26423 Rudder Rd Unit E-932 · Long Neck, DE 19966

$165,500

3 bd · 2.0 ba · 1,344 sqft · SingleFamily · 3 Days on market

Built 2003 Good condition Est $175k · 5% 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
• DSCR +10.0/10.0
• ARV discount +9.9/15.0
• 1% rule +8.5/10.0
• 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

Welcome to Pot-Nets Bayside, where coastal living is easy and summer fun begins the moment you arrive! This beautifully maintained 3-bedroom, 2-bath home is being sold fully furnished, making it truly move-in ready—just bring your suitcase and start enjoying everything this sought-after waterfront community has to offer. Inside, you'll find a bright and inviting layout designed for comfortable everyday living and effortless entertaining. Relax with your morning coffee or unwind in the spacious screened porch, the perfect place to enjoy warm summer evenings without the bugs. Major updates provide peace of mind, including a new HVAC system installed in 2022, new windows in 2024, and a n

Key facts

• Incredible amenities
• Newer roof
• Waterfront community

Tags

• WATERFRONT COMMUNITY
• SPACIOUS SCREENED PORCH
• NEW HVAC SYSTEM
• NEW WINDOWS
• NEWER ROOF
• INCREDIBLE AMENITIES

Property features AI

Finance

• Other: Property condition: Very good; Not in a federal flood zone
• Financial info: Monthly land lease: $988.69; Annual ground rent noted; Land lease years remaining: 7

Exterior

• Parking: Four driveway parking spaces on asphalt driveway; Total of 4 garage and parking spaces
• Utilities: Public water; Public sewer; Municipal trash not provided
• Home design: Manufactured home; Single-story; Land lease ownership interest
• Construction: Vinyl siding; Building not winterized; Mobile home dimensions approximately 28' x 48'; Above-grade finished area (estimated)
• Exterior features: Community pool; Ground rent applies (paid annually); Ground rent remaining: 7 years; Pets allowed (dogs and cats)

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: 90% forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Furnished; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $166k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Cap rate 10.8% vs local median 3.3% 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); 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 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 $1k of loan paydown is wiped out by about $5k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

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 $165,500

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. 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.
5. 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.
6. 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: 1.35% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.16%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $174,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26545 Woodchuck Ln Unit E-862	0.18mi	3/2.0	1,456 (+8%)	0mo	$159,000	$109	77
26990 Wood Duck Rd #52697	0.65mi	3/2.0	1,334 (-1%)	1mo	$180,000	$135	68
34488 Easy St Unit E-810	0.40mi	3/2.0	1,456 (+8%)	0mo	$190,000	$130	67
34495 Easy St	0.39mi	3/2.0	1,432 (+6%)	6mo	$140,000	$98	66
34142 Gull South Dr #1031	0.63mi	3/2.0	1,366 (+2%)	4mo	$257,326	$188	64
34848 Halyard St Unit E-431	0.65mi	3/2.0	1,366 (+2%)	5mo	$273,176	$200	62
34484 Oak Ln	0.68mi	3/2.0	1,400 (+4%)	1mo	$207,900	$149	61
34013 Taylor Dr N #1351	0.66mi	3/2.0	1,248 (-7%)	6mo	$165,500	$133	52
25594 Crab Aly E #1050	0.74mi	3/2.0	1,456 (+8%)	0mo	$167,500	$115	51
25760 Blue Ridge St	0.74mi	3/—	1,178 (-12%)	2mo	$141,000	$120	44
34635 Deck St Unit E-323	0.63mi	4/2.0 (+1)	1,168 (-13%)	3mo	$134,900	$115	41
25754 Blue Ridge St	0.75mi	3/2.0	1,152 (-14%)	4mo	$124,500	$108	38

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-16,086
• Equity at exit: $24,677

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $691
• Equity at exit: $14,309

Cash invested: $46,340 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,238 medium
• Mortgage (P&I): −$868
• Tax est. 1.5%: −$207 /mo · $2,482/yr
• Insurance: −$69
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $164

Break-even live

Break-even rent $2,031

Max offer price $165,500

Occupancy floor 88%

Sensitivity live

Price	-10% $278	-5% $221	+0% $164	+5% $106	+10% $49
Rent	-10% $-13	-5% $75	+0% $164	+5% $252	+10% $340
Rate	-1.0pp $247	-0.5pp $206	base $164	+0.5pp $121	+1.0pp $77

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: $41,375
• Closing costs: $4,965
• 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	14d	1	1.19mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	14d	1	1.29mi

Listing history 3 events

1. 2026-06-21
   days on market $165,500 Active 3 DOM
2. 2026-06-18
   remarks 693-char remark
3. 2026-06-18
   listed $165,500 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 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: $26,851
• − Mortgage interest: −$9,271
• − Property taxes: −$2,482
• − Insurance: −$6,352
• − Repairs & maintenance: −$2,148
• − Management: −$2,148
• − Depreciation: −$4,815
• Taxable loss: −$365
• Est. tax savings @ 24.0%: +$88
• After-tax cash flow: $2,050/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 move-in ready home in Pot-Nets Bayside offers a good condition with minor updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — can be replaced with modern ones
• Minor bathroom fixtures — can be updated with modern ones

Value-add opportunities

• Resale update kitchen cabinets and fixtures — modernizes the space and adds value
• Resale update bathroom fixtures — modernizes the space and adds value
• Both paint interior walls — enhances the appearance and adds value
• Both replace carpeted flooring — enhances the appearance and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · can be replaced with modern ones	Minor	$500–3,000
bathroom fixtures · can be updated with modern ones	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale update kitchen cabinets and fixtures — modernizes the space and adds value ↑
• Resale update bathroom fixtures — modernizes the space and adds value ↑
• Both paint interior walls — enhances the appearance and adds value ↑
• Both replace carpeted flooring — enhances the appearance and adds value ↑

ⓘ 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

• 2026-06-18 Listed $165,500 BRIGHT MLS