32937 Edgewater Cv #2845 · Long Neck, DE 19966

$159,000

3 bd · 2.0 ba · 1,960 sqft · Manufactured · 58 Days on market

Built 2003 Good condition $81/sqft · 22% below area Est $204k · 22% under

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully upgraded 1960 sq ft residence, perfectly situated in the picturesque community of Lakeside. This stunning home boasts 3 spacious bedrooms and 2 modern bathrooms, making it an ideal sanctuary for families or anyone seeking that extra space to thrive. Experience the luxury of a newly renovated primary bathroom that exudes sophistication and style. The refreshed kitchen is a chef's delight, featuring a large island that doubles as a gathering spot and a pantry for all your culinary needs. Unwind in the inviting living spaces, including a cozy area complete with a charming fireplace, perfect for those chilly evenings or intimate gatherings with loved ones. Start your day with serene moments on the enclosed porch, sipping your morning coffee while soaking in the tranquil views. When it’s time to entertain, the oversized deck provides the perfect backdrop for summer barbecues, gatherings, or simply relaxing in the sun. With newer heating and cooling systems, floors, underbelly insulation and updated windows, this home ensures your comfort in every season. Enjoy the peace of mind that comes with energy efficiency and modern conveniences. Designed with accessibility in mind, this home welcomes everyone, making it a perfect fit for guests of all shapes and sizes. Embrace the coastal lifestyle with easy access to Bayside’s amenities, pristine beaches, and a variety of recreational facilities. Whether you enjoy water sports, hiking, or simply relaxing by the shore, Lakeside offers a vibrant community filled with opportunities for adventure and relaxation. Don’t miss the chance to make this dream home your reality. With its perfect blend of comfort, style, and location, this residence is more than just a house; it’s a place where memories are made. Schedule a viewing today and take the first step towards embracing the idyllic Lakeside lifestyle!

Key facts

• 4 parking spots
• Community pool
• Built 2003

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $159k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 43% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $154,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.76% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.84%
• DSCR: 2.33
• GRM: 4.7

CMA / ARV

• ARV (median comp): $203,827
• List price: $159,000
• Delta: -21.99%
• 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: 24.4%
• Equity multiple: 2.01×
• Total profit: $44,787
• Equity at exit: $23,707

10-year hold

• IRR: 32.2%
• Equity multiple: 3.92×
• Total profit: $129,964
• Equity at exit: $13,747

Cash invested: $44,520 (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: 4.7×

Monthly cashflow live

• Estimated rent: $2,792 medium
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $1,107

Break-even live

Break-even rent $1,391

Max offer price $159,000

Occupancy floor 55%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	21d	1	0.98mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	13d	1	1.39mi
22140 Shorebird Way Millsboro, DE	4.0	2.5	1906	$3,000	$1.57	44d	1	1.40mi

Listing history 17 events

1. 2026-06-18
   days on market $159,000 Active 58 DOM
2. 2026-06-17
   days on market $159,000 Active 57 DOM
3. 2026-06-16
   days on market $159,000 Active 56 DOM
4. 2026-06-15
   days on market $159,000 Active 55 DOM
5. 2026-06-14
   days on market $159,000 Active 53 DOM
6. 2026-06-13
   days on market $159,000 Active 52 DOM
7. 2026-06-10
   days on market $159,000 Active 50 DOM
8. 2026-06-09
   days on market $159,000 Active 49 DOM
9. 2026-06-08
   days on market $159,000 Active 48 DOM
10. 2026-06-07
    days on market $159,000 Active 47 DOM
11. 2026-06-03
    price $159,000 Active 42 DOM
12. 2026-06-02
    days on market $169,000 Active 42 DOM
13. 2026-06-01
    days on market $169,000 Active 41 DOM
14. 2026-05-31
    days on market $169,000 Active 40 DOM
15. 2026-05-30
    days on market $169,000 Active 39 DOM
16. 2026-04-21
    listed $179,000 Active 1906-char remark

    Show marketing remark (1906 chars)

    This beautifully upgraded 1960 sq ft residence, perfectly situated in the picturesque community of Lakeside. This stunning home boasts 3 spacious bedrooms and 2 modern bathrooms, making it an ideal sanctuary for families or anyone seeking that extra space to thrive. Experience the luxury of a newly renovated primary bathroom that exudes sophistication and style. The refreshed kitchen is a chef's delight, featuring a large island that doubles as a gathering spot and a pantry for all your culinary needs. Unwind in the inviting living spaces, including a cozy area complete with a charming fireplace, perfect for those chilly evenings or intimate gatherings with loved ones. Start your day with serene moments on the enclosed porch, sipping your morning coffee while soaking in the tranquil views. When it’s time to entertain, the oversized deck provides the perfect backdrop for summer barbecues, gatherings, or simply relaxing in the sun. With newer heating and cooling systems, floors, underbelly insulation and updated windows, this home ensures your comfort in every season. Enjoy the peace of mind that comes with energy efficiency and modern conveniences. Designed with accessibility in mind, this home welcomes everyone, making it a perfect fit for guests of all shapes and sizes. Embrace the coastal lifestyle with easy access to Bayside’s amenities, pristine beaches, and a variety of recreational facilities. Whether you enjoy water sports, hiking, or simply relaxing by the shore, Lakeside offers a vibrant community filled with opportunities for adventure and relaxation. Don’t miss the chance to make this dream home your reality. With its perfect blend of comfort, style, and location, this residence is more than just a house; it’s a place where memories are made. Schedule a viewing today and take the first step towards embracing the idyllic Lakeside lifestyle!

17. 2026-04-19
    historical $179,000 1906-char remark

    Show marketing remark (1906 chars)

    This beautifully upgraded 1960 sq ft residence, perfectly situated in the picturesque community of Lakeside. This stunning home boasts 3 spacious bedrooms and 2 modern bathrooms, making it an ideal sanctuary for families or anyone seeking that extra space to thrive. Experience the luxury of a newly renovated primary bathroom that exudes sophistication and style. The refreshed kitchen is a chef's delight, featuring a large island that doubles as a gathering spot and a pantry for all your culinary needs. Unwind in the inviting living spaces, including a cozy area complete with a charming fireplace, perfect for those chilly evenings or intimate gatherings with loved ones. Start your day with serene moments on the enclosed porch, sipping your morning coffee while soaking in the tranquil views. When it’s time to entertain, the oversized deck provides the perfect backdrop for summer barbecues, gatherings, or simply relaxing in the sun. With newer heating and cooling systems, floors, underbelly insulation and updated windows, this home ensures your comfort in every season. Enjoy the peace of mind that comes with energy efficiency and modern conveniences. Designed with accessibility in mind, this home welcomes everyone, making it a perfect fit for guests of all shapes and sizes. Embrace the coastal lifestyle with easy access to Bayside’s amenities, pristine beaches, and a variety of recreational facilities. Whether you enjoy water sports, hiking, or simply relaxing by the shore, Lakeside offers a vibrant community filled with opportunities for adventure and relaxation. Don’t miss the chance to make this dream home your reality. With its perfect blend of comfort, style, and location, this residence is more than just a house; it’s a place where memories are made. Schedule a viewing today and take the first step towards embracing the idyllic Lakeside lifestyle!

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $33,507
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$795
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$4,625
• Taxable income: $11,434
• Est. tax owed @ 24.0%: −$2,744
• After-tax cash flow: $10,541/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 · 12 photos

Good 75/100 Cosmetic rehab

This beautifully upgraded 1960 sq ft manufactured home is move-in ready with modern amenities and a good condition score.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal and value
• Both Replace curtains — Freshens interior and adds value
• Both Install smart home devices — Improves convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal and value ↑
• Both Replace curtains — Freshens interior and adds value ↑
• Both Install smart home devices — Improves convenience and marketability ↑

ⓘ 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: 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

• Census place: Long Neck, DE
• 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

• 2026-04-21 Listed $179,000 BRIGHT MLS
• 2026-04-19 Coming Soon $179,000 BRIGHT MLS