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

$59,900

2 bd · 2.0 ba · 691 sqft · Manufactured · 180 Days on market

Manufactured home Built 1992 Fair condition $87/sqft · 33% below area Est $89k · 33% under

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -6.3

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.

Key facts

• Pickleball courts
• Swimming pools
• Playgrounds

Tags

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

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 4.4% 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: 1311 active listings in the ZIP; 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($53k) 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 $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.20% ✓
• Cap rate: 18.89%
• Cash-on-cash: 45.00%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (median comp): $89,000
• List price: $59,900
• Delta: -32.70%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34640 Gooseneck St	0.47mi	2/2.0	780 (+13%)	3mo	$30,000	$38	54
32502 Sea Oak Ln	1.21mi	2/1.0	736 (+6%)	2mo	$190,000	$258	49
25780 Blue Ridge St #4198	0.79mi	3/1.0 (+1)	740 (+7%)	6mo	$58,850	$80	40
34984 Sea Waye Ln	0.71mi	2/1.0	840 (+22%)	3mo	$49,000	$58	35
35401 Mallard Rd	1.25mi	2/1.0	576 (-17%)	2mo	$64,000	$111	34
34073 Nimrod St	1.08mi	3/1.0 (+1)	700 (+1%)	32mo	$99,000	$141	34
35469 Joann Dr	1.21mi	2/1.0	840 (+22%)	7mo	$30,500	$36	30
35401 Mallard Rd	1.25mi	2/1.0	576 (-17%)	7mo	$52,000	$90	30
26933 White House Rd #15202	1.29mi	2/1.0	809 (+17%)	14mo	$45,000	$56	25
25473 Scotty St	1.12mi	3/1.0 (+1)	530 (-23%)	13mo	$89,000	$168	20
27390 Grove Circle Rd #5695	1.37mi	2/1.5	801 (+16%)	36mo	$150,000	$187	18
35474 E Harbor Dr #5756	1.27mi	2/1.0	814 (+18%)	29mo	$90,000	$111	16

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: 2.1%
• Equity multiple: 1.08×
• Total profit: $1,328
• Equity at exit: $8,931

10-year hold

• IRR: 12.0%
• Equity multiple: 1.97×
• Total profit: $16,205
• Equity at exit: $5,179

Cash invested: $16,772 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 1 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $109,900 ($129/sqft)
• Median days on market: 76 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +0.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 1311
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,320 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $168

Break-even live

Break-even rent $1,107

Max offer price $59,900

Occupancy floor 82%

Sensitivity live

Price	-10% $210	-5% $189	+0% $168	+5% $148	+10% $127
Rent	-10% $64	-5% $116	+0% $168	+5% $221	+10% $273
Rate	-1.0pp $199	-0.5pp $184	base $168	+0.5pp $153	+1.0pp $137

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: $14,975
• Closing costs: $1,797
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Ownership is land leaseNot in a federal flood zone
• Financial info: Land lease: $889.85 per monthApproximately 10 years of land lease remainingGround rent paid annually

Exterior

• Parking: Driveway parking (crushed stone)Three driveway/parking spaces (total 3)
• Utilities: Public waterPublic sewerMunicipal trash not provided
• Home design: Manufactured homeVinyl siding
• Construction: Model: 02HP13419Make: HOPK
• Exterior features: Community poolGround 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 heatingPropane (leased) heating fuelElectric hot water
• Interior features: Estimated living areaNo basementMain-level accessibility ramp

Listing history 50 events

1. 2026-11-08
   days on market $59,900 Active 180 DOM
2. 2026-11-07
   days on market $59,900 Active 179 DOM
3. 2026-11-06
   days on market $59,900 Active 178 DOM
4. 2026-11-05
   days on market $59,900 Active 177 DOM
5. 2026-11-04
   days on market $59,900 Active 176 DOM
6. 2026-11-02
   days on market $59,900 Active 174 DOM
7. 2026-11-01
   days on market $59,900 Active 173 DOM
8. 2026-10-31
   days on market $59,900 Active 172 DOM
9. 2026-10-30
   days on market $59,900 Active 171 DOM
10. 2026-10-29
    days on market $59,900 Active 170 DOM
11. 2026-10-28
    days on market $59,900 Active 169 DOM
12. 2026-10-27
    days on market $59,900 Active 168 DOM
13. 2026-10-26
    days on market $59,900 Active 167 DOM
14. 2026-10-25
    days on market $59,900 Active 166 DOM
15. 2026-10-24
    days on market $59,900 Active 165 DOM
16. 2026-10-23
    days on market $59,900 Active 164 DOM
17. 2026-10-23
    price $59,900 Active 163 DOM
18. 2026-10-22
    days on market $68,800 Active 163 DOM
19. 2026-10-21
    days on market $68,800 Active 162 DOM
20. 2026-10-20
    days on market $68,800 Active 161 DOM
21. 2026-10-19
    days on market $68,800 Active 160 DOM
22. 2026-10-18
    days on market $68,800 Active 159 DOM
23. 2026-10-17
    days on market $68,800 Active 158 DOM
24. 2026-10-16
    days on market $68,800 Active 157 DOM
25. 2026-10-15
    days on market $68,800 Active 156 DOM
26. 2026-10-14
    days on market $68,800 Active 155 DOM
27. 2026-10-13
    days on market $68,800 Active 154 DOM
28. 2026-10-12
    days on market $68,800 Active 153 DOM
29. 2026-10-11
    days on market $68,800 Active 152 DOM
30. 2026-10-10
    days on market $68,800 Active 151 DOM
31. 2026-10-09
    days on market $68,800 Active 150 DOM
32. 2026-10-08
    days on market $68,800 Active 149 DOM
33. 2026-10-07
    days on market $68,800 Active 148 DOM
34. 2026-10-06
    days on market $68,800 Active 147 DOM
35. 2026-10-05
    days on market $68,800 Active 146 DOM
36. 2026-10-04
    days on market $68,800 Active 145 DOM
37. 2026-10-04
    days on market $68,800 Active 144 DOM
38. 2026-10-02
    days on market $68,800 Active 143 DOM
39. 2026-10-01
    days on market $68,800 Active 142 DOM
40. 2026-09-30
    days on market $68,800 Active 141 DOM
41. 2026-09-29
    days on market $68,800 Active 140 DOM
42. 2026-09-28
    days on market $68,800 Active 139 DOM
43. 2026-09-27
    days on market $68,800 Active 138 DOM
44. 2026-09-26
    days on market $68,800 Active 137 DOM
45. 2026-09-25
    days on market $68,800 Active 136 DOM
46. 2026-09-24
    days on market $68,800 Active 135 DOM
47. 2026-09-24
    days on market $68,800 Active 134 DOM
48. 2026-09-22
    pricedays on market $68,800 Active 133 DOM
49. 2026-09-21
    days on market $76,200 Active 132 DOM
50. 2026-09-20
    days on market $76,200 Active 131 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 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: $15,841
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$5,824
• − Repairs & maintenance: −$1,267
• − Management: −$1,267
• − Depreciation: −$1,743
• Taxable income: $1,486
• Est. tax owed @ 24.0%: −$357
• After-tax cash flow: $1,665/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 Est. rehab $17,275–$31,095 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 34/100

Zoned Schools

Elementary Long Neck Elementary School F DE #57/105 Nat'l #28,012/41,679 Middle Millsboro Middle School F DE #14/36 Nat'l #8,059/14,009 High Indian River High School F DE #10/40 Nat'l #7,572/17,239

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

C Composite livability gradescore 69/100

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 · 248,853 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: 5% of renters

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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%

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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%
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

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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

Property features AI

Finance

• Other: Ownership is land leaseNot in a federal flood zone
• Financial info: Land lease: $889.85 per monthApproximately 10 years of land lease remainingGround rent paid annually

Exterior

• Parking: Driveway parking (crushed stone)Three driveway/parking spaces (total 3)
• Utilities: Public waterPublic sewerMunicipal trash not provided
• Home design: Manufactured homeVinyl siding
• Construction: Model: 02HP13419Make: HOPK
• Exterior features: Community poolGround 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 heatingPropane (leased) heating fuelElectric hot water
• Interior features: Estimated living areaNo basementMain-level accessibility ramp

Price history

1 event — show timeline

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