25928 Kings Ln #2 · Long Neck, DE 19966

$175,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily · 27 Days on market

Built 2005 Good condition 4,356 sqft lot Est $195k · 10% 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 +12.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Enchanted Acres has a great location! It is just off of Long Neck Road, so there are many nearby marinas, plus Massey’s Landing public boat launch is down the road. There’s lots of shopping and dining close to home, too. And you’re just 13 miles from the famous Rehoboth boardwalk or the Lewes public beach when you want a day in the surf and sun. Nicely update 2005 Redman doublewide is approx. 1,800 sq. ft. with a four-season addition that has a wet bar, a two-drawer fridge, and a gas griddle/cooktop with an exhaust vent. The 4-season porch has access to the rear screened porch for pest-free outdoor dining. There is also an open, covered deck off of the living room’s

Key facts

• Four-season addition
• Wet bar
• Great location

Tags

• GREAT LOCATION
• NEARBY MARINAS
• PUBLIC BOAT LAUNCH
• SHOPPING AND DINING
• FOUR-SEASON ADDITION
• WET BAR

Property features AI

Finance

• Other: Ownership interest listed as land lease
• Financial info: Annual ground rent noted as an income/expense item
• HOA & community: Ground rent exists with monthly land lease payment of $719 (annually billed option noted); Ground rent payment is handled annually and land lease years remaining: 1

Exterior

• Parking: Concrete driveway; Driveway parking for 6 vehicles (total garage and parking spaces: 6)
• Utilities: Community water; Public sewer; Electric hot water; Electric heating and cooling fuel; Internet: Fiber optic, Cable, Satellite; Municipal trash not provided
• Home design: Manufactured home (double wide, Redman); Single-story entry (main living on one level); Good condition; Land lease ownership
• Construction: Vinyl siding; Shingle roof; Crawl space foundation with pillar/post/pier; Built as a double-wide manufactured home (28 ft by 52 ft)
• Exterior features: Deck(s) with screened porch; Porch(es); Shed; Not located in a federal flood zone; Private blacktop road; Located in a mobile home park (Enchanted Acres MHP, LLC)

Interior

• Kitchen: Built-in microwave; Dishwasher; Disposal; Electric oven/range; Range hood; Refrigerator; Stainless steel appliances; Pantry; Extra refrigerator/freezer
• Bedrooms: Three main-level bedrooms
• Flooring: Luxury vinyl plank flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (electric); Wall unit heating; Central air conditioning; Ceiling fans; Wall unit cooling; 100 amp electrical service with 220 volts
• Interior features: Open floor plan with combination kitchen/dining and combination dining/living areas; Skylights; Wet/dry bar; Ceiling fans; Walk-in closets; Master bath; Walk-in shower; Window treatments; Vaulted ceilings; French, insulated and sliding glass doors
• Laundry & utility: Washer and front-loading dryer in unit; Laundry on main floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 42% 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 $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

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 $172,375 (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: 1.55% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.95%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $195,104
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33386 Nannyberry Cv #2611	0.44mi	3/2.0	1,456 (0%)	9mo	$175,000	$120	72
45 Ritter Dr	0.48mi	4/2.0 (+1)	1,456 (0%)	6mo	$250,000	$172	68
33385 Court Dr	0.38mi	3/2.0	1,352 (-7%)	6mo	$145,000	$107	65
33284 High Bush #2662	0.56mi	3/2.0	1,488 (+2%)	6mo	$198,897	$134	65
175 Teal Dr	0.33mi	3/2.0	1,590 (+9%)	7mo	$395,000	$248	64
26360 Timbercreek Ln	0.34mi	3/2.0	1,576 (+8%)	10mo	$410,000	$260	62
33246 Oakwood Cv #47472	0.53mi	3/2.0	1,388 (-5%)	8mo	$160,000	$115	61
26446 Cottontail Cv	0.52mi	3/2.0	1,344 (-8%)	4mo	$135,000	$100	60
33239 Tidewater Cv #2678	0.63mi	3/2.0	1,400 (-4%)	8mo	$119,000	$85	57
32585 Long Spoon Way #3280	0.63mi	3/2.0	1,618 (+11%)	4mo	$380,000	$235	49
26412 Creekwood Cir #2654	0.57mi	3/2.0	1,624 (+12%)	9mo	$139,000	$86	46
37 Ritter Dr	0.55mi	3/2.0	1,248 (-14%)	5mo	$251,500	$202	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: 15.9%
• Equity multiple: 1.64×
• Total profit: $31,379
• Equity at exit: $26,093

10-year hold

• IRR: 24.5%
• Equity multiple: 3.13×
• Total profit: $104,359
• Equity at exit: $15,131

Cash invested: $49,000 (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: 865
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,717 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $937

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 61%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	13d	1	0.79mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	13d	1	1.22mi

Listing history 15 events

1. 2026-06-18
   days on market $175,000 Active 27 DOM
2. 2026-06-17
   days on market $175,000 Active 26 DOM
3. 2026-06-16
   days on market $175,000 Active 25 DOM
4. 2026-06-15
   days on market $175,000 Active 24 DOM
5. 2026-06-14
   days on market $175,000 Active 22 DOM
6. 2026-06-13
   days on market $175,000 Active 21 DOM
7. 2026-06-10
   days on market $175,000 Active 19 DOM
8. 2026-06-09
   days on market $175,000 Active 18 DOM
9. 2026-06-08
   days on market $175,000 Active 17 DOM
10. 2026-06-07
    days on market $175,000 Active 16 DOM
11. 2026-06-02
    days on market $175,000 Active 11 DOM
12. 2026-06-01
    days on market $175,000 Active 10 DOM
13. 2026-05-31
    days on market $175,000 Active 9 DOM
14. 2026-05-30
    days on market $175,000 Active 8 DOM
15. 2026-05-22
    listed $175,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $32,608
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,609
• − Management: −$2,609
• − Depreciation: −$5,091
• Taxable income: $8,997
• Est. tax owed @ 24.0%: −$2,159
• After-tax cash flow: $9,088/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 · 30 photos

Good 80/100 Cosmetic rehab

This well-maintained, updated mobile home is move-in ready with a good condition score and potential for further value enhancement through cosmetic upgrades and smart home features.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and value.
• Both Landscaping improvements — Enhances curb appeal and value.
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and adds value.
• Both Adding smart home features — Improves convenience and adds value.
• Both Upgrading the HVAC system — Improves comfort and adds value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and value. ↑
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and adds value. ↑
• Both Adding smart home features — Improves convenience and adds value. ↑
• Both Upgrading the HVAC system — Improves comfort and adds 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

1 event — show timeline

• 2026-05-22 Listed $175,000 BRIGHT MLS