1028 Adams Ave Unit 3B · Salisbury, MD 21804

$109,000

2 bd · 1.0 ba · 918 sqft · Condo public records · 101 Days on market

Built 1973 $119/sqft · 39% above area Est $78k · 39% over $250/mo HOA · 17% of rent

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Why this score? — see what drove the C- 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 +26.1/30.0
• 1% rule +8.8/10.0
• DSCR +8.8/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Great Price on a Great Condo !! This recently updated two bedroom condominium is now available. This unit is a great opportunity for a primary residence, students and investors. This unit is an easy commute to the University, downtown and restaurants. It offers a Spacious living room, large bedrooms, plenty of closets and an efficient kitchen. Third floor unit with outdoor balcony. Plenty of parking and great proven rental opportunity. Move In Ready and waiting for it's next owner.

Key facts

• Outdoor balcony
• Plenty of parking
• $250 HOA

Tags

• OUTDOOR BALCONY
• EASY COMMUTE TO THE UNIVERSITY
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $99k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.8% in Salisbury — 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 60/100 on livability (#351 in MD) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools D-, crime F, amenities F.
• Wicomico County Public Schools (urban): math 16% / reading 26% proficiency, ranked #19 of 24 in MD (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.8%/yr); 201 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $109k implies a 172% gain — meaningful room to come down on a strong offer.

Recommended offer $99,190 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.83%
• DSCR: 1.48
• GRM: 6.0

CMA / ARV

• ARV (median comp): $78,145
• List price: $109,000
• Delta: 39.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,191
• Equity at exit: $16,252

10-year hold

• IRR: 11.6%
• Equity multiple: 1.95×
• Total profit: $29,070
• Equity at exit: $9,424

Cash invested: $30,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21804

• Home prices YoY: -26.7%
• Rents YoY: 3.8%
• Active inventory: 201
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,502 high
• Mortgage (P&I): −$572
• Tax from tax record: −$44 /mo · $532/yr
• Insurance: −$45
• HOA: −$250
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $275

Break-even live

Break-even rent $1,154

Max offer price $109,000

Occupancy floor 77%

Sensitivity live

Price	-10% $337	-5% $306	+0% $275	+5% $245	+10% $214
Rent	-10% $157	-5% $216	+0% $275	+5% $335	+10% $394
Rate	-1.0pp $330	-0.5pp $303	base $275	+0.5pp $247	+1.0pp $219

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 Adams Ave Unit 1D Salisbury, MD	2.0	1.0	918	$1,400	$1.53	45d	1	0.10mi
1008 Adams Ave Unit 11D Salisbury, MD	2.0	1.0	918	$1,250	$1.36	22d	1	0.18mi
1014 Cecil St Salisbury, MD	3.0	1.0	1023	$1,500	$1.47	45d	1	0.19mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,425	$2.47	14d	13	0.19mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	22d	1	0.20mi
146 Onley Rd Salisbury, MD	3.0	1.0	960	$1,550	$1.61	45d	1	0.39mi
504 Juniper St Salisbury, MD	3.0	1.0	960	$1,595	$1.66	22d	1	0.39mi
1000 Marley Manor Dr Salisbury, MD	2.0–3.0	2.0	1225	$1,699	$1.39	14d	20	0.71mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,538	$1.50	14d	5	0.82mi
1405 Bantry Ln Salisbury, MD	2.0	2.0	986	$1,800	$1.83	22d	1	0.85mi
231 Newton St Unit A Salisbury, MD	3.0	1.0	1000	$1,595	$1.59	45d	1	1.08mi
231 Newton St Unit B Salisbury, MD	2.0	1.0	736	$1,400	$1.90	45d	1	1.08mi
304 Glen Ave Salisbury, MD	1.0–2.0	1.0	675	$1,300	$1.93	45d	4	1.13mi
518 Alabama Ave Salisbury, MD	1.0–3.0	1.0–2.5	1028	$1,592	$1.55	14d	14	1.32mi
218 W Main St Unit 401 Salisbury, MD	2.0	1.0	1060	$1,695	$1.60	45d	1	1.36mi
529 E William St Salisbury, MD	3.0	1.0	1057	$1,495	$1.41	22d	1	1.38mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $109,000 Active 101 DOM
2. 2026-06-18
   days on market $109,000 Active 98 DOM
3. 2026-06-17
   days on market $109,000 Active 97 DOM
4. 2026-06-16
   days on market $109,000 Active 96 DOM
5. 2026-06-15
   days on market $109,000 Active 95 DOM
6. 2026-06-14
   days on market $109,000 Active 93 DOM
7. 2026-06-13
   days on market $109,000 Active 92 DOM
8. 2026-06-10
   days on market $109,000 Active 90 DOM
9. 2026-06-09
   days on market $109,000 Active 89 DOM
10. 2026-06-08
    days on market $109,000 Active 88 DOM
11. 2026-06-07
    days on market $109,000 Active 87 DOM
12. 2026-06-03
    days on market $109,000 Active 83 DOM
13. 2026-06-02
    days on market $109,000 Active 82 DOM
14. 2026-06-01
    days on market $109,000 Active 81 DOM
15. 2026-05-31
    days on market $109,000 Active 80 DOM
16. 2026-05-30
    days on market $109,000 Active 79 DOM
17. 2026-03-14
    historical $1,300
18. 2026-03-12
    listed $115,250 Active
19. 2025-08-28
    listed $1,300
20. 2023-08-20
    historical $1,200
21. 2023-07-27
    listed $1,200
22. 2020-01-09
    soldstatus $40,000
23. 2019-12-26
    soldstatus $40,000 Closed
24. 2019-12-19
    status Pending
25. 2019-12-12
    listed $29,959 Active
26. 2011-07-06
    soldstatus $50,000
27. 2011-07-01
    soldstatus $50,000
28. 2010-10-02
    listed $59,900
29. 1980-01-21
    soldstatus $17,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $532 · $44/mo
• Projected year-2 tax: $860 · $72/mo
• Expected delta: +$328/yr (+$27/mo · 61.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,028
• − Mortgage interest: −$6,106
• − Property taxes: −$532
• − Insurance: −$545
• − Repairs & maintenance: −$1,442
• − Management: −$1,442
• − HOA: −$3,000
• − Depreciation: −$3,171
• Taxable income: $1,790
• Est. tax owed @ 24.0%: −$430
• After-tax cash flow: $2,876/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: Wicomico County Public Schools
• NCES district ID: 2400690
• Math proficiency: 16% ▼ -18.00%
• Reading proficiency: 26% ▼ -13.00%
• Median HH income: $51,745
• Composite: 18.87/100
• National rank: #8860
• State rank: #19 of 24 in MD

Livability — Salisbury

• Score: 60/100
• State rank: #351
• US rank: #18948

Category grades

Amenities F Commute F Cost of living A Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, MD
• County: Wicomico County · 75,969 people
• City population: 70,518
• Metro: Salisbury, MD-DE
• Population (ZIP): 40,430
• Household income: $73,156
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 2096.0

Population outlook (Wicomico County) Hauer SSP2

• Today (2025): 108,548 people
• By 2030: 111,783 · +3.0%
• By 2040: 118,139 · +8.8%
• By 2050: 123,641 · +13.9%
• By 2075: 139,784 · +28.8%
• By 2100: 145,334 · +33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 54% Black 30% Two or more races 9% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 3% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 83% English-only · French/Haitian/Cajun 7% Spanish 5% Other Indo-European 2%

Political lean MEDSL · Wicomico

• 2024 margin: Lean R (+5.5) · D 46.1% · R 51.5% · Other 2.4%
• 2008→2024 swing: +0.3pp no change · 2008: -5.8pp · 2024: -5.5pp
• All cycles: 2024: R+5.5 2020: R+1.9 2016: R+11.6 2012: R+6.9 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.15%
• Current HPI: 230.6099
• Rent YoY: ▲ 3.78%
• Metro: Salisbury, MD-DE
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

-92.4% since first listed

13 events — show timeline

• 2026-03-14 Rental Removed $1,300 BUILDIUM
• 2026-03-12 Listed $115,250 BRIGHT MLS
• 2025-08-28 Listed for Rent $1,300 BUILDIUM
• 2023-08-20 Rental Removed $1,200 BUILDIUM
• 2023-07-27 Listed for Rent $1,200 BUILDIUM
• 2020-01-09 Sold (Public Records) $40,000 Public Records
• 2019-12-26 Sold (MLS) $40,000 BRIGHT MLS
• 2019-12-19 Pending — BRIGHT MLS
• 2019-12-12 Listed $29,959 BRIGHT MLS
• 2011-07-06 Sold (Public Records) $50,000 Public Records
• 2011-07-01 Sold (MLS) $50,000 BRIGHT MLS
• 2010-10-02 Listed $59,900 BRIGHT MLS
• 1980-01-21 Sold (Public Records) $17,000 Public Records

Property tax history

-5.3%/yr

Latest (2025): $532 · +29.9% YoY. Source: county tax records.