34488 Easy St Unit E-810 · Long Neck, DE 19966

$190,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily · 40 Days on market

Built 2007 Good condition Est $197k · at est.

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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 +25.6/30.0
• ARV discount +9.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.7/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the amenity-rich waterfront community of Pot-Nets Bayside, this inviting coastal home offers comfort, space, and the relaxed lifestyle that makes Bayside so desirable. The community is known for its private beaches, marinas, swimming pools, walking trails, playgrounds, tennis and pickleball courts, and the ever-popular Paradise Grill, all just a golf-car ride away. Inside, this home offers just under 1,500 square feet of living space with three bedrooms and two bathrooms. The spacious kitchen provides plenty of room for those who love to cook or entertain, flowing easily into the main living areas. The primary bathroom features a modern updated tub along with a separate walk-in s

Key facts

• Pickleball courts
• Swimming pools
• Waterfront community

Tags

• WATERFRONT COMMUNITY
• PRIVATE BEACHES
• SWIMMING POOLS
• WALKING TRAILS
• TENNIS COURTS
• PICKLEBALL COURTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-11 ($-131/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (0.8% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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); 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; 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 $1k of loan paydown is wiped out by about $6k 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 40 days — a 3% lower offer ($184k) 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 $184,300 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.17% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.14%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $196,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34488 Easy St Unit E-810	0.00mi	3/2.0	1,456 (0%)	1mo	$190,000	$130	100
34495 Easy St	0.03mi	3/2.0	1,432 (-2%)	6mo	$140,000	$98	91
26545 Woodchuck Ln Unit E-862	0.22mi	3/2.0	1,456 (0%)	1mo	$159,000	$109	89
34484 Oak Ln	0.37mi	3/2.0	1,400 (-4%)	1mo	$207,900	$149	76
34598 Deck St Unit E-523	0.16mi	3/2.0	1,608 (+10%)	3mo	$246,993	$154	72
34848 Halyard St Unit E-431	0.35mi	3/2.0	1,366 (-6%)	5mo	$273,176	$200	69
26990 Wood Duck Rd #52697	0.35mi	3/2.0	1,334 (-8%)	1mo	$180,000	$135	68
34366 Beach Plum #468	0.58mi	3/2.0	1,446 (-1%)	7mo	$99,000	$68	66
34482 Basin Cir #655	0.34mi	4/3.0 (+1)	1,484 (+2%)	9mo	$199,000	$134	65
34619 Sloop Loop	0.49mi	3/2.0	1,596 (+10%)	3mo	$239,000	$150	59
34346 River Rd #55756	0.67mi	3/2.0	1,512 (+4%)	6mo	$215,000	$142	58
26322 Portside Ln	0.57mi	3/2.0	1,264 (-13%)	7mo	$170,000	$134	45

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: -16.5%
• Equity multiple: 0.41×
• Total profit: $-31,169
• Equity at exit: $28,330

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-26,753
• Equity at exit: $16,428

Cash invested: $53,200 (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: 870
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,231 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-11

Break-even live

Break-even rent $2,245

Max offer price $188,415

Occupancy floor 95%

Sensitivity live

Price	-10% $120	-5% $55	+0% $-11	+5% $-77	+10% $-142
Rent	-10% $-187	-5% $-99	+0% $-11	+5% $77	+10% $165
Rate	-1.0pp $85	-0.5pp $37	base $-11	+0.5pp $-60	+1.0pp $-110

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: $47,500
• Closing costs: $5,700
• 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	15d	1	1.00mi

Listing history 3 events

1. 2026-04-21
   status Pending
2. 2026-04-15
   historical Active Under Contract
3. 2026-03-06
   listed $190,000 Active

ⓘ 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: $26,772
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$6,475
• − Repairs & maintenance: −$2,142
• − Management: −$2,142
• − Depreciation: −$5,527
• Taxable loss: −$3,006
• Est. tax savings @ 24.0%: +$722
• After-tax cash flow: $590/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 · 13 photos

Good 80/100 Cosmetic rehab

This coastal home in Pot-Nets Bayside is in good condition with a good ROI for both resale and rental due to its location and updates.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and prevents water damage ↑

ⓘ 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

• 2026-04-21 Pending — BRIGHT MLS
• 2026-04-15 Contingent — BRIGHT MLS
• 2026-03-06 Listed $190,000 BRIGHT MLS