase its resale and rental value.

Repairs flagged

• Major kitchen appliances — The kitchen appears cluttered and in need of cleaning, with no visible appliances.
• Major exterior siding — The exterior siding is peeling and in need of repainting.
• Major interior walls — The interior walls appear to have peeling paint and need repainting.
• Major windows — The windows appear to be old and may need replacement.
• Major landscaping — The landscaping is overgrown and in need of trimming and maintenance.

Value-add opportunities

• Both painting the exterior and interior — Painting the exterior and interior can significantly improve the home's curb appeal and interior aesthetics.
• Both replacing windows — Replacing old windows can improve energy efficiency and increase the home's value.
• Both upgrading kitchen appliances — Upgrading kitchen appliances can make the space more functional and appealing to potential buyers/renters.
• Both landscaping and curb appeal — A well-maintained and landscaped exterior can greatly enhance the home's curb appeal and value.
• Both HVAC and mechanical upgrades — Upgrading HVAC and mechanical systems can improve comfort and energy efficiency, making the home more attractive to buyers/renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · The kitchen appears cluttered and in need of cleaning, with no visible appliances.	Major	$15,000–50,000
exterior siding · The exterior siding is peeling and in need of repainting.	Major	$15,000–50,000
interior walls · The interior walls appear to have peeling paint and need repainting.	Major	$15,000–50,000
windows · The windows appear to be old and may need replacement.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and in need of trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both painting the exterior and interior — Painting the exterior and interior can significantly improve the home's curb appeal and interior aesthetics. ↑
• Both replacing windows — Replacing old windows can improve energy efficiency and increase the home's value. ↑
• Both upgrading kitchen appliances — Upgrading kitchen appliances can make the space more functional and appealing to potential buyers/renters. ↑
• Both landscaping and curb appeal — A well-maintained and landscaped exterior can greatly enhance the home's curb appeal and value. ↑
• Both HVAC and mechanical upgrades — Upgrading HVAC and mechanical systems can improve comfort and energy efficiency, making the home more attractive to buyers/renters. ↑

ⓘ 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

+233.3% since first listed

17 events — show timeline

• 2026-03-17 Price Changed $110,000 BRIGHT MLS
• 2025-10-12 Listed $120,000 BRIGHT MLS
• 2022-10-01 Sold (MLS) $55,000 BRIGHT MLS
• 2022-09-12 Pending — BRIGHT MLS
• 2022-09-12 Contingent — BRIGHT MLS
• 2022-08-22 Pending — BRIGHT MLS
• 2022-08-15 Price Changed $78,900 BRIGHT MLS
• 2022-08-05 Listed $79,900 BRIGHT MLS
• 2022-04-08 Sold (MLS) $55,000 BRIGHT MLS
• 2022-02-14 Contingent — BRIGHT MLS
• 2021-11-17 Price Changed $59,000 BRIGHT MLS
• 2021-10-08 Price Changed $64,900 BRIGHT MLS
• 2021-09-24 Listed $67,999 BRIGHT MLS
• 2020-08-26 Sold (MLS) $30,000 BRIGHT MLS
• 2020-08-24 Pending — BRIGHT MLS
• 2020-08-17 Contingent — BRIGHT MLS
• 2020-08-11 Listed $33,000 BRIGHT MLS