32801 Greens Way · Long Neck, DE 19966

$340,000

3 bd · 2.0 ba · 1,766 sqft · SingleFamily public records · 15 Days on market

Built 2004 Est $357k · at est.

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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 +19.6/30.0
• ARV discount +9.6/15.0
• DSCR +6.2/10.0
• 1% rule +3.9/10.0
• 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

Welcome to Baywood Greens, one of Delaware's premier golf course communities! This beautifully maintained 3-bedroom, 2.5-bath home offers comfortable, low-maintenance living with important recent improvements, including a new HVAC system and a brand-new encapsulated crawl space for added comfort, efficiency, and peace of mind. The spacious floor plan is designed for both everyday living and entertaining. The kitchen features stainless steel appliances, ample cabinetry, and convenient access to the living and dining areas. An attached 2-car garage provides plenty of storage and convenience. Relax on the inviting front porch or step outside onto the rear deck overlooking a fenced backyard wit

Key facts

• Fenced backyard
• Private beaches
• New hvac system

Tags

• NEW HVAC SYSTEM
• ENCAPSULATED CRAWL SPACE
• STAINLESS STEEL APPLIANCES
• FENCED BACKYARD
• MATURE TREES
• PRIVATE BEACHES

Property features AI

Finance

• Other: Pets allowed (dogs ok)
• Financial info: Monthly land lease payment; Land lease years remaining: 18
• HOA & community: Community in-ground pool; Ground rent exists (paid annually)

Exterior

• Parking: Attached front-entry 2-car garage with garage door opener; Asphalt driveway with 2 additional spaces; Total of 4 parking spaces
• Utilities: Public water; Public sewer; Propane (metered) and community propane service; Municipal trash service
• Home design: Detached property; Very good condition; Land lease ownership interest; Not in federal flood zone
• Construction: Frame construction with aluminum siding; Architectural shingle roof; Crawl space foundation; Built year per assessor
• Exterior features: Deck(s); Porch(es); Extensive hardscape; Gutter system; Sidewalks; Street lights; Underground lawn sprinkler; Partially fenced

Interior

• Kitchen: Dishwasher; Gas oven/range; Microwave; Refrigerator; Stainless steel appliances; Kitchen island; Table space
• Bedrooms: Three main-level bedrooms
• Flooring: Ceramic tile; Carpet
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Heat pump with gas backup; Central air; Electric 200+ amp service; 60+ gallon hot water tank
• Interior features: Open floor plan; Ceiling fans; Dining area; Kitchen island; Kitchen table space; Walk-in closets; Soaking tub; Walk-in shower
• Laundry & utility: Washer and dryer (main floor); Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $394 ($5k/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 $301k (11.5% below list).
• Recommended offer: $301k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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+, 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); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 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: 865 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• At $3,010/mo this rent would consume 46% 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 15 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $215k; list at $340k implies a 58% gain — meaningful room to come down on a strong offer.

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 $300,955 (11.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.89% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $356,732
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Long Neck Cir	0.17mi	3/2.0	1,674 (-5%)	1mo	$309,900	$185	83
32554 Long Spoon Way #3141	0.18mi	3/2.0	1,860 (+5%)	4mo	$343,000	$184	79
33754 Caddies Way	0.35mi	3/2.0	1,865 (+6%)	0mo	$330,000	$177	74
32585 Long Spoon Way #3280	0.29mi	3/2.0	1,618 (-8%)	4mo	$380,000	$235	69
31517 Hook Way	0.43mi	3/2.0	1,854 (+5%)	8mo	$374,503	$202	65
32519 Putters Dell #3268	0.29mi	3/2.0	1,935 (+10%)	9mo	$295,000	$152	63
32469 Approach Way #3296	0.28mi	3/2.5	1,624 (-8%)	11mo	$335,000	$206	62
32253 Bayshore Dr	0.67mi	3/2.0	1,695 (-4%)	10mo	$425,000	$251	54
32373 Bayshore Dr	0.68mi	3/2.0	1,892 (+7%)	3mo	$395,000	$209	54
25043 Dogleg Way	0.38mi	3/2.0	2,004 (+14%)	10mo	$444,753	$222	52
32319 Mulligan Way #4354	0.71mi	3/2.0	1,680 (-5%)	12mo	$300,000	$179	49
24965 Crooked Stick Way #4343	0.69mi	3/2.0	2,000 (+13%)	0mo	$325,000	$163	46

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-30,158
• Equity at exit: $50,695

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $5,350
• Equity at exit: $29,397

Cash invested: $95,200 (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: 865
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,010 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$59 /mo · $702/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$632
• Net cashflow: $394

Break-even live

Break-even rent $2,510

Max offer price $340,000

Occupancy floor 82%

Sensitivity live

Price	-10% $587	-5% $491	+0% $394	+5% $-90	+10% $-207
Rent	-10% $157	-5% $275	+0% $394	+5% $513	+10% $632
Rate	-1.0pp $566	-0.5pp $481	base $394	+0.5pp $306	+1.0pp $217

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	14d	1	0.66mi
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	21d	1	1.28mi
24850 Rivers Edge Rd Millsboro, DE	3.0	2.5	2069	$2,300	$1.11	44d	1	1.42mi

Listing history 11 events

1. 2026-06-18
   days on market $340,000 Active 15 DOM
2. 2026-06-17
   days on market $340,000 Active 14 DOM
3. 2026-06-16
   days on market $340,000 Active 13 DOM
4. 2026-06-15
   days on market $340,000 Active 12 DOM
5. 2026-06-14
   days on market $340,000 Active 10 DOM
6. 2026-06-13
   days on market $340,000 Active 9 DOM
7. 2026-06-10
   days on market $340,000 Active 7 DOM
8. 2026-06-09
   days on market $340,000 Active 6 DOM
9. 2026-06-08
   days on market $340,000 Active 5 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $340,000 Active 4 DOM

ⓘ 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: $702 · $59/mo
• Projected year-2 tax: $1,337 · $111/mo
• Expected delta: +$635/yr (+$53/mo · 90.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°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: $36,115
• − Mortgage interest: −$19,045
• − Property taxes: −$702
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,889
• − Management: −$2,889
• − Depreciation: −$9,891
• Taxable loss: −$1,002
• Est. tax savings @ 24.0%: +$241
• After-tax cash flow: $4,973/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

+58.2% since first listed

2 events — show timeline

• 2026-06-03 Listed $340,000 BRIGHT MLS
• 2004-05-25 Sold (Public Records) $214,900 Public Records

Property tax history

+0.5%/yr

Latest (2025): $702 · -12.7% YoY. Source: county tax records.