33931 Liberty St · Long Neck, DE 19966

$140,000

3 bd · 2.0 ba · 1,240 sqft · Manufactured public records · 84 Days on market

Built 2005 $113/sqft · 8% below area Est $117k · 20% over

---

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

Enjoy the ease of coastal living in this beautifully updated, partially furnished 3-bedroom, 2-bath home located in the sought-after community of Sun Retreats. Ideally situated just a few sites from the boat canal and close to the clubhouse, pool, marina, and on-site restaurant, this home offers both convenience and a true waterfront lifestyle, with the option to purchase a boat slip through the community. A wide screened porch stretches across the front of the home, creating a welcoming space to relax and enjoy the coastal breeze. Inside, the open-concept main living area features vaulted ceilings, light neutral tones, and updated Pergo flooring that enhance the bright, spacious feel. The living, kitchen, and dining areas flow seamlessly together, making it perfect for entertaining and everyday living. The kitchen is both stylish and functional, offering a center island with seating and storage, a generously sized stainless-steel refrigerator with water dispenser and icemaker, and updated fixtures. Down the hall, a laundry room with a secondary exterior door provides added convenience and can easily serve as a mudroom. The home offers two guest bedrooms and a full hall bath, while the primary suite is privately located at the rear. This inviting retreat features vaulted ceilings, two walk-in closets, and an attached bath. Upgraded ceiling fans throughout the home add comfort and a modern touch. Sliding glass doors lead from the living room back to the screened porch, while the rear Trex deck platform with added lighting provides the perfect setting for evening gatherings, grilling, or relaxing under the stars. Additional storage is available with both a main shed and a portable shed. Extensive recent upgrades provide peace of mind, including a new HVAC system and furnace, a brand-new refrigerator, updated shed roof, new flooring, upgraded electrical work, and replaced plumbing fixtures and water lines. After park approval, residents enjoy low monthly ground rent that includes trash collection and access to an impressive array of amenities, including a pool, clubhouse with fitness center, sports courts, playground, dog park, marina store, and boat launch with access to the Indian River Bay and beyond. With its thoughtful upgrades, furnished convenience, and prime location near the water, this home is ready for you to start enjoying coastal living right away.

Key facts

• 3 parking spots
• Community pool
• Built 2005

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 33% 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 $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($132k) 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 $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.54% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.53%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $116,722
• List price: $140,000
• Delta: 45.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.4%
• Equity multiple: 1.62×
• Total profit: $24,220
• Equity at exit: $20,874

10-year hold

• IRR: 24.1%
• Equity multiple: 3.08×
• Total profit: $81,580
• Equity at exit: $12,105

Cash invested: $39,200 (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: 5.4×

Monthly cashflow live

• Estimated rent: $2,156 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $736

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 61%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	13d	1	0.37mi

Listing history 17 events

1. 2026-06-18
   price $140,000 Active 84 DOM
2. 2026-06-18
   days on market $169,900 Active 84 DOM
3. 2026-06-17
   days on market $169,900 Active 83 DOM
4. 2026-06-16
   days on market $169,900 Active 82 DOM
5. 2026-06-15
   days on market $169,900 Active 81 DOM
6. 2026-06-14
   days on market $169,900 Active 79 DOM
7. 2026-06-13
   days on market $169,900 Active 78 DOM
8. 2026-06-10
   days on market $169,900 Active 76 DOM
9. 2026-06-09
   days on market $169,900 Active 75 DOM
10. 2026-06-08
    days on market $169,900 Active 74 DOM
11. 2026-06-07
    days on market $169,900 Active 73 DOM
12. 2026-06-02
    days on market $169,900 Active 68 DOM
13. 2026-06-01
    days on market $169,900 Active 67 DOM
14. 2026-05-31
    days on market $169,900 Active 66 DOM
15. 2026-05-30
    days on market $169,900 Active 65 DOM
16. 2026-03-26
    listed $169,900 Active 2400-char remark

    Show marketing remark (2400 chars)

    Enjoy the ease of coastal living in this beautifully updated, partially furnished 3-bedroom, 2-bath home located in the sought-after community of Sun Retreats. Ideally situated just a few sites from the boat canal and close to the clubhouse, pool, marina, and on-site restaurant, this home offers both convenience and a true waterfront lifestyle, with the option to purchase a boat slip through the community. A wide screened porch stretches across the front of the home, creating a welcoming space to relax and enjoy the coastal breeze. Inside, the open-concept main living area features vaulted ceilings, light neutral tones, and updated Pergo flooring that enhance the bright, spacious feel. The living, kitchen, and dining areas flow seamlessly together, making it perfect for entertaining and everyday living. The kitchen is both stylish and functional, offering a center island with seating and storage, a generously sized stainless-steel refrigerator with water dispenser and icemaker, and updated fixtures. Down the hall, a laundry room with a secondary exterior door provides added convenience and can easily serve as a mudroom. The home offers two guest bedrooms and a full hall bath, while the primary suite is privately located at the rear. This inviting retreat features vaulted ceilings, two walk-in closets, and an attached bath. Upgraded ceiling fans throughout the home add comfort and a modern touch. Sliding glass doors lead from the living room back to the screened porch, while the rear Trex deck platform with added lighting provides the perfect setting for evening gatherings, grilling, or relaxing under the stars. Additional storage is available with both a main shed and a portable shed. Extensive recent upgrades provide peace of mind, including a new HVAC system and furnace, a brand-new refrigerator, updated shed roof, new flooring, upgraded electrical work, and replaced plumbing fixtures and water lines. After park approval, residents enjoy low monthly ground rent that includes trash collection and access to an impressive array of amenities, including a pool, clubhouse with fitness center, sports courts, playground, dog park, marina store, and boat launch with access to the Indian River Bay and beyond. With its thoughtful upgrades, furnished convenience, and prime location near the water, this home is ready for you to start enjoying coastal living right away.

17. 2026-03-23
    historical $169,900 2400-char remark

    Show marketing remark (2400 chars)

    Enjoy the ease of coastal living in this beautifully updated, partially furnished 3-bedroom, 2-bath home located in the sought-after community of Sun Retreats. Ideally situated just a few sites from the boat canal and close to the clubhouse, pool, marina, and on-site restaurant, this home offers both convenience and a true waterfront lifestyle, with the option to purchase a boat slip through the community. A wide screened porch stretches across the front of the home, creating a welcoming space to relax and enjoy the coastal breeze. Inside, the open-concept main living area features vaulted ceilings, light neutral tones, and updated Pergo flooring that enhance the bright, spacious feel. The living, kitchen, and dining areas flow seamlessly together, making it perfect for entertaining and everyday living. The kitchen is both stylish and functional, offering a center island with seating and storage, a generously sized stainless-steel refrigerator with water dispenser and icemaker, and updated fixtures. Down the hall, a laundry room with a secondary exterior door provides added convenience and can easily serve as a mudroom. The home offers two guest bedrooms and a full hall bath, while the primary suite is privately located at the rear. This inviting retreat features vaulted ceilings, two walk-in closets, and an attached bath. Upgraded ceiling fans throughout the home add comfort and a modern touch. Sliding glass doors lead from the living room back to the screened porch, while the rear Trex deck platform with added lighting provides the perfect setting for evening gatherings, grilling, or relaxing under the stars. Additional storage is available with both a main shed and a portable shed. Extensive recent upgrades provide peace of mind, including a new HVAC system and furnace, a brand-new refrigerator, updated shed roof, new flooring, upgraded electrical work, and replaced plumbing fixtures and water lines. After park approval, residents enjoy low monthly ground rent that includes trash collection and access to an impressive array of amenities, including a pool, clubhouse with fitness center, sports courts, playground, dog park, marina store, and boat launch with access to the Indian River Bay and beyond. With its thoughtful upgrades, furnished convenience, and prime location near the water, this home is ready for you to start enjoying coastal living right away.

ⓘ 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 2/10 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: $25,875
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − Depreciation: −$4,073
• Taxable income: $7,020
• Est. tax owed @ 24.0%: −$1,685
• After-tax cash flow: $7,147/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

+0.0% since first listed

2 events — show timeline

• 2026-03-26 Listed $169,900 BRIGHT MLS
• 2026-03-23 Coming Soon $169,900 BRIGHT MLS

Property tax history

-6.9%/yr

Latest (2025): $193 · -48.2% YoY. Source: county tax records.