32613 Long Spoon Way #3336 · Millsboro, DE 19966

$330,000

3 bd · 2.0 ba · 1,636 sqft · SingleFamily · 272 Days on market

Built 2004 Good condition $202/sqft · 6% below area Est $353k · 6% under

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Why this score? — see what drove the F 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).

• ARV discount +10.4/15.0
• Cash flow +7.2/30.0
• Condition / age +3.8/5.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Desirable corner lot! BRIGHT and BEACHY! Open floor plan is great for parties and family. Baywood is a beautiful community with lots of amenities and activities for you and your family to enjoy. Home offers 3 bedrooms, 2 full baths. Large kitchen with plenty of cabinets and counter space. All season room off kitchen for extra relaxation or entertaining. Upgraded flooring through out home. Fenced in yard. Home is within walking distance to Baywood Community Center and Pool. Whether you are seeking a full-time or part-time residence just come and enjoy all that Baywood has to offer. Full amenities for the entire immediate family include the resident pool, discounted golf, discount at clubhouse, putting greens, driving range, and tennis court. Residents also have access to private beaches, marinas, discounted boat slips and so much more.

Key facts

• Open floor plan
• All season room
• Corner lot

Tags

• CORNER LOT
• OPEN FLOOR PLAN
• ALL SEASON ROOM
• FENCED IN YARD
• ACCESS TO PRIVATE BEACHES
• RESIDENT POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $330k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-453 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (29.9% below list).
• Recommended offer: $231k (29.9% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.4% in Millsboro — 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 66/100 on livability (#44 in DE) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: crime D-, amenities D-, 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: 1311 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $10k 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 272 days — a 12% lower offer ($290k) 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 $231,366 (29.9% 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. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.70% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.88%
• DSCR: 0.74
• GRM: 11.9

CMA / ARV

• ARV (median comp): $352,506
• List price: $330,000
• Delta: -6.38%
• 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
203 Long Neck Cir	0.30mi	3/2.0	1,680 (+3%)	1mo	$176,000	$105	81
171 White Pine Dr	0.33mi	3/2.0	1,695 (+4%)	1mo	$315,000	$186	78
205 Long Neck Cir	0.31mi	3/2.0	1,674 (+2%)	5mo	$309,900	$185	78
33754 Caddies Way	0.07mi	3/2.0	1,865 (+14%)	5mo	$330,000	$177	69
32570 Long Spoon Way	0.24mi	3/2.0	1,824 (+12%)	2mo	$315,000	$173	68
30 Woodlyn Est	0.54mi	3/2.0	1,536 (-6%)	0mo	$289,000	$188	65
218 Long Neck Cir	0.37mi	3/2.0	1,404 (-14%)	3mo	$295,000	$210	57
26381 Timbercreek Ln	0.61mi	3/2.0	1,428 (-13%)	1mo	$410,000	$287	50
32685 Seaview Loop	0.70mi	2/2.0 (-1)	1,734 (+6%)	5mo	$385,000	$222	48
25061 Dogleg Way #4085	0.59mi	3/2.0	1,854 (+13%)	4mo	$380,435	$205	46
25164 Dogleg Way #4126	0.74mi	3/2.0	1,854 (+13%)	2mo	$534,053	$288	41
32684 Seaview Loop	0.74mi	3/2.0	1,416 (-13%)	3mo	$395,000	$279	41

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: -26.4%
• Equity multiple: 0.11×
• Total profit: $-82,276
• Equity at exit: $49,204

10-year hold

• IRR: -23.4%
• Equity multiple: -0.18×
• Total profit: $-108,635
• Equity at exit: $28,532

Cash invested: $92,400 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 27 active · 30 under contract
• Months of supply: 6.2 mo (16%/mo absorbed)
• Median asking: $315,000 ($187/sqft)
• Median days on market: 58 d
• This list price: 56% of active listings are priced below it
• ARV vs active asking: +15.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 1311
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,314 high
• Mortgage (P&I): −$1,731
• Tax est. 1.5%: −$412 /mo · $4,950/yr
• Insurance: −$138
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $-453

Break-even live

Break-even rent $2,887

Max offer price $264,484

Occupancy floor —

Sensitivity live

Price	-10% $-225	-5% $-339	+0% $-453	+5% $-567	+10% $-681
Rent	-10% $-636	-5% $-544	+0% $-453	+5% $-361	+10% $-270
Rate	-1.0pp $-287	-0.5pp $-369	base $-453	+0.5pp $-538	+1.0pp $-625

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: $82,500
• Closing costs: $9,900
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32341 Turnstone Ct Unit 42 Millsboro, DE	3.0	2.5	2200	$2,400	$1.09	0d	1	0.12mi
32297 Turnstone Ct Millsboro, DE	3.0	2.5	1160	$2,000	$1.72	10d	1	0.19mi
32308 Turnstone Ct Millsboro, DE	3.0	2.5	1800	$2,300	$1.28	10d	1	0.21mi
32290 Turnstone Ct #8 Millsboro, DE	3.0	2.5	1800	$1,900	$1.06	7d	1	0.22mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,617	$4.41	0d	1	0.61mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	162d	1	0.93mi
26584 Raleigh Rd #11 Millsboro, DE	3.0	2.5	2166	$2,100	$0.97	10d	1	0.98mi
26584 Raleigh Rd Unit 1 Millsboro, DE	3.0	4.0	2166	$2,100	$0.97	10d	1	0.98mi
25940 Starboard Dr #72 Millsboro, DE	3.0	2.0	1456	$1,500	$1.03	10d	1	1.04mi

Listing history 50 events

1. 2026-11-08
   days on market $330,000 Active 272 DOM
2. 2026-11-07
   days on market $330,000 Active 271 DOM
3. 2026-11-06
   days on market $330,000 Active 270 DOM
4. 2026-11-05
   days on market $330,000 Active 269 DOM
5. 2026-11-04
   days on market $330,000 Active 268 DOM
6. 2026-11-02
   days on market $330,000 Active 266 DOM
7. 2026-11-01
   days on market $330,000 Active 265 DOM
8. 2026-10-31
   days on market $330,000 Active 264 DOM
9. 2026-10-30
   days on market $330,000 Active 263 DOM
10. 2026-10-29
    days on market $330,000 Active 262 DOM
11. 2026-10-28
    days on market $330,000 Active 261 DOM
12. 2026-10-27
    days on market $330,000 Active 260 DOM
13. 2026-10-26
    days on market $330,000 Active 259 DOM
14. 2026-10-25
    days on market $330,000 Active 258 DOM
15. 2026-10-24
    days on market $330,000 Active 257 DOM
16. 2026-10-23
    days on market $330,000 Active 256 DOM
17. 2026-10-22
    days on market $330,000 Active 255 DOM
18. 2026-10-21
    days on market $330,000 Active 254 DOM
19. 2026-10-20
    days on market $330,000 Active 253 DOM
20. 2026-10-19
    days on market $330,000 Active 252 DOM
21. 2026-10-18
    days on market $330,000 Active 251 DOM
22. 2026-10-17
    days on market $330,000 Active 250 DOM
23. 2026-10-16
    days on market $330,000 Active 249 DOM
24. 2026-10-15
    days on market $330,000 Active 248 DOM
25. 2026-10-14
    days on market $330,000 Active 247 DOM
26. 2026-10-13
    days on market $330,000 Active 246 DOM
27. 2026-10-12
    days on market $330,000 Active 245 DOM
28. 2026-10-11
    days on market $330,000 Active 244 DOM
29. 2026-10-10
    days on market $330,000 Active 243 DOM
30. 2026-10-09
    days on market $330,000 Active 242 DOM
31. 2026-10-08
    days on market $330,000 Active 241 DOM
32. 2026-10-07
    days on market $330,000 Active 240 DOM
33. 2026-10-06
    days on market $330,000 Active 239 DOM
34. 2026-10-05
    days on market $330,000 Active 238 DOM
35. 2026-10-04
    days on market $330,000 Active 237 DOM
36. 2026-10-04
    days on market $330,000 Active 236 DOM
37. 2026-10-02
    days on market $330,000 Active 235 DOM
38. 2026-10-01
    days on market $330,000 Active 234 DOM
39. 2026-09-30
    days on market $330,000 Active 233 DOM
40. 2026-09-29
    days on market $330,000 Active 232 DOM
41. 2026-09-28
    days on market $330,000 Active 231 DOM
42. 2026-09-27
    days on market $330,000 Active 230 DOM
43. 2026-09-26
    days on market $330,000 Active 229 DOM
44. 2026-09-25
    days on market $330,000 Active 228 DOM
45. 2026-09-24
    days on market $330,000 Active 227 DOM
46. 2026-09-24
    days on market $330,000 Active 226 DOM
47. 2026-09-22
    days on market $330,000 Active 225 DOM
48. 2026-09-21
    days on market $330,000 Active 224 DOM
49. 2026-09-19
    days on market $330,000 Active 222 DOM
50. 2026-09-18
    days on market $330,000 Active 221 DOM

ⓘ 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 ≥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: $27,764
• − Mortgage interest: −$18,485
• − Property taxes: −$4,950
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − Depreciation: −$9,600
• Taxable loss: −$11,363
• Est. tax savings @ 24.0%: +$2,727
• After-tax cash flow: $-2,706/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 75/100 Cosmetic rehab Est. rehab $8,180–$24,540 screening

This home is in good condition with a good curb appeal and well-maintained interior. It has a good floor plan and updated flooring, making it a solid investment opportunity.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and home value. ↑
• Resale Clean gutters — Keeps home looking well-maintained and attractive. ↑
• Both Replace carpet with hardwood flooring — Improves both resale and rental value. ↑
• Both Install smart home technology — Enhances home's appeal and energy efficiency. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 66/100

Livability — Millsboro

• Score: 66/100
• State rank: #44
• US rank: #12135

Category grades

Amenities D- Commute F Cost of living B+ Crime D- Employment C Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 248,853 people
• City population: 35,884
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 5% of renters

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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%

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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%
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

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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

• 2026-02-06 Listed $330,000 BRIGHT MLS