35618 Sussex Ln #36619 · Long Neck, DE 19966

$62,900

3 bd · 2.0 ba · 1,700 sqft · Manufactured · 149 Days on market

Built 2003 $37/sqft · 64% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Investor alert or dream-it-yourself opportunity! This large double-wide in sought-after Mariners Cove off Rehoboth Bay is ready for a full renovation and brimming with potential. Offering 3 bedrooms and 2 full baths with a wide-open, spacious floor plan, this home provides an excellent canvas to create something truly special. Mariners Cove is a standout waterfront community featuring boat docks and slips, boat ramps, a community center, picnic areas, pier, outdoor pool, and water and lake privileges—perfect for boating, fishing, and coastal living. With vision and updates, this property could be transformed into a beautiful bay-area retreat or year-round home. Bring your ideas and make it your own! Pictures have been enhanced by a professional photographer

Key facts

• Boat docks
• Double-wide
• Community center

Tags

• DOUBLE-WIDE
• FULL RENOVATION
• WATERFRONT COMMUNITY
• BOAT DOCKS
• BOAT RAMPS
• COMMUNITY CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $63k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $63k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.6% vs local median 3.3% 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: 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 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 $435 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $17k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $63k implies a 80% gain — meaningful room to come down on a strong offer.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $55,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 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. 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: 3.86% ✓
• Cap rate: 34.60%
• Cash-on-cash: 101.08%
• DSCR: 5.50
• GRM: 2.2

CMA / ARV

• ARV (median comp): $173,448
• List price: $62,900
• Delta: -63.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25869 N Pine St	0.54mi	4/2.0 (+1)	1,568 (-8%)	1mo	$145,500	$93	56

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: 69.4%
• Equity multiple: 4.14×
• Total profit: $55,288
• Equity at exit: $9,379

10-year hold

• IRR: 73.5%
• Equity multiple: 8.57×
• Total profit: $133,347
• Equity at exit: $5,438

Cash invested: $17,612 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,428 medium
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $944/yr
• Insurance: −$26
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $1,023

Break-even live

Break-even rent $1,133

Max offer price $62,900

Occupancy floor 53%

Sensitivity live

Price	-10% $1,067	-5% $1,045	+0% $1,023	+5% $1,001	+10% $980
Rent	-10% $831	-5% $927	+0% $1,023	+5% $1,119	+10% $1,215
Rate	-1.0pp $1,055	-0.5pp $1,039	base $1,023	+0.5pp $1,007	+1.0pp $990

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: $15,725
• Closing costs: $1,887
• 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	45d	1	0.21mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	15d	1	0.25mi

Listing history 22 events

1. 2026-06-21
   days on market $62,900 Active 149 DOM
2. 2026-06-18
   days on market $62,900 Active 146 DOM
3. 2026-06-17
   days on market $62,900 Active 145 DOM
4. 2026-06-16
   days on market $62,900 Active 144 DOM
5. 2026-06-15
   days on market $62,900 Active 143 DOM
6. 2026-06-14
   days on market $62,900 Active 141 DOM
7. 2026-06-13
   days on market $62,900 Active 140 DOM
8. 2026-06-10
   days on market $62,900 Active 138 DOM
9. 2026-06-09
   days on market $62,900 Active 137 DOM
10. 2026-06-08
    days on market $62,900 Active 136 DOM
11. 2026-06-07
    days on market $62,900 Active 135 DOM
12. 2026-06-02
    days on market $62,900 Active 130 DOM
13. 2026-06-01
    days on market $62,900 Active 129 DOM
14. 2026-05-31
    days on market $62,900 Active 128 DOM
15. 2026-05-30
    days on market $62,900 Active 127 DOM
16. 2026-04-27
    price $62,900 773-char remark

    Show marketing remark (773 chars)

    Investor alert or dream-it-yourself opportunity! This large double-wide in sought-after Mariners Cove off Rehoboth Bay is ready for a full renovation and brimming with potential. Offering 3 bedrooms and 2 full baths with a wide-open, spacious floor plan, this home provides an excellent canvas to create something truly special. Mariners Cove is a standout waterfront community featuring boat docks and slips, boat ramps, a community center, picnic areas, pier, outdoor pool, and water and lake privileges—perfect for boating, fishing, and coastal living. With vision and updates, this property could be transformed into a beautiful bay-area retreat or year-round home. Bring your ideas and make it your own! Pictures have been enhanced by a professional photographer

17. 2026-02-25
    price $69,900 773-char remark

    Show marketing remark (773 chars)

    Investor alert or dream-it-yourself opportunity! This large double-wide in sought-after Mariners Cove off Rehoboth Bay is ready for a full renovation and brimming with potential. Offering 3 bedrooms and 2 full baths with a wide-open, spacious floor plan, this home provides an excellent canvas to create something truly special. Mariners Cove is a standout waterfront community featuring boat docks and slips, boat ramps, a community center, picnic areas, pier, outdoor pool, and water and lake privileges—perfect for boating, fishing, and coastal living. With vision and updates, this property could be transformed into a beautiful bay-area retreat or year-round home. Bring your ideas and make it your own! Pictures have been enhanced by a professional photographer

18. 2026-01-23
    listed $79,900 Active 773-char remark

    Show marketing remark (773 chars)

    Investor alert or dream-it-yourself opportunity! This large double-wide in sought-after Mariners Cove off Rehoboth Bay is ready for a full renovation and brimming with potential. Offering 3 bedrooms and 2 full baths with a wide-open, spacious floor plan, this home provides an excellent canvas to create something truly special. Mariners Cove is a standout waterfront community featuring boat docks and slips, boat ramps, a community center, picnic areas, pier, outdoor pool, and water and lake privileges—perfect for boating, fishing, and coastal living. With vision and updates, this property could be transformed into a beautiful bay-area retreat or year-round home. Bring your ideas and make it your own! Pictures have been enhanced by a professional photographer

19. 2010-11-04
    soldstatus $35,000 242-char remark

    Show marketing remark (242 chars)

    The size of the Doublewide 28X70(split flr. pln) might help you decide to look at this property. Home would make a great year round home or week end summer place! LOW ground rent, comm. pool & marina. Furnished too! AGENTS SEE REMARKS!

20. 2010-07-28
    historical
21. 2010-03-13
    listed $45,000 242-char remark

    Show marketing remark (242 chars)

    The size of the Doublewide 28X70(split flr. pln) might help you decide to look at this property. Home would make a great year round home or week end summer place! LOW ground rent, comm. pool & marina. Furnished too! AGENTS SEE REMARKS!

22. 2010-03-13
    listed $49,900

    Show marketing remark (242 chars)

    The size of the Doublewide 28X70(split flr. pln) might help you decide to look at this property. Home would make a great year round home or week end summer place! LOW ground rent, comm. pool & marina. Furnished too! AGENTS SEE REMARKS!

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 19 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: $29,137
• − Mortgage interest: −$3,523
• − Property taxes: −$944
• − Insurance: −$5,840
• − Repairs & maintenance: −$2,331
• − Management: −$2,331
• − Depreciation: −$1,830
• Taxable income: $12,339
• Est. tax owed @ 24.0%: −$2,961
• After-tax cash flow: $9,316/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

+39.8% since first listed

7 events — show timeline

• 2026-04-27 Price Changed $62,900 BRIGHT MLS
• 2026-02-25 Price Changed $69,900 BRIGHT MLS
• 2026-01-23 Listed $79,900 BRIGHT MLS
• 2010-11-04 Sold (MLS) $35,000 BRIGHT MLS
• 2010-07-28 Listing Removed — BRIGHT MLS
• 2010-03-13 Listed $49,900 BRIGHT MLS
• 2010-03-13 Listed $45,000 BRIGHT MLS