32298 Turnstone Ct · Long Neck, DE 19966

$319,000

3 bd · 3.0 ba · 1,108 sqft · Condo public records · 183 Days on market

Built 2003 $288/sqft · 38% above area Est $347k · 8% under $260/mo HOA · 8% of rent

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Why this score? — see what drove the C- 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 +20.3/30.0
• ARV discount +11.2/15.0
• DSCR +6.5/10.0
• 1% rule +5.0/10.0
• 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

Looking for an affordable, low-maintenance home near the Delaware beaches? This well-maintained end-unit townhome in Millsboro offers space, comfort, and convenience—just a short drive to Lewes, Rehoboth Beach, and coastal attractions. Designed for easy everyday living, the home features a desirable first-floor primary suite and an open-concept main level that creates a natural flow between the kitchen, dining, and living areas. As an end unit, the home enjoys added privacy and increased natural light throughout. Recent updates, including a new roof (2024) and tankless water heater, provides peace of mind and long-term value. The home is move-in ready, allowing buyers to settle in without immediate renovation needs. Upstairs offers additional bedrooms and flexible space for guests, work-from-home needs, or hobbies—making it a versatile option for a variety of lifestyles. Located in a community with amenities such as a pool and clubhouse, this home is ideal for those seeking a low-maintenance lifestyle near the coast without the premium beach-town price. This property delivers exceptional value in today’s market.

Key facts

• $260 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• Recommended offer: $281k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 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).
• At $3,205/mo this rent would consume 49% of the median local household income ($78k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 183 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $319k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $280,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (median comp): $347,214
• List price: $319,000
• Delta: -8.13%
• 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: -7.7%
• Equity multiple: 0.71×
• Total profit: $-25,486
• Equity at exit: $47,564

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $11,542
• Equity at exit: $27,581

Cash invested: $89,320 (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: 8.3×

Monthly cashflow live

• Estimated rent: $3,205 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$55 /mo · $658/yr
• Insurance: −$133
• HOA: −$260
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $412

Break-even live

Break-even rent $2,684

Max offer price $319,000

Occupancy floor 82%

Sensitivity live

Price	-10% $592	-5% $502	+0% $412	+5% $-43	+10% $-153
Rent	-10% $158	-5% $285	+0% $412	+5% $538	+10% $665
Rate	-1.0pp $572	-0.5pp $493	base $412	+0.5pp $329	+1.0pp $245

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	14d	1	0.53mi
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	1.36mi

HOA detail condo

• Monthly dues: $260 · $3,120/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $319,000 Active 183 DOM
2. 2026-06-17
   days on market $319,000 Active 182 DOM
3. 2026-06-16
   days on market $319,000 Active 181 DOM
4. 2026-06-15
   days on market $319,000 Active 180 DOM
5. 2026-06-14
   days on market $319,000 Active 178 DOM
6. 2026-06-13
   days on market $319,000 Active 177 DOM
7. 2026-06-10
   days on market $319,000 Active 175 DOM
8. 2026-06-09
   days on market $319,000 Active 174 DOM
9. 2026-06-08
   days on market $319,000 Active 173 DOM
10. 2026-06-07
    days on market $319,000 Active 172 DOM
11. 2026-06-02
    days on market $319,000 Active 167 DOM
12. 2026-06-01
    days on market $319,000 Active 166 DOM
13. 2026-05-31
    days on market $319,000 Active 165 DOM
14. 2026-05-30
    pricedays on market $319,000 Active 164 DOM
15. 2026-04-24
    price $339,000 1147-char remark

    Show marketing remark (1147 chars)

    Looking for an affordable, low-maintenance home near the Delaware beaches? This well-maintained end-unit townhome in Millsboro offers space, comfort, and convenience—just a short drive to Lewes, Rehoboth Beach, and coastal attractions. Designed for easy everyday living, the home features a desirable first-floor primary suite and an open-concept main level that creates a natural flow between the kitchen, dining, and living areas. As an end unit, the home enjoys added privacy and increased natural light throughout. Recent updates, including a new roof (2024) and tankless water heater, provides peace of mind and long-term value. The home is move-in ready, allowing buyers to settle in without immediate renovation needs. Upstairs offers additional bedrooms and flexible space for guests, work-from-home needs, or hobbies—making it a versatile option for a variety of lifestyles. Located in a community with amenities such as a pool and clubhouse, this home is ideal for those seeking a low-maintenance lifestyle near the coast without the premium beach-town price. This property delivers exceptional value in today’s market.

16. 2026-03-26
    price $345,000 1147-char remark

    Show marketing remark (1147 chars)

    Looking for an affordable, low-maintenance home near the Delaware beaches? This well-maintained end-unit townhome in Millsboro offers space, comfort, and convenience—just a short drive to Lewes, Rehoboth Beach, and coastal attractions. Designed for easy everyday living, the home features a desirable first-floor primary suite and an open-concept main level that creates a natural flow between the kitchen, dining, and living areas. As an end unit, the home enjoys added privacy and increased natural light throughout. Recent updates, including a new roof (2024) and tankless water heater, provides peace of mind and long-term value. The home is move-in ready, allowing buyers to settle in without immediate renovation needs. Upstairs offers additional bedrooms and flexible space for guests, work-from-home needs, or hobbies—making it a versatile option for a variety of lifestyles. Located in a community with amenities such as a pool and clubhouse, this home is ideal for those seeking a low-maintenance lifestyle near the coast without the premium beach-town price. This property delivers exceptional value in today’s market.

17. 2025-12-18
    listed $349,000 Active 1147-char remark

    Show marketing remark (1147 chars)

    Looking for an affordable, low-maintenance home near the Delaware beaches? This well-maintained end-unit townhome in Millsboro offers space, comfort, and convenience—just a short drive to Lewes, Rehoboth Beach, and coastal attractions. Designed for easy everyday living, the home features a desirable first-floor primary suite and an open-concept main level that creates a natural flow between the kitchen, dining, and living areas. As an end unit, the home enjoys added privacy and increased natural light throughout. Recent updates, including a new roof (2024) and tankless water heater, provides peace of mind and long-term value. The home is move-in ready, allowing buyers to settle in without immediate renovation needs. Upstairs offers additional bedrooms and flexible space for guests, work-from-home needs, or hobbies—making it a versatile option for a variety of lifestyles. Located in a community with amenities such as a pool and clubhouse, this home is ideal for those seeking a low-maintenance lifestyle near the coast without the premium beach-town price. This property delivers exceptional value in today’s market.

18. 2025-12-17
    historical $349,000 1147-char remark

    Show marketing remark (1147 chars)

    Looking for an affordable, low-maintenance home near the Delaware beaches? This well-maintained end-unit townhome in Millsboro offers space, comfort, and convenience—just a short drive to Lewes, Rehoboth Beach, and coastal attractions. Designed for easy everyday living, the home features a desirable first-floor primary suite and an open-concept main level that creates a natural flow between the kitchen, dining, and living areas. As an end unit, the home enjoys added privacy and increased natural light throughout. Recent updates, including a new roof (2024) and tankless water heater, provides peace of mind and long-term value. The home is move-in ready, allowing buyers to settle in without immediate renovation needs. Upstairs offers additional bedrooms and flexible space for guests, work-from-home needs, or hobbies—making it a versatile option for a variety of lifestyles. Located in a community with amenities such as a pool and clubhouse, this home is ideal for those seeking a low-maintenance lifestyle near the coast without the premium beach-town price. This property delivers exceptional value in today’s market.

19. 2017-11-06
    soldstatus $185,000
20. 2017-10-27
    soldstatus $185,000 999-char remark

    Show marketing remark (999 chars)

    BEAUTIFULLY APPOINTED END UNIT BACKING TO CONSERVATION AREA IN BAY SHORES! This recently remodeled home features bamboo wood floors, custom tile in kitchen/foyer/hall , fresh paint & new carpeting! This home shows almost new and is available as a quick move-in! The interior space features an open living area with vaulted ceilings, 1st floor master suite, 2nd floor loft w/ overlook, storage room & spacious bedrooms. Enjoy outdoor living on the rear patio overlooking the conservation area which is great for BBQ's and bird sightings. Just around the corner you will find the community clubhouse that features fitness, recreation area and a pool. You can walk/bike to the surrounding area amenities such as grocery stores, retail shopping, dining and golf! The Long Neck Area is also a boaters paradise. The boat ramps and fishing are just down the road. Lewes and Rehoboth Beach are only 12-14 miles away! With such a fabulous location and great value, this home will not last long!

21. 2017-08-29
    historical 999-char remark

    Show marketing remark (999 chars)

    BEAUTIFULLY APPOINTED END UNIT BACKING TO CONSERVATION AREA IN BAY SHORES! This recently remodeled home features bamboo wood floors, custom tile in kitchen/foyer/hall , fresh paint & new carpeting! This home shows almost new and is available as a quick move-in! The interior space features an open living area with vaulted ceilings, 1st floor master suite, 2nd floor loft w/ overlook, storage room & spacious bedrooms. Enjoy outdoor living on the rear patio overlooking the conservation area which is great for BBQ's and bird sightings. Just around the corner you will find the community clubhouse that features fitness, recreation area and a pool. You can walk/bike to the surrounding area amenities such as grocery stores, retail shopping, dining and golf! The Long Neck Area is also a boaters paradise. The boat ramps and fishing are just down the road. Lewes and Rehoboth Beach are only 12-14 miles away! With such a fabulous location and great value, this home will not last long!

22. 2017-04-28
    listed $199,900 999-char remark

    Show marketing remark (999 chars)

    BEAUTIFULLY APPOINTED END UNIT BACKING TO CONSERVATION AREA IN BAY SHORES! This recently remodeled home features bamboo wood floors, custom tile in kitchen/foyer/hall , fresh paint & new carpeting! This home shows almost new and is available as a quick move-in! The interior space features an open living area with vaulted ceilings, 1st floor master suite, 2nd floor loft w/ overlook, storage room & spacious bedrooms. Enjoy outdoor living on the rear patio overlooking the conservation area which is great for BBQ's and bird sightings. Just around the corner you will find the community clubhouse that features fitness, recreation area and a pool. You can walk/bike to the surrounding area amenities such as grocery stores, retail shopping, dining and golf! The Long Neck Area is also a boaters paradise. The boat ramps and fishing are just down the road. Lewes and Rehoboth Beach are only 12-14 miles away! With such a fabulous location and great value, this home will not last long!

23. 2008-06-13
    historical
24. 2008-06-13
    historical
25. 2007-10-04
    listed $224,700
26. 2007-10-04
    listed $224,700
27. 2004-02-18
    soldstatus $194,015

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $658 · $55/mo
• Projected year-2 tax: $1,254 · $104/mo
• Expected delta: +$596/yr (+$50/mo · 90.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 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: $38,462
• − Mortgage interest: −$17,869
• − Property taxes: −$658
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,077
• − Management: −$3,077
• − HOA: −$3,120
• − Depreciation: −$9,280
• Taxable loss: −$213
• Est. tax savings @ 24.0%: +$51
• After-tax cash flow: $4,989/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

+74.7% since first listed

13 events — show timeline

• 2026-04-24 Price Changed $339,000 BRIGHT MLS
• 2026-03-26 Price Changed $345,000 BRIGHT MLS
• 2025-12-18 Listed $349,000 BRIGHT MLS
• 2025-12-17 Coming Soon $349,000 BRIGHT MLS
• 2017-11-06 Sold (Public Records) $185,000 Public Records
• 2017-10-27 Sold (MLS) $185,000 BRIGHT MLS
• 2017-08-29 Listing Removed — BRIGHT MLS
• 2017-04-28 Listed $199,900 BRIGHT MLS
• 2008-06-13 Listing Removed — BRIGHT MLS
• 2008-06-13 Listing Removed — BRIGHT MLS
• 2007-10-04 Listed $224,700 BRIGHT MLS
• 2007-10-04 Listed $224,700 BRIGHT MLS
• 2004-02-18 Sold (Public Records) $194,015 Public Records

Property tax history

-1.2%/yr

Latest (2025): $658 · -29.6% YoY. Source: county tax records.