Surround yourself with wildlife on Chincoteague Island, the inhabited neighbor to the federally protected Assateague Island, a wildlife sanctuary that boasts more than 320 species of birds in addition to the famous wild horses. With more than 37 miles of sandy beach and miles of hiking and biking trails, Assateague Island offers ample vacation entertainment. You can go crabbing or fishing in designated areas, look for herons and egrets or, naturally, commune with the wild ponies.

The property we identified is just over four hours from Washington, D.C., adjacent to the community ramp that launches boats into the waterway leading to Oyster Bay. Listed at $339,000, it’s a furnished, three-bedroom, two-bathroom house on a 0.3-acre lot that reaped $10,356 in rental income last year. The owners pay $560 a year in homeowners association dues, $371 for flood insurance and $890 for property taxes.

Raised on stilts with white lattice work around its base, this 1974 one-story beach house has been on the market since May 2011. You could lease a boat slip for water skiing, boating or kayaking; explore the off-shore deep sea fishing and wakeboarding opportunities on the island; or simply enjoy a good book on the screened porch.

“I would spend a lot of my time at the beach,” said Barbara Bowden, an agent with Chincoteague Coastal Realty. “It’s a nice hometown atmosphere, plenty of friendly people, quiet on the most part.”

— Katherine Reynolds Lewis