26482 Pontoon Rd Unit E-920 · Long Neck, DE 19966

$85,000

2 bd · 2.0 ba · 768 sqft · SingleFamily · 37 Days on market

Built 1992 Fair condition $111/sqft · at area comps Est $89k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.4/15.0
• 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

Welcome to coastal living in the sought-after community of Pot-Nets Bayside, where private beaches along the Indian River Bay, marinas, swimming pools, tennis and pickleball courts, playgrounds, walking trails, ponds, baseball fields, and golf car trails create the lifestyle buyers dream about. Residents also enjoy easy access to the popular Paradise Grill waterfront restaurant and entertainment venue, making Bayside one of the area’s most desirable waterfront communities. This two-bedroom, two-bathroom home offers just under 800 square feet of comfortable living space, making it the perfect coastal getaway, full-time residence, or weekend retreat at the beach. The home could use a li

Key facts

• Pickleball courts
• Swimming pools
• Playgrounds

Tags

• INDIAN RIVER BAY
• MARINAS
• SWIMMING POOLS
• TENNIS COURTS
• PICKLEBALL COURTS
• PLAYGROUNDS

Property features AI

Finance

• Other: Ownership is land lease; Not in a federal flood zone
• Financial info: Land lease: $889.85 per month; Approximately 10 years of land lease remaining; Ground rent paid annually

Exterior

• Parking: Driveway parking (crushed stone); Three driveway/parking spaces (total 3)
• Utilities: Public water; Public sewer; Municipal trash not provided
• Home design: Manufactured home; Vinyl siding
• Construction: Model: 02HP13419; Make: HOPK
• Exterior features: Community pool; Ground rent applies (annual payment)

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning (electric); 90% forced-air heating; Propane (leased) heating fuel; Electric hot water
• Interior features: Estimated living area; No basement; Main-level accessibility ramp

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 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 $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($82k) 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 $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 2.07% ✓
• Cap rate: 17.66%
• Cash-on-cash: 40.58%
• DSCR: 2.81
• GRM: 4.0

CMA / ARV

• ARV (median comp): $88,668
• List price: $85,000
• Delta: -4.14%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.36×
• Total profit: $8,471
• Equity at exit: $12,674

10-year hold

• IRR: 18.4%
• Equity multiple: 2.55×
• Total profit: $36,880
• Equity at exit: $7,349

Cash invested: $23,800 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,762 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $344

Break-even live

Break-even rent $1,326

Max offer price $85,000

Occupancy floor 75%

Sensitivity live

Price	-10% $403	-5% $374	+0% $344	+5% $315	+10% $286
Rent	-10% $205	-5% $275	+0% $344	+5% $414	+10% $484
Rate	-1.0pp $387	-0.5pp $366	base $344	+0.5pp $322	+1.0pp $300

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	14d	1	1.25mi

Listing history 15 events

1. 2026-06-18
   days on market $85,000 Active 37 DOM
2. 2026-06-17
   days on market $85,000 Active 36 DOM
3. 2026-06-16
   days on market $85,000 Active 35 DOM
4. 2026-06-15
   days on market $85,000 Active 34 DOM
5. 2026-06-14
   days on market $85,000 Active 32 DOM
6. 2026-06-13
   days on market $85,000 Active 31 DOM
7. 2026-06-10
   days on market $85,000 Active 29 DOM
8. 2026-06-09
   days on market $85,000 Active 28 DOM
9. 2026-06-08
   days on market $85,000 Active 27 DOM
10. 2026-06-07
    days on market $85,000 Active 26 DOM
11. 2026-06-02
    days on market $85,000 Active 21 DOM
12. 2026-06-01
    days on market $85,000 Active 20 DOM
13. 2026-05-31
    days on market $85,000 Active 19 DOM
14. 2026-05-30
    days on market $85,000 Active 18 DOM
15. 2026-05-12
    listed $85,000 Active 1357-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 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: $21,148
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$5,950
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − Depreciation: −$2,473
• Taxable income: $3,305
• Est. tax owed @ 24.0%: −$793
• After-tax cash flow: $3,340/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 · 24 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathrooms, improve the exterior, and address maintenance issues. Upgrades will significantly increase its value for both resale and rental.

Repairs flagged

• Major kitchen cabinets — old and in poor condition
• Major bathroom cabinets — old and in poor condition
• Major exterior siding — weathered and peeling
• Major landscaping — overgrown and needs trimming

Value-add opportunities

• Both update kitchen and bathrooms — modernizing these areas will increase both resale and rental value
• Both landscaping and exterior paint — improving curb appeal will attract more buyers and renters
• Both HVAC system — upgrading the HVAC system will improve comfort and energy efficiency, increasing both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · old and in poor condition	Major	$15,000–50,000
bathroom cabinets · old and in poor condition	Major	$15,000–50,000
exterior siding · weathered and peeling	Major	$15,000–50,000
landscaping · overgrown and needs trimming	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both update kitchen and bathrooms — modernizing these areas will increase both resale and rental value ↑
• Both landscaping and exterior paint — improving curb appeal will attract more buyers and renters ↑
• Both HVAC system — upgrading the HVAC system will improve comfort and energy efficiency, increasing both resale and rental 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

• 2026-05-12 Listed $85,000 BRIGHT MLS