Somebody'll steal daddy's Rollie, call it the neighborhood watch
Clever bastard, Chance is making a reference to his city’s tendency to steal, in this case someone’s watch & resulting in a gloating double entendre.
The neighborhood watch is usually considered a close group of neighbors watching out for each other and any devious crimes that may be happening, a bit ironic in this case.
The negative connotation of the previously mentioned neighborhood turns the father’s personal possession into something that now belongs to the neighborhood, whether he wanted it to or not.
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