34678 Stem St Unit E-143 · Long Neck, DE 19966

$79,000

3 bd · 2.0 ba · 1,188 sqft · SingleFamily · 163 Days on market

Built 1971 Fair condition $66/sqft · at area comps Est $77k · at est.

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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 +6.2/15.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• 4 parking spots
• Community pool
• Built 1971

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $79k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.0% vs local median 3.4% 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: 870 active listings in the ZIP; 1 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 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 $546 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($70k) 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

• Climate carrying-cost: moderate flood risk; 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 $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.85% ✓
• Cap rate: 25.00%
• Cash-on-cash: 66.80%
• DSCR: 3.97
• GRM: 2.9

CMA / ARV

• ARV (median comp): $76,724
• List price: $79,000
• Delta: 2.97%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34635 Deck St Unit E-323	0.14mi	4/2.0 (+1)	1,168 (-2%)	3mo	$134,900	$115	83
34401 Mallard Rd #502	0.36mi	3/2.0	1,200 (+1%)	3mo	$99,900	$83	79
34995 Keelson St Unit E-274	0.47mi	3/2.0	1,232 (+4%)	3mo	$158,500	$129	69
26990 Wood Duck Rd #52697	0.27mi	3/2.0	1,334 (+12%)	1mo	$180,000	$135	66
34249 Hillenwood Rd #48450	0.55mi	3/2.0	1,152 (-3%)	7mo	$239,000	$207	64
26979 Flipper Rd #50027	0.34mi	3/2.0	1,350 (+14%)	9mo	$127,400	$94	54
34144 Indian Cabin Creek Rd #259	0.62mi	3/2.0	1,068 (-10%)	4mo	$95,000	$89	51
34848 Halyard St Unit E-431	0.42mi	3/2.0	1,366 (+15%)	5mo	$273,176	$200	51
26930 White House Rd #53947	0.68mi	2/2.0 (-1)	1,249 (+5%)	8mo	$175,000	$140	48
26535 Woodchuck Ln Unit E-864	0.59mi	2/2.0 (-1)	1,260 (+6%)	11mo	$153,000	$121	48
35037 W Harbor Dr #20893	0.52mi	2/1.0 (-1)	1,100 (-7%)	11mo	$62,000	$56	45
35458 E River Dr	0.70mi	2/2.0 (-1)	1,032 (-13%)	7mo	$159,000	$154	35

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: 66.1%
• Equity multiple: 3.97×
• Total profit: $65,662
• Equity at exit: $11,779

10-year hold

• IRR: 70.4%
• Equity multiple: 8.16×
• Total profit: $158,307
• Equity at exit: $6,830

Cash invested: $22,120 (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: 2.9×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,231

Break-even live

Break-even rent $691

Max offer price $79,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,286	-5% $1,259	+0% $1,231	+5% $1,204	+10% $1,177
Rent	-10% $1,054	-5% $1,143	+0% $1,231	+5% $1,320	+10% $1,409
Rate	-1.0pp $1,271	-0.5pp $1,252	base $1,231	+0.5pp $1,211	+1.0pp $1,190

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	15d	1	0.86mi

Listing history 18 events

1. 2026-06-21
   days on market $79,000 Active 163 DOM
2. 2026-06-18
   days on market $79,000 Active 160 DOM
3. 2026-06-17
   days on market $79,000 Active 159 DOM
4. 2026-06-16
   days on market $79,000 Active 158 DOM
5. 2026-06-15
   days on market $79,000 Active 157 DOM
6. 2026-06-14
   days on market $79,000 Active 155 DOM
7. 2026-06-13
   days on market $79,000 Active 154 DOM
8. 2026-06-10
   days on market $79,000 Active 152 DOM
9. 2026-06-09
   days on market $79,000 Active 151 DOM
10. 2026-06-08
    days on market $79,000 Active 150 DOM
11. 2026-06-07
    days on market $79,000 Active 149 DOM
12. 2026-06-02
    days on market $79,000 Active 144 DOM
13. 2026-06-01
    days on market $79,000 Active 143 DOM
14. 2026-05-31
    days on market $79,000 Active 142 DOM
15. 2026-05-30
    days on market $79,000 Active 141 DOM
16. 2026-01-09
    status Active
17. 2026-01-08
    listed $79,000 Active
18. 2026-01-08
    historical

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 44% 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: $26,998
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$2,298
• Taxable income: $14,375
• Est. tax owed @ 24.0%: −$3,450
• After-tax cash flow: $11,327/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

Fair 45/100 Moderate rehab

The home requires moderate repairs and maintenance to improve its condition and value. Focus on the deck, flooring, and exterior siding for the highest impact.

Repairs flagged

• Moderate deck — Significant wear and discoloration
• Moderate flooring — Worn hardwood flooring
• Minor interior walls — Some paint wear

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Resale Replace worn hardwood flooring — Improves home's aesthetic
• Rental Replace worn hardwood flooring — Improves home's aesthetic
• Resale Paint interior walls — Enhances home's aesthetic
• Rental Replace worn hardwood flooring — Improves home's aesthetic

Renovation cost estimate screening

Repair item	Severity	Est. cost
deck · Significant wear and discoloration	Moderate	$3,000–15,000
flooring · Worn hardwood flooring	Moderate	$3,000–15,000
interior walls · Some paint wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Resale Replace worn hardwood flooring — Improves home's aesthetic ↑
• Rental Replace worn hardwood flooring — Improves home's aesthetic ↑
• Resale Paint interior walls — Enhances home's aesthetic ↑
• Rental Replace worn hardwood flooring — Improves home's aesthetic ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Long Neck, DE
• 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

3 events — show timeline

• 2026-01-09 Relisted — BRIGHT MLS
• 2026-01-08 Listing Removed — BRIGHT MLS
• 2026-01-08 Listed $79,000 BRIGHT MLS