26462 Heartwood Cv #2696 · Long Neck, DE 19966

$235,000

3 bd · 2.0 ba · 1,313 sqft · SingleFamily · 22 Days on market

Built 2023 Good condition Est $176k · 34% over

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Why this score? — see what drove the C- 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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Located in highly desirable Pot-Nets Lakeside, this beautifully maintained 2023 Commodore home offers the perfect blend of modern comfort and easy coastal living. Known for its scenic lake with fountains, walking trails, community pool, and active community center, Pot-Nets Lakeside provides a peaceful setting while still being just a golf car ride away from the private beaches, marinas, and waterfront dining of neighboring Pot-Nets communities. Offering approximately 1,313 square feet of living space, this home features three bedrooms and two full bathrooms with an open-concept layout designed for both everyday living and entertaining. The home’s 9-foot ceilings create an airy, spaci

Key facts

• Community pool
• Marinas
• Scenic lake

Tags

• SCENIC LAKE
• WALKING TRAILS
• COMMUNITY POOL
• ACTIVE COMMUNITY CENTER
• PRIVATE BEACHES
• MARINAS

Property features AI

Finance

• Other: Not in a federal flood zone
• Financial info: Land lease: $1,090 monthly; 9 years remaining; Ground rent payment: annually; 9 years remaining; Lease not considered
• HOA & community: Community pool available

Exterior

• Parking: Asphalt driveway; Driveway parking (4 spaces total, including 4 driveway spaces)
• Utilities: Public water; Public sewer; Electric hot water; 200+ amp electrical service; Municipal trash not provided
• Home design: Manufactured home; Vinyl siding; Year built source: Assessor
• Construction: Vinyl siding construction; Commodore make (mobile home/manufactured); Building not winterized
• Exterior features: Community pool; Ground rent exists (annual payment, $1,090/month listed under land lease); Above grade and below grade structures noted; Located outside city limits

Interior

• Kitchen: Dishwasher; Disposal; Gas oven/range; Refrigerator; Water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Luxury vinyl plank; Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: 90% efficient forced air heating (propane - leased); Central air conditioning (electric)
• Interior features: Drywall walls and ceilings; Not furnished; Excellent condition
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 870 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 43% 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 22 days — a 2% lower offer ($231k) 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 $231,475 (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: 1.18% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $175,942
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26446 Cottontail Cv	0.23mi	3/2.0	1,344 (+2%)	4mo	$135,000	$100	82
33246 Oakwood Cv #47472	0.10mi	3/2.0	1,388 (+6%)	8mo	$160,000	$115	79
33239 Tidewater Cv #2678	0.13mi	3/2.0	1,400 (+7%)	8mo	$119,000	$85	76
32829 Tern Cv #2803	0.31mi	3/2.0	1,232 (-6%)	2mo	$175,000	$142	74
33379 Nannyberry Cv #2604	0.28mi	3/2.0	1,366 (+4%)	10mo	$231,786	$170	72
26532 Outrigger Cv #3012	0.06mi	3/2.0	1,176 (-10%)	10mo	$124,000	$105	71
33385 Court Dr	0.47mi	3/2.0	1,352 (+3%)	6mo	$145,000	$107	68
33284 High Bush #2662	0.10mi	3/2.0	1,488 (+13%)	6mo	$198,897	$134	68
33386 Nannyberry Cv #2611	0.31mi	3/2.0	1,456 (+11%)	9mo	$175,000	$120	60
25981 Loop Dr Unit 1319A	0.72mi	3/2.0	1,340 (+2%)	7mo	$226,144	$169	57
37 Ritter Dr	0.71mi	3/2.0	1,248 (-5%)	6mo	$251,500	$202	54
45 Ritter Dr	0.69mi	4/2.0 (+1)	1,456 (+11%)	6mo	$250,000	$172	39

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,831
• Equity at exit: $35,039

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $45,199
• Equity at exit: $20,319

Cash invested: $65,800 (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: 870
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,775 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $568

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 75%

Sensitivity live

Price	-10% $731	-5% $650	+0% $568	+5% $487	+10% $406
Rent	-10% $349	-5% $459	+0% $568	+5% $678	+10% $788
Rate	-1.0pp $687	-0.5pp $628	base $568	+0.5pp $508	+1.0pp $446

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22392 Circle Rd , DE	2.0	1.0	1000	$1,523	$1.52	15d	1	1.13mi
34011 Harvard Ave Millsboro, DE	1.0–3.0	1.0–2.0	1048	$4,516	$4.31	15d	1	1.50mi

Listing history 15 events

1. 2026-06-21
   days on market $235,000 Active 22 DOM
2. 2026-06-18
   days on market $235,000 Active 19 DOM
3. 2026-06-17
   days on market $235,000 Active 18 DOM
4. 2026-06-16
   days on market $235,000 Active 17 DOM
5. 2026-06-15
   days on market $235,000 Active 16 DOM
6. 2026-06-14
   days on market $235,000 Active 14 DOM
7. 2026-06-13
   days on market $235,000 Active 13 DOM
8. 2026-06-10
   days on market $235,000 Active 11 DOM
9. 2026-06-09
   days on market $235,000 Active 10 DOM
10. 2026-06-08
    days on market $235,000 Active 9 DOM
11. 2026-06-07
    days on market $235,000 Active 8 DOM
12. 2026-06-02
    days on market $235,000 Active 3 DOM
13. 2026-06-01
    days on market $235,000 Active 2 DOM
14. 2026-05-30
    remarks 693-char remark
15. 2026-05-30
    listed $235,000 Active 1 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 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: $33,304
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,664
• − Management: −$2,664
• − Depreciation: −$6,836
• Taxable income: $3,276
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $6,036/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 2023 Commodore home in Pot-Nets Lakeside is in excellent condition with modern amenities and a well-maintained exterior. It offers a great blend of modern comfort and easy coastal living.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value
• Both Replace outdoor lighting — Modern lighting can improve safety and aesthetics
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value ↑
• Both Replace outdoor lighting — Modern lighting can improve safety and aesthetics ↑
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers ↑

ⓘ 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

• 2026-05-30 Listed $235,000 BRIGHT MLS