235 North Blvd · Salisbury, MD 21801

$264,900

3 bd · 2.0 ba · 1,932 sqft · SingleFamily public records · 66 Days on market

Built 1900 7,412 sqft lot $137/sqft · 13% below area Est $305k · 13% under

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Why this score? — see what drove the D 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).

• ARV discount +13.4/15.0
• Cash flow +12.9/30.0
• Rent growth +4.3/5.0
• DSCR +3.9/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * MOTIVATED SELLER - BRING ALL OFFERS * * Investor opportunity —positioned on a desirable corner lot with strong rental potential and room to add value. This duplex features two separate units, including a lower-level 2-bedroom, 1-bath unit and an upper-level 1-bedroom, 1-bath unit. Some renovations have already been completed, offering a solid starting point for your vision while still leaving plenty of upside for improvements and increased returns. The property’s layout and location make it especially appealing for rental strategies, including student housing, with the ability to rent by the room. A spacious porch adds character and curb appeal, creating an inviting exterior for tenants. Being sold as-is, this property is ideal for investors looking to expand their portfolio with a value-add opportunity in a convenient location close to local amenities and the college.

Key facts

• Built 1900
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-20 ($-238/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (25.7% below list).
• Recommended offer: $197k (25.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 fast (+7.2%/yr); 194 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 33% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% 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 $196,806 (25.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.74% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 11.2

CMA / ARV

• ARV (median comp): $304,970
• List price: $264,900
• Delta: -13.14%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Camden Ave	0.17mi	3/2.0	1,952 (+1%)	7mo	$259,900	$133	85
303 Powell Ave	0.29mi	3/2.5	1,800 (-7%)	8mo	$415,000	$231	67
604 Crestview Ln	0.55mi	3/2.0	1,919 (-1%)	16mo	$269,900	$141	60
725 Camden Ave	0.09mi	4/2.0 (+1)	2,199 (+14%)	13mo	$267,800	$122	57
410 Virginia Ave	0.21mi	3/2.0	1,649 (-15%)	11mo	$284,900	$173	56
426 Pinehurst Ave	0.48mi	3/2.0	1,692 (-12%)	1mo	$325,000	$192	56
424 Pinehurst Ave	0.48mi	3/2.0	2,124 (+10%)	14mo	$359,900	$169	50
228 S Clairmont Dr	0.46mi	3/1.5	1,671 (-14%)	16mo	$300,000	$180	41
1107 Frederick Ave	0.68mi	3/1.5	1,744 (-10%)	14mo	$320,600	$184	38
409 W College Ave	0.54mi	4/2.5 (+1)	2,190 (+13%)	12mo	$327,900	$150	35
812 Gettysburg Ave	0.68mi	3/2.0	1,650 (-15%)	13mo	$259,900	$158	33
428 Druid Hill Ave	0.69mi	4/1.0 (+1)	1,642 (-15%)	15mo	$195,000	$119	21

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 · 7.21% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.52×
• Total profit: $-35,628
• Equity at exit: $39,497

10-year hold

• IRR: 0.9%
• Equity multiple: 1.08×
• Total profit: $5,726
• Equity at exit: $22,904

Cash invested: $74,172 (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 21801

• Home prices YoY: -30.6%
• Rents YoY: 7.2%
• Active inventory: 194
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,968 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-20

Break-even live

Break-even rent $1,993

Max offer price $261,392

Occupancy floor 96%

Sensitivity live

Price	-10% $130	-5% $55	+0% $-20	+5% $-95	+10% $-170
Rent	-10% $-175	-5% $-98	+0% $-20	+5% $58	+10% $136
Rate	-1.0pp $114	-0.5pp $48	base $-20	+0.5pp $-88	+1.0pp $-158

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Alabama Ave Salisbury, MD	1.0–3.0	1.0–2.5	1028	$1,784	$1.73	14d	14	0.38mi
550 Riverside Dr Salisbury, MD	3.0	2.0	1250	$1,975	$1.58	45d	1	0.44mi
421 Loblolly Ln Salisbury, MD	3.0	2.0	1514	$2,250	$1.49	45d	1	0.70mi
101 Cedar Xing Salisbury, MD	4.0	2.0–4.0	965	$1,375	$1.42	14d	9	0.92mi
1120 Wintermead Loop Salisbury, MD	4.0	2.5	1968	$2,500	$1.27	22d	1	1.22mi
255 Canal Park Dr Apt C Salisbury, MD	4.0	2.0	1250	$1,600	$1.28	45d	1	1.41mi
830 Larch Way Unit 1 Salisbury, MD	3.0	2.5	1568	$1,900	$1.21	14d	1	1.45mi
830 Larch Way Salisbury, MD	3.0	2.5	1568	$2,000	$1.28	14d	1	1.45mi
830 Larch Way Salisbury, MD	3.0	3.0	1568	$2,000	$1.28	45d	1	1.45mi

Listing history 24 events

1. 2026-06-21
   days on market $264,900 Active 66 DOM
2. 2026-06-18
   days on market $264,900 Active 63 DOM
3. 2026-06-17
   days on market $264,900 Active 62 DOM
4. 2026-06-16
   days on market $264,900 Active 61 DOM
5. 2026-06-15
   days on market $264,900 Active 60 DOM
6. 2026-06-14
   days on market $264,900 Active 58 DOM
7. 2026-06-13
   days on market $264,900 Active 57 DOM
8. 2026-06-10
   days on market $264,900 Active 55 DOM
9. 2026-06-09
   days on market $264,900 Active 54 DOM
10. 2026-06-08
    days on market $264,900 Active 53 DOM
11. 2026-06-07
    days on market $264,900 Active 52 DOM
12. 2026-06-03
    days on market $264,900 Active 48 DOM
13. 2026-06-02
    days on market $264,900 Active 47 DOM
14. 2026-06-01
    days on market $264,900 Active 46 DOM
15. 2026-05-31
    days on market $264,900 Active 45 DOM
16. 2026-05-30
    days on market $264,900 Active 44 DOM
17. 2026-04-17
    listed $264,900 Active 900-char remark

    Show marketing remark (900 chars)

    * * MOTIVATED SELLER - BRING ALL OFFERS * * Investor opportunity —positioned on a desirable corner lot with strong rental potential and room to add value. This duplex features two separate units, including a lower-level 2-bedroom, 1-bath unit and an upper-level 1-bedroom, 1-bath unit. Some renovations have already been completed, offering a solid starting point for your vision while still leaving plenty of upside for improvements and increased returns. The property’s layout and location make it especially appealing for rental strategies, including student housing, with the ability to rent by the room. A spacious porch adds character and curb appeal, creating an inviting exterior for tenants. Being sold as-is, this property is ideal for investors looking to expand their portfolio with a value-add opportunity in a convenient location close to local amenities and the college.

18. 2026-04-15
    historical $264,900 900-char remark

    Show marketing remark (900 chars)

    * * MOTIVATED SELLER - BRING ALL OFFERS * * Investor opportunity —positioned on a desirable corner lot with strong rental potential and room to add value. This duplex features two separate units, including a lower-level 2-bedroom, 1-bath unit and an upper-level 1-bedroom, 1-bath unit. Some renovations have already been completed, offering a solid starting point for your vision while still leaving plenty of upside for improvements and increased returns. The property’s layout and location make it especially appealing for rental strategies, including student housing, with the ability to rent by the room. A spacious porch adds character and curb appeal, creating an inviting exterior for tenants. Being sold as-is, this property is ideal for investors looking to expand their portfolio with a value-add opportunity in a convenient location close to local amenities and the college.

19. 2024-07-15
    soldstatus $1,842,105
20. 2024-05-25
    soldstatus $199,900 Closed 999-char remark

    Show marketing remark (999 chars)

    * * Property is part of a larger portfolio and will not be sold individually. Asking price for entire portfolio is $2,979,200 * * Welcome to an exceptional investment opportunity! This diversified portfolio consists of 19 properties comprising a total of 20 units, primarily single-family homes, along with one duplex. With a gross annual rental income of $319,860, this portfolio offers a robust and steady income stream for savvy investors and with some properties being newly renovated and others offering value-add opportunities, the potential is limitless! Tenants are responsible for water, trash, sewer and lawn maintenance, ensuring minimal expenses for the property owner. All properties are located in Salisbury and Fruitland, so they benefit from a stable rental demand and strong long-term tenant occupancy. Whether you’re a seasoned investor or just getting started in real estate, this portfolio offers the potential for significant returns and long-term wealth accumulation.

21. 2024-03-18
    status Pending 999-char remark

    Show marketing remark (999 chars)

    * * Property is part of a larger portfolio and will not be sold individually. Asking price for entire portfolio is $2,979,200 * * Welcome to an exceptional investment opportunity! This diversified portfolio consists of 19 properties comprising a total of 20 units, primarily single-family homes, along with one duplex. With a gross annual rental income of $319,860, this portfolio offers a robust and steady income stream for savvy investors and with some properties being newly renovated and others offering value-add opportunities, the potential is limitless! Tenants are responsible for water, trash, sewer and lawn maintenance, ensuring minimal expenses for the property owner. All properties are located in Salisbury and Fruitland, so they benefit from a stable rental demand and strong long-term tenant occupancy. Whether you’re a seasoned investor or just getting started in real estate, this portfolio offers the potential for significant returns and long-term wealth accumulation.

22. 2024-02-09
    listed $199,900 Active 999-char remark

    Show marketing remark (999 chars)

    * * Property is part of a larger portfolio and will not be sold individually. Asking price for entire portfolio is $2,979,200 * * Welcome to an exceptional investment opportunity! This diversified portfolio consists of 19 properties comprising a total of 20 units, primarily single-family homes, along with one duplex. With a gross annual rental income of $319,860, this portfolio offers a robust and steady income stream for savvy investors and with some properties being newly renovated and others offering value-add opportunities, the potential is limitless! Tenants are responsible for water, trash, sewer and lawn maintenance, ensuring minimal expenses for the property owner. All properties are located in Salisbury and Fruitland, so they benefit from a stable rental demand and strong long-term tenant occupancy. Whether you’re a seasoned investor or just getting started in real estate, this portfolio offers the potential for significant returns and long-term wealth accumulation.

23. 2000-05-05
    soldstatus $69,900
24. 1991-01-07
    soldstatus $68,000

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $1,894 · $158/mo
• Expected delta: +$993/yr (+$83/mo · 110.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,617
• − Mortgage interest: −$14,839
• − Property taxes: −$901
• − Insurance: −$1,324
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − Depreciation: −$7,706
• Taxable loss: −$4,932
• Est. tax savings @ 24.0%: +$1,184
• After-tax cash flow: $945/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): 30,088
• Household income: $71,313
• Rent vs Own: 41.8% rent · 58.2% own
• Severe rent burden: 964.0

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 0.60)
• Race & ethnicity: White 54% Black 33% Two or more races 6% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Hispanic 4% Romanian 2% Slovak 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 89% English-only · Spanish 4% French/Haitian/Cajun 3% 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: ▼ -102.55%
• Current HPI: 232.3103
• Rent YoY: ▲ 7.21%
• 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

+289.6% since first listed

8 events — show timeline

• 2026-04-17 Listed $264,900 BRIGHT MLS
• 2026-04-15 Coming Soon $264,900 BRIGHT MLS
• 2024-07-15 Sold (Public Records) $1,842,105 Public Records
• 2024-05-25 Sold (MLS) $199,900 BRIGHT MLS
• 2024-03-18 Pending — BRIGHT MLS
• 2024-02-09 Listed $199,900 BRIGHT MLS
• 2000-05-05 Sold (Public Records) $69,900 Public Records
• 1991-01-07 Sold (Public Records) $68,000 Public Records

Property tax history

-4.4%/yr

Latest (2025): $901 · +55.4% YoY. Source: county tax records.