26598 Pepperidge Cv #3057 · Long Neck, DE 19966

$149,000

3 bd · 2.0 ba · 1,640 sqft · SingleFamily · 22 Days on market

Built 1997 Average condition 7,840 sqft lot Est $194k · 23% 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
• Livability +3.5/5.0
• Schools +2.9/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful cozy home in a desired community of Pot Nets Lakeside. Some furnishings are included . Many improvements including windows and walk in shower . This would be a great second home near the beach or a full time residence in an active community. It is a must see ! There is a very nice lake that centers this community, a clubhouse for many uses, a community pool.

Key facts

• Community pool
• Walk in shower
• Nice lake

Tags

• WALK IN SHOWER
• COMMUNITY POOL
• CLUBHOUSE FOR MANY USES
• NICE LAKE

Property features AI

Finance

• Other: Property listed in a community named Pot Nets Creekside; Pets allowed (cats and dogs permitted)
• Financial info: Land lease of $860 per month (approximately 5 years remaining); Ground rent exists and is paid annually
• HOA & community: Community amenities include beach access, bike trail, community center, gated community, jogging/walking paths, outdoor pool, and swimming pool

Exterior

• Parking: Paved driveway; Two driveway spaces; Two off-street spaces; Total of four garage/parking spaces
• Security: Community offers security
• Utilities: Public water; Public sewer hookups available; Above-ground utilities; Cable TV available; Propane available; Municipal trash not provided
• Home design: Manufactured home (double wide); Single-story (entry level 1); Vinyl siding; Shingle (asphalt) roof; Estimated year built; Not in a federal flood zone; Building not winterized
• Construction: Modular/manufactured construction; Pillar/post/pier foundation with crawl space; Insulated windows with screens
• Exterior features: Deck(s); Outbuilding(s); Above-grade outdoor structure

Interior

• Kitchen: Dishwasher; Garbage disposal; Icemaker; Refrigerator; Microwave; Gas range/oven; Range hood
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Forced-air heating; Heat pump(s); Propane (leased) heating fuel; Central air conditioning; 100 Amp electrical service
• Interior features: Country-style kitchen; Entry-level bedroom; Skylights; Insulated doors
• Laundry & utility: Washer and electric dryer on the main floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $149k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $147k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% 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); 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: 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 40% 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 $4k 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $146,765 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.74% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.45%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $193,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33361 Nannyberry Cv #2601	0.33mi	3/2.0	1,680 (+2%)	2mo	$166,000	$99	79
26656 Castaway Cir #52344	0.25mi	3/2.0	1,680 (+2%)	8mo	$199,000	$118	78
26496 Launch Cv #2947	0.33mi	3/2.0	1,680 (+2%)	5mo	$100,000	$60	76
32935 Mimosa Cv	0.41mi	3/2.0	1,680 (+2%)	4mo	$280,000	$167	74
33284 High Bush #2662	0.14mi	3/2.0	1,488 (-9%)	6mo	$198,897	$134	73
33239 Tidewater Cv #2678	0.07mi	3/2.0	1,400 (-15%)	8mo	$119,000	$85	66
26300 Timbercreek Ln	0.44mi	3/2.0	1,775 (+8%)	2mo	$439,690	$248	64
33318 Lakeshore Cir #2763	0.36mi	3/2.0	1,782 (+9%)	8mo	$205,000	$115	62
26294 Creekwood Cir #2631	0.31mi	3/2.0	1,848 (+13%)	2mo	$208,000	$113	62
32685 Seaview Loop	0.58mi	2/2.0 (-1)	1,734 (+6%)	1mo	$385,000	$222	58
32912-LOT # 3167 Tern Cv	0.44mi	3/2.0	1,855 (+13%)	3mo	$430,779	$232	55
33424 Pinebark Cv #2625	0.61mi	3/2.0	1,820 (+11%)	1mo	$192,000	$105	52

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: 23.9%
• Equity multiple: 1.99×
• Total profit: $41,097
• Equity at exit: $22,216

10-year hold

• IRR: 31.8%
• Equity multiple: 3.87×
• Total profit: $119,904
• Equity at exit: $12,883

Cash invested: $41,720 (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: 4.8×

Monthly cashflow live

• Estimated rent: $2,599 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,024

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 56%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23567 Devonshire Rd Millsboro, DE	3.0	2.5	2166	$2,000	$0.92	21d	1	1.25mi
22140 Shorebird Way Millsboro, DE	4.0	2.5	1906	$3,000	$1.57	43d	1	1.46mi

Listing history 15 events

1. 2026-06-18
   days on market $149,000 Active 22 DOM
2. 2026-06-17
   days on market $149,000 Active 21 DOM
3. 2026-06-16
   days on market $149,000 Active 20 DOM
4. 2026-06-15
   days on market $149,000 Active 19 DOM
5. 2026-06-14
   days on market $149,000 Active 17 DOM
6. 2026-06-13
   days on market $149,000 Active 16 DOM
7. 2026-06-10
   days on market $149,000 Active 14 DOM
8. 2026-06-09
   days on market $149,000 Active 13 DOM
9. 2026-06-08
   days on market $149,000 Active 12 DOM
10. 2026-06-07
    days on market $149,000 Active 11 DOM
11. 2026-06-02
    days on market $149,000 Active 6 DOM
12. 2026-06-01
    days on market $149,000 Active 5 DOM
13. 2026-05-31
    days on market $149,000 Active 4 DOM
14. 2026-05-30
    days on market $149,000 Active 3 DOM
15. 2026-05-27
    listed $149,000 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $31,191
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,495
• − Management: −$2,495
• − Depreciation: −$4,335
• Taxable income: $10,540
• Est. tax owed @ 24.0%: −$2,530
• After-tax cash flow: $9,755/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

Average 55/100 Moderate rehab

This home requires moderate repairs and maintenance, with average condition overall. Painting and updating appliances and fixtures can significantly increase its resale value.

Repairs flagged

• Minor paint — paint appears faded
• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — standard fixtures

Value-add opportunities

• Resale painting — fresh paint can significantly improve curb appeal
• Resale kitchen appliances — newer appliances can attract more buyers
• Resale bathroom fixtures — upgrading fixtures can enhance the bathroom's appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · paint appears faded	Minor	$500–3,000
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale painting — fresh paint can significantly improve curb appeal ↑
• Resale kitchen appliances — newer appliances can attract more buyers ↑
• Resale bathroom fixtures — upgrading fixtures can enhance the bathroom's appearance ↑

ⓘ 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

• 2026-05-27 Listed $149,000 BRIGHT MLS