26234 E Mallard Rd #16607 · Long Neck, DE 19966

$99,000

3 bd · 2.0 ba · 1,460 sqft · SingleFamily · 99 Days on market

Built 1981 Good condition 0.41 ac lot $68/sqft · 47% below area Est $188k · 47% under ↓ 34% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy water access to both Rehoboth Bay and Indian River Bay in the desirable Dockside community, located near the end of the peninsula with a public boat ramp, community docking, and a boat ramp just steps away. This private setting offers a spacious, tree-surrounded lot that provides exceptional seclusion. This three-bedroom, two-full-bath home has seen numerous improvements. Updates include a new roof, five mini-split systems installed in 2023, upgraded electrical, and a larger-capacity water heater. Following minor water incidents, sections of subflooring were replaced and vinyl plank flooring installed throughout. Enter the home through a bright sunroom featuring a wood-burning potbelly stove and French doors leading into the kitchen. The kitchen is well-appointed with stainless steel appliances and a large island with Corian countertops that comfortably seats three. The open-concept layout flows into the living area, offering ample space for entertaining. A gas fireplace is present in the living room (not currently connected). From here, step out to the front screened porch for additional relaxation space. The primary bedroom is located at one end of the home and features an en suite bath with a deep soaking tub/shower combination. The second bedroom includes built-in storage cabinetry, while the third bedroom is situated at the opposite end of the home near the guest bathroom, which offers a tiled walk-in shower. The rear yard is partially fenced. Residents enjoy access to Pot-Nets amenities, including a private beach in the Seaside community on Indian River Bay, a swimming pool, restaurant, and marina located across the street. Trash service is included in the ground lease.

Key facts

• Mini-split systems
• Public boat ramp
• Water access

Tags

• WATER ACCESS
• PUBLIC BOAT RAMP
• COMMUNITY DOCKING
• TREE-SURROUNDED LOT
• NEW ROOF
• MINI-SPLIT SYSTEMS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.3% 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 $684 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 $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $22k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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: 2.25% ✓
• Cap rate: 19.29%
• Cash-on-cash: 46.42%
• DSCR: 3.07
• GRM: 3.7

CMA / ARV

• ARV (median comp): $188,177
• List price: $99,000
• Delta: -47.39%
• Verdict: UNDERPRICED
• 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	0.07mi	3/2.0	1,344 (-8%)	4mo	$101,500	$76	80
26586 Barn Ln #9	0.18mi	3/2.0	1,310 (-10%)	1mo	$184,350	$141	74
36768 Ruddy Duck Ln #92	0.20mi	3/2.0	1,344 (-8%)	5mo	$77,000	$57	73
26626 Landing Rd #23	0.31mi	3/2.0	1,380 (-6%)	6mo	$229,000	$166	71
36904 Nob Hill North	0.16mi	4/2.0 (+1)	1,321 (-10%)	3mo	$59,000	$45	69
26516 Lucky Ln	0.30mi	3/2.0	1,316 (-10%)	3mo	$199,900	$152	67
26633 Hawks Nest #6	0.37mi	3/2.0	1,344 (-8%)	6mo	$174,000	$129	65
26781 Curlew #8	0.52mi	3/2.0	1,482 (+2%)	10mo	$110,000	$74	65
26708 Sharkstooth Dr #23	0.33mi	3/2.0	1,568 (+7%)	12mo	$185,000	$118	62
26542 Topaz Rd #4721	0.45mi	3/2.0	1,354 (-7%)	8mo	$150,350	$111	60
26769 Curlew Way #12	0.52mi	2/2.0 (-1)	1,387 (-5%)	3mo	$234,048	$169	60
26728 Hermit Ln	0.25mi	2/2.0 (-1)	1,327 (-9%)	12mo	$270,000	$203	58

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: 20.5%
• Equity multiple: 1.84×
• Total profit: $23,241
• Equity at exit: $14,761

10-year hold

• IRR: 28.8%
• Equity multiple: 3.59×
• Total profit: $71,700
• Equity at exit: $8,560

Cash invested: $27,720 (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: 3.7×

Monthly cashflow live

• Estimated rent: $2,223 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $612

Break-even live

Break-even rent $1,449

Max offer price $99,000

Occupancy floor 67%

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: $24,750
• Closing costs: $2,970
• 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	1.23mi

Listing history 32 events

1. 2026-06-18
   days on market $99,000 Active 99 DOM
2. 2026-06-17
   days on market $99,000 Active 98 DOM
3. 2026-06-16
   days on market $99,000 Active 97 DOM
4. 2026-06-15
   days on market $99,000 Active 96 DOM
5. 2026-06-14
   days on market $99,000 Active 94 DOM
6. 2026-06-13
   days on market $99,000 Active 93 DOM
7. 2026-06-10
   days on market $99,000 Active 91 DOM
8. 2026-06-09
   days on market $99,000 Active 90 DOM
9. 2026-06-08
   days on market $99,000 Active 89 DOM
10. 2026-06-07
    days on market $99,000 Active 88 DOM
11. 2026-06-02
    days on market $99,000 Active 83 DOM
12. 2026-06-01
    days on market $99,000 Active 82 DOM
13. 2026-05-31
    days on market $99,000 Active 81 DOM
14. 2026-05-30
    days on market $99,000 Active 80 DOM
15. 2026-05-09
    price $99,000 1710-char remark

    Show marketing remark (1710 chars)

    Enjoy water access to both Rehoboth Bay and Indian River Bay in the desirable Dockside community, located near the end of the peninsula with a public boat ramp, community docking, and a boat ramp just steps away. This private setting offers a spacious, tree-surrounded lot that provides exceptional seclusion. This three-bedroom, two-full-bath home has seen numerous improvements. Updates include a new roof, five mini-split systems installed in 2023, upgraded electrical, and a larger-capacity water heater. Following minor water incidents, sections of subflooring were replaced and vinyl plank flooring installed throughout. Enter the home through a bright sunroom featuring a wood-burning potbelly stove and French doors leading into the kitchen. The kitchen is well-appointed with stainless steel appliances and a large island with Corian countertops that comfortably seats three. The open-concept layout flows into the living area, offering ample space for entertaining. A gas fireplace is present in the living room (not currently connected). From here, step out to the front screened porch for additional relaxation space. The primary bedroom is located at one end of the home and features an en suite bath with a deep soaking tub/shower combination. The second bedroom includes built-in storage cabinetry, while the third bedroom is situated at the opposite end of the home near the guest bathroom, which offers a tiled walk-in shower. The rear yard is partially fenced. Residents enjoy access to Pot-Nets amenities, including a private beach in the Seaside community on Indian River Bay, a swimming pool, restaurant, and marina located across the street. Trash service is included in the ground lease.

16. 2026-04-02
    status Active 1710-char remark

    Show marketing remark (1710 chars)

    Enjoy water access to both Rehoboth Bay and Indian River Bay in the desirable Dockside community, located near the end of the peninsula with a public boat ramp, community docking, and a boat ramp just steps away. This private setting offers a spacious, tree-surrounded lot that provides exceptional seclusion. This three-bedroom, two-full-bath home has seen numerous improvements. Updates include a new roof, five mini-split systems installed in 2023, upgraded electrical, and a larger-capacity water heater. Following minor water incidents, sections of subflooring were replaced and vinyl plank flooring installed throughout. Enter the home through a bright sunroom featuring a wood-burning potbelly stove and French doors leading into the kitchen. The kitchen is well-appointed with stainless steel appliances and a large island with Corian countertops that comfortably seats three. The open-concept layout flows into the living area, offering ample space for entertaining. A gas fireplace is present in the living room (not currently connected). From here, step out to the front screened porch for additional relaxation space. The primary bedroom is located at one end of the home and features an en suite bath with a deep soaking tub/shower combination. The second bedroom includes built-in storage cabinetry, while the third bedroom is situated at the opposite end of the home near the guest bathroom, which offers a tiled walk-in shower. The rear yard is partially fenced. Residents enjoy access to Pot-Nets amenities, including a private beach in the Seaside community on Indian River Bay, a swimming pool, restaurant, and marina located across the street. Trash service is included in the ground lease.

17. 2026-02-14
    historical 1710-char remark

    Show marketing remark (1710 chars)

    Enjoy water access to both Rehoboth Bay and Indian River Bay in the desirable Dockside community, located near the end of the peninsula with a public boat ramp, community docking, and a boat ramp just steps away. This private setting offers a spacious, tree-surrounded lot that provides exceptional seclusion. This three-bedroom, two-full-bath home has seen numerous improvements. Updates include a new roof, five mini-split systems installed in 2023, upgraded electrical, and a larger-capacity water heater. Following minor water incidents, sections of subflooring were replaced and vinyl plank flooring installed throughout. Enter the home through a bright sunroom featuring a wood-burning potbelly stove and French doors leading into the kitchen. The kitchen is well-appointed with stainless steel appliances and a large island with Corian countertops that comfortably seats three. The open-concept layout flows into the living area, offering ample space for entertaining. A gas fireplace is present in the living room (not currently connected). From here, step out to the front screened porch for additional relaxation space. The primary bedroom is located at one end of the home and features an en suite bath with a deep soaking tub/shower combination. The second bedroom includes built-in storage cabinetry, while the third bedroom is situated at the opposite end of the home near the guest bathroom, which offers a tiled walk-in shower. The rear yard is partially fenced. Residents enjoy access to Pot-Nets amenities, including a private beach in the Seaside community on Indian River Bay, a swimming pool, restaurant, and marina located across the street. Trash service is included in the ground lease.

18. 2026-01-23
    listed $120,900 Active 1710-char remark

    Show marketing remark (1710 chars)

    Enjoy water access to both Rehoboth Bay and Indian River Bay in the desirable Dockside community, located near the end of the peninsula with a public boat ramp, community docking, and a boat ramp just steps away. This private setting offers a spacious, tree-surrounded lot that provides exceptional seclusion. This three-bedroom, two-full-bath home has seen numerous improvements. Updates include a new roof, five mini-split systems installed in 2023, upgraded electrical, and a larger-capacity water heater. Following minor water incidents, sections of subflooring were replaced and vinyl plank flooring installed throughout. Enter the home through a bright sunroom featuring a wood-burning potbelly stove and French doors leading into the kitchen. The kitchen is well-appointed with stainless steel appliances and a large island with Corian countertops that comfortably seats three. The open-concept layout flows into the living area, offering ample space for entertaining. A gas fireplace is present in the living room (not currently connected). From here, step out to the front screened porch for additional relaxation space. The primary bedroom is located at one end of the home and features an en suite bath with a deep soaking tub/shower combination. The second bedroom includes built-in storage cabinetry, while the third bedroom is situated at the opposite end of the home near the guest bathroom, which offers a tiled walk-in shower. The rear yard is partially fenced. Residents enjoy access to Pot-Nets amenities, including a private beach in the Seaside community on Indian River Bay, a swimming pool, restaurant, and marina located across the street. Trash service is included in the ground lease.

19. 2025-12-31
    historical
20. 2025-11-26
    price $120,900
21. 2025-08-11
    price $149,900
22. 2025-07-11
    price $160,000
23. 2025-06-07
    listed $175,000 Active
24. 2025-06-03
    historical
25. 2024-12-31
    historical
26. 2024-08-12
    listed $179,900 Active
27. 2024-08-01
    historical
28. 2023-08-18
    soldstatus $130,000 Closed
29. 2023-07-23
    status Pending
30. 2023-07-12
    price $139,900
31. 2023-07-01
    listed $149,900 Active
32. 2023-06-30
    historical $149,900

ⓘ 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: $26,679
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$6,020
• − Repairs & maintenance: −$2,134
• − Management: −$2,134
• − Depreciation: −$2,880
• Taxable income: $6,480
• Est. tax owed @ 24.0%: −$1,555
• After-tax cash flow: $5,787/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 75/100 Cosmetic rehab

This three-bedroom, two-bath home in Dockside community offers a good condition with recent updates and a private setting. It is move-in ready with a good curb appeal.

Value-add opportunities

• Both painting — Fresh paint can enhance curb appeal and interior aesthetics
• Both landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers
• Both HVAC maintenance — Regular HVAC maintenance ensures comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers ↑
• Both HVAC maintenance — Regular HVAC maintenance ensures comfort and energy efficiency ↑

ⓘ 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

-34.0% since first listed

18 events — show timeline

• 2026-05-09 Price Changed $99,000 BRIGHT MLS
• 2026-04-02 Relisted — BRIGHT MLS
• 2026-02-14 Listing Removed — BRIGHT MLS
• 2026-01-23 Listed $120,900 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-11-26 Price Changed $120,900 BRIGHT MLS
• 2025-08-11 Price Changed $149,900 BRIGHT MLS
• 2025-07-11 Price Changed $160,000 BRIGHT MLS
• 2025-06-07 Listed $175,000 BRIGHT MLS
• 2025-06-03 Coming Soon — BRIGHT MLS
• 2024-12-31 Listing Removed — BRIGHT MLS
• 2024-08-12 Listed $179,900 BRIGHT MLS
• 2024-08-01 Coming Soon — BRIGHT MLS
• 2023-08-18 Sold (MLS) $130,000 BRIGHT MLS
• 2023-07-23 Pending — BRIGHT MLS
• 2023-07-12 Price Changed $139,900 BRIGHT MLS
• 2023-07-01 Listed $149,900 BRIGHT MLS
• 2023-06-30 Coming Soon $149,900 BRIGHT MLS