12346 Old Bridge Rd #164 · West Ocean City, MD 21842

$185,000

2 bd · 1.0 ba · 616 sqft · SingleFamily · 178 Days on market

Built 2020 Good condition 435 sqft lot $300/sqft · 17% below area Est $223k · 17% 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 +15.5/30.0
• ARV discount +15.0/15.0
• Schools +4.9/10.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Now is an ideal time to secure this slice of the “Beach Life” pie. Make 12346 Old Bridge Rd, lot 164 with 2 bedrooms & 1 bathroom yours to live in year-round or to use whenever you want to getaway and/or rent. Being in West Ocean City is about as good as it gets. First, it alone has lots to offer - well known for great spots including the fishing harbor, public boat ramp, outlets & specialty shops, coffee shops, restaurants, bars, spas, campgrounds, amusements & more! Now ADD to that, being in West O’ makes this property close to the famous Ocean City boardwalk & its’ downtown beach, as well as Assateague Island and Historic Downtown Berlin. The property highlights include vinyl flooring, HVAC, an open floorplan, stainless steel appliances, a space-saving stacked washer & dryer, and the bedrooms are separated by the common living space. There is a 2nd exterior door where you’ll find a small, fenced area, 3 outbuildings, and a ground level deck area. This property is on a desirable corner lot. Out front is a 2-car driveway and an area for some nice landscape be it flowers, bushes, herbs, you decide. There are couple more ground level decks as well as a large, raised deck to enter from the front. The Salt Life Community offers nice amenities: a pool with a bathhouse, ample lounge seating nearby, a gazebo with TVs & outdoor lounge areas, outdoor kitchen & fireplaces, community boardwalk, its own fishing pier and a nice beach area. Remember Life is Not a Dress Rehearsal - Own at The Beach!

Key facts

• Fenced area
• 3 outbuildings
• 2 car driveway

Tags

• STAINLESS STEEL APPLIANCES
• FENCED AREA
• 3 OUTBUILDINGS
• GROUND LEVEL DECK AREA
• CORNER LOT
• 2 CAR DRIVEWAY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $185k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $74 ($892/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 $171k (7.4% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 2.8% in West 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 78/100 on livability (#69 in MD, #2,499 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities C-, commute F, cost of living D-.
• 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); Stephen Decatur Middle (math 24% / reading 43%, grade F, #53 of 225 statewide, top 24%, 697 students, 50% FRL); Stephen Decatur High (math 64% / reading 78%, grade B+, #37 of 222 statewide, top 17%, 1,431 students, 42% FRL).
• Market conditions: 772 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 $6k 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

• It's been on market 178 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $223,201
• List price: $185,000
• Delta: -17.11%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Caroline St #106	2.03mi	1/1.0 (-1)	615 (-0%)	13mo	$270,000	$439	49
409 Saint Louis Ave #55	2.05mi	1/2.0 (-1)	588 (-4%)	3mo	$239,900	$408	46
207 8th St Unit 104W	2.17mi	2/1.0	568 (-8%)	15mo	$271,000	$477	40
106 Talbot St #206	2.04mi	2/1.5	728 (+18%)	2mo	$225,000	$309	37
106 Talbot St #101	2.04mi	2/1.5	728 (+18%)	3mo	$295,000	$405	36
106 Talbot St #201	2.04mi	2/1.5	728 (+18%)	3mo	$285,000	$391	36
106 Talbot St #205	2.04mi	2/1.0	786 (+28%)	6mo	$210,000	$267	35
206 8th St #33	2.19mi	1/1.0 (-1)	480 (-22%)	3mo	$263,000	$548	32
301 Atlantic Ave #206	2.21mi	1/1.0 (-1)	528 (-14%)	7mo	$385,000	$729	30
106 Talbot St #207	2.04mi	2/1.5	728 (+18%)	10mo	$245,000	$337	29
301 Atlantic Ave #306	2.21mi	1/1.0 (-1)	528 (-14%)	11mo	$385,000	$729	27
207 8th St Unit 201C	2.17mi	2/2.0	746 (+21%)	11mo	$290,000	$389	27

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: -13.5%
• Equity multiple: 0.51×
• Total profit: $-25,220
• Equity at exit: $27,584

10-year hold

• IRR: -4.6%
• Equity multiple: 0.70×
• Total profit: $-15,762
• Equity at exit: $15,995

Cash invested: $51,800 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $160,000 ($250/sqft)
• Median days on market: 250 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +45.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 21842

• Home prices YoY: -5.0%
• Active inventory: 772
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,712 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $74

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 91%

Sensitivity live

Price	-10% $202	-5% $138	+0% $74	+5% $10	+10% $-54
Rent	-10% $-61	-5% $7	+0% $74	+5% $142	+10% $210
Rate	-1.0pp $167	-0.5pp $121	base $74	+0.5pp $26	+1.0pp $-22

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: $46,250
• Closing costs: $5,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $185,000 Active 178 DOM
2. 2026-08-07
   days on market $185,000 Active 177 DOM
3. 2026-08-06
   days on market $185,000 Active 176 DOM
4. 2026-08-05
   days on market $185,000 Active 175 DOM
5. 2026-08-04
   days on market $185,000 Active 174 DOM
6. 2026-08-03
   days on market $185,000 Active 173 DOM
7. 2026-07-31
   days on market $185,000 Active 170 DOM
8. 2026-07-30
   days on market $185,000 Active 169 DOM
9. 2026-07-29
   days on market $185,000 Active 168 DOM
10. 2026-07-27
    days on market $185,000 Active 166 DOM
11. 2026-07-25
    days on market $185,000 Active 164 DOM
12. 2026-07-24
    days on market $185,000 Active 163 DOM
13. 2026-07-23
    days on market $185,000 Active 162 DOM
14. 2026-07-22
    days on market $185,000 Active 161 DOM
15. 2026-07-21
    days on market $185,000 Active 160 DOM
16. 2026-07-18
    days on market $185,000 Active 157 DOM
17. 2026-07-16
    days on market $185,000 Active 155 DOM
18. 2026-07-16
    days on market $185,000 Active 154 DOM
19. 2026-07-14
    days on market $185,000 Active 153 DOM
20. 2026-07-13
    days on market $185,000 Active 152 DOM
21. 2026-07-12
    days on market $185,000 Active 151 DOM
22. 2026-07-11
    days on market $185,000 Active 150 DOM
23. 2026-07-10
    days on market $185,000 Active 149 DOM
24. 2026-07-09
    days on market $185,000 Active 148 DOM
25. 2026-07-08
    days on market $185,000 Active 147 DOM
26. 2026-07-07
    days on market $185,000 Active 146 DOM
27. 2026-07-06
    days on market $185,000 Active 145 DOM
28. 2026-07-05
    days on market $185,000 Active 144 DOM
29. 2026-07-04
    days on market $185,000 Active 143 DOM
30. 2026-07-03
    days on market $185,000 Active 142 DOM
31. 2026-07-02
    days on market $185,000 Active 141 DOM
32. 2026-07-01
    days on market $185,000 Active 140 DOM
33. 2026-06-30
    days on market $185,000 Active 139 DOM
34. 2026-06-29
    days on market $185,000 Active 138 DOM
35. 2026-06-28
    days on market $185,000 Active 137 DOM
36. 2026-06-28
    days on market $185,000 Active 136 DOM
37. 2026-06-27
    days on market $185,000 Active 135 DOM
38. 2026-06-25
    days on market $185,000 Active 133 DOM
39. 2026-06-23
    days on market $185,000 Active 131 DOM
40. 2026-06-22
    days on market $185,000 Active 130 DOM
41. 2026-06-18
    days on market $185,000 Active 127 DOM
42. 2026-06-17
    days on market $185,000 Active 126 DOM
43. 2026-06-16
    days on market $185,000 Active 125 DOM
44. 2026-06-15
    days on market $185,000 Active 124 DOM
45. 2026-06-14
    days on market $185,000 Active 122 DOM
46. 2026-06-13
    days on market $185,000 Active 121 DOM
47. 2026-06-10
    days on market $185,000 Active 119 DOM
48. 2026-06-09
    days on market $185,000 Active 118 DOM
49. 2026-06-08
    days on market $185,000 Active 117 DOM
50. 2026-06-07
    days on market $185,000 Active 116 DOM

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

Taxation est. · year 1

• Rental income: $20,549
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − Depreciation: −$5,382
• Taxable loss: −$2,184
• Est. tax savings @ 24.0%: +$524
• After-tax cash flow: $1,416/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $3,080–$9,240 screening

This mobile home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minor repairs and maintenance. The highest-ROI updates that would raise its resale or rental value are painting the exterior siding, replacing the deck railings, and upgrading the landscaping.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the deck railings — Improves safety and adds value ↑
• Both Upgrade the landscaping — Enhances curb appeal and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Ocean City Elementary F MD #84/860 Nat'l #17,861/41,679 Middle Stephen Decatur Middle F MD #53/225 Nat'l #7,937/14,009 High Stephen Decatur High B+ MD #37/222 Nat'l #2,035/17,239

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

B Composite livability gradescore 78/100

Livability — West Ocean City

• Score: 78/100
• State rank: #69
• US rank: #2499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Ocean City, MD
• County: Worcester County · 51,363 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: 12% of renters

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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%

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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%

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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

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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

+46.3% since first listed

5 events — show timeline

• 2026-05-14 Price Changed $190,000 BRIGHT MLS
• 2026-02-11 Listed $200,000 BRIGHT MLS
• 2021-08-06 Sold (MLS) $129,900 BRIGHT MLS
• 2021-07-02 Contingent — BRIGHT MLS
• 2021-07-02 Listed $129,900 BRIGHT MLS