34535 Broad Water Rd Unit M-6 · Long Neck, DE 19966

$199,900

3 bd · 2.0 ba · 1,610 sqft · SingleFamily · 77 Days on market

Built 1981 Good condition $124/sqft · 8% below area Est $217k · 8% under ↓ 5% since listing

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Why this score? — see what drove the B- 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 +26.5/30.0
• ARV discount +11.1/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

It's time for FUN in the SUN! ☀️ Must see this waterfront home featuring a double lot to accommodate the boat, 🚤the jet ski's, the crab traps 🦀 & fishing lines 🎣 Don't let the age fool you, this well maintained 3 bedroom, 2 bath home has been renovated through the years to include all new Pergo flooring, updated plumbing(2021), New HVAC system 11/2025, New roof (2023) and a whole house Generator. Surrounded by beautiful views and direct access to the water from your oversized private boat dock with a dock sink, perfect for crab & fish cleaning 🐟 Many memories were made in the large fenced yard that offers plenty of space for family gatherings and summer games.

Key facts

• 6 parking spots
• Community pool
• Built 1981

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $67 ($809/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.0% 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: 1186 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).
• This rent runs 37% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 77 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.32%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $217,280
• List price: $199,900
• Delta: -8.00%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28259 Sloop Unit E-129	0.18mi	3/2.0	1,768 (+10%)	0mo	$405,000	$229	75
34648 West Hbr	0.30mi	4/2.5 (+1)	1,643 (+2%)	2mo	$250,000	$152	74
34644 W Harbor Dr #45061	0.29mi	3/2.5	1,716 (+7%)	2mo	$180,000	$105	72
34859 Gromet St Unit E-83	0.39mi	3/2.0	1,702 (+6%)	1mo	$180,000	$106	71
34253 Hillenwood #110	0.27mi	3/2.0	1,456 (-10%)	1mo	$170,000	$117	71
27297 Waters Edge Rd	0.49mi	3/2.0	1,568 (-3%)	3mo	$165,000	$105	70
34695 Deck St Unit E-160	0.31mi	2/2.0 (-1)	1,442 (-10%)	2mo	$110,000	$76	62
34840 W Harbor Dr	0.45mi	3/2.0	1,800 (+12%)	3mo	$315,000	$175	57
27012 Harbor Rd #876	0.49mi	3/2.0	1,792 (+11%)	3mo	$219,000	$122	55
34104 Meadow Ln	0.61mi	3/2.0	1,456 (-10%)	2mo	$126,000	$87	54
26545 Woodchuck Ln Unit E-862	0.66mi	3/2.0	1,456 (-10%)	4mo	$159,000	$109	50
26943 Blue Jay Ln #622	0.44mi	2/2.0 (-1)	1,376 (-14%)	1mo	$55,000	$40	50

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-27,779
• Equity at exit: $29,806

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-17,362
• Equity at exit: $17,284

Cash invested: $55,972 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 30 active · 27 under contract
• Months of supply: 6.2 mo (16%/mo absorbed)
• Median asking: $194,900 ($124/sqft)
• Median days on market: 88 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +8.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 1186
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,417 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $67

Break-even live

Break-even rent $2,331

Max offer price $199,900

Occupancy floor 92%

Sensitivity live

Price	-10% $206	-5% $136	+0% $67	+5% $-2	+10% $-71
Rent	-10% $-124	-5% $-28	+0% $67	+5% $163	+10% $258
Rate	-1.0pp $168	-0.5pp $118	base $67	+0.5pp $16	+1.0pp $-37

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: $49,975
• Closing costs: $5,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	109d	1	1.10mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	139d	1	1.14mi

Listing history 30 events

1. 2026-07-03
   days on market $199,900 Active 77 DOM
2. 2026-07-02
   days on market $199,900 Active 76 DOM
3. 2026-07-01
   days on market $199,900 Active 75 DOM
4. 2026-06-30
   days on market $199,900 Active 74 DOM
5. 2026-06-29
   days on market $199,900 Active 73 DOM
6. 2026-06-28
   days on market $199,900 Active 72 DOM
7. 2026-06-28
   days on market $199,900 Active 71 DOM
8. 2026-06-27
   days on market $199,900 Active 70 DOM
9. 2026-06-25
   days on market $199,900 Active 68 DOM
10. 2026-06-23
    days on market $199,900 Active 66 DOM
11. 2026-06-21
    days on market $199,900 Active 65 DOM
12. 2026-06-18
    days on market $199,900 Active 62 DOM
13. 2026-06-17
    days on market $199,900 Active 61 DOM
14. 2026-06-16
    days on market $199,900 Active 60 DOM
15. 2026-06-15
    days on market $199,900 Active 59 DOM
16. 2026-06-14
    days on market $199,900 Active 57 DOM
17. 2026-06-13
    days on market $199,900 Active 56 DOM
18. 2026-06-10
    days on market $199,900 Active 54 DOM
19. 2026-06-09
    days on market $199,900 Active 53 DOM
20. 2026-06-08
    days on market $199,900 Active 52 DOM
21. 2026-06-07
    days on market $199,900 Active 51 DOM
22. 2026-06-02
    days on market $199,900 Active 46 DOM
23. 2026-06-01
    days on market $199,900 Active 45 DOM
24. 2026-05-31
    days on market $199,900 Active 44 DOM
25. 2026-05-30
    days on market $199,900 Active 43 DOM
26. 2026-05-12
    price $199,900
27. 2026-04-17
    listed $199,999 Active
28. 2025-10-31
    historical
29. 2025-06-02
    price $199,999
30. 2025-03-10
    listed $210,000 Active

ⓘ 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 9/10 Extreme FEMA zone AE · 99% 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: $29,002
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$6,524
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$5,815
• Taxable loss: −$2,174
• Est. tax savings @ 24.0%: +$522
• After-tax cash flow: $1,331/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $8,050–$24,150 screening

This well-maintained, renovated home with a new roof and HVAC system offers a good investment opportunity with minor updates needed for optimal resale and rental value.

Value-add opportunities

• Resale Paint the interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Rental Replace the shower curtain — A new shower curtain improves hygiene and cleanliness ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

C Composite livability gradescore 69/100

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

• Census place: Long Neck, DE
• County: Sussex County · 248,853 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: 5% of renters

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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%

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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%

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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

-4.8% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $199,900 BRIGHT MLS
• 2026-04-17 Listed $199,999 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-06-02 Price Changed $199,999 BRIGHT MLS
• 2025-03-10 Listed $210,000 BRIGHT MLS