35041 North Dr · Long Neck, DE 19958

$200,000

2 bd · 2.0 ba · 1,624 sqft · Manufactured public records · 196 Days on market

Built 2002 $123/sqft · 17% below area Est $222k · 10% under $2/mo HOA ↓ 4% since listing

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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 +19.0/30.0
• ARV discount +12.1/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is located in the sought after community of West Bay Park where living is an experience. The community is rich with amenities such as a General store and cafe with upper balcony seating, crabbing and fishing pier, basketball court, marina, picnic area on the bay, newly built community center, and a swimming pool. The community is located in Lewes and just a short drive to the beach, boardwalk, restaurants, shopping, and all that the Rehoboth and Lewes have to offer. Introducing 35041 North Drive, in Lewes, Delaware. This well maintained 3 bedroom and two bath is located in the beautiful community of West Bay Park. The rooms are very spacious and nice sized closets. The exterior has a nice entertainment area as well as storage for your toys. You can park a boat on the property (Depending on size). Come explore the summer fun at West Bay Park and live the experience of what beach life is about! Must have park approval. Application is under documents.

Key facts

• West bay park
• Entertainment area
• 3 parking spots

Tags

• ENTERTAINMENT AREA
• STORAGE FOR YOUR TOYS
• WEST BAY PARK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $-251 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (18.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $164k (18.2% below list) — sets the bar for cash-flow.
• Cap rate 7.5% 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.
• 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.
• Market conditions: Rents flat; 818 active listings in the ZIP; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 196 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

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 $163,616 (18.2% 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 196 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.01% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $222,497
• List price: $200,000
• Delta: -10.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -28.8%
• Equity multiple: 0.06×
• Total profit: $-52,535
• Equity at exit: $29,821

10-year hold

• IRR: -46.5%
• Equity multiple: -0.47×
• Total profit: $-82,459
• Equity at exit: $17,292

Cash invested: $56,000 (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 19958

• Rents YoY: 0.8%
• Active inventory: 818
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,017 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $-251

Break-even live

Break-even rent $2,335

Max offer price $163,616

Occupancy floor —

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

HOA detail

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

Listing history 19 events

1. 2026-06-18
   days on market $200,000 Active 196 DOM
2. 2026-06-17
   days on market $200,000 Active 195 DOM
3. 2026-06-16
   days on market $200,000 Active 194 DOM
4. 2026-06-15
   days on market $200,000 Active 193 DOM
5. 2026-06-14
   days on market $200,000 Active 191 DOM
6. 2026-06-13
   days on market $200,000 Active 190 DOM
7. 2026-06-10
   days on market $200,000 Active 188 DOM
8. 2026-06-09
   days on market $200,000 Active 187 DOM
9. 2026-06-08
   days on market $200,000 Active 186 DOM
10. 2026-06-07
    days on market $200,000 Active 185 DOM
11. 2026-06-05
    days on market $200,000 Active 182 DOM
12. 2026-06-03
    days on market $200,000 Active 181 DOM
13. 2026-06-02
    days on market $200,000 Active 180 DOM
14. 2026-06-01
    days on market $200,000 Active 179 DOM
15. 2026-05-31
    price $200,000 Active 178 DOM
16. 2026-05-31
    days on market $215,000 Active 178 DOM
17. 2026-05-30
    days on market $215,000 Active 177 DOM
18. 2026-04-30
    price $215,000 972-char remark

    Show marketing remark (972 chars)

    This home is located in the sought after community of West Bay Park where living is an experience. The community is rich with amenities such as a General store and cafe with upper balcony seating, crabbing and fishing pier, basketball court, marina, picnic area on the bay, newly built community center, and a swimming pool. The community is located in Lewes and just a short drive to the beach, boardwalk, restaurants, shopping, and all that the Rehoboth and Lewes have to offer. Introducing 35041 North Drive, in Lewes, Delaware. This well maintained 3 bedroom and two bath is located in the beautiful community of West Bay Park. The rooms are very spacious and nice sized closets. The exterior has a nice entertainment area as well as storage for your toys. You can park a boat on the property (Depending on size). Come explore the summer fun at West Bay Park and live the experience of what beach life is about! Must have park approval. Application is under documents.

19. 2025-12-04
    listed $225,000 Active 972-char remark

    Show marketing remark (972 chars)

    This home is located in the sought after community of West Bay Park where living is an experience. The community is rich with amenities such as a General store and cafe with upper balcony seating, crabbing and fishing pier, basketball court, marina, picnic area on the bay, newly built community center, and a swimming pool. The community is located in Lewes and just a short drive to the beach, boardwalk, restaurants, shopping, and all that the Rehoboth and Lewes have to offer. Introducing 35041 North Drive, in Lewes, Delaware. This well maintained 3 bedroom and two bath is located in the beautiful community of West Bay Park. The rooms are very spacious and nice sized closets. The exterior has a nice entertainment area as well as storage for your toys. You can park a boat on the property (Depending on size). Come explore the summer fun at West Bay Park and live the experience of what beach life is about! Must have park approval. Application is under documents.

ⓘ 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 6/10 Major FEMA zone AE · 63% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $24,199
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$6,525
• − Repairs & maintenance: −$1,936
• − Management: −$1,936
• − HOA: −$24
• − Depreciation: −$5,818
• Taxable loss: −$6,243
• Est. tax savings @ 24.0%: +$1,498
• After-tax cash flow: $-1,519/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

• County: Sussex County · 82,708 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 31,938
• Household income: $97,197
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 545.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -204.07%
• Current HPI: 299.0736
• Rent YoY: ▲ 0.77%
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-4.4% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $215,000 BRIGHT MLS
• 2025-12-04 Listed $225,000 BRIGHT MLS

Property tax history

-4.7%/yr

Latest (2025): $179 · -42.7% YoY. Source: county tax records.