29688 Shockley Ln

Cordova, MD 21625

$134,900B+

3 bd · 2.0 ba · 1,248 sqft · Built 1980 · Manufactured · Active · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,229/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$468
• Net cashflow: $921/mo
• Annual: $11,054/yr
• Cap rate: 14.49%
• Cash-on-cash: 29.27%
• DSCR: 2.30
• 1% rule: 1.65%
• Cash to close: $37,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $921 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 186 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#295 in MD) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing B; Watch: crime F, amenities F, commute F.
• Talbot County Public Schools (town): math 15% / reading 35% proficiency, ranked #12 of 24 in MD (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 12 active listings in the ZIP; 158 units permitted in Talbot County in 2024 (0 in 5+ unit buildings).
• Talbot County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.
• 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.