111 School St · Mardela Springs, MD 21837

$120,000

2 bd · 1.0 ba · 1,210 sqft · SingleFamily public records · 62 Days on market

Built 1910 0.30 ac lot $99/sqft · 50% below area Est $238k · 50% 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 +23.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.4/10.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

Mardela Springs - looking for a project with a great small town feel? Check out this 2+BR, 1 bath home on a corner lot. Large rooms. Electric baseboard heat. Stainless stove and refrigerator.

Key facts

• 0.3 acre lot
• Built 1910
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (0.7% below list).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#181 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: crime F, amenities F, commute 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: 19 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $120k implies a 380% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 8.45%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• GRM: 8.4

CMA / ARV

• ARV (median comp): $237,927
• List price: $120,000
• Delta: -49.56%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 Main St	0.20mi	2/1.0	1,260 (+4%)	9mo	$150,000	$119	76
311 Bridge St	0.09mi	3/2.0 (+1)	1,100 (-9%)	19mo	$249,000	$226	56
24880 Delmar Rd	0.52mi	3/1.0 (+1)	1,158 (-4%)	11mo	$148,000	$128	55
207 Bridge St	0.07mi	3/2.0 (+1)	1,388 (+15%)	13mo	$97,400	$70	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 3.35×
• Total profit: $79,031
• Equity at exit: $108,106

10-year hold

• IRR: 25.9%
• Equity multiple: 7.60×
• Total profit: $221,852
• Equity at exit: $233,134

Cash invested: $33,600 (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 21837

• Home prices YoY: 23.2%
• Active inventory: 19
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,191 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$46 /mo · $555/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $215

Break-even live

Break-even rent $918

Max offer price $120,000

Occupancy floor 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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $120,000 Active 62 DOM
2. 2026-06-17
   days on market $120,000 Active 61 DOM
3. 2026-06-16
   days on market $120,000 Active 60 DOM
4. 2026-06-15
   days on market $120,000 Active 59 DOM
5. 2026-06-14
   days on market $120,000 Active 57 DOM
6. 2026-06-13
   days on market $120,000 Active 56 DOM
7. 2026-06-10
   days on market $120,000 Active 54 DOM
8. 2026-06-09
   days on market $120,000 Active 53 DOM
9. 2026-06-08
   days on market $120,000 Active 52 DOM
10. 2026-06-07
    days on market $120,000 Active 51 DOM
11. 2026-06-03
    days on market $120,000 Active 47 DOM
12. 2026-06-02
    days on market $120,000 Active 46 DOM
13. 2026-06-01
    days on market $120,000 Active 45 DOM
14. 2026-05-31
    days on market $120,000 Active 44 DOM
15. 2026-05-30
    days on market $120,000 Active 43 DOM
16. 2026-05-01
    price $120,000 192-char remark

    Show marketing remark (192 chars)

    Mardela Springs - looking for a project with a great small town feel? Check out this 2+BR, 1 bath home on a corner lot. Large rooms. Electric baseboard heat. Stainless stove and refrigerator.

17. 2026-04-17
    listed $125,000 Active 192-char remark

    Show marketing remark (192 chars)

    Mardela Springs - looking for a project with a great small town feel? Check out this 2+BR, 1 bath home on a corner lot. Large rooms. Electric baseboard heat. Stainless stove and refrigerator.

18. 2001-06-04
    soldstatus $25,000
19. 1986-10-24
    soldstatus $22,500

ⓘ 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: $555 · $46/mo
• Projected year-2 tax: $931 · $78/mo
• Expected delta: +$377/yr (+$31/mo · 67.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,293
• − Mortgage interest: −$6,722
• − Property taxes: −$555
• − Insurance: −$600
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$3,491
• Taxable income: $639
• Est. tax owed @ 24.0%: −$153
• After-tax cash flow: $2,432/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 — Mardela Springs

• Score: 70/100
• State rank: #181
• US rank: #8103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mardela Springs, MD
• Population (ZIP): 2,975

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: Majority White (65%)
• Race & ethnicity: White 65% Black 26% Hispanic / Latino 6% Two or more races 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Slovak 1% Serbian 0%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

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: ▲ 51.70%
• Current HPI: 274.26
• Rent YoY: —
• Metro: —
• 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

+433.3% since first listed

4 events — show timeline

• 2026-05-01 Price Changed $120,000 BRIGHT MLS
• 2026-04-17 Listed $125,000 BRIGHT MLS
• 2001-06-04 Sold (Public Records) $25,000 Public Records
• 1986-10-24 Sold (Public Records) $22,500 Public Records

Property tax history

+0.2%/yr

Latest (2025): $555 · +3.2% YoY. Source: county tax records.