105 135th St · Ocean City, MD 21842

$175,000

2 bd · 1.0 ba · 672 sqft · Manufactured public records · 1 Days on market

Built 1977 Est $239k · 27% under $168/mo HOA · 9% 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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully furnished, two year old appliances, window treatments, carpeting, laminate floor in kitchen, master bath, large , open -kit livng room. Central air, 2 sheds, near pool and 1 block to beach. A must see wont last. One year home warranty.

Key facts

• Outdoor pool
• New a/c
• New rubber roof

Tags

• OUTDOOR POOL
• NEW A/C
• NEW RUBBER ROOF

Property features AI

Finance

• HOA & community: Cooperative ownership; Monthly coop fee of $168; Community amenities include outdoor pool; Coop fee may cover pool(s), trash, taxes, water, sewer, and lawn maintenance

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Cable TV available
• Home design: Manufactured home; Frame construction with metal siding; Above-grade additional structure(s)
• Construction: Frame and metal siding construction; Other foundation type; Estimated year built
• Exterior features: Patio(s); Personal pool; Storage barn/shed; Not in a federal flood zone; In city limits; Public road access; Bus stop within 1 mile

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator; Oven
• Bedrooms: 2 bedrooms on main level
• Bathrooms: 1 full bathroom on main level; 1 full bathroom total
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: Two or more access exits; No basement
• Laundry & utility: Washer; Dryer; Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 7.5% vs local median 1.4% in Ocean City — 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 73/100 on livability (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities B; Watch: cost of living C-, crime F.
• Worcester County Public Schools (town): math 30% / reading 44% proficiency, ranked #6 of 24 in MD (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean City Elementary (math 37% / reading 47%, grade F, #84 of 860 statewide, top 10%, 521 students, 44% FRL); Berlin Intermediate (math 35% / reading 57%, grade D+, #13 of 225 statewide, top 5%, 640 students, 50% FRL); Stephen Decatur High (math 64% / reading 78%, grade B+, #37 of 222 statewide, top 17%, 1,431 students, 42% FRL).
• Zoned-school proficiency averages 53% at this address vs 37% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Worcester County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 673 active listings in the ZIP; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Worcester County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $149k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $239,232
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13214 Ocean Dr	0.18mi	2/1.0	732 (+9%)	11mo	$225,000	$307	68
138 S Ocean Dr	0.44mi	2/1.0	720 (+7%)	5mo	$268,000	$372	64
110 Bea Ln	0.02mi	2/1.5	576 (-14%)	14mo	$205,000	$356	61
146 Pine Tree Rd	0.35mi	2/1.0	624 (-7%)	24mo	$242,500	$389	52
13323 Colonial Rd	0.23mi	3/2.0 (+1)	732 (+9%)	18mo	$245,000	$335	50

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

Projected returns pro-forma

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

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-16,840
• Equity at exit: $26,093

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $311
• Equity at exit: $15,131

Cash invested: $49,000 (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 21842

• Home prices YoY: -5.0%
• Active inventory: 673
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,810 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$91 /mo · $1,094/yr
• Insurance: −$73
• HOA: −$168
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $180

Break-even live

Break-even rent $1,582

Max offer price $175,000

Occupancy floor 85%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $168 · $2,016/yr
• Likely covers: pool

Listing history 2 events

1. 2026-06-18
   remarks 334-char remark
2. 2026-06-18
   listed $175,000 Active 1 DOM

ⓘ 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: $1,094 · $91/mo
• Projected year-2 tax: $1,501 · $125/mo
• Expected delta: +$407/yr (+$34/mo · 37.2%)

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

Taxation est. · year 1

• Rental income: $21,718
• − Mortgage interest: −$9,803
• − Property taxes: −$1,094
• − Insurance: −$875
• − Repairs & maintenance: −$1,737
• − Management: −$1,737
• − HOA: −$2,016
• − Depreciation: −$5,091
• Taxable loss: −$635
• Est. tax savings @ 24.0%: +$152
• After-tax cash flow: $2,313/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: Worcester County Public Schools
• NCES district ID: 2400720
• Math proficiency: 30% ▼ -25.00%
• Reading proficiency: 44% ▼ -20.00%
• Median HH income: $56,748
• Composite: 32.6/100
• National rank: #5672
• State rank: #6 of 24 in MD

Livability — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, MD
• County: Worcester County · 35,603 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 11,226
• Household income: $79,876
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 322.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 51,363 people
• By 2030: 51,191 · -0.3%
• By 2040: 50,459 · -1.8%
• By 2050: 49,451 · -3.7%
• By 2075: 48,533 · -5.5%
• By 2100: 44,223 · -13.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 87% English-only · Spanish 7% Russian/Polish/Slavic 3% Other Indo-European 2%

Political lean MEDSL · Worcester

• 2024 margin: Strong R (+22.0) · D 38.0% · R 60.0% · Other 2.0%
• 2008→2024 swing: -6.5pp toward R · 2008: -15.5pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.0 2016: R+27.9 2012: R+18.3 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.65%
• Current HPI: 482.18
• Rent YoY: —
• 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

+16.7% since first listed

3 events — show timeline

• 2026-06-17 Listed $175,000 BRIGHT MLS
• 2005-06-20 Sold (MLS) $149,000 BRIGHT MLS
• 2005-06-11 Listed $149,900 BRIGHT MLS

Property tax history

+1.8%/yr

Latest (2025): $1,094 · +3.4% YoY. Source: county tax records.