35594 Sussex Ln #15407 · Long Neck, DE 19966

$148,000

3 bd · 2.0 ba · 1,902 sqft · Manufactured · 21 Days on market

Built 1982 Est $165k · 11% under $2/mo HOA

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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 +30.0/30.0
• ARV discount +12.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Professional Photos Coming Soon This home has plenty of room for entertaining; family room, living room, separate dining room, flex room and sunroom! Beautiful views from your back yard/patio. All brand-new appliances! Better come get your beach home before it is gone! This is a large home, room to move around! 3 Bedrooms, one other room could be used as another bedroom if needed. Many upgrades have been completed; new subflooring, LVP and carpet through most of the home, new paint, kitchen cabinets and air-conditioning system! Potential buyers must complete a park application and be approved for residency as part of the purchasing process. Approvals are based on credit and background checks and verification of income. Mariner's Cove has first right of refusal. Property being sold "As-Is", inspections are for informational use only.

Key facts

• Updated bathrooms
• Massive sunroom
• 2 parking spots

Tags

• FRESHLY PAINTED FRONT DECK
• UPDATED BATHROOMS
• NEW KITCHEN APPLIANCES
• MASSIVE SUNROOM
• SPACIOUS FENCED-IN BACKYARD

Property features AI

Finance

• Financial info: Annual ground rent applies; Monthly land lease payment
• HOA & community: Annual HOA fee; Community amenities include boat slip, marina/marina club, and swimming pool

Exterior

• Parking: Driveway with two spaces; Crushed stone and concrete driveway; Two total garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Level lot; Land lease ownership; Ground rent paid annually
• Construction: Vinyl siding; Shingle (asphalt) roof; Pillar/post/pier foundation with crawl space; Insulated windows with screens; Built year estimated
• Exterior features: Deck(s) and patio(s); Lawn sprinkler; Outbuilding(s); Partially fenced; Community pool

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Forced air heating; Baseboard electric heating; Propane (leased) heating fuel; Central air conditioning (electric); Electric hot water
• Interior features: Vaulted ceilings; Insulated and storm doors; Single fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $148k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $146k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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.
• 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.
• Market conditions: 870 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 $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,780 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.65% ✓
• Cap rate: 13.59%
• Cash-on-cash: 26.06%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $165,474
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35440 Pine Dr	0.25mi	4/2.0 (+1)	2,072 (+9%)	21mo	$180,000	$87	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: 2.7%
• Equity multiple: 1.10×
• Total profit: $4,342
• Equity at exit: $22,067

10-year hold

• IRR: 12.4%
• Equity multiple: 1.99×
• Total profit: $41,144
• Equity at exit: $12,796

Cash invested: $41,440 (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: 870
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,437 medium
• Mortgage (P&I): −$776
• Tax est. 1.5%: −$185 /mo · $2,220/yr
• Insurance: −$62
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $440

Break-even live

Break-even rent $1,880

Max offer price $148,000

Occupancy floor 77%

Sensitivity live

Price	-10% $542	-5% $491	+0% $440	+5% $389	+10% $337
Rent	-10% $247	-5% $343	+0% $440	+5% $536	+10% $632
Rate	-1.0pp $514	-0.5pp $477	base $440	+0.5pp $401	+1.0pp $362

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	44d	1	0.21mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	14d	1	0.25mi

HOA detail

• Monthly dues: $2 · $24/yr

Listing history 16 events

1. 2026-06-21
   days on market $148,000 Active 21 DOM
2. 2026-06-18
   days on market $148,000 Active 18 DOM
3. 2026-06-17
   days on market $148,000 Active 17 DOM
4. 2026-06-16
   days on market $148,000 Active 16 DOM
5. 2026-06-15
   days on market $148,000 Active 15 DOM
6. 2026-06-14
   days on market $148,000 Active 13 DOM
7. 2026-06-13
   price $148,000 Active 12 DOM
8. 2026-06-10
   days on market $162,000 Active 12 DOM
9. 2026-06-09
   days on market $162,000 Active 11 DOM
10. 2026-06-08
    days on market $162,000 Active 10 DOM
11. 2026-06-07
    days on market $162,000 Active 9 DOM
12. 2026-06-02
    days on market $162,000 Active 4 DOM
13. 2026-06-01
    days on market $162,000 Active 3 DOM
14. 2026-05-31
    days on market $162,000 Active 2 DOM
15. 2026-05-30
    remarks 687-char remark
16. 2026-05-30
    listed $162,000 Active 1 DOM

ⓘ 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 9/10 Extreme 7 d/yr ≥100°F today · 19 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: $29,239
• − Mortgage interest: −$8,290
• − Property taxes: −$2,220
• − Insurance: −$6,265
• − Repairs & maintenance: −$2,339
• − Management: −$2,339
• − HOA: −$24
• − Depreciation: −$4,305
• Taxable income: $3,456
• Est. tax owed @ 24.0%: −$829
• After-tax cash flow: $4,447/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

+441.8% since first listed

23 events — show timeline

• 2026-05-29 Listed $162,000 BRIGHT MLS
• 2024-07-15 Sold (MLS) $125,000 BRIGHT MLS
• 2024-06-03 Pending — BRIGHT MLS
• 2024-05-29 Listed $125,000 BRIGHT MLS
• 2024-05-28 Coming Soon $125,000 BRIGHT MLS
• 2023-07-17 Sold (MLS) $45,000 BRIGHT MLS
• 2023-07-04 Pending — BRIGHT MLS
• 2023-07-04 Contingent — BRIGHT MLS
• 2023-06-30 Price Changed $65,000 BRIGHT MLS
• 2023-06-17 Price Changed $73,000 BRIGHT MLS
• 2023-06-05 Price Changed $78,000 BRIGHT MLS
• 2023-06-05 Relisted — BRIGHT MLS
• 2023-06-01 Pending — BRIGHT MLS
• 2023-05-17 Price Changed $80,000 BRIGHT MLS
• 2023-05-12 Price Changed $85,000 BRIGHT MLS
• 2023-05-11 Price Changed $90,000 BRIGHT MLS
• 2023-04-28 Price Changed $98,000 BRIGHT MLS
• 2023-04-18 Price Changed $103,000 BRIGHT MLS
• 2023-04-12 Price Changed $108,000 BRIGHT MLS
• 2023-03-30 Listed $115,000 BRIGHT MLS
• 2023-03-28 Coming Soon $115,000 BRIGHT MLS
• 2012-06-29 Sold (MLS) $28,000 BRIGHT MLS
• 2012-05-25 Listed $29,900 BRIGHT MLS