35254 Breakers St Unit E-744 · Long Neck, DE 19966

$99,000

3 bd · 2.0 ba · 980 sqft · SingleFamily · 12 Days on market

Built 1988 Good condition Est $87k · 14% over

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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
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover your dream getaway in this beautifully renovated 800 sq ft beach house nestled on a serene wooded lot in the highly sought-after Pot-Nets Bayside community. With 3 spacious bedrooms and 2 full bathrooms, this home is perfect for creating unforgettable summer memories. Enjoy a kitchen equipped with the latest appliances, a living room for gatherings, and a delightful screened-in porch that invites the outdoors in. The expansive corner lot features a concrete patio and a handy shed for all your recreational gear, ensuring you have everything you need for fun-filled days. Embrace the vibrant lifestyle with access to private beaches, pools, tennis courts, and the famous Paradise Grill

Key facts

• Screened in porch
• Handy shed
• Tennis courts

Tags

• RENOVATED BEACH HOUSE
• SCREENED IN PORCH
• CONCRETE PATIO
• HANDY SHED
• PRIVATE BEACHES
• TENNIS COURTS

Property features AI

Finance

• Other: Lease not considered; No agricultural tax; Pets allowed (cats and dogs OK)
• Financial info: Ground rent exists with monthly land lease of $988.69 (annually paid frequency noted elsewhere); approximately 7 years of ground rent/land lease remaining; Annual ground rent noted in income/expense listing
• HOA & community: Community in-ground pool

Exterior

• Parking: Driveway parking (crushed stone); Four driveway/total parking spaces
• Utilities: Public water; Public sewer; Electric hot water; Central A/C powered by electricity
• Home design: Manufactured home; Land lease ownership (ground rent applies); Property condition described as average; Building not winterized
• Construction: Vinyl siding; Pillar/post/pier foundation; Year built source: Assessor
• Exterior features: Porch(es) with screened porch; Shed; Trees/wooded lot features; Corner lot/unit; Private road with blacktop surface

Interior

• Kitchen: Microwave; Self-cleaning oven; Refrigerator; Exhaust fan
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% efficient forced-air heating; Propane (leased) heating fuel; Central air conditioning (electric)
• Interior features: Combination kitchen and dining area; Entry-level bedroom; Primary bedroom with en-suite bathroom; Not furnished
• Laundry & utility: Washer and electric dryer located on the main floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Cap rate 19.1% 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; 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 $684 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $99,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.23% ✓
• Cap rate: 19.11%
• Cash-on-cash: 45.77%
• DSCR: 3.04
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $87,220
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34448 Fleet St Unit E-768	0.15mi	3/2.0	980 (0%)	8mo	$124,500	$127	86
34665 Scarp St	0.23mi	3/1.5	980 (0%)	6mo	$41,500	$42	82
34511 Easy St #39315	0.07mi	2/2.0 (-1)	980 (0%)	20mo	$85,000	$87	75
26649 Starboard Rd	0.19mi	3/1.0	960 (-2%)	15mo	$78,000	$81	71
34957 Starboard Ct	0.46mi	3/2.0	980 (0%)	10mo	$54,000	$55	70
34830 Shroud St #47862	0.28mi	3/2.0	1,064 (+9%)	12mo	$105,000	$99	63
34991 Starboard Ct #51975	0.45mi	3/2.0	1,056 (+8%)	8mo	$121,200	$115	59
34952 Breakers St	0.56mi	3/2.0	1,036 (+6%)	11mo	$160,000	$154	55
26204 Skip Jack Ln #49539	0.55mi	2/2.0 (-1)	924 (-6%)	10mo	$67,000	$73	52
34144 Indian Cabin Creek Rd #259	0.67mi	3/2.0	1,068 (+9%)	4mo	$95,000	$89	51
35146 Seahawk Ln #44432	0.74mi	2/2.0 (-1)	980 (0%)	17mo	$72,000	$73	46
35296 5th St #46027	0.73mi	4/2.0 (+1)	1,066 (+9%)	4mo	$115,000	$108	43

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: 43.0%
• Equity multiple: 2.85×
• Total profit: $51,324
• Equity at exit: $14,761

10-year hold

• IRR: 49.0%
• Equity multiple: 5.74×
• Total profit: $131,528
• Equity at exit: $8,560

Cash invested: $27,720 (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: 3.7×

Monthly cashflow live

• Estimated rent: $2,204 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $1,057

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,126	-5% $1,091	+0% $1,057	+5% $1,023	+10% $989
Rent	-10% $883	-5% $970	+0% $1,057	+5% $1,144	+10% $1,231
Rate	-1.0pp $1,107	-0.5pp $1,082	base $1,057	+0.5pp $1,032	+1.0pp $1,005

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $99,000 Active 12 DOM
2. 2026-06-17
   days on market $99,000 Active 11 DOM
3. 2026-06-16
   days on market $99,000 Active 10 DOM
4. 2026-06-15
   days on market $99,000 Active 9 DOM
5. 2026-06-14
   days on market $99,000 Active 7 DOM
6. 2026-06-13
   days on market $99,000 Active 6 DOM
7. 2026-06-10
   days on market $99,000 Active 4 DOM
8. 2026-06-09
   days on market $99,000 Active 3 DOM
9. 2026-06-08
   days on market $99,000 Active 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $99,000 Active 1 DOM

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 44% 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: $26,451
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$2,116
• − Management: −$2,116
• − Depreciation: −$2,880
• Taxable income: $11,813
• Est. tax owed @ 24.0%: −$2,835
• After-tax cash flow: $9,851/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 beautifully renovated 800 sq ft beach house is move-in ready with a good condition score and minimal maintenance required.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

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

ⓘ 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

1 event — show timeline

• 2026-06-06 Listed $99,000 BRIGHT MLS