35401 Mallard Rd · Long Neck, DE 19966

$68,000

2 bd · 1.0 ba · 576 sqft · Manufactured · 29 Days on market

Built 1980 332 ac lot Est $52k · 31% over $2/mo HOA ↓ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable coastal living in sought‑after White House Beach. This charming 2‑bedroom, 1‑bath home offers an inviting open kitchen‑to‑living room layout and two standout features rarely found at this price: a spacious sunroom filled with natural light and a large deck perfect for relaxing, entertaining, or enjoying the coastal breeze. Both bedrooms are cozy and efficient, maximizing the home’s footprint and keeping maintenance simple. This property delivers incredible value for anyone seeking a beach‑area getaway, full‑time residence, or investment opportunity. Enjoy the laid‑back lifestyle of White House Beach with water access, community amenities, and that unmistakable coastal charm — all at a price point that makes beach living truly attainable. Lot rent: $781.14/month Contingent on park approval.

Key facts

• 332.36 acre lot
• 2 parking spots
• Built 1980

Property features AI

Finance

• Other: Park name: White House Beach
• HOA & community: HOA fee $25 annually; Land lease $781.14 monthly (approximately 1 year remaining)

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Electric power
• Home design: Manufactured home; Asphalt roof; Aluminum siding; Above-grade and below-grade structures noted; Land lease ownership
• Construction: Asphalt roof; Aluminum siding; Manufactured structure
• Exterior features: Located outside city limits; Federal flood zone

Interior

• Bedrooms: 2 bedrooms on main level
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Forced air heating; Propane (owned) heating fuel; Central A/C (electric); Electric hot water
• Interior features: No basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $68k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.9% 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; 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 $470 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $7k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $66,980 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 2.52% ✓
• Cap rate: 21.90%
• Cash-on-cash: 55.74%
• DSCR: 3.48
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $51,840
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35401 Mallard Rd	0.00mi	2/1.0	576 (0%)	3mo	$52,000	$90	98

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: 20.9%
• Equity multiple: 1.86×
• Total profit: $16,300
• Equity at exit: $10,139

10-year hold

• IRR: 29.2%
• Equity multiple: 3.64×
• Total profit: $50,232
• Equity at exit: $5,879

Cash invested: $19,040 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$357
• Tax est. 1.5%: −$85 /mo · $1,020/yr
• Insurance: −$28
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $424

Break-even live

Break-even rent $1,180

Max offer price $68,000

Occupancy floor 70%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: water

Listing history 26 events

1. 2026-06-18
   days on market $68,000 Active 29 DOM
2. 2026-06-17
   days on market $68,000 Active 28 DOM
3. 2026-06-16
   days on market $68,000 Active 27 DOM
4. 2026-06-15
   days on market $68,000 Active 26 DOM
5. 2026-06-14
   days on market $68,000 Active 24 DOM
6. 2026-06-13
   pricedays on market $68,000 Active 23 DOM
7. 2026-06-10
   days on market $75,000 Active 21 DOM
8. 2026-06-09
   days on market $75,000 Active 20 DOM
9. 2026-06-08
   days on market $75,000 Active 19 DOM
10. 2026-06-07
    days on market $75,000 Active 18 DOM
11. 2026-06-02
    days on market $75,000 Active 13 DOM
12. 2026-06-01
    days on market $75,000 Active 12 DOM
13. 2026-05-31
    days on market $75,000 Active 11 DOM
14. 2026-05-30
    days on market $75,000 Active 10 DOM
15. 2026-05-21
    listed $75,000 Active
16. 2026-05-18
    historical $75,000
17. 2026-03-31
    soldstatus $52,000 Closed 824-char remark

    Show marketing remark (824 chars)

    Affordable coastal living in sought‑after White House Beach. This charming 2‑bedroom, 1‑bath home offers an inviting open kitchen‑to‑living room layout and two standout features rarely found at this price: a spacious sunroom filled with natural light and a large deck perfect for relaxing, entertaining, or enjoying the coastal breeze. Both bedrooms are cozy and efficient, maximizing the home’s footprint and keeping maintenance simple. This property delivers incredible value for anyone seeking a beach‑area getaway, full‑time residence, or investment opportunity. Enjoy the laid‑back lifestyle of White House Beach with water access, community amenities, and that unmistakable coastal charm — all at a price point that makes beach living truly attainable. Lot rent: $781.14/month Contingent on park approval.

18. 2026-03-14
    price $69,000 824-char remark

    Show marketing remark (824 chars)

    Affordable coastal living in sought‑after White House Beach. This charming 2‑bedroom, 1‑bath home offers an inviting open kitchen‑to‑living room layout and two standout features rarely found at this price: a spacious sunroom filled with natural light and a large deck perfect for relaxing, entertaining, or enjoying the coastal breeze. Both bedrooms are cozy and efficient, maximizing the home’s footprint and keeping maintenance simple. This property delivers incredible value for anyone seeking a beach‑area getaway, full‑time residence, or investment opportunity. Enjoy the laid‑back lifestyle of White House Beach with water access, community amenities, and that unmistakable coastal charm — all at a price point that makes beach living truly attainable. Lot rent: $781.14/month Contingent on park approval.

19. 2026-03-14
    status Pending 824-char remark

    Show marketing remark (824 chars)

    Affordable coastal living in sought‑after White House Beach. This charming 2‑bedroom, 1‑bath home offers an inviting open kitchen‑to‑living room layout and two standout features rarely found at this price: a spacious sunroom filled with natural light and a large deck perfect for relaxing, entertaining, or enjoying the coastal breeze. Both bedrooms are cozy and efficient, maximizing the home’s footprint and keeping maintenance simple. This property delivers incredible value for anyone seeking a beach‑area getaway, full‑time residence, or investment opportunity. Enjoy the laid‑back lifestyle of White House Beach with water access, community amenities, and that unmistakable coastal charm — all at a price point that makes beach living truly attainable. Lot rent: $781.14/month Contingent on park approval.

20. 2026-03-05
    listed $69,900 Active 824-char remark

    Show marketing remark (824 chars)

    Affordable coastal living in sought‑after White House Beach. This charming 2‑bedroom, 1‑bath home offers an inviting open kitchen‑to‑living room layout and two standout features rarely found at this price: a spacious sunroom filled with natural light and a large deck perfect for relaxing, entertaining, or enjoying the coastal breeze. Both bedrooms are cozy and efficient, maximizing the home’s footprint and keeping maintenance simple. This property delivers incredible value for anyone seeking a beach‑area getaway, full‑time residence, or investment opportunity. Enjoy the laid‑back lifestyle of White House Beach with water access, community amenities, and that unmistakable coastal charm — all at a price point that makes beach living truly attainable. Lot rent: $781.14/month Contingent on park approval.

21. 2025-12-06
    historical
22. 2025-11-14
    price $65,000
23. 2025-10-12
    price $70,000
24. 2025-10-11
    price $69,999
25. 2025-09-15
    listed $80,000 Active
26. 2025-09-10
    historical

ⓘ 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 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $20,604
• − Mortgage interest: −$3,809
• − Property taxes: −$1,020
• − Insurance: −$5,865
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − HOA: −$24
• − Depreciation: −$1,978
• Taxable income: $4,611
• Est. tax owed @ 24.0%: −$1,107
• After-tax cash flow: $3,982/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.

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

-6.2% since first listed

12 events — show timeline

• 2026-05-21 Listed $75,000 BRIGHT MLS
• 2026-05-18 Coming Soon $75,000 BRIGHT MLS
• 2026-03-31 Sold (MLS) $52,000 BRIGHT MLS
• 2026-03-14 Price Changed $69,000 BRIGHT MLS
• 2026-03-14 Pending — BRIGHT MLS
• 2026-03-05 Listed $69,900 BRIGHT MLS
• 2025-12-06 Listing Removed — BRIGHT MLS
• 2025-11-14 Price Changed $65,000 BRIGHT MLS
• 2025-10-12 Price Changed $70,000 BRIGHT MLS
• 2025-10-11 Price Changed $69,999 BRIGHT MLS
• 2025-09-15 Listed $80,000 BRIGHT MLS
• 2025-09-10 Coming Soon — BRIGHT MLS

Property tax history

-9.4%/yr

Latest (2025): $123 · -56.0% YoY. Source: county tax records.