23295 Martin Ln #56926 · Long Neck, DE 19958

$169,000

3 bd · 2.0 ba · 1,512 sqft · SingleFamily · 126 Days on market

Built 2023 Good condition 23 ac lot $112/sqft · 39% below area Est $276k · 39% under ↓ 6% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming and cozy three-year-old home offers easy, modern living in a well-designed 3-bedroom, 2-bath double wide. The open floor plan makes the space feel bright and welcoming, with the kitchen at the heart of the home. It opens seamlessly to both the breakfast area and living room, making it perfect for everyday living and casual entertaining. The primary bedroom is thoughtfully located on one side of the home for added privacy and features two spacious closets along with its own private bathroom. On the opposite side, you’ll find two comfortable secondary bedrooms and a full bath they share. Step outside and relax on the front porch /deck while enjoying morning sunrises or peaceful sunsets. This well-kept, nearly new home is move-in ready and waiting for you—schedule your tour today and come see it for yourself.

Key facts

• Open floor plan
• Front porch deck
• Kitchen at the heart

Tags

• OPEN FLOOR PLAN
• KITCHEN AT THE HEART
• PRIMARY BEDROOM PRIVACY
• TWO SPACIOUS CLOSETS
• PRIVATE BATHROOM
• FRONT PORCH DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $169k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $894 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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+, schools F, amenities F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 818 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 32% of the median local income ($97k/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 + 0.8% rent growth), your $47k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: 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 $148,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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: 1.54% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.67%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $276,500
• List price: $169,000
• Delta: -38.88%
• 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
22901 Camp Arrowhead Rd	0.18mi	4/2.0 (+1)	1,430 (-5%)	3mo	$325,000	$227	75
22896 Cypress Dr	0.37mi	3/2.0	1,567 (+4%)	3mo	$295,000	$188	75
34554 Pack Ln	0.30mi	3/2.0	1,572 (+4%)	11mo	$355,000	$226	70
22996 Pine Rd	0.20mi	4/2.0 (+1)	1,317 (-13%)	5mo	$258,000	$196	60
23414 Cinnamon Rd	0.71mi	3/2.0	1,460 (-3%)	9mo	$95,000	$65	54
10 Bay Oak Dr	0.60mi	3/2.0	1,592 (+5%)	12mo	$420,000	$264	53
33558 Montgomery Ct	0.68mi	3/2.0	1,568 (+4%)	13mo	$150,000	$96	52
28030 Starfish Ct	0.59mi	4/2.5 (+1)	1,658 (+10%)	4mo	$446,000	$269	46
33409 Hartford Ct	0.75mi	3/2.0	1,344 (-11%)	2mo	$164,999	$123	45
33460 Daisy St #20407	0.70mi	3/2.0	1,400 (-7%)	13mo	$175,500	$125	44
23591 East Beach Dr	0.74mi	3/2.0	1,336 (-12%)	7mo	$85,000	$64	41
33469 Buttercup St	0.74mi	2/2.0 (-1)	1,300 (-14%)	11mo	$118,000	$91	28

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.50×
• Total profit: $23,850
• Equity at exit: $25,198

10-year hold

• IRR: 20.1%
• Equity multiple: 2.52×
• Total profit: $71,750
• Equity at exit: $14,612

Cash invested: $47,320 (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 →

ZIP-level market 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,610 high
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $894

Break-even live

Break-even rent $1,478

Max offer price $169,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,011	-5% $952	+0% $894	+5% $835	+10% $777
Rent	-10% $688	-5% $791	+0% $894	+5% $997	+10% $1,100
Rate	-1.0pp $979	-0.5pp $937	base $894	+0.5pp $850	+1.0pp $805

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30068 Moorings Reach Lewes, DE	4.0	3.0	1700	$2,950	$1.74	14d	1	0.44mi
33179 Woodland Ct S Lewes, DE	4.0	2.0	1325	$2,300	$1.74	14d	1	0.96mi
33135 Woodland Ct N Lewes, DE	3.0	2.0	1120	$2,250	$2.01	14d	1	1.04mi
22730 Holly Way W Lewes, DE	3.0	2.0	1232	$2,250	$1.83	14d	1	1.06mi
22828 Sycamore Dr Lewes, DE	2.0	2.0	1100	$2,400	$2.18	14d	1	1.37mi

Listing history 18 events

1. 2026-06-15
   days on market $169,000 Active 126 DOM
2. 2026-06-14
   days on market $169,000 Active 124 DOM
3. 2026-06-13
   days on market $169,000 Active 123 DOM
4. 2026-06-10
   days on market $169,000 Active 121 DOM
5. 2026-06-09
   days on market $169,000 Active 120 DOM
6. 2026-06-08
   days on market $169,000 Active 119 DOM
7. 2026-06-07
   days on market $169,000 Active 118 DOM
8. 2026-06-05
   days on market $169,000 Active 115 DOM
9. 2026-06-03
   days on market $169,000 Active 114 DOM
10. 2026-06-02
    days on market $169,000 Active 113 DOM
11. 2026-06-01
    days on market $169,000 Active 112 DOM
12. 2026-05-31
    days on market $169,000 Active 111 DOM
13. 2026-05-30
    days on market $169,000 Active 110 DOM
14. 2026-03-31
    price $169,000 843-char remark

    Show marketing remark (843 chars)

    This charming and cozy three-year-old home offers easy, modern living in a well-designed 3-bedroom, 2-bath double wide. The open floor plan makes the space feel bright and welcoming, with the kitchen at the heart of the home. It opens seamlessly to both the breakfast area and living room, making it perfect for everyday living and casual entertaining. The primary bedroom is thoughtfully located on one side of the home for added privacy and features two spacious closets along with its own private bathroom. On the opposite side, you’ll find two comfortable secondary bedrooms and a full bath they share. Step outside and relax on the front porch /deck while enjoying morning sunrises or peaceful sunsets. This well-kept, nearly new home is move-in ready and waiting for you—schedule your tour today and come see it for yourself.

15. 2026-02-09
    listed $175,000 Active 843-char remark

    Show marketing remark (843 chars)

    This charming and cozy three-year-old home offers easy, modern living in a well-designed 3-bedroom, 2-bath double wide. The open floor plan makes the space feel bright and welcoming, with the kitchen at the heart of the home. It opens seamlessly to both the breakfast area and living room, making it perfect for everyday living and casual entertaining. The primary bedroom is thoughtfully located on one side of the home for added privacy and features two spacious closets along with its own private bathroom. On the opposite side, you’ll find two comfortable secondary bedrooms and a full bath they share. Step outside and relax on the front porch /deck while enjoying morning sunrises or peaceful sunsets. This well-kept, nearly new home is move-in ready and waiting for you—schedule your tour today and come see it for yourself.

16. 2026-02-09
    historical $175,000 843-char remark

    Show marketing remark (843 chars)

    This charming and cozy three-year-old home offers easy, modern living in a well-designed 3-bedroom, 2-bath double wide. The open floor plan makes the space feel bright and welcoming, with the kitchen at the heart of the home. It opens seamlessly to both the breakfast area and living room, making it perfect for everyday living and casual entertaining. The primary bedroom is thoughtfully located on one side of the home for added privacy and features two spacious closets along with its own private bathroom. On the opposite side, you’ll find two comfortable secondary bedrooms and a full bath they share. Step outside and relax on the front porch /deck while enjoying morning sunrises or peaceful sunsets. This well-kept, nearly new home is move-in ready and waiting for you—schedule your tour today and come see it for yourself.

17. 2025-11-30
    historical
18. 2025-05-09
    listed $179,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $31,317
• − Mortgage interest: −$9,467
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$2,505
• − Management: −$2,505
• − Depreciation: −$4,916
• Taxable income: $8,543
• Est. tax owed @ 24.0%: −$2,050
• After-tax cash flow: $8,675/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 three-year-old single-family home is in good condition with a modern and well-maintained interior and exterior. It offers a good investment opportunity with potential for minor updates to enhance its resale and rental value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Resale Updating the kitchen backsplash — A fresh backsplash can make the kitchen more appealing to potential buyers.
• Resale Upgrading the flooring in the bathrooms — Modern flooring can improve the overall look and feel of the bathrooms.
• Both Adding smart home features — Smart home features can increase convenience and appeal to both buyers and renters.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and add value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Resale Updating the kitchen backsplash — A fresh backsplash can make the kitchen more appealing to potential buyers. ↑
• Resale Upgrading the flooring in the bathrooms — Modern flooring can improve the overall look and feel of the bathrooms. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to both buyers and renters. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and add value to the property. ↑

ⓘ 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: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 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): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-6.1% since first listed

5 events — show timeline

• 2026-03-31 Price Changed $169,000 BRIGHT MLS
• 2026-02-09 Listed $175,000 BRIGHT MLS
• 2026-02-09 Coming Soon $175,000 BRIGHT MLS
• 2025-11-30 Listing Removed — BRIGHT MLS
• 2025-05-09 Listed $179,900 BRIGHT MLS