31771 Schooner Dr · Long Neck, DE 19966

$244,000

2 bd · 2.0 ba · 1,292 sqft · Manufactured · 97 Days on market

Built 1983 0.44 ac lot $189/sqft · at area comps Est $257k · at est. $13/mo HOA · 1% of rent ↓ 7% since listing

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Why this score? — see what drove the D 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 +12.5/30.0
• ARV discount +9.7/15.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• 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 MLS

Charming 2-bedroom, 2-bath home situated on its own land in a quiet cul-de-sac, offering privacy and comfort. This well-maintained property features a bright sunroom, a cozy fireplace in living area with new flooring. Recent updates also include a new roof and new AC system. Enjoy outdoor living on the large front deck—perfect for relaxing or entertaining. The home also includes a 1-car garage and a peaceful setting while still being conveniently located close to shopping and dining. Best of all, you’re only about 10 miles from the beach! A great opportunity for a full-time residence, vacation getaway, or investment property.

Key facts

• Sunroom
• New ac system
• Large front deck

Tags

• SUNROOM
• FIREPLACE
• NEW ROOF
• NEW AC SYSTEM
• LARGE FRONT DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $244k.

Deal economics

• At list price, monthly cash flow is $-37 ($-446/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (13.8% below list).
• Recommended offer: $210k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 32% 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 $7k 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 97 days — a 9% lower offer ($222k) 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 $210,386 (13.8% 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 97 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (median comp): $256,777
• List price: $244,000
• Delta: -4.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-41,867
• Equity at exit: $36,381

10-year hold

• IRR: -9.3%
• Equity multiple: 0.42×
• Total profit: $-39,345
• Equity at exit: $21,097

Cash invested: $68,320 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,104 medium
• Mortgage (P&I): −$1,280
• Tax est. 1.5%: −$305 /mo · $3,660/yr
• Insurance: −$102
• HOA: −$13
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-37

Break-even live

Break-even rent $2,151

Max offer price $238,620

Occupancy floor 97%

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: $61,000
• Closing costs: $7,320
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32082 Plaza Dr , DE	1.0–3.0	1.0–2.0	1169	$1,819	$1.56	21d	14	0.55mi
29266 Honeysuckle Knl Millsboro, DE	3.0	1.0	1152	$1,900	$1.65	21d	1	1.13mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$3,146	$3.00	13d	1	1.36mi

HOA detail

• Monthly dues: $13 · $156/yr

Listing history 17 events

1. 2026-06-18
   days on market $244,000 Active 97 DOM
2. 2026-06-17
   days on market $244,000 Active 96 DOM
3. 2026-06-16
   days on market $244,000 Active 95 DOM
4. 2026-06-15
   days on market $244,000 Active 94 DOM
5. 2026-06-14
   days on market $244,000 Active 92 DOM
6. 2026-06-13
   pricedays on market $244,000 Active 91 DOM
7. 2026-06-10
   days on market $264,999 Active 89 DOM
8. 2026-06-09
   days on market $264,999 Active 88 DOM
9. 2026-06-08
   days on market $264,999 Active 87 DOM
10. 2026-06-07
    days on market $264,999 Active 86 DOM
11. 2026-06-02
    days on market $264,999 Active 81 DOM
12. 2026-06-01
    days on market $264,999 Active 80 DOM
13. 2026-05-31
    days on market $264,999 Active 79 DOM
14. 2026-05-30
    days on market $264,999 Active 78 DOM
15. 2026-04-28
    price $264,999 645-char remark

    Show marketing remark (645 chars)

    Charming 2-bedroom, 2-bath home situated on its own land in a quiet cul-de-sac, offering privacy and comfort. This well-maintained property features a bright sunroom, a cozy fireplace in living area with new flooring. Recent updates also include a new roof and new AC system. Enjoy outdoor living on the large front deck—perfect for relaxing or entertaining. The home also includes a 1-car garage and a peaceful setting while still being conveniently located close to shopping and dining. Best of all, you’re only about 10 miles from the beach! A great opportunity for a full-time residence, vacation getaway, or investment property.

16. 2026-03-30
    price $274,999 645-char remark

    Show marketing remark (645 chars)

    Charming 2-bedroom, 2-bath home situated on its own land in a quiet cul-de-sac, offering privacy and comfort. This well-maintained property features a bright sunroom, a cozy fireplace in living area with new flooring. Recent updates also include a new roof and new AC system. Enjoy outdoor living on the large front deck—perfect for relaxing or entertaining. The home also includes a 1-car garage and a peaceful setting while still being conveniently located close to shopping and dining. Best of all, you’re only about 10 miles from the beach! A great opportunity for a full-time residence, vacation getaway, or investment property.

17. 2026-03-13
    listed $285,000 Active 645-char remark

    Show marketing remark (645 chars)

    Charming 2-bedroom, 2-bath home situated on its own land in a quiet cul-de-sac, offering privacy and comfort. This well-maintained property features a bright sunroom, a cozy fireplace in living area with new flooring. Recent updates also include a new roof and new AC system. Enjoy outdoor living on the large front deck—perfect for relaxing or entertaining. The home also includes a 1-car garage and a peaceful setting while still being conveniently located close to shopping and dining. Best of all, you’re only about 10 miles from the beach! A great opportunity for a full-time residence, vacation getaway, or investment property.

ⓘ 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: $25,246
• − Mortgage interest: −$13,668
• − Property taxes: −$3,660
• − Insurance: −$1,220
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − HOA: −$156
• − Depreciation: −$7,098
• Taxable loss: −$4,595
• Est. tax savings @ 24.0%: +$1,103
• After-tax cash flow: $657/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

• 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

-7.0% since first listed

3 events — show timeline

• 2026-04-28 Price Changed $264,999 BRIGHT MLS
• 2026-03-30 Price Changed $274,999 BRIGHT MLS
• 2026-03-13 Listed $285,000 BRIGHT MLS

Property tax history

-8.2%/yr

Latest (2025): $160 · -47.5% YoY. Source: county tax records.