20456 Ragtop Xing · Long Neck, DE 19951

$475,000

2 bd · 3.0 ba · 3,128 sqft · SingleFamily public records · 373 Days on market

Built 2019 0.25 ac lot $152/sqft · 46% below area Est $574k · 17% under $200/mo HOA · 6% of rent ↓ 11% 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 +15.0/15.0
• Cash flow +10.0/30.0
• Appreciation +5.2/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0

Listing remarks MLS

This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

Key facts

• 0.25 acre lot
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $475k.

Deal economics

• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $424k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (28.4% below list).
• Recommended offer: $340k (28.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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.
• 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: Rehoboth Elementary School (math 51% / reading 60%, grade C, #8 of 105 statewide, top 8%, 525 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 $5k 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 6, 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 373 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $340,000 (28.4% 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 373 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
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. 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: 0.72% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.62%
• DSCR: 0.88
• GRM: 11.6

CMA / ARV

• ARV (median comp): $574,492
• List price: $475,000
• Delta: -17.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21661 Beauchamp Ln	0.33mi	3/3.5 (+1)	3,200 (+2%)	17mo	$670,000	$209	60
30258 Lone Palm Way	0.11mi	3/3.0 (+1)	2,807 (-10%)	20mo	$575,000	$205	56
31288 Barefoot Cir	0.36mi	3/2.0 (+1)	3,347 (+7%)	10mo	$547,999	$164	54

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: -3.6%
• Equity multiple: 0.83×
• Total profit: $-22,988
• Equity at exit: $148,059

10-year hold

• IRR: 1.9%
• Equity multiple: 1.22×
• Total profit: $28,903
• Equity at exit: $186,277

Cash invested: $133,000 (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: 11.6×

Monthly cashflow live

• Estimated rent: $3,400 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$198
• HOA: −$200
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $-290

Break-even live

Break-even rent $3,767

Max offer price $423,738

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-156	+0% $-290	+5% $-425	+10% $-559
Rent	-10% $-559	-5% $-424	+0% $-290	+5% $-156	+10% $-22
Rate	-1.0pp $-51	-0.5pp $-169	base $-290	+0.5pp $-413	+1.0pp $-538

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29078 Frenchman Bay Dr Unit A Lewes, DE	3.0	2.5	3700	$3,400	$0.92	15d	1	1.38mi

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: trashgaslandscapingpoolgym

Listing history 24 events

1. 2026-06-22
   days on market $475,000 Active 373 DOM
2. 2026-06-18
   days on market $475,000 Active 370 DOM
3. 2026-06-17
   days on market $475,000 Active 369 DOM
4. 2026-06-16
   days on market $475,000 Active 368 DOM
5. 2026-06-15
   days on market $475,000 Active 367 DOM
6. 2026-06-14
   days on market $475,000 Active 365 DOM
7. 2026-06-13
   days on market $475,000 Active 364 DOM
8. 2026-06-10
   days on market $475,000 Active 362 DOM
9. 2026-06-09
   days on market $475,000 Active 361 DOM
10. 2026-06-08
    days on market $475,000 Active 360 DOM
11. 2026-06-07
    days on market $475,000 Active 359 DOM
12. 2026-06-05
    days on market $475,000 Active 356 DOM
13. 2026-06-03
    days on market $475,000 Active 355 DOM
14. 2026-06-02
    days on market $475,000 Active 354 DOM
15. 2026-06-01
    days on market $475,000 Active 353 DOM
16. 2026-05-31
    days on market $475,000 Active 352 DOM
17. 2026-05-30
    days on market $475,000 Active 351 DOM
18. 2026-05-04
    price $475,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

19. 2026-04-01
    price $490,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

20. 2026-02-17
    price $505,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

21. 2025-09-18
    price $515,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

22. 2025-08-21
    price $525,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

23. 2025-06-14
    listed $535,000 Active 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

24. 2025-06-11
    historical $535,000 1370-char remark

    Show marketing remark (1370 chars)

    This beautifully maintained ranch in the sought-after Spring Breeze community combines one-level living with built-in room to grow. Inside, the home features a smartly designed floorplan with vaulted ceilings, an open-concept great room anchored by a cozy gas fireplace, and a chef’s kitchen with a large island, walk-in pantry, and stainless-steel appliances. The flexible third bedroom—currently used as an office with French doors—can easily be converted back to a bedroom with a simple closet addition. The spacious primary suite offers a tree-lined view, walk-in closet, and a spa-like Roman shower. Step outside to the professionally designed patio with lighting, multiple seating areas, and private wooded backdrop—perfect for entertaining or unwinding. * * But the real opportunity lies below: the full unfinished basement offers tons of expansion potential. Already framed for additional rooms and plumbed for a full bath (including a soaking tub), it’s a blank canvas for a recreation space, guest suite, or home gym. With shelving and storage in place, it’s both practical now and future-ready. Living here means more than just a home—it’s a lifestyle. Spring Breeze includes lawn care, trash service, clubhouse, pool, and fitness center, all minutes from Rehoboth and Lewes beaches, Millsboro, and Georgetown.

ⓘ 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: $1,048 · $87/mo
• Projected year-2 tax: $1,901 · $158/mo
• Expected delta: +$854/yr (+$71/mo · 81.5%)

ⓘ 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 4/10 Moderate
• 🌡 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: $40,800
• − Mortgage interest: −$26,607
• − Property taxes: −$1,048
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,264
• − Management: −$3,264
• − HOA: −$2,400
• − Depreciation: −$13,818
• Taxable loss: −$11,976
• Est. tax savings @ 24.0%: +$2,874
• After-tax cash flow: $-608/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

-11.2% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $475,000 BRIGHT MLS
• 2026-04-01 Price Changed $490,000 BRIGHT MLS
• 2026-02-17 Price Changed $505,000 BRIGHT MLS
• 2025-09-18 Price Changed $515,000 BRIGHT MLS
• 2025-08-21 Price Changed $525,000 BRIGHT MLS
• 2025-06-14 Listed $535,000 BRIGHT MLS
• 2025-06-11 Coming Soon $535,000 BRIGHT MLS

Property tax history

+28.3%/yr

Latest (2025): $1,048 · -30.3% YoY. Source: county tax records.