34665 Stem St Unit E-148 · Long Neck, DE 19966

$159,900

3 bd · 2.0 ba · 1,344 sqft · SingleFamily · 15 Days on market

Built 2006 Good condition $119/sqft · at area comps Est $159k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.3/15.0
• 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

Located in the sought-after waterfront community of Pot-Nets Bayside, this well maintained three-bedroom, two-bathroom home offers just under 1,400 square feet of comfortable coastal living space and is being sold completely furnished—making it an easy move-in-ready opportunity. Built in 2006, the home features two screened-in porch areas perfect for relaxing with your morning coffee or unwinding after a day on the water, along with a spacious deck ideal for grilling or soaking up the sun. Outside, you’ll find a fenced-in yard, a storage shed, and a stone parking area offering additional space for your boat, jet ski, or extra vehicles. Two golf cars are also included with an acc

Key facts

• Screened-in porch
• Spacious deck
• Storage shed

Tags

• SCREENED-IN PORCH
• SPACIOUS DECK
• FENCED-IN YARD
• STORAGE SHED
• STONE PARKING AREA
• PRIVATE BEACHES

Property features AI

Finance

• Other: Property is in a federal flood zone (AE-6)
• Financial info: Land lease amount approximately $1,151.08 per month; Ground rent/land lease years remaining: 5

Exterior

• Parking: Asphalt driveway with space for 4 cars (driveway provides 4 spaces); Total of 4 garage/parking spaces
• Utilities: Public water; Public sewer; Electric for cooling and hot water
• Home design: Manufactured home; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Community pool; Ground rent exists (land lease); Ground rent/land lease with approximately 5 years remaining

Interior

• Bedrooms: Three main-level bedrooms
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning (electric); Propane (leased) heating; Electric hot water
• Interior features: Furnished; Main-level ramp for accessibility; No basement
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% 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+, 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); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 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: 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 35% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($158k) 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 $157,501 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.41% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $159,094
• List price: $159,900
• Delta: 0.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26990 Wood Duck Rd #52697	0.28mi	3/2.0	1,334 (-1%)	1mo	$180,000	$135	85
34484 Oak Ln	0.25mi	3/2.0	1,400 (+4%)	1mo	$207,900	$149	81
34848 Halyard St Unit E-431	0.38mi	3/2.0	1,366 (+2%)	5mo	$273,176	$200	75
34488 Easy St Unit E-810	0.33mi	3/2.0	1,456 (+8%)	0mo	$190,000	$130	70
34495 Easy St	0.34mi	3/2.0	1,432 (+6%)	6mo	$140,000	$98	68
34635 Deck St Unit E-323	0.10mi	4/2.0 (+1)	1,168 (-13%)	3mo	$134,900	$115	66
34995 Keelson St Unit E-274	0.45mi	3/2.0	1,232 (-8%)	3mo	$158,500	$129	63
34401 Mallard Rd #502	0.39mi	3/2.0	1,200 (-11%)	3mo	$99,900	$83	61
26545 Woodchuck Ln Unit E-862	0.54mi	3/2.0	1,456 (+8%)	0mo	$159,000	$109	60
27413 Grove Circle Rd #39	0.69mi	3/2.0	1,444 (+7%)	2mo	$190,000	$132	53
34346 River Rd #55756	0.62mi	3/2.0	1,512 (+12%)	6mo	$215,000	$142	46
34249 Hillenwood Rd #48450	0.58mi	3/2.0	1,152 (-14%)	7mo	$239,000	$207	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: 9.7%
• Equity multiple: 1.38×
• Total profit: $17,111
• Equity at exit: $23,842

10-year hold

• IRR: 18.8%
• Equity multiple: 2.57×
• Total profit: $70,391
• Equity at exit: $13,825

Cash invested: $44,772 (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: 5.9×

Monthly cashflow live

• Estimated rent: $2,253 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $675

Break-even live

Break-even rent $1,399

Max offer price $159,900

Occupancy floor 65%

Sensitivity live

Price	-10% $785	-5% $730	+0% $675	+5% $620	+10% $564
Rent	-10% $497	-5% $586	+0% $675	+5% $764	+10% $853
Rate	-1.0pp $755	-0.5pp $716	base $675	+0.5pp $634	+1.0pp $591

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: $39,975
• Closing costs: $4,797
• 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	14d	1	0.86mi

Listing history 2 events

1. 2026-05-30
   status $159,900 Pending 15 DOM
2. 2026-05-14
   listed $159,900 Active 1154-char remark

ⓘ 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: $27,038
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − Depreciation: −$4,652
• Taxable income: $5,905
• Est. tax owed @ 24.0%: −$1,417
• After-tax cash flow: $6,682/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 · 15 photos

Good 80/100 Cosmetic rehab

This move-in-ready home in a sought-after waterfront community offers comfortable coastal living with two screened-in porches and a spacious deck. Minor cosmetic updates could further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and prevents water damage ↑

ⓘ 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

2 events — show timeline

• 2026-05-29 Pending — BRIGHT MLS
• 2026-05-14 Listed $159,900 BRIGHT MLS