321 Choptank Ave · Cambridge, MD 21613

$214,000

4 bd · 2.0 ba · 2,140 sqft · SingleFamily public records · 112 Days on market

Built 1920 3,528 sqft lot Est $310k · 31% under

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

321 Choptank Ave | Cambridge. Welcome to 321 Choptank Ave, a turnkey, income-producing duplex in one of Cambridge’s most investable locations—just minutes from the historic district and waterfront. This is the kind of asset investors like: cash flow, strong unit mix, and long-term upside. Property Overview Two-unit duplex | 2,140 sq ft Upper unit: 3 bedrooms, 1 bath Lower unit: 2 bedrooms, 1 bath. Built in 1920 with classic Eastern Shore character. Separate entrances and functional, efficient layouts. Currently tenant occupied in both units. Off-street parking, a major plus near downtown. Private backyard for added tenant appeal. Why Investors Like This Deal. Immediate cash flow

Key facts

• Tenant occupied
• Off street parking
• Private backyard

Tags

• INCOME PRODUCING DUPLEX
• SEPARATE ENTRANCES
• OFF STREET PARKING
• PRIVATE BACKYARD
• TENANT OCCUPIED
• HISTORIC CORE

Property features AI

Finance

• Other: Assessor indicates 2,140 finished above-grade square feet; Ownership interest: Fee Simple
• Financial info: Two total residential units; Both units currently leased; One unit on month-to-month tenancy; Gross scheduled rental income: $2,440 (apartment rentals)

Exterior

• Parking: Off-street parking with 2 spaces (total 2 garage/parking spaces)
• Utilities: Public water; Public sewer; Municipal trash service
• Home design: Detached property; Fee simple ownership
• Construction: Vinyl siding; Crawl space foundation; Roof condition listed as unknown; Built year recorded by assessor
• Exterior features: Detached structure; Above-grade and below-grade structures noted; Located within city limits (Cambridge); Corner lot location (corner of Choptank Ave. and Church St.)

Interior

• Kitchen: Oven/Range (Electric); Stove; Refrigerator
• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Carpet; Luxury vinyl plank
• Heating & cooling: Electric baseboard heating; Window cooling units (electric); Electric hot water
• Interior features: 11 total rooms; No basement; Good property condition

🏷️ Possibly a rental listed for sale. The $214,000 price doesn't fit this home's estimated sale value (~$310,300) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $214k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $214k).
• Recommended offer: $195k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.2% in Cambridge — 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 65/100 on livability (#255 in MD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities D, schools F, crime F.
• Dorchester County Public Schools (rural): math 10% / reading 23% proficiency, ranked #23 of 24 in MD (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 294 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 81 units permitted in Dorchester County in 2024 (0 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 $6k of value loss. Plan a longer hold.
• Dorchester County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $130k; list at $214k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $194,740 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.13% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $310,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Choptank Ave	0.17mi	5/2.0 (+1)	2,097 (-2%)	1mo	$85,000	$41	83
306 Oakley St	0.15mi	4/2.0	1,905 (-11%)	6mo	$415,000	$218	70
417 Talbot Ave	0.48mi	4/2.5	2,112 (-1%)	6mo	$375,000	$178	69
109 Willis St	0.26mi	3/2.5 (-1)	2,032 (-5%)	6mo	$295,000	$145	68
113 Talbot Ave	0.46mi	4/2.0	1,953 (-9%)	5mo	$200,000	$102	60
5 Willis St	0.32mi	3/2.0 (-1)	1,863 (-13%)	1mo	$270,000	$145	58
107 W End Ave	0.25mi	3/2.0 (-1)	1,836 (-14%)	4mo	$275,000	$150	56
634 Douglas St	0.69mi	4/3.5	2,075 (-3%)	2mo	$235,000	$113	55
638 Douglas St	0.69mi	4/2.0	1,942 (-9%)	1mo	$230,000	$118	52
107 Somerset Ave	0.56mi	4/2.0	1,900 (-11%)	8mo	$389,900	$205	48
604 Edlon Park Dr	0.68mi	4/2.0	2,426 (+13%)	5mo	$312,000	$129	42
601 Edlon Park Dr	0.68mi	3/2.5 (-1)	1,860 (-13%)	3mo	$270,000	$145	37

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,668
• Equity at exit: $31,908

10-year hold

• IRR: 8.1%
• Equity multiple: 1.61×
• Total profit: $36,743
• Equity at exit: $18,503

Cash invested: $59,920 (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 21613

• Home prices YoY: -25.1%
• Active inventory: 294
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,419 medium
• Mortgage (P&I): −$1,122
• Tax from tax record: −$213 /mo · $2,556/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $487

Break-even live

Break-even rent $1,803

Max offer price $214,000

Occupancy floor 75%

Sensitivity live

Price	-10% $608	-5% $547	+0% $487	+5% $426	+10% $366
Rent	-10% $296	-5% $391	+0% $487	+5% $582	+10% $678
Rate	-1.0pp $595	-0.5pp $541	base $487	+0.5pp $431	+1.0pp $375

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: $53,500
• Closing costs: $6,420
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
414 Waterfield Ct Cambridge, MD	3.0	2.5	2000	$2,395	$1.20	44d	1	0.60mi
401 N Seaway Ct Cambridge, MD	3.0	2.5	1867	$2,600	$1.39	44d	1	0.69mi
318 E Appleby Ave Cambridge, MD	3.0	2.5	1536	$2,100	$1.37	44d	1	1.20mi

Listing history 5 events

1. 2026-04-29
   status Pending
2. 2026-01-07
   listed $214,000 Active
3. 2021-11-16
   soldstatus $130,000
4. 1992-05-29
   soldstatus $16,000
5. 1982-05-25
   soldstatus $24,000

ⓘ 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: $2,556 · $213/mo
• Projected year-2 tax: $2,556 · $213/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,032
• − Mortgage interest: −$11,987
• − Property taxes: −$2,556
• − Insurance: −$1,070
• − Repairs & maintenance: −$2,323
• − Management: −$2,323
• − Depreciation: −$6,225
• Taxable income: $2,547
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $5,230/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: Dorchester County Public Schools
• NCES district ID: 2400300
• Math proficiency: 10% ▼ -14.00%
• Reading proficiency: 23% ▼ -12.00%
• Median HH income: $46,767
• Composite: 14.65/100
• National rank: #9404
• State rank: #23 of 24 in MD

Livability — Cambridge

• Score: 65/100
• State rank: #255
• US rank: #13046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cambridge, MD
• Population (ZIP): 18,167

Population outlook (Dorchester County) Hauer SSP2

• Today (2025): 31,699 people
• By 2030: 31,054 · -2.0%
• By 2040: 29,712 · -6.3%
• By 2050: 28,618 · -9.7%
• By 2075: 28,436 · -10.3%
• By 2100: 28,937 · -8.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 52% Black 33% Two or more races 10% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Dorchester

• 2024 margin: R (+14.6) · D 41.6% · R 56.1% · Other 2.3%
• 2008→2024 swing: -6.3pp toward R · 2008: -8.2pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+11.9 2016: R+16.0 2012: R+6.6 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.03%
• Current HPI: 271.1127
• 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

+791.7% since first listed

5 events — show timeline

• 2026-04-29 Pending — BRIGHT MLS
• 2026-01-07 Listed $214,000 BRIGHT MLS
• 2021-11-16 Sold (Public Records) $130,000 Public Records
• 1992-05-29 Sold (Public Records) $16,000 Public Records
• 1982-05-25 Sold (Public Records) $24,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,556 · +30.0% YoY. Source: county tax records.