239 Dove St

Salisbury, MD 21801

$70,000B

2 bd · 2.0 ba · 840 sqft · Built 1967 · Manufactured · Coming Soon · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,602/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $782/mo
• Annual: $9,380/yr
• Cap rate: 19.69%
• Cash-on-cash: 47.86%
• DSCR: 3.13
• 1% rule: 2.29%
• Cash to close: $19,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $782 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 24 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: North Salisbury Elementary (math 27% / reading 32%, grade F, #201 of 860 statewide, top 25%, 505 students, 38% FRL); Wicomico Middle (math 3% / reading 22%, grade F, #200 of 225 statewide, top 89%, 819 students, 68% FRL); Wicomico High (math 30% / reading 45%, grade F, #138 of 222 statewide, top 63%, 1,325 students, 60% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+7.2%/yr); 194 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.7% 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.

Questions for listing agent

• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.