34189 Hillenwood Rd #81 · Long Neck, DE 19966

$164,900

2 bd · 2.0 ba · 1,152 sqft · SingleFamily · 24 Days on market

Built 1993 Good condition Est $128k · 29% over ↓ 6% 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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.8/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Located in highly desirable Pot-Nets Bayside, this charming 2-bedroom, 2-bath home with a den offers the perfect blend of relaxation, convenience, and coastal charm. Enjoy water views and beautifully lit sunset skies from this adorable home, perfectly situated on a smaller, easy-to-maintain lot. The den offers flexible living space and can easily be converted by the buyer into an additional bedroom, complete with a space-saving Murphy bed already included. Inside, the kitchen offers a pantry and large cabinets with soft-close doors and drawers. The primary bathroom features an updated, fully tiled walk-in shower, adding a fresh and stylish touch. Privacy-tinted windows and Govee outdoor lig

Key facts

• Pantry
• Soft-close doors
• Easy-to-maintain lot

Tags

• EASY-TO-MAINTAIN LOT
• FLEXIBLE LIVING SPACE
• MURPHY BED
• PANTRY
• SOFT-CLOSE DOORS
• FULLY TILED WALK-IN SHOWER

Property features AI

Finance

• Other: Ownership interest: Land lease
• Financial info: Land lease: $1,312.11 per month (5 years remaining); Ground rent paid annually (5 years remaining)

Exterior

• Parking: Asphalt driveway with 2 driveway spaces (2 total garage/parking spaces)
• Utilities: Public water; Public sewer; 100 Amp electric service; Municipal trash not provided
• Home design: Manufactured home; Vinyl siding; Building not winterized
• Construction: RITZ mobile home make
• Exterior features: Community pool; Water view; Ground rent exists (annual payment; 5 years remaining)

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Propane (leased) heating; Electric cooling; Electric hot water
• Interior features: Partially furnished; One fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-57 ($-684/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (5.0% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $157k (5.0% below list) — sets the bar for cash-flow.
• Cap rate 9.2% 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); 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: 870 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).

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.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,657 (5.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.18% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.49%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $127,872
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34249 Hillenwood Rd #48450	0.06mi	3/2.0 (+1)	1,152 (0%)	7mo	$239,000	$207	86
34401 Mallard Rd #502	0.23mi	3/2.0 (+1)	1,200 (+4%)	3mo	$99,900	$83	75
34215 River Rd	0.18mi	3/2.0 (+1)	1,275 (+11%)	1mo	$240,000	$188	68
34144 Indian Cabin Creek Rd #259	0.28mi	3/2.0 (+1)	1,068 (-7%)	4mo	$95,000	$89	67
34468 White Heron Rd #517	0.24mi	3/2.0 (+1)	1,200 (+4%)	22mo	$150,000	$125	59
34696 W Harbor Dr #5682	0.54mi	3/1.5 (+1)	1,176 (+2%)	15mo	$130,000	$111	52
34665 Scarp St	0.70mi	3/1.5 (+1)	980 (-15%)	6mo	$41,500	$42	30
34511 Easy St #39315	0.72mi	2/2.0	980 (-15%)	20mo	$85,000	$87	24

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: -18.5%
• Equity multiple: 0.35×
• Total profit: $-30,037
• Equity at exit: $24,587

10-year hold

• IRR: -10.4%
• Equity multiple: 0.36×
• Total profit: $-29,558
• Equity at exit: $14,258

Cash invested: $46,172 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,953 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-57

Break-even live

Break-even rent $2,025

Max offer price $156,657

Occupancy floor 98%

Sensitivity live

Price	-10% $57	-5% $0	+0% $-57	+5% $-114	+10% $-171
Rent	-10% $-211	-5% $-134	+0% $-57	+5% $20	+10% $97
Rate	-1.0pp $26	-0.5pp $-15	base $-57	+0.5pp $-100	+1.0pp $-143

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: $41,225
• Closing costs: $4,947
• 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	1.49mi

Listing history 17 events

1. 2026-06-21
   days on market $164,900 Active 24 DOM
2. 2026-06-18
   days on market $164,900 Active 21 DOM
3. 2026-06-17
   days on market $164,900 Active 20 DOM
4. 2026-06-16
   days on market $164,900 Active 19 DOM
5. 2026-06-15
   days on market $164,900 Active 18 DOM
6. 2026-06-14
   days on market $164,900 Active 16 DOM
7. 2026-06-13
   days on market $164,900 Active 15 DOM
8. 2026-06-10
   days on market $164,900 Active 13 DOM
9. 2026-06-09
   days on market $164,900 Active 12 DOM
10. 2026-06-08
    days on market $164,900 Active 11 DOM
11. 2026-06-07
    days on market $164,900 Active 10 DOM
12. 2026-06-02
    days on market $164,900 Active 5 DOM
13. 2026-06-01
    days on market $164,900 Active 4 DOM
14. 2026-05-31
    days on market $164,900 Active 3 DOM
15. 2026-05-30
    days on market $164,900 Active 2 DOM
16. 2026-05-28
    price $164,900
17. 2026-05-28
    listed $174,900 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 10/10 Extreme FEMA zone AE · 99% 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: $23,439
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$6,350
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − Depreciation: −$4,797
• Taxable loss: −$3,169
• Est. tax savings @ 24.0%: +$760
• After-tax cash flow: $77/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 charming 2-bedroom home in Pot-Nets Bayside is in good condition with cosmetic updates needed to enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value.
• Both Clean gutters — Improves drainage and property value.
• Both Replace outdoor furniture — Freshens up the outdoor space and adds value.
• Both Install new outdoor lighting — Enhances safety and curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value. ↑
• Both Clean gutters — Improves drainage and property value. ↑
• Both Replace outdoor furniture — Freshens up the outdoor space and adds value. ↑
• Both Install new outdoor lighting — Enhances safety and curb appeal. ↑

ⓘ 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

-5.7% since first listed

2 events — show timeline

• 2026-05-28 Price Changed $164,900 BRIGHT MLS
• 2026-05-28 Listed $174,900 BRIGHT MLS