36533 N Pebble Dr #18304 · Long Neck, DE 19966

$38,000

3 bd · 2.0 ba · 1,440 sqft · SingleFamily · 4 Days on market

Built 1982 0.29 ac lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

WATERFRONT COMMUNITY LIVING AT ITS BEST! Welcome to Pot-Nets Coveside, one of Sussex County's most sought-after waterfront communities. Situated on a spacious lot just steps from the marina and waterfront, this well-maintained home offers the perfect blend of comfort, coastal charm, and resort-style amenities. Inside, you'll find an open-concept layout featuring a large living area with fireplace, luxury vinyl plank flooring, abundant natural light, and a spacious kitchen with breakfast bar, updated stainless steel appliances, ample cabinetry, and plenty of counter space for entertaining. The home offers comfortable bedrooms, including a spacious primary suite, and generous storage througho

Key facts

• Large living area
• Waterfront community
• Spacious lot

Tags

• WATERFRONT COMMUNITY
• SPACIOUS LOT
• LARGE LIVING AREA
• FIREPLACE
• LUXURY VINYL PLANK FLOORING
• ABUNDANT NATURAL LIGHT

Property features AI

Finance

• Other: Property located in a federal flood zone (AE); Ownership is land lease; Property is in city limits; Directions: Use preferred GPS
• Financial info: Land lease of $1,600 monthly with approximately 1 year remaining; Annual ground rent applies
• HOA & community: Community pool

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric power
• Home design: Manufactured home; Modular/Manufactured construction; Shingle/asphalt roof; Single level (all bedrooms on main level); Estimated year built
• Construction: Manufactured structure; Shingle/asphalt roof; Above grade and below grade structures noted
• Exterior features: Porch(es); Outside shower; Partial fencing; Water view with 40 ft. frontage; Water access on a canal; Community pool

Interior

• Kitchen: Stainless steel appliances; Electric oven/range; Stove; Refrigerator; Microwave
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level; 2 full bathrooms total
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Ceiling fan(s); Insulated and storm doors

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $38k.

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 ($2k rent vs $38k).
• Cap rate 53.7% 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 $263 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $38,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 5.87% ✓
• Cap rate: 53.67%
• Cash-on-cash: 169.20%
• DSCR: 8.53
• GRM: 1.4

CMA / ARV

• ARV (on-the-fly): $159,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36768 Ruddy Duck Ln #92	0.43mi	3/2.0	1,344 (-7%)	5mo	$77,000	$57	65
26217 Cove Dr	0.48mi	3/2.0	1,567 (+9%)	2mo	$210,000	$134	62
36806 Teal Rd #50	0.51mi	3/2.0	1,344 (-7%)	4mo	$101,500	$76	61
35515 Knoll Way #56383	0.67mi	3/2.0	1,447 (+0%)	10mo	$210,000	$145	60
35518 Joann Dr #137	0.63mi	2/— (-1)	1,484 (+3%)	3mo	$138,000	$93	58
26221 Cove Dr	0.49mi	3/2.0	1,296 (-10%)	4mo	$205,000	$158	57
25861 Mahogany St	0.58mi	4/2.0 (+1)	1,360 (-6%)	2mo	$107,500	$79	57
35593 Main St #36356	0.65mi	3/2.0	1,536 (+7%)	3mo	$75,000	$49	56
36904 Nob Hill North	0.52mi	4/2.0 (+1)	1,321 (-8%)	3mo	$59,000	$45	54
26586 Barn Ln #9	0.72mi	3/2.0	1,310 (-9%)	1mo	$184,350	$141	50
25874 N Oak St #1959	0.70mi	3/2.0	1,356 (-6%)	9mo	$150,000	$111	50
26273 N Cove Dr #47846	0.60mi	3/2.0	1,624 (+13%)	9mo	$210,000	$129	43

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: —
• Equity multiple: 6.68×
• Total profit: $60,385
• Equity at exit: $5,666

10-year hold

• IRR: —
• Equity multiple: 14.08×
• Total profit: $139,144
• Equity at exit: $3,286

Cash invested: $10,640 (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: 1.4×

Monthly cashflow live

• Estimated rent: $2,231 medium
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$48 /mo · $570/yr
• Insurance: −$16
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $1,040

Break-even live

Break-even rent $915

Max offer price $38,000

Occupancy floor 48%

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: $9,500
• Closing costs: $1,140
• 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	0.73mi

Listing history 5 events

1. 2026-06-18
   days on market $38,000 Active 4 DOM
2. 2026-06-17
   days on market $38,000 Active 3 DOM
3. 2026-06-16
   days on market $38,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $38,000 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $26,777
• − Mortgage interest: −$2,129
• − Property taxes: −$570
• − Insurance: −$5,715
• − Repairs & maintenance: −$2,142
• − Management: −$2,142
• − Depreciation: −$1,105
• Taxable income: $12,974
• Est. tax owed @ 24.0%: −$3,114
• After-tax cash flow: $9,364/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.

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

-61.4% since first listed

13 events — show timeline

• 2026-06-14 Listed $38,000 BRIGHT MLS
• 2018-05-30 Listing Removed — BRIGHT MLS
• 2018-05-30 Listing Removed — BRIGHT MLS
• 2018-03-26 Listed $64,500 BRIGHT MLS
• 2017-12-18 Listing Removed — BRIGHT MLS
• 2017-09-22 Listed $64,500 BRIGHT MLS
• 2017-09-21 Listed $64,500 BRIGHT MLS
• 2015-12-18 Sold (MLS) $29,500 BRIGHT MLS
• 2015-09-02 Listed $38,500 BRIGHT MLS
• 2015-06-17 Listing Removed — BRIGHT MLS
• 2015-06-16 Listed $44,500 BRIGHT MLS
• 2014-07-01 Listing Removed — BRIGHT MLS
• 2014-04-03 Listed $98,500 BRIGHT MLS