32585 W Albemarle Ct · Long Neck, DE 19966

$299,900

3 bd · 2.0 ba · 1,848 sqft · Manufactured public records · 37 Days on market

Built 1996 0.44 ac lot $162/sqft · at area comps Est $306k · at est. $33/mo HOA · 1% 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).

• Cash flow +13.9/30.0
• ARV discount +8.4/15.0
• DSCR +4.2/10.0
• 1% rule +4.0/10.0
• 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

Tucked away on a cul-de-sac in Captain’s Grant, this well-maintained 3-bedroom, 2 full bath home sits on a generous 0.44± acre lot. An oversized 2-car detached garage provides ample space for vehicles, storage, or a workshop. The property is framed by mature landscaping, perennial plantings, and shade trees, creating a private and inviting setting. Ideally located with easy access to beaches, shopping, dining, and everything Coastal Sussex County has to offer. Brand new water heater installed on 6/9/26.

Key facts

• 0.44 acre lot
• 2 garage spots
• Built 1996

Property features AI

Finance

• HOA & community: HOA fee $400 annually covering common area maintenance and snow removal

Exterior

• Parking: Detached front-entry garage with 2 spaces; Driveway parking
• Utilities: Public water; Public sewer
• Home design: Manufactured double-wide home (Skyline Knollwood model); Estimated year built
• Construction: Vinyl siding; Above-grade and below-grade structures noted
• Exterior features: Deck(s); Not in a federal flood zone; Ground rent paid annually

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $300k.

Deal economics

• At list price, monthly cash flow is $30 ($365/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 $270k (9.8% below list).
• Recommended offer: $270k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 41% 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 $9k 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 37 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $138k; list at $300k implies a 117% 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 $270,371 (9.8% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 10% 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. 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. 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?
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: 0.90% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• GRM: 9.2

CMA / ARV

• ARV (median comp): $306,074
• List price: $299,900
• Delta: -2.02%
• 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: -15.6%
• Equity multiple: 0.45×
• Total profit: $-46,600
• Equity at exit: $44,716

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-37,838
• Equity at exit: $25,930

Cash invested: $83,972 (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: $2,704 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$33
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $30

Break-even live

Break-even rent $2,665

Max offer price $299,900

Occupancy floor 94%

Sensitivity live

Price	-10% $238	-5% $134	+0% $30	+5% $-73	+10% $-177
Rent	-10% $-183	-5% $-76	+0% $30	+5% $137	+10% $244
Rate	-1.0pp $181	-0.5pp $107	base $30	+0.5pp $-47	+1.0pp $-126

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22140 Shorebird Way Millsboro, DE	4.0	2.5	1906	$3,000	$1.57	45d	1	0.34mi
32082 Plaza Dr , DE	1.0–3.0	1.0–2.0	1169	$2,019	$1.73	23d	14	1.10mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	23d	1	1.31mi

HOA detail

• Monthly dues: $33 · $396/yr
• Likely covers: waterlandscaping

Listing history 20 events

1. 2026-06-21
   days on market $299,900 Active 37 DOM
2. 2026-06-18
   days on market $299,900 Active 34 DOM
3. 2026-06-17
   price $299,900 Active 33 DOM
4. 2026-06-17
   days on market $309,900 Active 33 DOM
5. 2026-06-16
   days on market $309,900 Active 32 DOM
6. 2026-06-15
   remarks 508-char remark
7. 2026-06-15
   days on market $309,900 Active 31 DOM
8. 2026-06-14
   days on market $309,900 Active 29 DOM
9. 2026-06-13
   days on market $309,900 Active 28 DOM
10. 2026-06-10
    days on market $309,900 Active 26 DOM
11. 2026-06-09
    days on market $309,900 Active 25 DOM
12. 2026-06-08
    days on market $309,900 Active 24 DOM
13. 2026-06-07
    days on market $309,900 Active 23 DOM
14. 2026-06-02
    days on market $309,900 Active 18 DOM
15. 2026-06-01
    days on market $309,900 Active 17 DOM
16. 2026-06-01
    remarks 464-char remark
17. 2026-05-31
    days on market $309,900 Active 16 DOM
18. 2026-05-30
    days on market $309,900 Active 15 DOM
19. 2026-05-15
    listed $309,900 Active 346-char remark
20. 2001-07-31
    soldstatus $138,000

ⓘ 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: $32,445
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,596
• − Management: −$2,596
• − HOA: −$396
• − Depreciation: −$8,724
• Taxable loss: −$4,664
• Est. tax savings @ 24.0%: +$1,119
• After-tax cash flow: $1,484/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

+117.3% since first listed

3 events — show timeline

• 2026-06-17 Price Changed $299,900 BRIGHT MLS
• 2026-05-15 Listed $309,900 BRIGHT MLS
• 2001-07-31 Sold (Public Records) $138,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $360 · -21.3% YoY. Source: county tax records.