24349 Canal Dr · Long Neck, DE 19966

$327,500

4 bd · 2.0 ba · 3,136 sqft · SingleFamily public records · 62 Days on market

Built 1990 0.34 ac lot $104/sqft · 41% below area Est $366k · 10% under $19/mo HOA · 1% of rent

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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 +17.9/30.0
• ARV discount +12.2/15.0
• DSCR +5.6/10.0
• 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

“WHERE VALUE MEETS LIFESTYLE — A BELOW MARKET HOME IN A WATERFRONT COMMUNITY” offers affordable coastal living and lifestyle!. .. .. A hidden coastal gem tucked away in this small intimate "water-privileged community" without the typical beachfront price tag. "Beyond this spacious . 34 acre property, the community amenities truly set this home apart. Enjoy the unique advantages of water access for kayaking and a private pier with boat slips, offering that perfect blend of relaxation and recreation just steps from your door and just minutes to the beach. Inside, this 4- bedroom, 2- bath home features a bright and versatile family/sunroom that opens to a large dining area—perfect for gatherings and entertaining. The kitchen includes solid oak cabinetry, Corian countertops, multiple prep stations, and a gas cooktop that can easily convert to electric. Enjoy a blend of hardwood flooring, ceramic tile, and brand new carpeting throughout. Recent updates include A new state of the art HVAC system provides comfort and efficiency year round. The expansive backyard and deck offer endless potential for creating your own outdoor oasis—perfect for BBQs, a firepit, even a hot-tub with gardens creating an outdoor living retreat. There is ample space to easily accommodate a boat, jet skis, or RV. This home is more than just a house—it’s a gateway to the serene waterfront lifestyle, exceptional Value and Coastal Living

Key facts

• 0.34 acre lot
• Garage
• Built 1990

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $328k.

Deal economics

• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (14.4% below list).
• Recommended offer: $280k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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).
• This rent runs 43% 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 62 days — a 6% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $185k; list at $328k implies a 77% gain — meaningful room to come down on a strong offer.

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 $280,456 (14.4% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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.
7. 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.
8. 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: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 9.7

CMA / ARV

• ARV (median comp): $365,578
• List price: $327,500
• Delta: -10.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24200 Big Oak Ln	0.17mi	4/3.5	3,050 (-3%)	4mo	$1,600,000	$525	78
32408 Mariners Way	0.56mi	4/3.5	3,259 (+4%)	8mo	$690,000	$212	55
34527 Sweet Spot Way	0.60mi	3/3.0 (-1)	3,202 (+2%)	9mo	$620,207	$194	52
32492 Mariners Way	0.70mi	4/3.5	3,100 (-1%)	10mo	$499,000	$161	51
25259 Dogleg Way #4018	0.62mi	5/3.0 (+1)	3,324 (+6%)	3mo	$552,574	$166	50
Dogleg	0.74mi	4/3.5	3,310 (+6%)	8mo	$708,610	$214	43
32334 Mermaid Run	0.68mi	5/3.0 (+1)	3,000 (-4%)	19mo	$690,000	$230	36
35041 Fringe Way	0.69mi	5/3.0 (+1)	2,866 (-9%)	11mo	$511,657	$179	35
22931 John J Williams Hwy	0.75mi	5/2.5 (+1)	2,877 (-8%)	16mo	$478,000	$166	31

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: -10.7%
• Equity multiple: 0.61×
• Total profit: $-35,552
• Equity at exit: $48,831

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-8,838
• Equity at exit: $28,316

Cash invested: $91,700 (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: $2,805 medium
• Mortgage (P&I): −$1,717
• Tax from tax record: −$65 /mo · $782/yr
• Insurance: −$136
• HOA: −$19
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $278

Break-even live

Break-even rent $2,453

Max offer price $327,500

Occupancy floor 85%

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: $81,875
• Closing costs: $9,825
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32814 Greens Way #3160 Millsboro, DE	4.0	3.5	3300	$3,200	$0.97	43d	1	0.82mi

HOA detail

• Monthly dues: $19 · $228/yr
• Likely covers: watergaselectric

Listing history 20 events

1. 2026-06-18
   days on market $327,500 Active 62 DOM
2. 2026-06-17
   days on market $327,500 Active 61 DOM
3. 2026-06-16
   days on market $327,500 Active 60 DOM
4. 2026-06-15
   days on market $327,500 Active 59 DOM
5. 2026-06-14
   days on market $327,500 Active 57 DOM
6. 2026-06-13
   days on market $327,500 Active 56 DOM
7. 2026-06-10
   days on market $327,500 Active 54 DOM
8. 2026-06-09
   days on market $327,500 Active 53 DOM
9. 2026-06-08
   days on market $327,500 Active 52 DOM
10. 2026-06-07
    days on market $327,500 Active 51 DOM
11. 2026-06-02
    days on market $327,500 Active 46 DOM
12. 2026-06-01
    days on market $327,500 Active 45 DOM
13. 2026-05-31
    days on market $327,500 Active 44 DOM
14. 2026-05-30
    days on market $327,500 Active 43 DOM
15. 2026-04-17
    listed $327,500 Active 1482-char remark

    Show marketing remark (1482 chars)

    “WHERE VALUE MEETS LIFESTYLE — A BELOW MARKET HOME IN A WATERFRONT COMMUNITY” offers affordable coastal living and lifestyle!. .. .. A hidden coastal gem tucked away in this small intimate "water-privileged community" without the typical beachfront price tag. "Beyond this spacious . 34 acre property, the community amenities truly set this home apart. Enjoy the unique advantages of water access for kayaking and a private pier with boat slips, offering that perfect blend of relaxation and recreation just steps from your door and just minutes to the beach. Inside, this 4- bedroom, 2- bath home features a bright and versatile family/sunroom that opens to a large dining area—perfect for gatherings and entertaining. The kitchen includes solid oak cabinetry, Corian countertops, multiple prep stations, and a gas cooktop that can easily convert to electric. Enjoy a blend of hardwood flooring, ceramic tile, and brand new carpeting throughout. Recent updates include A new state of the art HVAC system provides comfort and efficiency year round. The expansive backyard and deck offer endless potential for creating your own outdoor oasis—perfect for BBQs, a firepit, even a hot-tub with gardens creating an outdoor living retreat. There is ample space to easily accommodate a boat, jet skis, or RV. This home is more than just a house—it’s a gateway to the serene waterfront lifestyle, exceptional Value and Coastal Living

16. 2026-04-15
    historical $327,500 1482-char remark

    Show marketing remark (1482 chars)

    “WHERE VALUE MEETS LIFESTYLE — A BELOW MARKET HOME IN A WATERFRONT COMMUNITY” offers affordable coastal living and lifestyle!. .. .. A hidden coastal gem tucked away in this small intimate "water-privileged community" without the typical beachfront price tag. "Beyond this spacious . 34 acre property, the community amenities truly set this home apart. Enjoy the unique advantages of water access for kayaking and a private pier with boat slips, offering that perfect blend of relaxation and recreation just steps from your door and just minutes to the beach. Inside, this 4- bedroom, 2- bath home features a bright and versatile family/sunroom that opens to a large dining area—perfect for gatherings and entertaining. The kitchen includes solid oak cabinetry, Corian countertops, multiple prep stations, and a gas cooktop that can easily convert to electric. Enjoy a blend of hardwood flooring, ceramic tile, and brand new carpeting throughout. Recent updates include A new state of the art HVAC system provides comfort and efficiency year round. The expansive backyard and deck offer endless potential for creating your own outdoor oasis—perfect for BBQs, a firepit, even a hot-tub with gardens creating an outdoor living retreat. There is ample space to easily accommodate a boat, jet skis, or RV. This home is more than just a house—it’s a gateway to the serene waterfront lifestyle, exceptional Value and Coastal Living

17. 2018-07-20
    soldstatus $185,000 318-char remark

    Show marketing remark (318 chars)

    Approx. 6 yrs old heat pump and hot water heater. Roof installed in 2006. 16 x 24 ft. family room with partitioned bar area that just needs that fridge and beermeister for all out entertaining. This home is beautiful and very open. Make an appointment today to see this outstanding home. Room measurements approximate.

18. 2018-06-09
    historical 318-char remark

    Show marketing remark (318 chars)

    Approx. 6 yrs old heat pump and hot water heater. Roof installed in 2006. 16 x 24 ft. family room with partitioned bar area that just needs that fridge and beermeister for all out entertaining. This home is beautiful and very open. Make an appointment today to see this outstanding home. Room measurements approximate.

19. 2017-05-22
    listed $198,500 318-char remark

    Show marketing remark (318 chars)

    Approx. 6 yrs old heat pump and hot water heater. Roof installed in 2006. 16 x 24 ft. family room with partitioned bar area that just needs that fridge and beermeister for all out entertaining. This home is beautiful and very open. Make an appointment today to see this outstanding home. Room measurements approximate.

20. 2005-06-17
    soldstatus $210,000

ⓘ 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: $782 · $65/mo
• Projected year-2 tax: $1,341 · $112/mo
• Expected delta: +$559/yr (+$47/mo · 71.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $33,655
• − Mortgage interest: −$18,345
• − Property taxes: −$782
• − Insurance: −$1,638
• − Repairs & maintenance: −$2,692
• − Management: −$2,692
• − HOA: −$228
• − Depreciation: −$9,527
• Taxable loss: −$2,250
• Est. tax savings @ 24.0%: +$540
• After-tax cash flow: $3,870/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

+56.0% since first listed

6 events — show timeline

• 2026-04-17 Listed $327,500 BRIGHT MLS
• 2026-04-15 Coming Soon $327,500 BRIGHT MLS
• 2018-07-20 Sold (MLS) $185,000 BRIGHT MLS
• 2018-06-09 Listing Removed — BRIGHT MLS
• 2017-05-22 Listed $198,500 BRIGHT MLS
• 2005-06-17 Sold (Public Records) $210,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $782 · +4.9% YoY. Source: county tax records.