32464 Approach Way #3278 · Long Neck, DE 19966

$334,900

3 bd · 2.0 ba · 2,079 sqft · SingleFamily · 220 Days on market

Built 2000 $161/sqft · at area comps Est $337k · at est. ↓ 4% since listing

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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 +13.3/30.0
• ARV discount +7.8/15.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• 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

Welcome to your beautifully maintained 3-bedroom, 2-bathroom home nestled in the highly sought-after Baywood Greens, a premier golf course community. This move-in-ready residence features a spacious 2-car garage, updated flooring, a newer roof, and an A/C system that was replaced—ensuring comfort and peace of mind for years to come. Enjoy tranquil pond views from your private back patio, complete with a retractable awning perfect for relaxing mornings or evening gatherings. The interior boasts an open layout and includes a sleek, modern washer and dryer for your convenience. Residents of this premier community enjoy exclusive access to private beaches, a private pool, private marinas with rentable slips, a dog park, scenic nature trails, and discounts on both golf and dining at the clubhouse. Don’t miss your chance to experience low-maintenance living in a community that truly has it all. Additional Items In

Key facts

• Dog park
• Private pool
• Retractable awning

Tags

• TRANQUIL POND VIEWS
• PRIVATE BACK PATIO
• RETRACTABLE AWNING
• PRIVATE POOL
• PRIVATE MARINAS
• DOG PARK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $335k.

Deal economics

• At list price, monthly cash flow is $1 ($15/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 $293k (12.5% below list).
• Recommended offer: $293k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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).
• This rent runs 45% 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 $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 220 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

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 $293,118 (12.5% below list)

Questions for the listing agent

1. It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 0.88% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $336,849
• List price: $334,900
• Delta: -0.58%
• 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
32524 Putters Dell Dr #3274	0.06mi	3/2.0	2,060 (-1%)	10mo	$415,000	$201	88
81 Branch Ct	0.17mi	3/2.0	2,184 (+5%)	2mo	$315,000	$144	82
33754 Caddies Way	0.06mi	3/2.0	1,865 (-10%)	1mo	$330,000	$177	80
32519 Putters Dell #3268	0.06mi	3/2.0	1,935 (-7%)	9mo	$295,000	$152	78
32547 Long Iron Way #3210	0.24mi	3/2.5	2,122 (+2%)	11mo	$304,000	$143	74
32554 Long Spoon Way #3141	0.19mi	3/2.0	1,860 (-10%)	4mo	$343,000	$184	70
25043 Dogleg Way	0.46mi	3/2.0	2,004 (-4%)	10mo	$444,753	$222	65
32373 Bayshore Dr	0.44mi	3/2.0	1,892 (-9%)	3mo	$395,000	$209	62
31517 Hook Way	0.51mi	3/2.0	1,854 (-11%)	8mo	$374,503	$202	52
25078 Dogleg Way	0.45mi	3/2.0	2,336 (+12%)	8mo	$482,707	$207	52
26383 Timbercreek Ln	0.68mi	4/3.0 (+1)	2,100 (+1%)	7mo	$432,000	$206	51
26366 Timbercreek Ln	0.66mi	4/2.0 (+1)	1,900 (-9%)	8mo	$439,000	$231	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-54,147
• Equity at exit: $49,935

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-46,871
• Equity at exit: $28,956

Cash invested: $93,772 (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: 9.5×

Monthly cashflow live

• Estimated rent: $2,931 medium
• Mortgage (P&I): −$1,756
• Tax est. 1.5%: −$419 /mo · $5,024/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $1

Break-even live

Break-even rent $2,930

Max offer price $334,900

Occupancy floor 95%

Sensitivity live

Price	-10% $233	-5% $117	+0% $1	+5% $-115	+10% $-230
Rent	-10% $-230	-5% $-115	+0% $1	+5% $117	+10% $233
Rate	-1.0pp $170	-0.5pp $86	base $1	+0.5pp $-86	+1.0pp $-174

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: $83,725
• Closing costs: $10,047
• 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	0.67mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	23d	1	1.08mi

Listing history 19 events

1. 2026-06-21
   days on market $334,900 Active 220 DOM
2. 2026-06-18
   days on market $334,900 Active 217 DOM
3. 2026-06-17
   days on market $334,900 Active 216 DOM
4. 2026-06-16
   days on market $334,900 Active 215 DOM
5. 2026-06-15
   days on market $334,900 Active 214 DOM
6. 2026-06-14
   days on market $334,900 Active 212 DOM
7. 2026-06-13
   days on market $334,900 Active 211 DOM
8. 2026-06-10
   days on market $334,900 Active 209 DOM
9. 2026-06-09
   days on market $334,900 Active 208 DOM
10. 2026-06-08
    days on market $334,900 Active 207 DOM
11. 2026-06-07
    days on market $334,900 Active 206 DOM
12. 2026-06-02
    days on market $334,900 Active 201 DOM
13. 2026-06-01
    days on market $334,900 Active 200 DOM
14. 2026-05-31
    days on market $334,900 Active 199 DOM
15. 2026-05-30
    days on market $334,900 Active 198 DOM
16. 2026-04-03
    status Active 933-char remark

    Show marketing remark (933 chars)

    Welcome to your beautifully maintained 3-bedroom, 2-bathroom home nestled in the highly sought-after Baywood Greens, a premier golf course community. This move-in-ready residence features a spacious 2-car garage, updated flooring, a newer roof, and an A/C system that was replaced—ensuring comfort and peace of mind for years to come. Enjoy tranquil pond views from your private back patio, complete with a retractable awning perfect for relaxing mornings or evening gatherings. The interior boasts an open layout and includes a sleek, modern washer and dryer for your convenience. Residents of this premier community enjoy exclusive access to private beaches, a private pool, private marinas with rentable slips, a dog park, scenic nature trails, and discounts on both golf and dining at the clubhouse. Don’t miss your chance to experience low-maintenance living in a community that truly has it all. Additional Items In

17. 2026-04-02
    price $334,900 933-char remark

    Show marketing remark (933 chars)

    Welcome to your beautifully maintained 3-bedroom, 2-bathroom home nestled in the highly sought-after Baywood Greens, a premier golf course community. This move-in-ready residence features a spacious 2-car garage, updated flooring, a newer roof, and an A/C system that was replaced—ensuring comfort and peace of mind for years to come. Enjoy tranquil pond views from your private back patio, complete with a retractable awning perfect for relaxing mornings or evening gatherings. The interior boasts an open layout and includes a sleek, modern washer and dryer for your convenience. Residents of this premier community enjoy exclusive access to private beaches, a private pool, private marinas with rentable slips, a dog park, scenic nature trails, and discounts on both golf and dining at the clubhouse. Don’t miss your chance to experience low-maintenance living in a community that truly has it all. Additional Items In

18. 2025-11-18
    historical Active Under Contract 933-char remark

    Show marketing remark (933 chars)

    Welcome to your beautifully maintained 3-bedroom, 2-bathroom home nestled in the highly sought-after Baywood Greens, a premier golf course community. This move-in-ready residence features a spacious 2-car garage, updated flooring, a newer roof, and an A/C system that was replaced—ensuring comfort and peace of mind for years to come. Enjoy tranquil pond views from your private back patio, complete with a retractable awning perfect for relaxing mornings or evening gatherings. The interior boasts an open layout and includes a sleek, modern washer and dryer for your convenience. Residents of this premier community enjoy exclusive access to private beaches, a private pool, private marinas with rentable slips, a dog park, scenic nature trails, and discounts on both golf and dining at the clubhouse. Don’t miss your chance to experience low-maintenance living in a community that truly has it all. Additional Items In

19. 2025-06-30
    listed $349,500 Active 933-char remark

    Show marketing remark (933 chars)

    Welcome to your beautifully maintained 3-bedroom, 2-bathroom home nestled in the highly sought-after Baywood Greens, a premier golf course community. This move-in-ready residence features a spacious 2-car garage, updated flooring, a newer roof, and an A/C system that was replaced—ensuring comfort and peace of mind for years to come. Enjoy tranquil pond views from your private back patio, complete with a retractable awning perfect for relaxing mornings or evening gatherings. The interior boasts an open layout and includes a sleek, modern washer and dryer for your convenience. Residents of this premier community enjoy exclusive access to private beaches, a private pool, private marinas with rentable slips, a dog park, scenic nature trails, and discounts on both golf and dining at the clubhouse. Don’t miss your chance to experience low-maintenance living in a community that truly has it all. Additional Items In

ⓘ 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: $35,174
• − Mortgage interest: −$18,760
• − Property taxes: −$5,024
• − Insurance: −$1,674
• − Repairs & maintenance: −$2,814
• − Management: −$2,814
• − Depreciation: −$9,743
• Taxable loss: −$5,654
• Est. tax savings @ 24.0%: +$1,357
• After-tax cash flow: $1,371/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

-4.2% since first listed

4 events — show timeline

• 2026-04-03 Relisted — BRIGHT MLS
• 2026-04-02 Price Changed $334,900 BRIGHT MLS
• 2025-11-18 Contingent — BRIGHT MLS
• 2025-06-30 Listed $349,500 BRIGHT MLS