54 White Pine Dr · Long Neck, DE 19966

$250,000

3 bd · 2.0 ba · 1,370 sqft · Manufactured · 41 Days on market

Built 1998 7,405 sqft lot $182/sqft · 16% below area Est $299k · 16% under $23/mo HOA · 1% of rent

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Why this score? — see what drove the B 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 +28.3/30.0
• ARV discount +14.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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

Wow! Remodeled baths and kitchen in 2016. This 3 bedroom 2 bath home is in move in condition and has a great yard with a large screen gazebo, deck, shed and a rear drywall tiki room for summer entertainment with electric and cable. New Amenities in 2016: New Roof on home and Florida room in June, skylight, vents, water and ice, hardwood floors in living room, kitchen and rear Florida room. New carpets thru out, Whole home was painted, Washer and Dryer are 18 months old. Also new appliances in 2016 gas stove, side by side refrigerator with ice maker, dishwasher and microwave. The kitchen has been remodeled with composite counters and the breakfast bar seats 2. All new ceiling fans, faucets, sinks, shut off valves have been replaced. New 6 panel doors and mouldings. Front porch is 4 months old with vinyl rails and trek flooring. Tile floors in both baths with new sinks, faucets and toilets. Upgrades are too numerous to mention so stop by or call today. Class C

Key facts

• 7,405 sq ft lot
• 4 parking spots
• Built 1998

Property features AI

Finance

• HOA & community: HOA fee $275 annually (covers common area maintenance)

Exterior

• Parking: Paved driveway with 4 driveway spaces; Off-street parking (total 4 garage/parking spaces)
• Utilities: Public water; Public sewer; Propane available; Electric hot water
• Home design: Manufactured home; Vinyl siding; Shingle roof; Block foundation; Entry-level bedrooms; Estimated year built
• Construction: Modular/manufactured construction; Vinyl siding exterior; Shingle roof; Block foundation; Shed and other above- and below-grade structures
• Exterior features: Patio(s); Outbuilding(s); Shed; Rear wood fencing; Cleared and partly wooded lot

Interior

• Kitchen: Dishwasher; Gas oven/range; Microwave; Refrigerator; Pantry
• Bedrooms: Three bedrooms on the main level
• Flooring: Drywall walls and ceilings
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Propane (owned) heating fuel; Central air conditioning (electric)
• Interior features: Breakfast area; Ceiling fan(s); Combination kitchen/dining; Family room off kitchen; Traditional floor plan; Kitchen eat-in; Pantry; Master bathroom
• Laundry & utility: Main-floor laundry; Electric dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $802 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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+, 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); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 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: 865 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 $3,231/mo this rent would consume 50% 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 $8k 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 $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $173k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 1.29% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.74%
• DSCR: 1.61
• GRM: 6.4

CMA / ARV

• ARV (median comp): $298,569
• List price: $250,000
• Delta: -16.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.9%
• Equity multiple: 1.15×
• Total profit: $10,612
• Equity at exit: $37,276

10-year hold

• IRR: 13.4%
• Equity multiple: 2.07×
• Total profit: $75,245
• Equity at exit: $21,615

Cash invested: $70,000 (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: 865
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,231 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$23
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $802

Break-even live

Break-even rent $2,216

Max offer price $250,000

Occupancy floor 70%

Sensitivity live

Price	-10% $974	-5% $888	+0% $802	+5% $715	+10% $629
Rent	-10% $546	-5% $674	+0% $802	+5% $929	+10% $1,057
Rate	-1.0pp $928	-0.5pp $865	base $802	+0.5pp $737	+1.0pp $671

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: $62,500
• Closing costs: $7,500
• 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	14d	1	0.47mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	1.33mi

HOA detail

• Monthly dues: $23 · $276/yr
• Likely covers: watergaselectriccable

Listing history 30 events

1. 2026-06-18
   days on market $250,000 Active 41 DOM
2. 2026-06-17
   days on market $250,000 Active 40 DOM
3. 2026-06-16
   days on market $250,000 Active 39 DOM
4. 2026-06-15
   days on market $250,000 Active 38 DOM
5. 2026-06-14
   days on market $250,000 Active 36 DOM
6. 2026-06-13
   days on market $250,000 Active 35 DOM
7. 2026-06-10
   days on market $250,000 Active 33 DOM
8. 2026-06-09
   days on market $250,000 Active 32 DOM
9. 2026-06-08
   days on market $250,000 Active 31 DOM
10. 2026-06-07
    days on market $250,000 Active 30 DOM
11. 2026-06-02
    days on market $250,000 Active 25 DOM
12. 2026-06-01
    days on market $250,000 Active 24 DOM
13. 2026-05-31
    days on market $250,000 Active 23 DOM
14. 2026-05-30
    days on market $250,000 Active 22 DOM
15. 2026-05-12
    price $265,000 1743-char remark
16. 2026-05-09
    listed $275,000 Active 1743-char remark
17. 2026-05-05
    historical $275,000 1743-char remark
18. 2025-12-08
    historical
19. 2025-10-08
    price $265,000
20. 2025-10-01
    price $278,500
21. 2025-09-10
    status Active
22. 2025-08-01
    historical
23. 2025-08-01
    price $285,000
24. 2025-05-16
    price $275,000
25. 2025-04-15
    listed $280,000 Active
26. 2016-09-09
    soldstatus $172,900
27. 2016-09-06
    soldstatus $172,900

    Show marketing remark (972 chars)

    Wow! Remodeled baths and kitchen in 2016. This 3 bedroom 2 bath home is in move in condition and has a great yard with a large screen gazebo, deck, shed and a rear drywall tiki room for summer entertainment with electric and cable. New Amenities in 2016: New Roof on home and Florida room in June, skylight, vents, water and ice, hardwood floors in living room, kitchen and rear Florida room. New carpets thru out, Whole home was painted, Washer and Dryer are 18 months old. Also new appliances in 2016 gas stove, side by side refrigerator with ice maker, dishwasher and microwave. The kitchen has been remodeled with composite counters and the breakfast bar seats 2. All new ceiling fans, faucets, sinks, shut off valves have been replaced. New 6 panel doors and mouldings. Front porch is 4 months old with vinyl rails and trek flooring. Tile floors in both baths with new sinks, faucets and toilets. Upgrades are too numerous to mention so stop by or call today. Class C

28. 2016-08-22
    historical

    Show marketing remark (972 chars)

    Wow! Remodeled baths and kitchen in 2016. This 3 bedroom 2 bath home is in move in condition and has a great yard with a large screen gazebo, deck, shed and a rear drywall tiki room for summer entertainment with electric and cable. New Amenities in 2016: New Roof on home and Florida room in June, skylight, vents, water and ice, hardwood floors in living room, kitchen and rear Florida room. New carpets thru out, Whole home was painted, Washer and Dryer are 18 months old. Also new appliances in 2016 gas stove, side by side refrigerator with ice maker, dishwasher and microwave. The kitchen has been remodeled with composite counters and the breakfast bar seats 2. All new ceiling fans, faucets, sinks, shut off valves have been replaced. New 6 panel doors and mouldings. Front porch is 4 months old with vinyl rails and trek flooring. Tile floors in both baths with new sinks, faucets and toilets. Upgrades are too numerous to mention so stop by or call today. Class C

29. 2016-03-29
    listed $172,900

    Show marketing remark (972 chars)

    Wow! Remodeled baths and kitchen in 2016. This 3 bedroom 2 bath home is in move in condition and has a great yard with a large screen gazebo, deck, shed and a rear drywall tiki room for summer entertainment with electric and cable. New Amenities in 2016: New Roof on home and Florida room in June, skylight, vents, water and ice, hardwood floors in living room, kitchen and rear Florida room. New carpets thru out, Whole home was painted, Washer and Dryer are 18 months old. Also new appliances in 2016 gas stove, side by side refrigerator with ice maker, dishwasher and microwave. The kitchen has been remodeled with composite counters and the breakfast bar seats 2. All new ceiling fans, faucets, sinks, shut off valves have been replaced. New 6 panel doors and mouldings. Front porch is 4 months old with vinyl rails and trek flooring. Tile floors in both baths with new sinks, faucets and toilets. Upgrades are too numerous to mention so stop by or call today. Class C

30. 2015-10-01
    soldstatus $35,000

ⓘ 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 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: $38,770
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,102
• − Management: −$3,102
• − HOA: −$276
• − Depreciation: −$7,273
• Taxable income: $6,015
• Est. tax owed @ 24.0%: −$1,443
• After-tax cash flow: $8,177/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

+614.3% since first listed

17 events — show timeline

• 2026-05-28 Price Changed $250,000 BRIGHT MLS
• 2026-05-12 Price Changed $265,000 BRIGHT MLS
• 2026-05-09 Listed $275,000 BRIGHT MLS
• 2026-05-05 Coming Soon $275,000 BRIGHT MLS
• 2025-12-08 Listing Removed — BRIGHT MLS
• 2025-10-08 Price Changed $265,000 BRIGHT MLS
• 2025-10-01 Price Changed $278,500 BRIGHT MLS
• 2025-09-10 Relisted — BRIGHT MLS
• 2025-08-01 Price Changed $285,000 BRIGHT MLS
• 2025-08-01 Listing Removed — BRIGHT MLS
• 2025-05-16 Price Changed $275,000 BRIGHT MLS
• 2025-04-15 Listed $280,000 BRIGHT MLS
• 2016-09-09 Sold (Public Records) $172,900 Public Records
• 2016-09-06 Sold (MLS) $172,900 BRIGHT MLS
• 2016-08-22 Listing Removed — BRIGHT MLS
• 2016-03-29 Listed $172,900 BRIGHT MLS
• 2015-10-01 Sold (Public Records) $35,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $472 · -15.8% YoY. Source: county tax records.