36809 Teal Rd #52275 · Long Neck, DE 19966

$154,500

3 bd · 2.0 ba · 1,252 sqft · SingleFamily · 393 Days on market

Built 2005 Good condition $123/sqft · at area comps Est $156k · at est. ↓ 26% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +8.0/15.0
• 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 MLS

Price Improvement – Be in Before Summer! Welcome to your perfect summer-ready coastal retreat in the highly sought-after Pot-Nets Dockside community in Millsboro! With sparkling water views and water access just steps from your front door, this 3-bedroom, 2-bath home is your ticket to laid-back beach living all season long. Imagine mornings on the water, afternoons at the pool, and evenings cruising or dining nearby at Massey’s Landing—located less than a mile away. This move-in ready home has already taken care of the big-ticket items, so you can focus on enjoying summer from day one: ✔️ New roof ✔️ New HVAC system ✔️ New hot water heater ✔️ Fresh interior paint (2021) ✔️ New flooring in the primary bedroom & laundry room Inside, you’ll find a bright, open-concept layout designed for easy living and effortless entertaining. The spacious primary suite offers a peaceful retreat after a day on the water, while two additional bedrooms provide plenty of space for guests, family, or even a home office. Step outside and soak in the coastal breeze and serene water views or take full advantage of Pot-Nets’ resort-style amenities—multiple marinas, swimming pools, private beaches, scenic walking trails, and 24/7 security for added peace of mind. Whether you're boating, crabbing, kayaking, or simply unwinding, every day feels like a vacation here. Whether you're looking for a summer getaway, full-time residence, or investment property, this home offers incredible value in one of Delaware’s most vibrant waterfront communities. Start living the dockside lifestyle this summer—schedule your private showing today before it’s gone!

Key facts

• Water views
• Primary suite
• Open layout

Tags

• WATER VIEWS
• WATER ACCESS
• OPEN LAYOUT
• PRIMARY SUITE
• POTNETS COMMUNITY AMENITIES
• MARINAS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $154k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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; 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 $5k 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 393 days — a 12% lower offer ($136k) 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 $135,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.45% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (median comp): $156,377
• List price: $154,500
• Delta: -1.20%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36806 Teal Rd #50	0.00mi	3/2.0	1,344 (+7%)	4mo	$101,500	$76	84
26586 Barn Ln #9	0.23mi	3/2.0	1,310 (+5%)	1mo	$184,350	$141	81
36904 Nob Hill North	0.14mi	4/2.0 (+1)	1,321 (+6%)	3mo	$59,000	$45	77
36768 Ruddy Duck Ln #92	0.15mi	3/2.0	1,344 (+7%)	5mo	$77,000	$57	76
26574 Driftwood Dr #36369	0.21mi	2/2.0 (-1)	1,200 (-4%)	6mo	$82,500	$69	73
26516 Lucky Ln	0.36mi	3/2.0	1,316 (+5%)	3mo	$199,900	$152	72
26633 Hawks Nest #6	0.43mi	3/2.0	1,344 (+7%)	6mo	$174,000	$129	63
26626 Landing Rd #23	0.36mi	3/2.0	1,380 (+10%)	6mo	$229,000	$166	61
37103 Sandpiper Rd #7	0.60mi	4/2.0 (+1)	1,224 (-2%)	4mo	$175,000	$143	60
26542 Topaz Rd #4721	0.51mi	3/2.0	1,354 (+8%)	8mo	$150,350	$111	56
37115 Sandpiper Rd #3	0.61mi	3/2.0	1,152 (-8%)	9mo	$178,000	$155	51
26769 Curlew Way #12	0.56mi	2/2.0 (-1)	1,387 (+11%)	3mo	$234,048	$169	48

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: -5.5%
• Equity multiple: 0.79×
• Total profit: $-8,945
• Equity at exit: $23,036

10-year hold

• IRR: 4.3%
• Equity multiple: 1.32×
• Total profit: $13,809
• Equity at exit: $13,358

Cash invested: $43,260 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,248 medium
• Mortgage (P&I): −$810
• Tax est. 1.5%: −$193 /mo · $2,318/yr
• Insurance: −$64
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $248

Break-even live

Break-even rent $1,934

Max offer price $154,500

Occupancy floor 84%

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: $38,625
• Closing costs: $4,635
• 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	13d	1	1.18mi

Listing history 18 events

1. 2026-06-18
   days on market $154,500 Active 393 DOM
2. 2026-06-17
   days on market $154,500 Active 392 DOM
3. 2026-06-16
   days on market $154,500 Active 391 DOM
4. 2026-06-15
   days on market $154,500 Active 390 DOM
5. 2026-06-14
   days on market $154,500 Active 388 DOM
6. 2026-06-13
   days on market $154,500 Active 387 DOM
7. 2026-06-10
   days on market $154,500 Active 385 DOM
8. 2026-06-09
   days on market $154,500 Active 384 DOM
9. 2026-06-08
   days on market $154,500 Active 383 DOM
10. 2026-06-07
    days on market $154,500 Active 382 DOM
11. 2026-06-02
    days on market $154,500 Active 377 DOM
12. 2026-06-01
    days on market $154,500 Active 376 DOM
13. 2026-05-31
    days on market $154,500 Active 375 DOM
14. 2026-05-30
    days on market $154,500 Active 374 DOM
15. 2026-04-01
    price $154,500 1702-char remark

    Show marketing remark (1702 chars)

    Price Improvement – Be in Before Summer! Welcome to your perfect summer-ready coastal retreat in the highly sought-after Pot-Nets Dockside community in Millsboro! With sparkling water views and water access just steps from your front door, this 3-bedroom, 2-bath home is your ticket to laid-back beach living all season long. Imagine mornings on the water, afternoons at the pool, and evenings cruising or dining nearby at Massey’s Landing—located less than a mile away. This move-in ready home has already taken care of the big-ticket items, so you can focus on enjoying summer from day one: ✔️ New roof ✔️ New HVAC system ✔️ New hot water heater ✔️ Fresh interior paint (2021) ✔️ New flooring in the primary bedroom & laundry room Inside, you’ll find a bright, open-concept layout designed for easy living and effortless entertaining. The spacious primary suite offers a peaceful retreat after a day on the water, while two additional bedrooms provide plenty of space for guests, family, or even a home office. Step outside and soak in the coastal breeze and serene water views or take full advantage of Pot-Nets’ resort-style amenities—multiple marinas, swimming pools, private beaches, scenic walking trails, and 24/7 security for added peace of mind. Whether you're boating, crabbing, kayaking, or simply unwinding, every day feels like a vacation here. Whether you're looking for a summer getaway, full-time residence, or investment property, this home offers incredible value in one of Delaware’s most vibrant waterfront communities. Start living the dockside lifestyle this summer—schedule your private showing today before it’s gone!

16. 2026-03-10
    price $179,500 1702-char remark

    Show marketing remark (1702 chars)

    Price Improvement – Be in Before Summer! Welcome to your perfect summer-ready coastal retreat in the highly sought-after Pot-Nets Dockside community in Millsboro! With sparkling water views and water access just steps from your front door, this 3-bedroom, 2-bath home is your ticket to laid-back beach living all season long. Imagine mornings on the water, afternoons at the pool, and evenings cruising or dining nearby at Massey’s Landing—located less than a mile away. This move-in ready home has already taken care of the big-ticket items, so you can focus on enjoying summer from day one: ✔️ New roof ✔️ New HVAC system ✔️ New hot water heater ✔️ Fresh interior paint (2021) ✔️ New flooring in the primary bedroom & laundry room Inside, you’ll find a bright, open-concept layout designed for easy living and effortless entertaining. The spacious primary suite offers a peaceful retreat after a day on the water, while two additional bedrooms provide plenty of space for guests, family, or even a home office. Step outside and soak in the coastal breeze and serene water views or take full advantage of Pot-Nets’ resort-style amenities—multiple marinas, swimming pools, private beaches, scenic walking trails, and 24/7 security for added peace of mind. Whether you're boating, crabbing, kayaking, or simply unwinding, every day feels like a vacation here. Whether you're looking for a summer getaway, full-time residence, or investment property, this home offers incredible value in one of Delaware’s most vibrant waterfront communities. Start living the dockside lifestyle this summer—schedule your private showing today before it’s gone!

17. 2025-09-19
    price $199,900 1702-char remark

    Show marketing remark (1702 chars)

    Price Improvement – Be in Before Summer! Welcome to your perfect summer-ready coastal retreat in the highly sought-after Pot-Nets Dockside community in Millsboro! With sparkling water views and water access just steps from your front door, this 3-bedroom, 2-bath home is your ticket to laid-back beach living all season long. Imagine mornings on the water, afternoons at the pool, and evenings cruising or dining nearby at Massey’s Landing—located less than a mile away. This move-in ready home has already taken care of the big-ticket items, so you can focus on enjoying summer from day one: ✔️ New roof ✔️ New HVAC system ✔️ New hot water heater ✔️ Fresh interior paint (2021) ✔️ New flooring in the primary bedroom & laundry room Inside, you’ll find a bright, open-concept layout designed for easy living and effortless entertaining. The spacious primary suite offers a peaceful retreat after a day on the water, while two additional bedrooms provide plenty of space for guests, family, or even a home office. Step outside and soak in the coastal breeze and serene water views or take full advantage of Pot-Nets’ resort-style amenities—multiple marinas, swimming pools, private beaches, scenic walking trails, and 24/7 security for added peace of mind. Whether you're boating, crabbing, kayaking, or simply unwinding, every day feels like a vacation here. Whether you're looking for a summer getaway, full-time residence, or investment property, this home offers incredible value in one of Delaware’s most vibrant waterfront communities. Start living the dockside lifestyle this summer—schedule your private showing today before it’s gone!

18. 2025-05-21
    listed $210,000 Active 1702-char remark

    Show marketing remark (1702 chars)

    Price Improvement – Be in Before Summer! Welcome to your perfect summer-ready coastal retreat in the highly sought-after Pot-Nets Dockside community in Millsboro! With sparkling water views and water access just steps from your front door, this 3-bedroom, 2-bath home is your ticket to laid-back beach living all season long. Imagine mornings on the water, afternoons at the pool, and evenings cruising or dining nearby at Massey’s Landing—located less than a mile away. This move-in ready home has already taken care of the big-ticket items, so you can focus on enjoying summer from day one: ✔️ New roof ✔️ New HVAC system ✔️ New hot water heater ✔️ Fresh interior paint (2021) ✔️ New flooring in the primary bedroom & laundry room Inside, you’ll find a bright, open-concept layout designed for easy living and effortless entertaining. The spacious primary suite offers a peaceful retreat after a day on the water, while two additional bedrooms provide plenty of space for guests, family, or even a home office. Step outside and soak in the coastal breeze and serene water views or take full advantage of Pot-Nets’ resort-style amenities—multiple marinas, swimming pools, private beaches, scenic walking trails, and 24/7 security for added peace of mind. Whether you're boating, crabbing, kayaking, or simply unwinding, every day feels like a vacation here. Whether you're looking for a summer getaway, full-time residence, or investment property, this home offers incredible value in one of Delaware’s most vibrant waterfront communities. Start living the dockside lifestyle this summer—schedule your private showing today before it’s gone!

ⓘ 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 9/10 Extreme 7 d/yr ≥100°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: $26,974
• − Mortgage interest: −$8,654
• − Property taxes: −$2,318
• − Insurance: −$6,298
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$4,495
• Taxable income: $894
• Est. tax owed @ 24.0%: −$215
• After-tax cash flow: $2,757/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

Good 80/100 Cosmetic rehab

This move-in ready home in the Pot-Nets Dockside community offers a good condition with fresh paint and new HVAC system. It needs cosmetic updates to the kitchen and bathrooms to maximize its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Moderate kitchen countertops — dated and worn
• Moderate bathroom vanity — dated and worn

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen
• Resale update bathroom fixtures and vanity — modernizing the bathrooms
• Both paint exterior trim — enhances curb appeal and value
• Both replace kitchen flooring — modernizes the space and improves functionality
• Both replace bathroom flooring — modernizes the space and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
kitchen countertops · dated and worn	Moderate	$3,000–15,000
bathroom vanity · dated and worn	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen ↑
• Resale update bathroom fixtures and vanity — modernizing the bathrooms ↑
• Both paint exterior trim — enhances curb appeal and value ↑
• Both replace kitchen flooring — modernizes the space and improves functionality ↑
• Both replace bathroom flooring — modernizes the space and improves functionality ↑

ⓘ 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

• 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

-26.4% since first listed

4 events — show timeline

• 2026-04-01 Price Changed $154,500 BRIGHT MLS
• 2026-03-10 Price Changed $179,500 BRIGHT MLS
• 2025-09-19 Price Changed $199,900 BRIGHT MLS
• 2025-05-21 Listed $210,000 BRIGHT MLS