25008 S Pot Bunker Way #3701 · Long Neck, DE 19966

$325,000

3 bd · 3.0 ba · 1,194 sqft · Townhouse · 100 Days on market

Built 2006 Good condition $272/sqft · 9% below area Est $358k · 9% under $333/mo HOA · 11% of rent

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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).

• ARV discount +11.6/15.0
• Cash flow +9.2/30.0
• 1% rule +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover serene pond vistas and sweeping golf course panoramas from this beautifully appointed 3-bedroom, 2-bath, 2–half-bath residence—thoughtfully designed for comfort, style, and effortless entertaining. The sun-splashed main level welcomes you with an elegant foyer flowing into a well-designed and inviting everyday living room—perfect for movie nights or cozy conversation. An airy, open kitchen anchors the floor with abundant cabinetry, expansive countertops, a generous pantry, and seamless connection to a bright dining area framed by picture windows that showcase tranquil water and fairway views. Upstairs, the private primary retreat impresses with a spacious bedroom, spa-inspired ensuite bath, and its own balcony—your peaceful perch for morning coffee, evening sunsets, and year-round scenery. Two additional, oversized bedrooms share a well-appointed hall bath, while an upstairs laundry adds everyday convenience. The fully finished lower level extends your living space with a large, flexible family room, a quiet office for work or study, and a dedicated game/rec area for play, workouts, or hobbies—endless possibilities for modern living. Two stylish powder rooms, abundant storage, and a thoughtful layout enhance the home’s functionality. Outdoors, savor the setting—lush landscaping, gentle breezes off the pond, and captivating golf course backdrops create a resort-like ambiance. Warm, welcoming, and wonderfully versatile, this move-in-ready home blends scenic beauty with refined, everyday livability.

Key facts

• Coastal townhouse
• Whirlpool hot tub
• Boat dock

Tags

• COASTAL TOWNHOUSE
• EAT-IN KITCHEN
• WHIRLPOOL HOT TUB
• PRIVATE BALCONY
• LANDSCAPED LOT
• BOAT DOCK

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-245 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (9.1% below list).
• Recommended offer: $289k (10.9% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 3.4% 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+, amenities F, 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: 870 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $2,954/mo this rent would consume 45% of the median local household income ($78k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 100 days — a 9% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $184k; list at $325k 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 $289,485 (10.9% 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 100 days. Have you received any prior offers? Is the seller open to a 11% 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: 0.91% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.24%
• DSCR: 0.86
• GRM: 9.2

CMA / ARV

• ARV (median comp): $357,980
• List price: $325,000
• Delta: -9.21%
• Verdict: FAIR
• Comps: 12 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.6%
• Equity multiple: 0.25×
• Total profit: $-68,047
• Equity at exit: $48,459

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-78,370
• Equity at exit: $28,100

Cash invested: $91,000 (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: 870
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,954 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$333
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $-245

Break-even live

Break-even rent $3,265

Max offer price $289,485

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-133	+0% $-245	+5% $-358	+10% $-470
Rent	-10% $-479	-5% $-362	+0% $-245	+5% $-129	+10% $-12
Rate	-1.0pp $-82	-0.5pp $-163	base $-245	+0.5pp $-330	+1.0pp $-415

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	15d	1	1.05mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	15d	1	1.28mi

HOA detail

• Monthly dues: $333 · $3,996/yr
• Likely covers: waterlandscaping

Listing history 20 events

1. 2026-06-21
   days on market $325,000 Active 100 DOM
2. 2026-06-18
   days on market $325,000 Active 97 DOM
3. 2026-06-17
   days on market $325,000 Active 96 DOM
4. 2026-06-16
   days on market $325,000 Active 95 DOM
5. 2026-06-15
   days on market $325,000 Active 94 DOM
6. 2026-06-14
   days on market $325,000 Active 92 DOM
7. 2026-06-13
   days on market $325,000 Active 91 DOM
8. 2026-06-10
   days on market $325,000 Active 89 DOM
9. 2026-06-09
   days on market $325,000 Active 88 DOM
10. 2026-06-08
    days on market $325,000 Active 87 DOM
11. 2026-06-07
    pricedays on market $325,000 Active 86 DOM
12. 2026-06-02
    days on market $330,000 Active 81 DOM
13. 2026-06-01
    days on market $330,000 Active 80 DOM
14. 2026-05-31
    days on market $330,000 Active 79 DOM
15. 2026-05-30
    days on market $330,000 Active 78 DOM
16. 2026-03-13
    listed $330,000 Active 1572-char remark

    Show marketing remark (1572 chars)

    Discover serene pond vistas and sweeping golf course panoramas from this beautifully appointed 3-bedroom, 2-bath, 2–half-bath residence—thoughtfully designed for comfort, style, and effortless entertaining. The sun-splashed main level welcomes you with an elegant foyer flowing into a well-designed and inviting everyday living room—perfect for movie nights or cozy conversation. An airy, open kitchen anchors the floor with abundant cabinetry, expansive countertops, a generous pantry, and seamless connection to a bright dining area framed by picture windows that showcase tranquil water and fairway views. Upstairs, the private primary retreat impresses with a spacious bedroom, spa-inspired ensuite bath, and its own balcony—your peaceful perch for morning coffee, evening sunsets, and year-round scenery. Two additional, oversized bedrooms share a well-appointed hall bath, while an upstairs laundry adds everyday convenience. The fully finished lower level extends your living space with a large, flexible family room, a quiet office for work or study, and a dedicated game/rec area for play, workouts, or hobbies—endless possibilities for modern living. Two stylish powder rooms, abundant storage, and a thoughtful layout enhance the home’s functionality. Outdoors, savor the setting—lush landscaping, gentle breezes off the pond, and captivating golf course backdrops create a resort-like ambiance. Warm, welcoming, and wonderfully versatile, this move-in-ready home blends scenic beauty with refined, everyday livability.

17. 2025-12-04
    historical
18. 2025-08-18
    listed $340,000 Active
19. 2017-05-22
    soldstatus $184,000
20. 2016-07-17
    listed $199,000

ⓘ 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: $35,447
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,836
• − Management: −$2,836
• − HOA: −$3,996
• − Depreciation: −$9,455
• Taxable loss: −$8,380
• Est. tax savings @ 24.0%: +$2,011
• After-tax cash flow: $-934/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

This well-maintained townhouse is move-in ready with good condition and potential for minor cosmetic updates to enhance its curb appeal and resale value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet in living room — improves comfort and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet in living room — improves comfort and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+65.8% since first listed

5 events — show timeline

• 2026-03-13 Listed $330,000 BRIGHT MLS
• 2025-12-04 Listing Removed — BRIGHT MLS
• 2025-08-18 Listed $340,000 BRIGHT MLS
• 2017-05-22 Sold (MLS) $184,000 BRIGHT MLS
• 2016-07-17 Listed $199,000 BRIGHT MLS