35397 Apple St #49970 · Long Neck, DE 19966

$168,000

3 bd · 2.0 ba · 1,904 sqft · SingleFamily · 181 Days on market

Built 2001 187 ac lot $88/sqft · 18% above area Est $142k · 18% over $2/mo HOA

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER OFFERING TO PAY FULL 2026 LAND LEASE WITH FULL PRICE OFFER! Welcome to 35397 Apple Street Millsboro, DE - 1904 SQ FT OF BEAUTIFUL MOVE IN READY YEAR ROUND LIVING just steps from the Rehoboth Bay with BOAT SLIPS, RAMP and PRIVATE BEACH ACCESS! Located in the serene waterfront community of Bay City offering a playground, tennis and basketball courts, and picnic areas on the beach. This home delivers true coastal living. Cruise the neighborhood by golf cart, bring your fishing gear, crab traps, swimsuits, and kayaks and make the most of the waterways. . Enjoy nearby parks and bird-watching trails, LOCAL live entertainment, restaurants offering AUCE CRABS, fitness centers, and easy access to other Millsboro community amenities. Inside, the home has been COMPLETELY RENOVATED from top to bottom. The fully remodeled kitchen features custom style backsplash, butcher block countertops, new cabinetry, updated sink and faucet, modern lighting, and new appliances. The entire home boasts new luxury vinyl plank flooring, fresh paint, new interior trim, updated hardware, LED lighting, switches, and plates. All bedrooms are fully renovated with custom closet shelving. The Master bath has been upgraded with ceramic tile flooring, new fixtures, and lighting and offers a large area to relax in the soaking tub. The living room includes a stone wood burning fireplace with a shiplap-accented surround, reinforced for TV mounting. Exterior upgrades include a new roof (new plywood, underlayment, and shingles), rebuilt front deck and stairs, refreshed rear railings, new gutters, soffit, aluminum fascia, and new front, back, and interior doors (excluding closets). The shed has been fully rebuilt - new rafters, roof, shingles, and siding - perfect for storage and water toys. Major system updates include a new HVAC coil, heater unit haul, new thermostats, and a new interior water shut-off valve. Location, Location, Location! Unmatched privacy - No homes directly in front, behind, or on either side, with open views of beach grass and fields. and coastal living life. Community does offer an HOA membership for $20 annually (not mandatory to join). Drone Photos Credit: Steve Wood

Key facts

• 187.48 acre lot
• 6 parking spots
• Built 2001

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $168k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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.
• 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; 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 37% 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.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago 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

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.45% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.33%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $141,783
• List price: $168,000
• Delta: 18.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25970 Seagull Ln #37177	0.16mi	3/2.0	1,940 (+2%)	9mo	$159,000	$82	82
35615 Knoll Way #43056	0.39mi	3/2.0	1,904 (0%)	6mo	$215,000	$113	76
26235 Cove Dr	0.37mi	3/2.0	1,792 (-6%)	11mo	$157,000	$88	64
35442 Joann Dr	0.43mi	2/2.0 (-1)	1,950 (+2%)	10mo	$155,000	$79	62
35665 Knoll Way	0.46mi	3/2.0	1,792 (-6%)	9mo	$130,000	$73	61
26253 Cove Dr #47954	0.34mi	2/2.0 (-1)	1,792 (-6%)	13mo	$210,000	$117	58
26273 N Cove Dr #47846	0.31mi	3/2.0	1,624 (-15%)	9mo	$210,000	$129	54
25860 Mahogany St #4479	0.42mi	3/2.0	1,680 (-12%)	12mo	$129,000	$77	51
23643 Jennifer Lee Dr	0.37mi	3/2.0	1,624 (-15%)	11mo	$75,000	$46	49
35623 Joann Dr	0.45mi	3/2.0	1,680 (-12%)	13mo	$110,000	$65	49
34858 Gunnel Rd Unit E-639	0.68mi	3/2.0	1,716 (-10%)	7mo	$351,653	$205	46
36259 South Gull Vw #39	0.74mi	3/2.0	2,072 (+9%)	9mo	$423,000	$204	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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-7,967
• Equity at exit: $25,049

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $18,749
• Equity at exit: $14,526

Cash invested: $47,040 (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: 5.8×

Monthly cashflow live

• Estimated rent: $2,431 medium
• Mortgage (P&I): −$881
• Tax est. 1.5%: −$210 /mo · $2,520/yr
• Insurance: −$70
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $297

Break-even live

Break-even rent $2,055

Max offer price $168,000

Occupancy floor 83%

Sensitivity live

Price	-10% $413	-5% $355	+0% $297	+5% $239	+10% $181
Rent	-10% $105	-5% $201	+0% $297	+5% $393	+10% $489
Rate	-1.0pp $382	-0.5pp $340	base $297	+0.5pp $254	+1.0pp $209

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	44d	1	0.63mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	14d	1	0.64mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: watergym

Listing history 18 events

1. 2026-06-18
   days on market $168,000 Active 181 DOM
2. 2026-06-17
   days on market $168,000 Active 180 DOM
3. 2026-06-16
   days on market $168,000 Active 179 DOM
4. 2026-06-15
   days on market $168,000 Active 178 DOM
5. 2026-06-14
   days on market $168,000 Active 176 DOM
6. 2026-06-13
   days on market $168,000 Active 175 DOM
7. 2026-06-10
   days on market $168,000 Active 173 DOM
8. 2026-06-09
   days on market $168,000 Active 172 DOM
9. 2026-06-08
   days on market $168,000 Active 171 DOM
10. 2026-06-07
    days on market $168,000 Active 170 DOM
11. 2026-06-02
    days on market $168,000 Active 165 DOM
12. 2026-06-01
    days on market $168,000 Active 164 DOM
13. 2026-05-31
    days on market $168,000 Active 163 DOM
14. 2026-05-30
    days on market $168,000 Active 162 DOM
15. 2025-12-20
    listed $168,000 Active 2197-char remark

    Show marketing remark (2197 chars)

    SELLER OFFERING TO PAY FULL 2026 LAND LEASE WITH FULL PRICE OFFER! Welcome to 35397 Apple Street Millsboro, DE - 1904 SQ FT OF BEAUTIFUL MOVE IN READY YEAR ROUND LIVING just steps from the Rehoboth Bay with BOAT SLIPS, RAMP and PRIVATE BEACH ACCESS! Located in the serene waterfront community of Bay City offering a playground, tennis and basketball courts, and picnic areas on the beach. This home delivers true coastal living. Cruise the neighborhood by golf cart, bring your fishing gear, crab traps, swimsuits, and kayaks and make the most of the waterways. . Enjoy nearby parks and bird-watching trails, LOCAL live entertainment, restaurants offering AUCE CRABS, fitness centers, and easy access to other Millsboro community amenities. Inside, the home has been COMPLETELY RENOVATED from top to bottom. The fully remodeled kitchen features custom style backsplash, butcher block countertops, new cabinetry, updated sink and faucet, modern lighting, and new appliances. The entire home boasts new luxury vinyl plank flooring, fresh paint, new interior trim, updated hardware, LED lighting, switches, and plates. All bedrooms are fully renovated with custom closet shelving. The Master bath has been upgraded with ceramic tile flooring, new fixtures, and lighting and offers a large area to relax in the soaking tub. The living room includes a stone wood burning fireplace with a shiplap-accented surround, reinforced for TV mounting. Exterior upgrades include a new roof (new plywood, underlayment, and shingles), rebuilt front deck and stairs, refreshed rear railings, new gutters, soffit, aluminum fascia, and new front, back, and interior doors (excluding closets). The shed has been fully rebuilt - new rafters, roof, shingles, and siding - perfect for storage and water toys. Major system updates include a new HVAC coil, heater unit haul, new thermostats, and a new interior water shut-off valve. Location, Location, Location! Unmatched privacy - No homes directly in front, behind, or on either side, with open views of beach grass and fields. and coastal living life. Community does offer an HOA membership for $20 annually (not mandatory to join). Drone Photos Credit: Steve Wood

16. 2025-12-12
    historical $168,000 2197-char remark

    Show marketing remark (2197 chars)

    SELLER OFFERING TO PAY FULL 2026 LAND LEASE WITH FULL PRICE OFFER! Welcome to 35397 Apple Street Millsboro, DE - 1904 SQ FT OF BEAUTIFUL MOVE IN READY YEAR ROUND LIVING just steps from the Rehoboth Bay with BOAT SLIPS, RAMP and PRIVATE BEACH ACCESS! Located in the serene waterfront community of Bay City offering a playground, tennis and basketball courts, and picnic areas on the beach. This home delivers true coastal living. Cruise the neighborhood by golf cart, bring your fishing gear, crab traps, swimsuits, and kayaks and make the most of the waterways. . Enjoy nearby parks and bird-watching trails, LOCAL live entertainment, restaurants offering AUCE CRABS, fitness centers, and easy access to other Millsboro community amenities. Inside, the home has been COMPLETELY RENOVATED from top to bottom. The fully remodeled kitchen features custom style backsplash, butcher block countertops, new cabinetry, updated sink and faucet, modern lighting, and new appliances. The entire home boasts new luxury vinyl plank flooring, fresh paint, new interior trim, updated hardware, LED lighting, switches, and plates. All bedrooms are fully renovated with custom closet shelving. The Master bath has been upgraded with ceramic tile flooring, new fixtures, and lighting and offers a large area to relax in the soaking tub. The living room includes a stone wood burning fireplace with a shiplap-accented surround, reinforced for TV mounting. Exterior upgrades include a new roof (new plywood, underlayment, and shingles), rebuilt front deck and stairs, refreshed rear railings, new gutters, soffit, aluminum fascia, and new front, back, and interior doors (excluding closets). The shed has been fully rebuilt - new rafters, roof, shingles, and siding - perfect for storage and water toys. Major system updates include a new HVAC coil, heater unit haul, new thermostats, and a new interior water shut-off valve. Location, Location, Location! Unmatched privacy - No homes directly in front, behind, or on either side, with open views of beach grass and fields. and coastal living life. Community does offer an HOA membership for $20 annually (not mandatory to join). Drone Photos Credit: Steve Wood

17. 2011-06-27
    historical
18. 2011-05-13
    listed $89,900

ⓘ 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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $29,176
• − Mortgage interest: −$9,411
• − Property taxes: −$2,520
• − Insurance: −$6,365
• − Repairs & maintenance: −$2,334
• − Management: −$2,334
• − HOA: −$24
• − Depreciation: −$4,887
• Taxable income: $1,301
• Est. tax owed @ 24.0%: −$312
• After-tax cash flow: $3,256/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

+86.9% since first listed

4 events — show timeline

• 2025-12-20 Listed $168,000 BRIGHT MLS
• 2025-12-12 Coming Soon $168,000 BRIGHT MLS
• 2011-06-27 Listing Removed — BRIGHT MLS
• 2011-05-13 Listed $89,900 BRIGHT MLS