25868 American Ave · Long Neck, DE 19966

$139,999

3 bd · 2.0 ba · 1,712 sqft · Manufactured public records · 100 Days on market

Built 2006 $82/sqft · 37% below area Est $143k · at est. ↓ 6% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.4/15.0
• 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

Welcome to effortless coastal living in the gated waterfront community of Sun Retreats Rehoboth Bay! Featuring a brand new roof installed in 2026, this beautifully maintained 3-bedroom, 2-bath home offers the perfect combination of comfort, value, and the relaxed Delaware beach lifestyle—all just minutes from the area’s beaches, dining, and attractions. Step inside to a bright and inviting interior designed for easy everyday living and entertaining alike. Spacious living areas, generous bedrooms, and two full baths provide plenty of room for family and guests, making this an ideal primary residence, vacation escape, or seasonal retreat. Beyond the home itself, Sun Retreats Rehoboth Bay delivers an exceptional amenity-filled lifestyle centered around boating, recreation, and waterfront enjoyment. Residents enjoy access to: • Outdoor swimming pool • Basketball and pickleball courts • Dog park • Fitness center and clubhouse • Private beach access • Marina with store • Boat ramp and available boat slips Spend your days cruising Rehoboth Bay, relaxing poolside, enjoying pickleball with neighbors, or taking in peaceful coastal evenings from this vibrant gated community. With a new roof already in place and resort-style amenities at your fingertips, this is an incredible opportunity to own an affordable slice of the Delaware coast. Coastal living starts here!

Key facts

• Dog park
• Fitness center
• Clubhouse

Tags

• GATED WATERFRONT COMMUNITY
• OUTDOOR SWIMMING POOL
• DOG PARK
• FITNESS CENTER
• CLUBHOUSE
• PRIVATE BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $777 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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: 865 active listings in the ZIP; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 34% 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 $968 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($127k) 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 $127,399 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.58% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.80%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $142,942
• List price: $139,999
• Delta: -2.06%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.0%
• Equity multiple: 1.69×
• Total profit: $26,855
• Equity at exit: $20,874

10-year hold

• IRR: 25.5%
• Equity multiple: 3.23×
• Total profit: $87,268
• Equity at exit: $12,105

Cash invested: $39,200 (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: 5.3×

Monthly cashflow live

• Estimated rent: $2,209 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $777

Break-even live

Break-even rent $1,225

Max offer price $139,999

Occupancy floor 60%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $139,999 Active 100 DOM
2. 2026-06-17
   days on market $139,999 Active 99 DOM
3. 2026-06-16
   days on market $139,999 Active 98 DOM
4. 2026-06-15
   days on market $139,999 Active 97 DOM
5. 2026-06-14
   days on market $139,999 Active 95 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   pricedays on market $139,999 Active 94 DOM
8. 2026-06-10
   days on market $149,999 Active 92 DOM
9. 2026-06-09
   days on market $149,999 Active 91 DOM
10. 2026-06-08
    days on market $149,999 Active 90 DOM
11. 2026-06-07
    days on market $149,999 Active 89 DOM
12. 2026-06-02
    days on market $149,999 Active 84 DOM
13. 2026-06-01
    days on market $149,999 Active 83 DOM
14. 2026-05-31
    days on market $149,999 Active 82 DOM
15. 2026-05-30
    days on market $149,999 Active 81 DOM
16. 2026-05-06
    price $149,999 1421-char remark

    Show marketing remark (1421 chars)

    Welcome to effortless coastal living in the gated waterfront community of Sun Retreats Rehoboth Bay! Featuring a brand new roof installed in 2026, this beautifully maintained 3-bedroom, 2-bath home offers the perfect combination of comfort, value, and the relaxed Delaware beach lifestyle—all just minutes from the area’s beaches, dining, and attractions. Step inside to a bright and inviting interior designed for easy everyday living and entertaining alike. Spacious living areas, generous bedrooms, and two full baths provide plenty of room for family and guests, making this an ideal primary residence, vacation escape, or seasonal retreat. Beyond the home itself, Sun Retreats Rehoboth Bay delivers an exceptional amenity-filled lifestyle centered around boating, recreation, and waterfront enjoyment. Residents enjoy access to: • Outdoor swimming pool • Basketball and pickleball courts • Dog park • Fitness center and clubhouse • Private beach access • Marina with store • Boat ramp and available boat slips Spend your days cruising Rehoboth Bay, relaxing poolside, enjoying pickleball with neighbors, or taking in peaceful coastal evenings from this vibrant gated community. With a new roof already in place and resort-style amenities at your fingertips, this is an incredible opportunity to own an affordable slice of the Delaware coast. Coastal living starts here!

17. 2026-03-10
    listed $159,999 Active 1421-char remark

    Show marketing remark (1421 chars)

    Welcome to effortless coastal living in the gated waterfront community of Sun Retreats Rehoboth Bay! Featuring a brand new roof installed in 2026, this beautifully maintained 3-bedroom, 2-bath home offers the perfect combination of comfort, value, and the relaxed Delaware beach lifestyle—all just minutes from the area’s beaches, dining, and attractions. Step inside to a bright and inviting interior designed for easy everyday living and entertaining alike. Spacious living areas, generous bedrooms, and two full baths provide plenty of room for family and guests, making this an ideal primary residence, vacation escape, or seasonal retreat. Beyond the home itself, Sun Retreats Rehoboth Bay delivers an exceptional amenity-filled lifestyle centered around boating, recreation, and waterfront enjoyment. Residents enjoy access to: • Outdoor swimming pool • Basketball and pickleball courts • Dog park • Fitness center and clubhouse • Private beach access • Marina with store • Boat ramp and available boat slips Spend your days cruising Rehoboth Bay, relaxing poolside, enjoying pickleball with neighbors, or taking in peaceful coastal evenings from this vibrant gated community. With a new roof already in place and resort-style amenities at your fingertips, this is an incredible opportunity to own an affordable slice of the Delaware coast. Coastal living starts here!

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $26,503
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$4,073
• Taxable income: $7,548
• Est. tax owed @ 24.0%: −$1,812
• After-tax cash flow: $7,516/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

-6.3% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $149,999 BRIGHT MLS
• 2026-03-10 Listed $159,999 BRIGHT MLS

Property tax history

-6.0%/yr

Latest (2025): $168 · -46.1% YoY. Source: county tax records.