27335 Dinghy Rd · Long Neck, DE 19966

$97,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 23 Days on market

Built 2005 Est $128k · 24% 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 +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks

Well maintained single family home , 2 bedroom 2 bath fully finished you can walk right in . Storage building outside roughly 8 & Atilde; & mdash; 10. Full beautiful screened in porch with view of Indian river bay . Boat slips available 200 ft from home . New front landing and steps fully lit leading on to screened in front porch. On water side of home is a sliding glass door leading to an open deck trex decking vinyl rails roughly 10 & Atilde; & mdash; 18 with stairs . We are selling as is only two issues which is it needs a new master bath door and possible vinyl handrails on back deck , which we can also make arrangements on these two issues . Beautiful location and a bon

Key facts

• Screened in porch
• Open deck
• Boat slips available

Tags

• SCREENED IN PORCH
• BOAT SLIPS AVAILABLE
• OPEN DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $97k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% 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; 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 $671 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($96k) 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 $95,545 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.97% ✓
• Cap rate: 17.98%
• Cash-on-cash: 41.72%
• DSCR: 2.86
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $127,776
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27543 Whelk Ln #9683	0.06mi	2/1.5	950 (-10%)	16mo	$115,000	$121	66
27299 Dinghy Rd #1348	0.01mi	3/2.0 (+1)	1,200 (+14%)	9mo	$69,000	$58	64

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: 14.1%
• Equity multiple: 1.57×
• Total profit: $15,351
• Equity at exit: $14,463

10-year hold

• IRR: 23.0%
• Equity multiple: 2.99×
• Total profit: $54,062
• Equity at exit: $8,387

Cash invested: $27,160 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,913 medium
• Mortgage (P&I): −$509
• Tax from tax record: −$17 /mo · $210/yr
• Insurance: −$40
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $484

Break-even live

Break-even rent $1,300

Max offer price $97,000

Occupancy floor 70%

Sensitivity live

Price	-10% $539	-5% $511	+0% $484	+5% $456	+10% $313
Rent	-10% $333	-5% $408	+0% $484	+5% $559	+10% $635
Rate	-1.0pp $533	-0.5pp $509	base $484	+0.5pp $459	+1.0pp $433

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: $24,250
• Closing costs: $2,910
• 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	0.48mi

Listing history 15 events

1. 2026-06-18
   days on market $97,000 Active 23 DOM
2. 2026-06-17
   days on market $97,000 Active 22 DOM
3. 2026-06-16
   days on market $97,000 Active 21 DOM
4. 2026-06-15
   days on market $97,000 Active 20 DOM
5. 2026-06-14
   days on market $97,000 Active 18 DOM
6. 2026-06-13
   days on market $97,000 Active 17 DOM
7. 2026-06-10
   days on market $97,000 Active 15 DOM
8. 2026-06-09
   days on market $97,000 Active 14 DOM
9. 2026-06-08
   days on market $97,000 Active 13 DOM
10. 2026-06-07
    days on market $97,000 Active 12 DOM
11. 2026-06-02
    days on market $97,000 Active 7 DOM
12. 2026-06-01
    days on market $97,000 Active 6 DOM
13. 2026-05-31
    days on market $97,000 Active 5 DOM
14. 2026-05-30
    days on market $97,000 Active 4 DOM
15. 2026-05-26
    listed $97,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $210 · $17/mo
• Projected year-2 tax: $386 · $32/mo
• Expected delta: +$176/yr (+$15/mo · 84.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $22,950
• − Mortgage interest: −$5,434
• − Property taxes: −$210
• − Insurance: −$6,010
• − Repairs & maintenance: −$1,836
• − Management: −$1,836
• − Depreciation: −$2,822
• Taxable income: $4,803
• Est. tax owed @ 24.0%: −$1,153
• After-tax cash flow: $4,654/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

1 event — show timeline

• 2026-05-26 Listed $97,000 FSBO.com

Property tax history

-5.1%/yr

Latest (2025): $210 · -38.8% YoY. Source: county tax records.