34481 Broadwater Rd #643 · Long Neck, DE 19966

$49,900

3 bd · 1.5 ba · 1,925 sqft · Manufactured · 226 Days on market

Built 1967 Fair condition $26/sqft · 47% below area Est $95k · 47% under ↓ 17% 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Contractor’s Special in Pot-Nets Bayside – Make It Your Beach Getaway! Bring your vision and tools to this 3-bedroom, 1.5-bath home located in the sought-after Pot-Nets Bayside community. With some TLC, this could be your perfect beach retreat just in time for summer! The home offers a spacious layout, attached shed for storage, and a kitchen ready for your updates (current appliances are non-working). Enjoy the relaxed coastal lifestyle and all that Pot-Nets Bayside has to offer – from private beaches and marinas to pools, tennis courts, and community events. NEW HVAC installed in 2025! Don’t miss this opportunity to invest in your own piece of beach life at a great price — buy now and have your beach house by summer!

Key facts

• Tennis courts
• Marinas
• Attached shed

Tags

• ATTACHED SHED
• PRIVATE BEACHES
• MARINAS
• POOLS
• TENNIS COURTS
• COMMUNITY EVENTS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $50k. Condition is rated fair.

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 $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 44.2% 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).
• This rent runs 37% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($44k) 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 $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 4.87% ✓
• Cap rate: 44.17%
• Cash-on-cash: 135.29%
• DSCR: 7.02
• GRM: 1.7

CMA / ARV

• ARV (median comp): $95,000
• List price: $49,900
• Delta: -47.47%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34430 Quail Ln	0.25mi	3/2.0	1,894 (-2%)	2mo	$95,000	$50	82
34430 Quail Ln #5436	0.25mi	3/2.0	1,894 (-2%)	22mo	$92,500	$49	66
34543 Broadwater Rd #5196	0.12mi	4/2.0 (+1)	2,100 (+9%)	9mo	$165,000	$79	65

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: 96.8%
• Equity multiple: 5.53×
• Total profit: $63,235
• Equity at exit: $7,440

10-year hold

• IRR: 99.5%
• Equity multiple: 11.58×
• Total profit: $147,788
• Equity at exit: $4,314

Cash invested: $13,972 (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: 1.7×

Monthly cashflow live

• Estimated rent: $2,430 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $1,115

Break-even live

Break-even rent $1,019

Max offer price $49,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,149	-5% $1,132	+0% $1,115	+5% $1,098	+10% $1,080
Rent	-10% $923	-5% $1,019	+0% $1,115	+5% $1,211	+10% $1,307
Rate	-1.0pp $1,140	-0.5pp $1,127	base $1,115	+0.5pp $1,102	+1.0pp $1,089

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	14d	1	1.13mi
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	44d	1	1.18mi

Listing history 16 events

1. 2026-06-18
   days on market $49,900 Active 226 DOM
2. 2026-06-17
   days on market $49,900 Active 225 DOM
3. 2026-06-16
   days on market $49,900 Active 224 DOM
4. 2026-06-15
   days on market $49,900 Active 223 DOM
5. 2026-06-14
   days on market $49,900 Active 221 DOM
6. 2026-06-13
   days on market $49,900 Active 220 DOM
7. 2026-06-10
   days on market $49,900 Active 218 DOM
8. 2026-06-09
   days on market $49,900 Active 217 DOM
9. 2026-06-08
   days on market $49,900 Active 216 DOM
10. 2026-06-07
    pricedays on market $49,900 Active 215 DOM
11. 2026-06-02
    days on market $62,000 Active 210 DOM
12. 2026-06-01
    days on market $62,000 Active 209 DOM
13. 2026-05-31
    days on market $62,000 Active 208 DOM
14. 2026-05-30
    days on market $62,000 Active 207 DOM
15. 2026-04-08
    price $62,000 758-char remark

    Show marketing remark (758 chars)

    Contractor’s Special in Pot-Nets Bayside – Make It Your Beach Getaway! Bring your vision and tools to this 3-bedroom, 1.5-bath home located in the sought-after Pot-Nets Bayside community. With some TLC, this could be your perfect beach retreat just in time for summer! The home offers a spacious layout, attached shed for storage, and a kitchen ready for your updates (current appliances are non-working). Enjoy the relaxed coastal lifestyle and all that Pot-Nets Bayside has to offer – from private beaches and marinas to pools, tennis courts, and community events. NEW HVAC installed in 2025! Don’t miss this opportunity to invest in your own piece of beach life at a great price — buy now and have your beach house by summer!

16. 2025-11-04
    listed $75,000 Active 758-char remark

    Show marketing remark (758 chars)

    Contractor’s Special in Pot-Nets Bayside – Make It Your Beach Getaway! Bring your vision and tools to this 3-bedroom, 1.5-bath home located in the sought-after Pot-Nets Bayside community. With some TLC, this could be your perfect beach retreat just in time for summer! The home offers a spacious layout, attached shed for storage, and a kitchen ready for your updates (current appliances are non-working). Enjoy the relaxed coastal lifestyle and all that Pot-Nets Bayside has to offer – from private beaches and marinas to pools, tennis courts, and community events. NEW HVAC installed in 2025! Don’t miss this opportunity to invest in your own piece of beach life at a great price — buy now and have your beach house by summer!

ⓘ 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: $29,165
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$5,774
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − Depreciation: −$1,452
• Taxable income: $13,729
• Est. tax owed @ 24.0%: −$3,295
• After-tax cash flow: $10,082/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance, with a focus on appliances and exterior siding. Updates to these areas can significantly increase its resale and rental value.

Repairs flagged

• Major Appliances — Non-working
• Moderate Exterior siding — Weathered
• Minor Interior walls/paint — Painted walls

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Resale Replace appliances — Improves functionality
• Both Update flooring — Enhances both resale and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Non-working	Major	$15,000–50,000
Exterior siding · Weathered	Moderate	$3,000–15,000
Interior walls/paint · Painted walls	Minor	$500–3,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Resale Replace appliances — Improves functionality ↑
• Both Update flooring — Enhances both resale and rental appeal ↑

ⓘ 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
• City population: 35,884
• 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

-17.3% since first listed

2 events — show timeline

• 2026-04-08 Price Changed $62,000 BRIGHT MLS
• 2025-11-04 Listed $75,000 BRIGHT MLS