34400 White Heron Rd #508 · Long Neck, DE 19966

$125,000

3 bd · 2.0 ba · 1,272 sqft · SingleFamily · 359 Days on market

Built 1968 Fair condition $98/sqft · 63% above area ↓ 17% 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 +7.5/15.0
• 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

Listing remarks MLS

Located in the heart of Pot-Nets Bayside—a vibrant waterfront community known for its private bay beaches, two refreshing pools, multiple marinas, scenic walking trails, peaceful ponds, and fun-filled playgrounds—this charming 3-bedroom, 2-bath home offers 1,272 square feet of comfortable coastal living. Whether you're soaking in the sun at the beach, catching live music at Paradise Grill, or playing a match on the tennis or pickleball courts, life here feels like a vacation every day. The home includes a convenient carport for sheltered parking and a generously sized storage area perfect for stashing all your beach gear, bikes, or golf car. With access to a dog park and countless community amenities just a golf car ride away, this is an ideal opportunity to enjoy a relaxed and active lifestyle at the beach.

Key facts

• Waterfront community
• Private bay beaches
• Two refreshing pools

Tags

• WATERFRONT COMMUNITY
• PRIVATE BAY BEACHES
• TWO REFRESHING POOLS
• MULTIPLE MARINAS
• SCENIC WALKING TRAILS
• PEACEFUL PONDS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.1% 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; 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 $864 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 359 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 359 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.80% ✓
• Cap rate: 15.06%
• Cash-on-cash: 31.30%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $76,894
• List price: $125,000
• Delta: 62.56%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34401 Mallard Rd #502	0.03mi	3/2.0	1,200 (-6%)	3mo	$99,900	$83	86
26990 Wood Duck Rd #52697	0.17mi	3/2.0	1,334 (+5%)	1mo	$180,000	$135	83
34215 River Rd	0.43mi	3/2.0	1,275 (+0%)	1mo	$240,000	$188	79
34484 Oak Ln	0.16mi	3/2.0	1,400 (+10%)	1mo	$207,900	$149	75
26979 Flipper Rd #50027	0.26mi	3/2.0	1,350 (+6%)	9mo	$127,400	$94	70
34249 Hillenwood Rd #48450	0.20mi	3/2.0	1,152 (-9%)	7mo	$239,000	$207	69
34366 Beach Plum #468	0.07mi	3/2.0	1,446 (+14%)	7mo	$99,000	$68	68
34635 Deck St Unit E-323	0.43mi	4/2.0 (+1)	1,168 (-8%)	3mo	$134,900	$115	59
34488 Easy St Unit E-810	0.52mi	3/2.0	1,456 (+14%)	0mo	$190,000	$130	51
34848 Halyard St Unit E-431	0.74mi	3/2.0	1,366 (+7%)	5mo	$273,176	$200	49
34495 Easy St	0.55mi	3/2.0	1,432 (+13%)	6mo	$140,000	$98	49
26545 Woodchuck Ln Unit E-862	0.68mi	3/2.0	1,456 (+14%)	0mo	$159,000	$109	44

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: 6.5%
• Equity multiple: 1.25×
• Total profit: $8,886
• Equity at exit: $18,638

10-year hold

• IRR: 16.0%
• Equity multiple: 2.32×
• Total profit: $46,142
• Equity at exit: $10,808

Cash invested: $35,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $2,249 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $453

Break-even live

Break-even rent $1,676

Max offer price $125,000

Occupancy floor 75%

Sensitivity live

Price	-10% $539	-5% $496	+0% $453	+5% $409	+10% $366
Rent	-10% $275	-5% $364	+0% $453	+5% $541	+10% $630
Rate	-1.0pp $516	-0.5pp $484	base $453	+0.5pp $420	+1.0pp $387

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: $31,250
• Closing costs: $3,750
• 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	14d	1	1.24mi

Listing history 18 events

1. 2026-06-18
   days on market $125,000 Active 359 DOM
2. 2026-06-17
   days on market $125,000 Active 358 DOM
3. 2026-06-16
   days on market $125,000 Active 357 DOM
4. 2026-06-15
   days on market $125,000 Active 356 DOM
5. 2026-06-14
   days on market $125,000 Active 354 DOM
6. 2026-06-13
   days on market $125,000 Active 353 DOM
7. 2026-06-10
   days on market $125,000 Active 351 DOM
8. 2026-06-09
   days on market $125,000 Active 350 DOM
9. 2026-06-08
   days on market $125,000 Active 349 DOM
10. 2026-06-07
    days on market $125,000 Active 348 DOM
11. 2026-06-02
    days on market $125,000 Active 343 DOM
12. 2026-06-01
    days on market $125,000 Active 342 DOM
13. 2026-05-31
    days on market $125,000 Active 341 DOM
14. 2026-05-30
    days on market $125,000 Active 340 DOM
15. 2026-01-13
    price $125,000 831-char remark

    Show marketing remark (831 chars)

    Located in the heart of Pot-Nets Bayside—a vibrant waterfront community known for its private bay beaches, two refreshing pools, multiple marinas, scenic walking trails, peaceful ponds, and fun-filled playgrounds—this charming 3-bedroom, 2-bath home offers 1,272 square feet of comfortable coastal living. Whether you're soaking in the sun at the beach, catching live music at Paradise Grill, or playing a match on the tennis or pickleball courts, life here feels like a vacation every day. The home includes a convenient carport for sheltered parking and a generously sized storage area perfect for stashing all your beach gear, bikes, or golf car. With access to a dog park and countless community amenities just a golf car ride away, this is an ideal opportunity to enjoy a relaxed and active lifestyle at the beach.

16. 2025-10-01
    price $130,000 831-char remark

    Show marketing remark (831 chars)

    Located in the heart of Pot-Nets Bayside—a vibrant waterfront community known for its private bay beaches, two refreshing pools, multiple marinas, scenic walking trails, peaceful ponds, and fun-filled playgrounds—this charming 3-bedroom, 2-bath home offers 1,272 square feet of comfortable coastal living. Whether you're soaking in the sun at the beach, catching live music at Paradise Grill, or playing a match on the tennis or pickleball courts, life here feels like a vacation every day. The home includes a convenient carport for sheltered parking and a generously sized storage area perfect for stashing all your beach gear, bikes, or golf car. With access to a dog park and countless community amenities just a golf car ride away, this is an ideal opportunity to enjoy a relaxed and active lifestyle at the beach.

17. 2025-07-25
    price $140,000 831-char remark

    Show marketing remark (831 chars)

    Located in the heart of Pot-Nets Bayside—a vibrant waterfront community known for its private bay beaches, two refreshing pools, multiple marinas, scenic walking trails, peaceful ponds, and fun-filled playgrounds—this charming 3-bedroom, 2-bath home offers 1,272 square feet of comfortable coastal living. Whether you're soaking in the sun at the beach, catching live music at Paradise Grill, or playing a match on the tennis or pickleball courts, life here feels like a vacation every day. The home includes a convenient carport for sheltered parking and a generously sized storage area perfect for stashing all your beach gear, bikes, or golf car. With access to a dog park and countless community amenities just a golf car ride away, this is an ideal opportunity to enjoy a relaxed and active lifestyle at the beach.

18. 2025-06-24
    listed $150,000 Active 831-char remark

    Show marketing remark (831 chars)

    Located in the heart of Pot-Nets Bayside—a vibrant waterfront community known for its private bay beaches, two refreshing pools, multiple marinas, scenic walking trails, peaceful ponds, and fun-filled playgrounds—this charming 3-bedroom, 2-bath home offers 1,272 square feet of comfortable coastal living. Whether you're soaking in the sun at the beach, catching live music at Paradise Grill, or playing a match on the tennis or pickleball courts, life here feels like a vacation every day. The home includes a convenient carport for sheltered parking and a generously sized storage area perfect for stashing all your beach gear, bikes, or golf car. With access to a dog park and countless community amenities just a golf car ride away, this is an ideal opportunity to enjoy a relaxed and active lifestyle at the beach.

ⓘ 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 10/10 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: $26,990
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$6,150
• − Repairs & maintenance: −$2,159
• − Management: −$2,159
• − Depreciation: −$3,636
• Taxable income: $4,008
• Est. tax owed @ 24.0%: −$962
• After-tax cash flow: $4,469/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

This home requires significant exterior and interior repairs to improve its condition and value. Painting the exterior and replacing the carpet and kitchen cabinets would be the highest-ROI updates.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major exterior paint — Peeling and chipping
• Major carpet — Worn and frayed
• Major bathroom fixtures — Outdated and cluttered

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Resale Replace carpet — Freshens up living space
• Resale Update bathroom fixtures — Modernizes and improves functionality
• Resale Paint interior walls — Freshens up interior and enhances value
• Resale Replace flooring in bathrooms — Modernizes and improves functionality
• Resale Replace kitchen cabinets — Modernizes and improves functionality
• Resale Replace kitchen appliances — Modernizes and improves functionality
• Resale Replace bathroom vanity — Modernizes and improves functionality
• Resale Replace bathroom vanity — Modernizes and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Peeling and chipping	Major	$15,000–50,000
carpet · Worn and frayed	Major	$15,000–50,000
bathroom fixtures · Outdated and cluttered	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Resale Replace carpet — Freshens up living space ↑
• Resale Update bathroom fixtures — Modernizes and improves functionality ↑
• Resale Paint interior walls — Freshens up interior and enhances value ↑
• Resale Replace flooring in bathrooms — Modernizes and improves functionality ↑
• Resale Replace kitchen cabinets — Modernizes and improves functionality ↑
• Resale Replace kitchen appliances — Modernizes and improves functionality ↑
• Resale Replace bathroom vanity — Modernizes and improves functionality ↑
• Resale Replace bathroom vanity — Modernizes and improves functionality ↑

ⓘ 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

-16.7% since first listed

4 events — show timeline

• 2026-01-13 Price Changed $125,000 BRIGHT MLS
• 2025-10-01 Price Changed $130,000 BRIGHT MLS
• 2025-07-25 Price Changed $140,000 BRIGHT MLS
• 2025-06-24 Listed $150,000 BRIGHT MLS