34479 Broadwater Rd #644 · Long Neck, DE 19966

$225,000

4 bd · 3.0 ba · 2,483 sqft · SingleFamily · 72 Days on market

Built 1972 Good condition $91/sqft · 26% below area Est $306k · 26% under ↓ 15% since listing

---

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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.9/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Peace, comfort, and coastal living come together in this beautifully maintained four-bedroom, three-bathroom home with a bonus room, located in the sought-after waterfront community of Pot-Nets Bayside. Offering just under 2,500 square feet of living space, this home provides exceptional flexibility for family, guests, a home office, hobby space, or additional sleeping quarters. Multiple living areas include a welcoming living room, a bright Florida room, and a relaxing sunroom, giving everyone space to gather or unwind. Outdoor living shines with three decks and a screened-in porch, perfect for enjoying coastal breezes or hosting summer get-togethers, while the irrigation system helps keep the landscaping lush and green. This home has been lovingly cared for with major updates already completed, including a roof less than two years old, new siding installed two years ago, and a brand-new water heater this year, offering peace of mind for the next owner. Some furniture and a golf car may be included with an acceptable offer, making it even easier to start enjoying the coastal lifestyle right away. Residents of Bayside enjoy private beaches along the Indian River Bay, marinas, pools, tennis and pickleball courts, walking trails, playgrounds, and easy access to Paradise Grill. Whether you're relaxing on the deck after a day on the water or cruising the neighborhood by golf car to meet friends at the beach or restaurant, this home makes it easy to enjoy the laid-back coastal lifestyle Pot-Nets is known for.

Key facts

• Screened in porch
• Florida room
• Sunroom

Tags

• MULTIPLE LIVING AREAS
• FLORIDA ROOM
• SUNROOM
• THREE DECKS
• SCREENED IN PORCH
• IRRIGATION SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.1% 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); Sussex Central High School (math 23% / reading 42%, grade F, #24 of 40 statewide, top 59%, 2,039 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: 999 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 41% 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 $2k of loan paydown is wiped out by about $7k 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 72 days — a 6% lower offer ($212k) 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 $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.19% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.53%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (median comp): $305,761
• List price: $225,000
• Delta: -26.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26964 Marsh Rd #986	0.37mi	4/3.0	2,640 (+6%)	0mo	$439,920	$167	72
34687 Stem St Unit E-151	0.30mi	3/2.0 (-1)	2,280 (-8%)	3mo	$410,237	$180	61
27057 Island Drive Ln #27057	0.41mi	4/2.5	2,206 (-11%)	8mo	$350,000	$159	54
34813 Rowlock Pl Unit E-65	0.36mi	3/2.0 (-1)	2,268 (-9%)	8mo	$299,900	$132	53
28121 Sloop Ave #50807	0.28mi	3/3.0 (-1)	2,300 (-7%)	23mo	$280,000	$122	50
34160 Huckleberry Ln #15813	0.41mi	3/2.0 (-1)	2,300 (-7%)	12mo	$150,000	$65	49
34724 W Harbor Dr #5678	0.41mi	4/2.0	2,200 (-11%)	12mo	$219,000	$100	48
34827 Rowlock Pl Lot E-67	0.36mi	4/2.0	2,264 (-9%)	21mo	$280,000	$124	47
26557 Cattail Ln Unit E-877	0.49mi	4/3.0	2,147 (-14%)	23mo	$190,000	$88	36

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: -13.3%
• Equity multiple: 0.52×
• Total profit: $-30,248
• Equity at exit: $33,548

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-17,445
• Equity at exit: $19,454

Cash invested: $63,000 (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: 7 active · 5 under contract
• Months of supply: 3.8 mo (26%/mo absorbed)
• Median asking: $239,000 ($126/sqft)
• Median days on market: 138 d
• This list price: 29% of active listings are priced below it
• ARV vs active asking: -1.9% 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: 999
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,668 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $92

Break-even live

Break-even rent $2,551

Max offer price $225,000

Occupancy floor 92%

Sensitivity live

Price	-10% $248	-5% $170	+0% $92	+5% $15	+10% $-63
Rent	-10% $-118	-5% $-13	+0% $92	+5% $198	+10% $303
Rate	-1.0pp $206	-0.5pp $150	base $92	+0.5pp $34	+1.0pp $-25

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: $56,250
• Closing costs: $6,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	93d	1	1.18mi

Listing history 6 events

1. 2026-06-02
   days on market $225,000 Active 72 DOM
2. 2026-06-01
   days on market $225,000 Active 71 DOM
3. 2026-05-31
   statusdays on market $225,000 Active 70 DOM
4. 2026-05-19
   historical Active Under Contract 1529-char remark

   Show marketing remark (1529 chars)

   Peace, comfort, and coastal living come together in this beautifully maintained four-bedroom, three-bathroom home with a bonus room, located in the sought-after waterfront community of Pot-Nets Bayside. Offering just under 2,500 square feet of living space, this home provides exceptional flexibility for family, guests, a home office, hobby space, or additional sleeping quarters. Multiple living areas include a welcoming living room, a bright Florida room, and a relaxing sunroom, giving everyone space to gather or unwind. Outdoor living shines with three decks and a screened-in porch, perfect for enjoying coastal breezes or hosting summer get-togethers, while the irrigation system helps keep the landscaping lush and green. This home has been lovingly cared for with major updates already completed, including a roof less than two years old, new siding installed two years ago, and a brand-new water heater this year, offering peace of mind for the next owner. Some furniture and a golf car may be included with an acceptable offer, making it even easier to start enjoying the coastal lifestyle right away. Residents of Bayside enjoy private beaches along the Indian River Bay, marinas, pools, tennis and pickleball courts, walking trails, playgrounds, and easy access to Paradise Grill. Whether you're relaxing on the deck after a day on the water or cruising the neighborhood by golf car to meet friends at the beach or restaurant, this home makes it easy to enjoy the laid-back coastal lifestyle Pot-Nets is known for.

5. 2026-05-02
   price $225,000 1529-char remark

   Show marketing remark (1529 chars)

   Peace, comfort, and coastal living come together in this beautifully maintained four-bedroom, three-bathroom home with a bonus room, located in the sought-after waterfront community of Pot-Nets Bayside. Offering just under 2,500 square feet of living space, this home provides exceptional flexibility for family, guests, a home office, hobby space, or additional sleeping quarters. Multiple living areas include a welcoming living room, a bright Florida room, and a relaxing sunroom, giving everyone space to gather or unwind. Outdoor living shines with three decks and a screened-in porch, perfect for enjoying coastal breezes or hosting summer get-togethers, while the irrigation system helps keep the landscaping lush and green. This home has been lovingly cared for with major updates already completed, including a roof less than two years old, new siding installed two years ago, and a brand-new water heater this year, offering peace of mind for the next owner. Some furniture and a golf car may be included with an acceptable offer, making it even easier to start enjoying the coastal lifestyle right away. Residents of Bayside enjoy private beaches along the Indian River Bay, marinas, pools, tennis and pickleball courts, walking trails, playgrounds, and easy access to Paradise Grill. Whether you're relaxing on the deck after a day on the water or cruising the neighborhood by golf car to meet friends at the beach or restaurant, this home makes it easy to enjoy the laid-back coastal lifestyle Pot-Nets is known for.

6. 2026-03-11
   listed $265,000 Active 1529-char remark

   Show marketing remark (1529 chars)

   Peace, comfort, and coastal living come together in this beautifully maintained four-bedroom, three-bathroom home with a bonus room, located in the sought-after waterfront community of Pot-Nets Bayside. Offering just under 2,500 square feet of living space, this home provides exceptional flexibility for family, guests, a home office, hobby space, or additional sleeping quarters. Multiple living areas include a welcoming living room, a bright Florida room, and a relaxing sunroom, giving everyone space to gather or unwind. Outdoor living shines with three decks and a screened-in porch, perfect for enjoying coastal breezes or hosting summer get-togethers, while the irrigation system helps keep the landscaping lush and green. This home has been lovingly cared for with major updates already completed, including a roof less than two years old, new siding installed two years ago, and a brand-new water heater this year, offering peace of mind for the next owner. Some furniture and a golf car may be included with an acceptable offer, making it even easier to start enjoying the coastal lifestyle right away. Residents of Bayside enjoy private beaches along the Indian River Bay, marinas, pools, tennis and pickleball courts, walking trails, playgrounds, and easy access to Paradise Grill. Whether you're relaxing on the deck after a day on the water or cruising the neighborhood by golf car to meet friends at the beach or restaurant, this home makes it easy to enjoy the laid-back coastal lifestyle Pot-Nets is known for.

ⓘ 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: $32,017
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$6,650
• − Repairs & maintenance: −$2,561
• − Management: −$2,561
• − Depreciation: −$6,545
• Taxable loss: −$2,280
• Est. tax savings @ 24.0%: +$547
• After-tax cash flow: $1,657/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 · 1 photo

Good 75/100 Cosmetic rehab Est. rehab $12,415–$37,245 screening

This well-maintained single-family home in a sought-after waterfront community offers a good investment opportunity with minimal needed repairs and updates.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Upgrade irrigation system — Improves landscaping and water efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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 31/100

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 Sussex Central High School F DE #24/40 Nat'l #10,333/17,239

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

---

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

-15.1% since first listed

3 events — show timeline

• 2026-05-19 Contingent — BRIGHT MLS
• 2026-05-02 Price Changed $225,000 BRIGHT MLS
• 2026-03-11 Listed $265,000 BRIGHT MLS