33308 Lighthouse Ct Unit D-18 · Long Neck, DE 19958

$149,900

3 bd · 2.0 ba · 1,350 sqft · SingleFamily · 279 Days on market

Built 1978 Good condition 2,613 sqft lot $111/sqft · 8% below area Est $162k · 8% under ↓ 13% since listing

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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 +30.0/30.0
• ARV discount +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Marina community on Hazard Cove, which leads out to the Rehoboth Bay. Angola Beach & Estates has two community pools, two playgrounds, and some of the other amenities include tennis courts, basketball courts & kayak/canoe launch area. The marina has a boat ramp and plenty of parking spaces for your trailer (some slips for rent, but there may be a waiting list). The Rehoboth Beach boardwalk is approx. 10 miles away. This 1978 Marshfield has been completely remodeled inside and out! Spacious living room opens to the dining area and the kitchen. The kitchen has an island, a farm sink, and stainless steel appliances. The appliances include a fridge with ice maker, dishwasher, built-in microwave, and a garbage disposal. Large laundry room with a full-size, side-by-side washer & dryer, storage shelves, and a folding table. Main bedroom is en Suite with an armoire-style closet. The bath has a double-sink vanity with LED lighted mirrors, open shelving for your linens/towels, and a tub/shower. Bedrooms two and three are on the opposite side of the house for a split bedroom plan. The second full bath has a stall shower and single-sink vanity. Newer HVAC Pac unit. Newer exterior main electric panel (Delaware Electric Cooperative). Newer metal roof. Leasehold interest with Lot Rent of approx. $850/mt. (renews annually with any increases capped as per 25 Del. C. Sec 7050-70534. Lot rent includes water, sewer & trash/recycle. Homeowner pays electric, metered LP gas, cable/Internet/FiOS, and lawn service. The community owner requires an Application from the Buyer and all occupants 18-years-of-age or older, with acceptance based on: 1)Income Verification; 2)Credit Bureau Score (including debt-to-income ratio); 3)Clean Criminal Background Check. Leased-land properties do not qualify for conventional 30-year mortgages, but financing may be available to qualified borrowers from a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Buyer will have the full 3.75% DMV Doc Fee as part of their closing costs & a settlement agent fee.

Key facts

• Marina community
• Playgrounds
• Tennis courts

Tags

• MARINA COMMUNITY
• COMMUNITY POOLS
• PLAYGROUNDS
• TENNIS COURTS
• BASKETBALL COURTS
• KAYAK CANOE LAUNCH AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 818 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 31% of the median local income ($97k/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 $1k 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 + 0.8% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 279 days — a 12% 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.66% ✓
• Cap rate: 13.70%
• Cash-on-cash: 26.46%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (median comp): $162,243
• List price: $149,900
• Delta: -7.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33442 Buttercup St	0.09mi	3/2.0	1,344 (-0%)	8mo	$132,000	$98	88
23591 East Beach Dr	0.20mi	3/2.0	1,336 (-1%)	7mo	$85,000	$64	83
33420 Clover St	0.07mi	2/2.0 (-1)	1,260 (-7%)	2mo	$125,000	$99	78
23288 Kent Ct	0.31mi	3/2.0	1,400 (+4%)	7mo	$152,000	$109	74
33409 Hartford Ct	0.52mi	3/2.0	1,344 (-0%)	2mo	$164,999	$123	73
23414 Cinnamon Rd	0.21mi	3/2.0	1,460 (+8%)	9mo	$95,000	$65	69
22915 Angola Rd W	0.64mi	3/1.5	1,374 (+2%)	3mo	$265,000	$193	63
33500 Clover St	0.21mi	2/2.0 (-1)	1,200 (-11%)	6mo	$119,900	$100	62
23335 Arundel Ct	0.30mi	2/2.0 (-1)	1,180 (-13%)	3mo	$110,000	$93	58
33405 Hartford Ct	0.53mi	3/2.0	1,248 (-8%)	7mo	$150,000	$120	57
22861 Dogwood Dr	0.63mi	2/2.5 (-1)	1,344 (-0%)	9mo	$390,000	$290	56
33620 Woodland Cir	0.73mi	3/2.0	1,450 (+7%)	1mo	$390,000	$269	53

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 1.70×
• Total profit: $29,237
• Equity at exit: $22,351

10-year hold

• IRR: 24.6%
• Equity multiple: 2.91×
• Total profit: $80,122
• Equity at exit: $12,961

Cash invested: $41,972 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,483 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $925

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 58%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33179 Woodland Ct S Lewes, DE	4.0	2.0	1325	$2,300	$1.74	13d	1	0.36mi
33135 Woodland Ct N Lewes, DE	3.0	2.0	1120	$2,250	$2.01	13d	1	0.45mi
22730 Holly Way W Lewes, DE	3.0	2.0	1232	$2,250	$1.83	13d	1	0.68mi
30068 Moorings Reach Lewes, DE	4.0	3.0	1700	$2,950	$1.74	13d	1	0.76mi
22828 Sycamore Dr Lewes, DE	2.0	2.0	1100	$2,400	$2.18	13d	1	0.84mi

Listing history 21 events

1. 2026-06-18
   days on market $149,900 Active 279 DOM
2. 2026-06-17
   days on market $149,900 Active 278 DOM
3. 2026-06-16
   days on market $149,900 Active 277 DOM
4. 2026-06-15
   days on market $149,900 Active 276 DOM
5. 2026-06-14
   days on market $149,900 Active 274 DOM
6. 2026-06-13
   days on market $149,900 Active 273 DOM
7. 2026-06-10
   days on market $149,900 Active 271 DOM
8. 2026-06-09
   days on market $149,900 Active 270 DOM
9. 2026-06-08
   days on market $149,900 Active 269 DOM
10. 2026-06-07
    days on market $149,900 Active 268 DOM
11. 2026-06-05
    days on market $149,900 Active 265 DOM
12. 2026-06-03
    days on market $149,900 Active 264 DOM
13. 2026-06-03
    price $149,900 Active 263 DOM
14. 2026-06-02
    days on market $159,900 Active 263 DOM
15. 2026-06-01
    days on market $159,900 Active 262 DOM
16. 2026-05-31
    days on market $159,900 Active 261 DOM
17. 2026-05-30
    days on market $159,900 Active 260 DOM
18. 2026-05-14
    price $159,900 2119-char remark

    Show marketing remark (2119 chars)

    Marina community on Hazard Cove, which leads out to the Rehoboth Bay. Angola Beach & Estates has two community pools, two playgrounds, and some of the other amenities include tennis courts, basketball courts & kayak/canoe launch area. The marina has a boat ramp and plenty of parking spaces for your trailer (some slips for rent, but there may be a waiting list). The Rehoboth Beach boardwalk is approx. 10 miles away. This 1978 Marshfield has been completely remodeled inside and out! Spacious living room opens to the dining area and the kitchen. The kitchen has an island, a farm sink, and stainless steel appliances. The appliances include a fridge with ice maker, dishwasher, built-in microwave, and a garbage disposal. Large laundry room with a full-size, side-by-side washer & dryer, storage shelves, and a folding table. Main bedroom is en Suite with an armoire-style closet. The bath has a double-sink vanity with LED lighted mirrors, open shelving for your linens/towels, and a tub/shower. Bedrooms two and three are on the opposite side of the house for a split bedroom plan. The second full bath has a stall shower and single-sink vanity. Newer HVAC Pac unit. Newer exterior main electric panel (Delaware Electric Cooperative). Newer metal roof. Leasehold interest with Lot Rent of approx. $850/mt. (renews annually with any increases capped as per 25 Del. C. Sec 7050-70534. Lot rent includes water, sewer & trash/recycle. Homeowner pays electric, metered LP gas, cable/Internet/FiOS, and lawn service. The community owner requires an Application from the Buyer and all occupants 18-years-of-age or older, with acceptance based on: 1)Income Verification; 2)Credit Bureau Score (including debt-to-income ratio); 3)Clean Criminal Background Check. Leased-land properties do not qualify for conventional 30-year mortgages, but financing may be available to qualified borrowers from a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Buyer will have the full 3.75% DMV Doc Fee as part of their closing costs & a settlement agent fee.

19. 2026-04-30
    price $169,900 2119-char remark

    Show marketing remark (2119 chars)

    Marina community on Hazard Cove, which leads out to the Rehoboth Bay. Angola Beach & Estates has two community pools, two playgrounds, and some of the other amenities include tennis courts, basketball courts & kayak/canoe launch area. The marina has a boat ramp and plenty of parking spaces for your trailer (some slips for rent, but there may be a waiting list). The Rehoboth Beach boardwalk is approx. 10 miles away. This 1978 Marshfield has been completely remodeled inside and out! Spacious living room opens to the dining area and the kitchen. The kitchen has an island, a farm sink, and stainless steel appliances. The appliances include a fridge with ice maker, dishwasher, built-in microwave, and a garbage disposal. Large laundry room with a full-size, side-by-side washer & dryer, storage shelves, and a folding table. Main bedroom is en Suite with an armoire-style closet. The bath has a double-sink vanity with LED lighted mirrors, open shelving for your linens/towels, and a tub/shower. Bedrooms two and three are on the opposite side of the house for a split bedroom plan. The second full bath has a stall shower and single-sink vanity. Newer HVAC Pac unit. Newer exterior main electric panel (Delaware Electric Cooperative). Newer metal roof. Leasehold interest with Lot Rent of approx. $850/mt. (renews annually with any increases capped as per 25 Del. C. Sec 7050-70534. Lot rent includes water, sewer & trash/recycle. Homeowner pays electric, metered LP gas, cable/Internet/FiOS, and lawn service. The community owner requires an Application from the Buyer and all occupants 18-years-of-age or older, with acceptance based on: 1)Income Verification; 2)Credit Bureau Score (including debt-to-income ratio); 3)Clean Criminal Background Check. Leased-land properties do not qualify for conventional 30-year mortgages, but financing may be available to qualified borrowers from a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Buyer will have the full 3.75% DMV Doc Fee as part of their closing costs & a settlement agent fee.

20. 2025-10-06
    price $179,900 2119-char remark

    Show marketing remark (2119 chars)

    Marina community on Hazard Cove, which leads out to the Rehoboth Bay. Angola Beach & Estates has two community pools, two playgrounds, and some of the other amenities include tennis courts, basketball courts & kayak/canoe launch area. The marina has a boat ramp and plenty of parking spaces for your trailer (some slips for rent, but there may be a waiting list). The Rehoboth Beach boardwalk is approx. 10 miles away. This 1978 Marshfield has been completely remodeled inside and out! Spacious living room opens to the dining area and the kitchen. The kitchen has an island, a farm sink, and stainless steel appliances. The appliances include a fridge with ice maker, dishwasher, built-in microwave, and a garbage disposal. Large laundry room with a full-size, side-by-side washer & dryer, storage shelves, and a folding table. Main bedroom is en Suite with an armoire-style closet. The bath has a double-sink vanity with LED lighted mirrors, open shelving for your linens/towels, and a tub/shower. Bedrooms two and three are on the opposite side of the house for a split bedroom plan. The second full bath has a stall shower and single-sink vanity. Newer HVAC Pac unit. Newer exterior main electric panel (Delaware Electric Cooperative). Newer metal roof. Leasehold interest with Lot Rent of approx. $850/mt. (renews annually with any increases capped as per 25 Del. C. Sec 7050-70534. Lot rent includes water, sewer & trash/recycle. Homeowner pays electric, metered LP gas, cable/Internet/FiOS, and lawn service. The community owner requires an Application from the Buyer and all occupants 18-years-of-age or older, with acceptance based on: 1)Income Verification; 2)Credit Bureau Score (including debt-to-income ratio); 3)Clean Criminal Background Check. Leased-land properties do not qualify for conventional 30-year mortgages, but financing may be available to qualified borrowers from a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Buyer will have the full 3.75% DMV Doc Fee as part of their closing costs & a settlement agent fee.

21. 2025-09-12
    listed $183,000 Active 2119-char remark

    Show marketing remark (2119 chars)

    Marina community on Hazard Cove, which leads out to the Rehoboth Bay. Angola Beach & Estates has two community pools, two playgrounds, and some of the other amenities include tennis courts, basketball courts & kayak/canoe launch area. The marina has a boat ramp and plenty of parking spaces for your trailer (some slips for rent, but there may be a waiting list). The Rehoboth Beach boardwalk is approx. 10 miles away. This 1978 Marshfield has been completely remodeled inside and out! Spacious living room opens to the dining area and the kitchen. The kitchen has an island, a farm sink, and stainless steel appliances. The appliances include a fridge with ice maker, dishwasher, built-in microwave, and a garbage disposal. Large laundry room with a full-size, side-by-side washer & dryer, storage shelves, and a folding table. Main bedroom is en Suite with an armoire-style closet. The bath has a double-sink vanity with LED lighted mirrors, open shelving for your linens/towels, and a tub/shower. Bedrooms two and three are on the opposite side of the house for a split bedroom plan. The second full bath has a stall shower and single-sink vanity. Newer HVAC Pac unit. Newer exterior main electric panel (Delaware Electric Cooperative). Newer metal roof. Leasehold interest with Lot Rent of approx. $850/mt. (renews annually with any increases capped as per 25 Del. C. Sec 7050-70534. Lot rent includes water, sewer & trash/recycle. Homeowner pays electric, metered LP gas, cable/Internet/FiOS, and lawn service. The community owner requires an Application from the Buyer and all occupants 18-years-of-age or older, with acceptance based on: 1)Income Verification; 2)Credit Bureau Score (including debt-to-income ratio); 3)Clean Criminal Background Check. Leased-land properties do not qualify for conventional 30-year mortgages, but financing may be available to qualified borrowers from a few Lenders that specialize in installment/chattel loans for manufactured homes on leased land. Buyer will have the full 3.75% DMV Doc Fee as part of their closing costs & a settlement agent fee.

ⓘ 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 ≥102°F today · 17 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: $29,792
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,383
• − Management: −$2,383
• − Depreciation: −$4,361
• Taxable income: $9,270
• Est. tax owed @ 24.0%: −$2,225
• After-tax cash flow: $8,880/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 · 13 photos

Good 80/100 Cosmetic rehab

This home is in good condition with recent renovations, making it move-in ready for both resale and rental.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Landscaping — Improves curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental value ↑

ⓘ 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: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 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): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-12.6% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $159,900 BRIGHT MLS
• 2026-04-30 Price Changed $169,900 BRIGHT MLS
• 2025-10-06 Price Changed $179,900 BRIGHT MLS
• 2025-09-12 Listed $183,000 BRIGHT MLS