27311 Dinghy Rd · Long Neck, DE 19966

$69,000

2 bd · 1.0 ba · 708 sqft · Manufactured · 46 Days on market

Built 1963 $97/sqft · 33% above area Est $52k · 33% over ↓ 13% since listing

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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 +30.0/30.0
• 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
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 27311 Dinghy Road in Millsboro, DE, located in the desirable White House Beach community. This unique property is located two lots off of the bay with beautiful views of the Indian River Bay and easy water access, perfect for enjoying coastal living. Community boat ramp and boat slip rentals are available, making it an ideal spot for boating enthusiasts. The home features 2 bedrooms and 1 bathroom, along with an additional living space that adds flexibility and comfort. A spacious deck wraps around one side of the home, creating the perfect place to relax and take in the bay-front scenery. White House Beach offers a prime location with access to the Indian River Bay and beyond, a

Key facts

• Built 1963
• Listed 45 days

Property features AI

Finance

• Other: Property manager present; Located in Federal Flood Zone AE
• Financial info: Monthly land lease: $862.25; Land lease years remaining: 1
• HOA & community: Land lease community with monthly land lease payment

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Single-wide mobile home (Detroiter); Pre-1976 mobile home; Entry located outside city limits; Facing: Between Rt 1 & 113 quadrant; Building not winterized
• Construction: Above-grade finished living space (assessor source)
• Exterior features: Private beach access; Deck(s); Year-round access; Water view of Indian River Bay; Private water access (bay)

Interior

• Kitchen: Gas oven/range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Heat pump heating (electric); Central air conditioning (electric)
• Interior features: Average condition; No basement
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $69k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.4% 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+, 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); Indian River High School (math 32% / reading 52%, grade F, #10 of 40 statewide, top 26%, 1,088 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; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($67k) 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 $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.57% ✓
• Cap rate: 22.39%
• Cash-on-cash: 57.50%
• DSCR: 3.56
• GRM: 3.2

CMA / ARV

• ARV (median comp): $52,000
• List price: $69,000
• Delta: 32.69%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.5%
• Equity multiple: 1.97×
• Total profit: $18,770
• Equity at exit: $10,288

10-year hold

• IRR: 31.6%
• Equity multiple: 3.89×
• Total profit: $55,770
• Equity at exit: $5,966

Cash invested: $19,320 (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: 870
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,776 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $465

Break-even live

Break-even rent $1,186

Max offer price $69,000

Occupancy floor 69%

Sensitivity live

Price	-10% $513	-5% $489	+0% $465	+5% $442	+10% $418
Rent	-10% $325	-5% $395	+0% $465	+5% $536	+10% $606
Rate	-1.0pp $500	-0.5pp $483	base $465	+0.5pp $448	+1.0pp $429

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $69,000 Active 46 DOM
2. 2026-06-18
   days on market $69,000 Active 43 DOM
3. 2026-06-17
   days on market $69,000 Active 42 DOM
4. 2026-06-16
   days on market $69,000 Active 41 DOM
5. 2026-06-15
   days on market $69,000 Active 40 DOM
6. 2026-06-14
   days on market $69,000 Active 38 DOM
7. 2026-06-13
   days on market $69,000 Active 37 DOM
8. 2026-06-10
   days on market $69,000 Active 35 DOM
9. 2026-06-09
   days on market $69,000 Active 34 DOM
10. 2026-06-08
    days on market $69,000 Active 33 DOM
11. 2026-06-07
    days on market $69,000 Active 32 DOM
12. 2026-06-02
    days on market $69,000 Active 27 DOM
13. 2026-06-01
    days on market $69,000 Active 26 DOM
14. 2026-05-31
    days on market $69,000 Active 25 DOM
15. 2026-05-30
    days on market $69,000 Active 24 DOM
16. 2026-05-06
    listed $79,000 Active 987-char remark
17. 2026-04-27
    historical $79,000 987-char remark

ⓘ 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 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°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: $21,306
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$5,870
• − Repairs & maintenance: −$1,704
• − Management: −$1,704
• − Depreciation: −$2,007
• Taxable income: $5,120
• Est. tax owed @ 24.0%: −$1,229
• After-tax cash flow: $4,356/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

• 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

-12.7% since first listed

3 events — show timeline

• 2026-05-26 Price Changed $69,000 BRIGHT MLS
• 2026-05-06 Listed $79,000 BRIGHT MLS
• 2026-04-27 Coming Soon $79,000 BRIGHT MLS

Property tax history

-6.1%/yr

Latest (2025): $105 · -44.2% YoY. Source: county tax records.