28500 Ok Waw Ave #6756 · Long Neck, DE 19966

$150,000

1 bd · 1.0 ba · 850 sqft · SingleFamily · 111 Days on market

Built 1982 Fair condition 1.86 ac lot $176/sqft · 17% below area Est $181k · 17% under ↓ 29% since listing

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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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

Key facts

• Atlantic ocean
• Indian river bay
• Lewes beach

Tags

• DETACHED GARAGE
• INDIAN RIVER BAY
• ATLANTIC OCEAN
• LEWES BEACH
• CAPE HENLOPEN STATE PARK
• DOWNTOWN REHOBOTH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.3% 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: 870 active listings in the ZIP; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• 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 $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.60%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $181,133
• List price: $150,000
• Delta: -17.19%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33193 Pearl St	0.48mi	2/1.0 (+1)	816 (-4%)	3mo	$479,000	$587	63
28262 Cannon St	0.49mi	2/2.0 (+1)	850 (0%)	6mo	$180,000	$212	63
28367 Cherokee Ave #51076	0.15mi	2/2.0 (+1)	924 (+9%)	12mo	$70,000	$76	60
32681 Oak Orchard Rd	0.31mi	2/2.0 (+1)	960 (+13%)	11mo	$260,000	$271	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: -8.5%
• Equity multiple: 0.69×
• Total profit: $-13,074
• Equity at exit: $22,365

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $3,240
• Equity at exit: $12,969

Cash invested: $42,000 (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: 870
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,605 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $175

Break-even live

Break-even rent $1,382

Max offer price $150,000

Occupancy floor 84%

Sensitivity live

Price	-10% $279	-5% $227	+0% $175	+5% $124	+10% $72
Rent	-10% $49	-5% $112	+0% $175	+5% $239	+10% $302
Rate	-1.0pp $251	-0.5pp $214	base $175	+0.5pp $137	+1.0pp $97

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $150,000 Active 111 DOM
2. 2026-06-18
   days on market $150,000 Active 108 DOM
3. 2026-06-17
   days on market $150,000 Active 107 DOM
4. 2026-06-16
   days on market $150,000 Active 106 DOM
5. 2026-06-15
   days on market $150,000 Active 105 DOM
6. 2026-06-14
   days on market $150,000 Active 103 DOM
7. 2026-06-13
   days on market $150,000 Active 102 DOM
8. 2026-06-10
   days on market $150,000 Active 100 DOM
9. 2026-06-09
   days on market $150,000 Active 99 DOM
10. 2026-06-08
    days on market $150,000 Active 98 DOM
11. 2026-06-07
    days on market $150,000 Active 97 DOM
12. 2026-06-02
    days on market $150,000 Active 92 DOM
13. 2026-06-01
    days on market $150,000 Active 91 DOM
14. 2026-05-31
    days on market $150,000 Active 90 DOM
15. 2026-05-30
    days on market $150,000 Active 89 DOM
16. 2026-05-19
    price $150,000 1138-char remark

    Show marketing remark (1138 chars)

    This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

17. 2026-05-18
    status Active 1138-char remark

    Show marketing remark (1138 chars)

    This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

18. 2026-05-07
    historical Active Under Contract 1138-char remark

    Show marketing remark (1138 chars)

    This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

19. 2026-02-19
    listed $159,000 Active 1138-char remark

    Show marketing remark (1138 chars)

    This small stick built 1 1/2 story cottage with a detached garage may be the "Get Away Home" you have been looking for year round. LOCATION, LOCATION, Location!!! If living in an area with nearby waters for many things to do; this one may be for you! Fishing, boating, crabbing and water sports or just enjoying the nearby views a short distance away. PRIVATE BOAT LAUNCH for a reasonable yearly fee. The Indian River Bay, Atlantic Ocean, Lewes Beach, Cape Henlopen State Park are a short drive as well. Downtown Rehoboth offers the ocean with many quaint restaurants and shops. Historic Downtown Lewes also has quaint restaurants and shopping to enjoy. Don't forget Delaware has NO SALES TAX. Tanger Outlets offers many stores. The Lewes Historic Society on Third Street will take you back in time!! Many miss this neat experience. Head west to Millsboro and there is fresh water fishing, many places to eat and food stores for groceries. Heading south Assateague Island is about an hour away and south of there is Ocean City, MD. Land lease paid annually, this year it is $4,632.00 Please call to schedule your appointment.

20. 2025-09-22
    historical
21. 2025-08-18
    price $174,900
22. 2025-07-12
    price $179,900
23. 2025-05-07
    price $189,900
24. 2025-04-11
    price $199,900
25. 2025-01-22
    listed $205,000 Active
26. 2024-12-12
    historical
27. 2022-05-09
    soldstatus $130,000 Closed
28. 2022-04-15
    status Pending
29. 2022-04-07
    price $129,995
30. 2021-12-28
    price $150,000
31. 2021-12-09
    price $170,000
32. 2021-12-04
    status Active
33. 2021-12-03
    historical
34. 2021-11-14
    listed $209,995 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 7/10 Severe FEMA zone X (unshaded) · 85% 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: $19,255
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$4,364
• Taxable loss: −$259
• Est. tax savings @ 24.0%: +$62
• After-tax cash flow: $2,167/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

Fair 45/100 Moderate rehab

This home requires significant repairs and updates to improve its condition and value. Key areas needing attention include the exterior, roof, flooring, and HVAC system.

Repairs flagged

• Major siding — Severe weathering and damage
• Major roof — Significant damage and discoloration
• Major flooring — Worn-out carpet
• Major paint — Peeling paint on exterior and interior
• Major windows — Older windows with peeling paint
• Major HVAC — No recent maintenance visible

Value-add opportunities

• Resale new siding — Enhances curb appeal and durability
• Resale new roof — Improves structural integrity and longevity
• Resale new flooring — Fresh carpet or hardwood improves aesthetics
• Resale new paint — Fresh paint enhances curb appeal and interior aesthetics
• Resale new windows — Modern windows improve energy efficiency and aesthetics
• Resale HVAC upgrade — Modern HVAC system improves comfort and energy efficiency
• Both landscaping — Fresh landscaping enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and damage	Major	$15,000–50,000
roof · Significant damage and discoloration	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
paint · Peeling paint on exterior and interior	Major	$15,000–50,000
windows · Older windows with peeling paint	Major	$15,000–50,000
HVAC · No recent maintenance visible	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale new siding — Enhances curb appeal and durability ↑
• Resale new roof — Improves structural integrity and longevity ↑
• Resale new flooring — Fresh carpet or hardwood improves aesthetics ↑
• Resale new paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale new windows — Modern windows improve energy efficiency and aesthetics ↑
• Resale HVAC upgrade — Modern HVAC system improves comfort and energy efficiency ↑
• Both landscaping — Fresh landscaping enhances curb appeal and property value ↑

ⓘ 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

-28.6% since first listed

19 events — show timeline

• 2026-05-19 Price Changed $150,000 BRIGHT MLS
• 2026-05-18 Relisted — BRIGHT MLS
• 2026-05-07 Contingent — BRIGHT MLS
• 2026-02-19 Listed $159,000 BRIGHT MLS
• 2025-09-22 Listing Removed — BRIGHT MLS
• 2025-08-18 Price Changed $174,900 BRIGHT MLS
• 2025-07-12 Price Changed $179,900 BRIGHT MLS
• 2025-05-07 Price Changed $189,900 BRIGHT MLS
• 2025-04-11 Price Changed $199,900 BRIGHT MLS
• 2025-01-22 Listed $205,000 BRIGHT MLS
• 2024-12-12 Coming Soon — BRIGHT MLS
• 2022-05-09 Sold (MLS) $130,000 BRIGHT MLS
• 2022-04-15 Pending — BRIGHT MLS
• 2022-04-07 Price Changed $129,995 BRIGHT MLS
• 2021-12-28 Price Changed $150,000 BRIGHT MLS
• 2021-12-09 Price Changed $170,000 BRIGHT MLS
• 2021-12-04 Relisted — BRIGHT MLS
• 2021-12-03 Listing Removed — BRIGHT MLS
• 2021-11-14 Listed $209,995 BRIGHT MLS