20563 Beaver Dam Rd · Long Neck, DE 19951

$399,000

2 bd · 1.0 ba · 1,800 sqft · SingleFamily · 318 Days on market

Built 1957 2.44 ac lot $222/sqft · 13% below area Est $459k · 13% under ↓ 5% 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).

• ARV discount +13.4/15.0
• Cash flow +7.2/30.0
• Appreciation +5.2/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0

Listing remarks MLS

Charming 2-Bed + Loft Bungalow on 2.44 Acres – Room to Grow, Garden & Create Your Dream Lifestyle! Step into the perfect mix of charm, space, and opportunity with this Craftsman-style bungalow, beautifully set on 2.44 peaceful acres. Whether your vision includes a homestead, lush gardens, expansion project, or private retreat, this property gives you the space and freedom to make it happen. Originally built in 1957 and lovingly maintained, this home greets you with warm character and a functional layout designed for comfortable living. Inside you’ll find: Bright, connected living spaces with an easy flow between the dining room, family room, and kitchen—ideal for gatherings big or small. A welcoming kitchen that opens directly to the family room, so you can cook, chat, and entertain all at once. A nostalgic wood fireplace (non-functioning) that makes a charming focal point and restoration opportunity. Two main bedrooms, plus a versatile loft that works perfectly as a 3rd bedroom, home office, or hobby space. A spacious sunroom overlooking the backyard and tree line—perfect for morning coffee or evening sunsets. A full first-floor bath with a tub-shower combo adjoining a large laundry room, offering space to expand into a bigger bath if desired. Ceiling fans throughout for year-round comfort, and possible original hardwood floors hiding under the carpet. Outside is where this property truly shines: Detached garage with extra storage. Generous driveway parking for guests. Nearly 2.5 acres for gardening, pets, outdoor living, or future building projects. From sipping coffee on the porch, enjoying summer breezes in the shade of the mature trees, to hosting gatherings under the stars, you’ll love the peace and privacy of country living—just minutes from town conveniences. Don’t wait—properties with this much potential are rare! Schedule your showing today and start creating the life you’ve been dreaming of. Public water is at the road, but not attached to this property. If buyer chose to look into this option it would be at the buyers expense. Property has well in front yard is 118 ft deep. There is also a 750 gal. septic tank located in back yard with a tile leach bed. The approval in 1973 was the system that was built for average daily discharge of 300 gals. a day and is located in back yard over a 100 ft. from water well. The septic is being sold in as is condition and any repairs/replacement would be the responsiblity of the buyer.

Key facts

• 2.44 acre lot
• 2 garage spots
• Built 1957

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-545 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (29.8% below list).
• Recommended offer: $280k (29.8% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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+, amenities F, commute F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lewes Elementary School (math 58% / reading 60%, grade B-, #4 of 105 statewide, top 4%, 582 students, 0% FRL); Beacon Middle School (math 49% / reading 62%, grade B-, #1 of 36 statewide, top 0%, 648 students, 0% FRL); Cape Henlopen High School (math 26% / reading 51%, grade F, #14 of 40 statewide, top 33%, 1,813 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 122 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($3k loan paydown + $2k appreciation (0.4% local appreciation)).
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 318 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 $280,000 (29.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 318 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• GRM: 11.9

CMA / ARV

• ARV (median comp): $459,478
• List price: $399,000
• Delta: -13.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21643 Beauchamp Ln	0.18mi	3/2.0 (+1)	1,861 (+3%)	3mo	$480,000	$258	74
21532 Capitan Loop	0.57mi	3/2.0 (+1)	1,715 (-5%)	9mo	$469,900	$274	49
8 Falcon Crest Dr	0.55mi	3/2.5 (+1)	1,831 (+2%)	14mo	$440,000	$240	49
46 Falcon Crest Dr	0.42mi	3/2.0 (+1)	1,652 (-8%)	18mo	$430,000	$260	42
21689 Capitan Loop	0.40mi	3/2.0 (+1)	1,574 (-13%)	14mo	$485,000	$308	40
29923 Timber Ridge Dr	0.67mi	3/2.0 (+1)	1,822 (+1%)	22mo	$495,000	$272	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.66×
• Total profit: $-38,365
• Equity at exit: $124,370

10-year hold

• IRR: -1.3%
• Equity multiple: 0.85×
• Total profit: $-16,413
• Equity at exit: $156,473

Cash invested: $111,720 (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 19951

• Home prices YoY: 0.1%
• Active inventory: 122
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $-545

Break-even live

Break-even rent $3,490

Max offer price $320,080

Occupancy floor —

Sensitivity live

Price	-10% $-270	-5% $-408	+0% $-545	+5% $-683	+10% $-821
Rent	-10% $-767	-5% $-656	+0% $-545	+5% $-435	+10% $-324
Rate	-1.0pp $-344	-0.5pp $-444	base $-545	+0.5pp $-649	+1.0pp $-754

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22191 Holly Oak Ln Lewes, DE	3.0	2.5	1758	$2,800	$1.59	45d	1	1.43mi

Listing history 19 events

1. 2026-06-18
   days on market $399,000 Active 318 DOM
2. 2026-06-17
   days on market $399,000 Active 317 DOM
3. 2026-06-16
   days on market $399,000 Active 316 DOM
4. 2026-06-15
   days on market $399,000 Active 315 DOM
5. 2026-06-14
   days on market $399,000 Active 313 DOM
6. 2026-06-13
   days on market $399,000 Active 312 DOM
7. 2026-06-10
   days on market $399,000 Active 310 DOM
8. 2026-06-09
   days on market $399,000 Active 309 DOM
9. 2026-06-08
   days on market $399,000 Active 308 DOM
10. 2026-06-07
    days on market $399,000 Active 307 DOM
11. 2026-06-05
    days on market $399,000 Active 304 DOM
12. 2026-06-03
    days on market $399,000 Active 303 DOM
13. 2026-06-02
    days on market $399,000 Active 302 DOM
14. 2026-06-01
    days on market $399,000 Active 301 DOM
15. 2026-05-31
    days on market $399,000 Active 300 DOM
16. 2026-05-30
    days on market $399,000 Active 299 DOM
17. 2026-04-24
    price $399,000 2534-char remark

    Show marketing remark (2534 chars)

    Charming 2-Bed + Loft Bungalow on 2.44 Acres – Room to Grow, Garden & Create Your Dream Lifestyle! Step into the perfect mix of charm, space, and opportunity with this Craftsman-style bungalow, beautifully set on 2.44 peaceful acres. Whether your vision includes a homestead, lush gardens, expansion project, or private retreat, this property gives you the space and freedom to make it happen. Originally built in 1957 and lovingly maintained, this home greets you with warm character and a functional layout designed for comfortable living. Inside you’ll find: Bright, connected living spaces with an easy flow between the dining room, family room, and kitchen—ideal for gatherings big or small. A welcoming kitchen that opens directly to the family room, so you can cook, chat, and entertain all at once. A nostalgic wood fireplace (non-functioning) that makes a charming focal point and restoration opportunity. Two main bedrooms, plus a versatile loft that works perfectly as a 3rd bedroom, home office, or hobby space. A spacious sunroom overlooking the backyard and tree line—perfect for morning coffee or evening sunsets. A full first-floor bath with a tub-shower combo adjoining a large laundry room, offering space to expand into a bigger bath if desired. Ceiling fans throughout for year-round comfort, and possible original hardwood floors hiding under the carpet. Outside is where this property truly shines: Detached garage with extra storage. Generous driveway parking for guests. Nearly 2.5 acres for gardening, pets, outdoor living, or future building projects. From sipping coffee on the porch, enjoying summer breezes in the shade of the mature trees, to hosting gatherings under the stars, you’ll love the peace and privacy of country living—just minutes from town conveniences. Don’t wait—properties with this much potential are rare! Schedule your showing today and start creating the life you’ve been dreaming of. Public water is at the road, but not attached to this property. If buyer chose to look into this option it would be at the buyers expense. Property has well in front yard is 118 ft deep. There is also a 750 gal. septic tank located in back yard with a tile leach bed. The approval in 1973 was the system that was built for average daily discharge of 300 gals. a day and is located in back yard over a 100 ft. from water well. The septic is being sold in as is condition and any repairs/replacement would be the responsiblity of the buyer.

18. 2025-08-05
    listed $420,000 Active 2534-char remark

    Show marketing remark (2534 chars)

    Charming 2-Bed + Loft Bungalow on 2.44 Acres – Room to Grow, Garden & Create Your Dream Lifestyle! Step into the perfect mix of charm, space, and opportunity with this Craftsman-style bungalow, beautifully set on 2.44 peaceful acres. Whether your vision includes a homestead, lush gardens, expansion project, or private retreat, this property gives you the space and freedom to make it happen. Originally built in 1957 and lovingly maintained, this home greets you with warm character and a functional layout designed for comfortable living. Inside you’ll find: Bright, connected living spaces with an easy flow between the dining room, family room, and kitchen—ideal for gatherings big or small. A welcoming kitchen that opens directly to the family room, so you can cook, chat, and entertain all at once. A nostalgic wood fireplace (non-functioning) that makes a charming focal point and restoration opportunity. Two main bedrooms, plus a versatile loft that works perfectly as a 3rd bedroom, home office, or hobby space. A spacious sunroom overlooking the backyard and tree line—perfect for morning coffee or evening sunsets. A full first-floor bath with a tub-shower combo adjoining a large laundry room, offering space to expand into a bigger bath if desired. Ceiling fans throughout for year-round comfort, and possible original hardwood floors hiding under the carpet. Outside is where this property truly shines: Detached garage with extra storage. Generous driveway parking for guests. Nearly 2.5 acres for gardening, pets, outdoor living, or future building projects. From sipping coffee on the porch, enjoying summer breezes in the shade of the mature trees, to hosting gatherings under the stars, you’ll love the peace and privacy of country living—just minutes from town conveniences. Don’t wait—properties with this much potential are rare! Schedule your showing today and start creating the life you’ve been dreaming of. Public water is at the road, but not attached to this property. If buyer chose to look into this option it would be at the buyers expense. Property has well in front yard is 118 ft deep. There is also a 750 gal. septic tank located in back yard with a tile leach bed. The approval in 1973 was the system that was built for average daily discharge of 300 gals. a day and is located in back yard over a 100 ft. from water well. The septic is being sold in as is condition and any repairs/replacement would be the responsiblity of the buyer.

19. 2025-08-02
    historical $420,000 2534-char remark

    Show marketing remark (2534 chars)

    Charming 2-Bed + Loft Bungalow on 2.44 Acres – Room to Grow, Garden & Create Your Dream Lifestyle! Step into the perfect mix of charm, space, and opportunity with this Craftsman-style bungalow, beautifully set on 2.44 peaceful acres. Whether your vision includes a homestead, lush gardens, expansion project, or private retreat, this property gives you the space and freedom to make it happen. Originally built in 1957 and lovingly maintained, this home greets you with warm character and a functional layout designed for comfortable living. Inside you’ll find: Bright, connected living spaces with an easy flow between the dining room, family room, and kitchen—ideal for gatherings big or small. A welcoming kitchen that opens directly to the family room, so you can cook, chat, and entertain all at once. A nostalgic wood fireplace (non-functioning) that makes a charming focal point and restoration opportunity. Two main bedrooms, plus a versatile loft that works perfectly as a 3rd bedroom, home office, or hobby space. A spacious sunroom overlooking the backyard and tree line—perfect for morning coffee or evening sunsets. A full first-floor bath with a tub-shower combo adjoining a large laundry room, offering space to expand into a bigger bath if desired. Ceiling fans throughout for year-round comfort, and possible original hardwood floors hiding under the carpet. Outside is where this property truly shines: Detached garage with extra storage. Generous driveway parking for guests. Nearly 2.5 acres for gardening, pets, outdoor living, or future building projects. From sipping coffee on the porch, enjoying summer breezes in the shade of the mature trees, to hosting gatherings under the stars, you’ll love the peace and privacy of country living—just minutes from town conveniences. Don’t wait—properties with this much potential are rare! Schedule your showing today and start creating the life you’ve been dreaming of. Public water is at the road, but not attached to this property. If buyer chose to look into this option it would be at the buyers expense. Property has well in front yard is 118 ft deep. There is also a 750 gal. septic tank located in back yard with a tile leach bed. The approval in 1973 was the system that was built for average daily discharge of 300 gals. a day and is located in back yard over a 100 ft. from water well. The septic is being sold in as is condition and any repairs/replacement would be the responsiblity of the buyer.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $33,600
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$11,607
• Taxable loss: −$13,713
• Est. tax savings @ 24.0%: +$3,291
• After-tax cash flow: $-3,254/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: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 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

• Population (ZIP): 1,957

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 (84%)
• Race & ethnicity: White 84% Black 5% Asian 4% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Scotch-Irish 2% Italian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 89% English-only · Other Indo-European 6% Spanish 3% Chinese 2%

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: ▲ 0.42%
• Current HPI: 358.9429
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-5.0% since first listed

3 events — show timeline

• 2026-04-24 Price Changed $399,000 BRIGHT MLS
• 2025-08-05 Listed $420,000 BRIGHT MLS
• 2025-08-02 Coming Soon $420,000 BRIGHT MLS

Property tax history

+5.2%/yr

Latest (2025): $503 · +34.2% YoY. Source: county tax records.