32316 Turnstone Ct #21 · Long Neck, DE 19966

$335,000

3 bd · 3.0 ba · 1,108 sqft · Townhouse public records · 22 Days on market

Built 2003 $287/mo HOA · 9% of rent

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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 +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.4/10.0
• 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

Professional interior photos are coming soon! Welcome to the Bayshore community to this 3 BR 2 1/2 bedroom townhome. The community is close to the bay, beaches, restaurants and everything you are searching for. This bright and cheerful townhome features newer flooring, newer appliances, granite counters and an eating area in the kitchen. This leads you to the large, open living space with many windows and cathedral ceilings with a door to your private concrete patio area. The large first floor primary suite consists of a main bedroom with views of the private back area, a walk in closet and spacious primary bath. The laundry area as well as a half bath finish off the main floor. The upstairs consists of a loft living area that can be used as an office or play space, two guest bedrooms as well as a full bath. There is also storage space in a utility room. Make an appointment to see this home today!

Key facts

• $287 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Property manager present; Pets allowed with no restrictions
• HOA & community: Quarterly condo fee ($860.75); Professional off-site management; HOA covers common area maintenance, lawn care, pool(s), and road maintenance; Community amenities include clubhouse, exercise room, and swimming pool

Exterior

• Parking: Attached front-entry garage (1 space); Driveway parking
• Utilities: Public water; Public sewer
• Home design: Condominium; Interior townhouse/rowhouse; Building name: BAYSHORE
• Construction: Aluminum siding and frame construction; Slab foundation; Year built (estimated)
• Exterior features: Community pool; Above-grade and below-grade structures; Not in a federal flood zone; Ground rent paid annually

Interior

• Kitchen: Built-in microwave; Dishwasher; Electric range/oven; Refrigerator; Stainless steel appliances; Table-space kitchen
• Bedrooms: One main-level bedroom; Two upper-level bedrooms
• Flooring: Carpet
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Heat pump(s); Central air (electric)
• Interior features: Open floor plan; Combination dining/living area; Dining area; Breakfast area; Pantry; Upgraded countertops; Walk-in closet(s); Master bath(s); Ceiling fan(s); Tub with shower
• Laundry & utility: Washer and dryer on the main floor; Water heater (electric)

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $335k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/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 $316k (5.7% below list).
• Recommended offer: $316k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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).
• At $3,159/mo this rent would consume 48% of the median local household income ($78k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 22 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $274k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: 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 $315,873 (5.7% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-37,972
• Equity at exit: $49,950

10-year hold

• IRR: -1.9%
• Equity multiple: 0.87×
• Total profit: $-12,058
• Equity at exit: $28,965

Cash invested: $93,800 (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: 8.8×

Monthly cashflow live

• Estimated rent: $3,159 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$56 /mo · $671/yr
• Insurance: −$140
• HOA: −$287
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $256

Break-even live

Break-even rent $2,835

Max offer price $335,000

Occupancy floor 87%

Sensitivity live

Price	-10% $446	-5% $351	+0% $256	+5% $-222	+10% $-338
Rent	-10% $7	-5% $131	+0% $256	+5% $381	+10% $506
Rate	-1.0pp $425	-0.5pp $341	base $256	+0.5pp $169	+1.0pp $81

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: $83,750
• Closing costs: $10,050
• 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	0.60mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	15d	1	1.33mi

HOA detail

• Monthly dues: $287 · $3,444/yr

Listing history 20 events

1. 2026-06-21
   days on market $335,000 Active 22 DOM
2. 2026-06-18
   days on market $335,000 Active 19 DOM
3. 2026-06-17
   days on market $335,000 Active 18 DOM
4. 2026-06-16
   days on market $335,000 Active 17 DOM
5. 2026-06-15
   days on market $335,000 Active 16 DOM
6. 2026-06-14
   days on market $335,000 Active 14 DOM
7. 2026-06-13
   days on market $335,000 Active 13 DOM
8. 2026-06-10
   days on market $335,000 Active 11 DOM
9. 2026-06-09
   days on market $335,000 Active 10 DOM
10. 2026-06-08
    days on market $335,000 Active 9 DOM
11. 2026-06-07
    days on market $335,000 Active 8 DOM
12. 2026-06-02
    days on market $335,000 Active 3 DOM
13. 2026-06-01
    days on market $335,000 Active 2 DOM
14. 2026-05-31
    statusdays on market $335,000 Active 1 DOM
15. 2026-05-30
    days on market $335,000 Coming Soon 2 DOM
16. 2026-05-29
    historical $335,000
17. 2021-10-01
    soldstatus $274,500 Closed 911-char remark

    Show marketing remark (911 chars)

    Professional interior photos are coming soon! Welcome to the Bayshore community to this 3 BR 2 1/2 bedroom townhome. The community is close to the bay, beaches, restaurants and everything you are searching for. This bright and cheerful townhome features newer flooring, newer appliances, granite counters and an eating area in the kitchen. This leads you to the large, open living space with many windows and cathedral ceilings with a door to your private concrete patio area. The large first floor primary suite consists of a main bedroom with views of the private back area, a walk in closet and spacious primary bath. The laundry area as well as a half bath finish off the main floor. The upstairs consists of a loft living area that can be used as an office or play space, two guest bedrooms as well as a full bath. There is also storage space in a utility room. Make an appointment to see this home today!

18. 2021-08-26
    historical Active Under Contract 911-char remark

    Show marketing remark (911 chars)

    Professional interior photos are coming soon! Welcome to the Bayshore community to this 3 BR 2 1/2 bedroom townhome. The community is close to the bay, beaches, restaurants and everything you are searching for. This bright and cheerful townhome features newer flooring, newer appliances, granite counters and an eating area in the kitchen. This leads you to the large, open living space with many windows and cathedral ceilings with a door to your private concrete patio area. The large first floor primary suite consists of a main bedroom with views of the private back area, a walk in closet and spacious primary bath. The laundry area as well as a half bath finish off the main floor. The upstairs consists of a loft living area that can be used as an office or play space, two guest bedrooms as well as a full bath. There is also storage space in a utility room. Make an appointment to see this home today!

19. 2021-08-16
    listed $273,000 Active 911-char remark

    Show marketing remark (911 chars)

    Professional interior photos are coming soon! Welcome to the Bayshore community to this 3 BR 2 1/2 bedroom townhome. The community is close to the bay, beaches, restaurants and everything you are searching for. This bright and cheerful townhome features newer flooring, newer appliances, granite counters and an eating area in the kitchen. This leads you to the large, open living space with many windows and cathedral ceilings with a door to your private concrete patio area. The large first floor primary suite consists of a main bedroom with views of the private back area, a walk in closet and spacious primary bath. The laundry area as well as a half bath finish off the main floor. The upstairs consists of a loft living area that can be used as an office or play space, two guest bedrooms as well as a full bath. There is also storage space in a utility room. Make an appointment to see this home today!

20. 2020-02-18
    soldstatus $198,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $671 · $56/mo
• Projected year-2 tax: $1,307 · $109/mo
• Expected delta: +$636/yr (+$53/mo · 94.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°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: $37,905
• − Mortgage interest: −$18,765
• − Property taxes: −$671
• − Insurance: −$1,675
• − Repairs & maintenance: −$3,032
• − Management: −$3,032
• − HOA: −$3,444
• − Depreciation: −$9,745
• Taxable loss: −$2,461
• Est. tax savings @ 24.0%: +$591
• After-tax cash flow: $3,664/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

+69.2% since first listed

5 events — show timeline

• 2026-05-29 Coming Soon $335,000 BRIGHT MLS
• 2021-10-01 Sold (MLS) $274,500 BRIGHT MLS
• 2021-08-26 Contingent — BRIGHT MLS
• 2021-08-16 Listed $273,000 BRIGHT MLS
• 2020-02-18 Sold (Public Records) $198,000 Public Records

Property tax history

-0.6%/yr

Latest (2025): $671 · -25.1% YoY. Source: county tax records.