35394 Sussex Ln · Long Neck, DE 19966

$90,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 209 Days on market

Built 2013 104 ac lot $69/sqft · 20% below area Est $105k · 14% under $2/mo HOA ↓ 8% 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
• ARV discount +13.9/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

Price adjustment, Seller is willing to pay closing costs and DMV fees with acceptable offer. Step into this charming 3-bedroom, 2-bath home featuring a spacious open floor plan perfect for everyday living and entertaining. The large living room flows seamlessly into a roomy kitchen with ample counter space and storage—ideal for home chefs and family gatherings. The primary suite offers a relaxing retreat with a generous walk-in shower in the en-suite bath. Outside, a versatile shed with electric ready to install adds extra value and potential. Plus a beautiful community pool, plenty of community entertainment, and low lot rent. Whether you're starting fresh or settling in, this home is ready to welcome you.

Key facts

• Open floor plan
• Ample counter space
• Community pool

Tags

• OPEN FLOOR PLAN
• LARGE LIVING ROOM
• ROOMY KITCHEN
• AMPLE COUNTER SPACE
• VERSATILE SHED
• COMMUNITY POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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; 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($79k) 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 2.50% ✓
• Cap rate: 22.84%
• Cash-on-cash: 59.10%
• DSCR: 3.63
• GRM: 3.3

CMA / ARV

• ARV (median comp): $104,817
• List price: $90,000
• Delta: -14.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35468 Joann Dr #11511	0.17mi	3/1.0	1,260 (-3%)	11mo	$52,000	$41	74
27287 Seabreeze Rd #5643	0.71mi	2/2.0 (-1)	1,320 (+2%)	6mo	$125,000	$95	54
27299 Dinghy Rd #1348	0.59mi	3/2.0	1,200 (-7%)	9mo	$69,000	$58	52
35317 Fishermans Rd #5751	0.65mi	2/1.5 (-1)	1,300 (+0%)	19mo	$62,000	$48	46
35476 Bayview Ln #4147	0.73mi	3/2.0	1,400 (+8%)	17mo	$146,000	$104	38
34651 Deck St	0.74mi	3/1.5	1,476 (+14%)	7mo	$40,000	$27	34

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: 33.3%
• Equity multiple: 2.41×
• Total profit: $35,407
• Equity at exit: $13,419

10-year hold

• IRR: 40.3%
• Equity multiple: 4.81×
• Total profit: $95,938
• Equity at exit: $7,782

Cash invested: $25,200 (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: 3.3×

Monthly cashflow live

• Estimated rent: $2,251 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$26 /mo · $310/yr
• Insurance: −$38
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $781

Break-even live

Break-even rent $1,263

Max offer price $90,000

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: $22,500
• Closing costs: $2,700
• 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	13d	1	0.15mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: electricpool

Listing history 14 events

1. 2026-06-18
   days on market $90,000 Active 209 DOM
2. 2026-06-17
   days on market $90,000 Active 208 DOM
3. 2026-06-16
   days on market $90,000 Active 207 DOM
4. 2026-06-15
   days on market $90,000 Active 206 DOM
5. 2026-06-14
   days on market $90,000 Active 204 DOM
6. 2026-06-13
   days on market $90,000 Active 203 DOM
7. 2026-06-10
   days on market $90,000 Active 201 DOM
8. 2026-06-09
   days on market $90,000 Active 200 DOM
9. 2026-06-08
   days on market $90,000 Active 199 DOM
10. 2026-06-07
    days on market $90,000 Active 198 DOM
11. 2026-06-03
    pricedays on market $90,000 Active 193 DOM
12. 2026-03-10
    price $120,000 722-char remark

    Show marketing remark (722 chars)

    Price adjustment, Seller is willing to pay closing costs and DMV fees with acceptable offer. Step into this charming 3-bedroom, 2-bath home featuring a spacious open floor plan perfect for everyday living and entertaining. The large living room flows seamlessly into a roomy kitchen with ample counter space and storage—ideal for home chefs and family gatherings. The primary suite offers a relaxing retreat with a generous walk-in shower in the en-suite bath. Outside, a versatile shed with electric ready to install adds extra value and potential. Plus a beautiful community pool, plenty of community entertainment, and low lot rent. Whether you're starting fresh or settling in, this home is ready to welcome you.

13. 2026-01-07
    price $128,000 722-char remark

    Show marketing remark (722 chars)

    Price adjustment, Seller is willing to pay closing costs and DMV fees with acceptable offer. Step into this charming 3-bedroom, 2-bath home featuring a spacious open floor plan perfect for everyday living and entertaining. The large living room flows seamlessly into a roomy kitchen with ample counter space and storage—ideal for home chefs and family gatherings. The primary suite offers a relaxing retreat with a generous walk-in shower in the en-suite bath. Outside, a versatile shed with electric ready to install adds extra value and potential. Plus a beautiful community pool, plenty of community entertainment, and low lot rent. Whether you're starting fresh or settling in, this home is ready to welcome you.

14. 2025-11-18
    listed $130,000 Active 722-char remark

    Show marketing remark (722 chars)

    Price adjustment, Seller is willing to pay closing costs and DMV fees with acceptable offer. Step into this charming 3-bedroom, 2-bath home featuring a spacious open floor plan perfect for everyday living and entertaining. The large living room flows seamlessly into a roomy kitchen with ample counter space and storage—ideal for home chefs and family gatherings. The primary suite offers a relaxing retreat with a generous walk-in shower in the en-suite bath. Outside, a versatile shed with electric ready to install adds extra value and potential. Plus a beautiful community pool, plenty of community entertainment, and low lot rent. Whether you're starting fresh or settling in, this home is ready to welcome you.

ⓘ 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: $310 · $26/mo
• Projected year-2 tax: $416 · $35/mo
• Expected delta: +$106/yr (+$9/mo · 34.2%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°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: $27,014
• − Mortgage interest: −$5,041
• − Property taxes: −$310
• − Insurance: −$5,975
• − Repairs & maintenance: −$2,161
• − Management: −$2,161
• − HOA: −$24
• − Depreciation: −$2,618
• Taxable income: $8,724
• Est. tax owed @ 24.0%: −$2,094
• After-tax cash flow: $7,275/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

-7.7% since first listed

3 events — show timeline

• 2026-03-10 Price Changed $120,000 BRIGHT MLS
• 2026-01-07 Price Changed $128,000 BRIGHT MLS
• 2025-11-18 Listed $130,000 BRIGHT MLS

Property tax history

-0.6%/yr

Latest (2025): $310 · -17.9% YoY. Source: county tax records.