212 Main St · Preston, MD 21655

$235,000

5 bd · 1.5 ba · 2,122 sqft · SingleFamily public records · 31 Days on market

Built 1900 6,161 sqft lot $111/sqft · 33% below area Est $349k · 33% 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).

• ARV discount +15.0/15.0
• Cash flow +14.4/30.0
• Appreciation +9.8/10.0
• DSCR +4.4/10.0
• 1% rule +3.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

Welcome to this spacious and beautifully maintained property nestled in the peaceful town of Preston. The main residence features 5 generously sized bedrooms and 3 full bathrooms, offering plenty of space for comfortable family living, guests, or multi-generational arrangements. At the heart of the home, you’ll find a large eat-in kitchen, perfect for gathering with family, hosting friends, or enjoying everyday meals with ease. Thoughtfully designed living spaces provide both comfort and functionality throughout. What truly sets this property apart is its incredible versatility. Just behind the home sits a large workshop that conveys with the sale, ideal for hobbies, storage, a small business, or creative projects. Whether you're an entrepreneur, craftsman, or simply need extra space, this shop offers endless possibilities. This is a unique opportunity to own a property in downtown Preston, MD, combining small-town charm with space and functionality. Schedule your showing today and discover all the possibilities this one-of-a-kind Preston property has to offer.

Key facts

• Large eat-in kitchen
• Large workshop
• Downtown preston

Tags

• LARGE EAT-IN KITCHEN
• LARGE WORKSHOP
• DOWNTOWN PRESTON

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $46 ($552/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 $200k (14.9% below list).
• Recommended offer: $200k (14.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.8% in Preston — 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 66/100 on livability (#245 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: schools C-, crime F, amenities F.
• Caroline County Public Schools (rural): math 13% / reading 29% proficiency, ranked #17 of 24 in MD (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Caroline County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (9.6% local appreciation)).
• Caroline County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.6% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $25k; list at $235k implies a 840% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000 (14.9% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 9.8

CMA / ARV

• ARV (median comp): $348,651
• List price: $235,000
• Delta: -32.60%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Fooks Ave	0.42mi	4/2.0 (-1)	2,072 (-2%)	23mo	$335,000	$162	50

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

Projected returns pro-forma

9.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.89×
• Total profit: $124,180
• Equity at exit: $204,568

10-year hold

• IRR: 21.4%
• Equity multiple: 6.50×
• Total profit: $361,689
• Equity at exit: $433,778

Cash invested: $65,800 (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 →

ZIP-level market 21655

• Home prices YoY: 3.1%
• Active inventory: 36
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$204 /mo · $2,445/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $46

Break-even live

Break-even rent $1,942

Max offer price $235,000

Occupancy floor 93%

Sensitivity live

Price	-10% $179	-5% $112	+0% $46	+5% $-21	+10% $-87
Rent	-10% $-112	-5% $-33	+0% $46	+5% $125	+10% $204
Rate	-1.0pp $164	-0.5pp $106	base $46	+0.5pp $-15	+1.0pp $-77

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22721 Marsh Creek Rd Preston, MD	4.0	2.0	2688	$2,000	$0.74	44d	1	0.91mi

Listing history 27 events

1. 2026-06-21
   days on market $235,000 Active 31 DOM
2. 2026-06-18
   days on market $235,000 Active 29 DOM
3. 2026-06-17
   days on market $235,000 Active 28 DOM
4. 2026-06-16
   days on market $235,000 Active 27 DOM
5. 2026-06-15
   days on market $235,000 Active 26 DOM
6. 2026-06-13
   days on market $235,000 Active 24 DOM
7. 2026-06-12
   days on market $235,000 Active 23 DOM
8. 2026-06-09
   days on market $235,000 Active 20 DOM
9. 2026-06-08
   days on market $235,000 Active 19 DOM
10. 2026-06-07
    days on market $235,000 Active 18 DOM
11. 2026-06-07
    days on market $235,000 Active 17 DOM
12. 2026-06-04
    days on market $235,000 Active 14 DOM
13. 2026-06-02
    days on market $235,000 Active 13 DOM
14. 2026-06-01
    days on market $235,000 Active 12 DOM
15. 2026-05-31
    days on market $235,000 Active 11 DOM
16. 2026-05-31
    days on market $235,000 Active 10 DOM
17. 2026-05-20
    listed $235,000 Active 1083-char remark

    Show marketing remark (1083 chars)

    Welcome to this spacious and beautifully maintained property nestled in the peaceful town of Preston. The main residence features 5 generously sized bedrooms and 3 full bathrooms, offering plenty of space for comfortable family living, guests, or multi-generational arrangements. At the heart of the home, you’ll find a large eat-in kitchen, perfect for gathering with family, hosting friends, or enjoying everyday meals with ease. Thoughtfully designed living spaces provide both comfort and functionality throughout. What truly sets this property apart is its incredible versatility. Just behind the home sits a large workshop that conveys with the sale, ideal for hobbies, storage, a small business, or creative projects. Whether you're an entrepreneur, craftsman, or simply need extra space, this shop offers endless possibilities. This is a unique opportunity to own a property in downtown Preston, MD, combining small-town charm with space and functionality. Schedule your showing today and discover all the possibilities this one-of-a-kind Preston property has to offer.

18. 2026-05-15
    historical
19. 2026-02-27
    price $235,000
20. 2026-01-08
    price $280,000
21. 2025-10-09
    listed $320,000 Active
22. 2016-11-01
    historical Expired
23. 2016-11-01
    historical
24. 2015-10-02
    listed Active
25. 2015-10-02
    listed $189,900
26. 1992-08-13
    soldstatus $25,000
27. 1976-01-16
    soldstatus $13,000

ⓘ 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: $2,445 · $204/mo
• Projected year-2 tax: $2,503 · $209/mo
• Expected delta: +$58/yr (+$5/mo · 2.4%)

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

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$13,164
• − Property taxes: −$2,445
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$6,836
• Taxable loss: −$3,460
• Est. tax savings @ 24.0%: +$830
• After-tax cash flow: $1,382/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: Caroline County Public Schools
• NCES district ID: 2400180
• Math proficiency: 13% ▼ -22.00%
• Reading proficiency: 29% ▼ -14.00%
• Median HH income: $55,076
• Composite: 19.16/100
• National rank: #8823
• State rank: #17 of 24 in MD

Livability — Preston

• Score: 66/100
• State rank: #245
• US rank: #12172

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Preston, MD
• Population (ZIP): 4,995

Population outlook (Caroline County) Hauer SSP2

• Today (2025): 31,205 people
• By 2030: 30,204 · -3.2%
• By 2040: 27,866 · -10.7%
• By 2050: 25,342 · -18.8%
• By 2075: 20,554 · -34.1%
• By 2100: 17,415 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 10% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Caroline

• 2024 margin: Solid R (+38.0) · D 29.9% · R 67.9% · Other 2.2%
• 2008→2024 swing: -15.0pp toward R · 2008: -23.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+32.9 2016: R+39.5 2012: R+24.4 2008: R+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.58%
• Current HPI: 319.9345
• 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

+1707.7% since first listed

11 events — show timeline

• 2026-05-20 Listed $235,000 BRIGHT MLS
• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-02-27 Price Changed $235,000 BRIGHT MLS
• 2026-01-08 Price Changed $280,000 BRIGHT MLS
• 2025-10-09 Listed $320,000 BRIGHT MLS
• 2016-11-01 Listing Removed — BRIGHT MLS
• 2016-11-01 Delisted — MRIS
• 2015-10-02 Listed — MRIS
• 2015-10-02 Listed $189,900 BRIGHT MLS
• 1992-08-13 Sold (Public Records) $25,000 Public Records
• 1976-01-16 Sold (Public Records) $13,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,445 · +5.4% YoY. Source: county tax records.