408 Flower St · Berlin, MD 21811

$200,000

2 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 48 Days on market

Built 1969 0.77 ac lot $151/sqft · 47% below area Est $381k · 47% under

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Why this score? — see what drove the B- 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

Key facts

• 0.77 acre lot
• Parking
• Built 1969

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.6% in Berlin — 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 79/100 on livability (#55 in MD, #2,021 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A; Watch: commute F.
• 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.
• Market conditions: 315 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).
• This rent runs 32% of the median local income ($90k/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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $200k implies a 700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.19% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (median comp): $380,850
• List price: $200,000
• Delta: -47.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Flower St	0.00mi	2/1.0	1,326 (0%)	0mo	$200,000	$151	100
605 Williams St	0.55mi	3/2.0 (+1)	1,464 (+10%)	6mo	$499,900	$341	43
12 Vine St	0.64mi	2/2.0	1,226 (-8%)	16mo	$374,900	$306	40
8 Nelson St	0.72mi	3/2.0 (+1)	1,290 (-3%)	21mo	$377,000	$292	36
10551 Flower St	0.60mi	3/2.0 (+1)	1,215 (-8%)	19mo	$399,950	$329	33
202 Senators Way	0.49mi	3/2.5 (+1)	1,476 (+11%)	20mo	$395,000	$268	31
211 Enterprise Dr	0.52mi	3/2.5 (+1)	1,502 (+13%)	19mo	$375,000	$250	27
10614 Flower St	0.66mi	3/2.0 (+1)	1,513 (+14%)	23mo	$331,000	$219	18

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,104
• Equity at exit: $29,821

10-year hold

• IRR: 10.6%
• Equity multiple: 1.83×
• Total profit: $46,303
• Equity at exit: $17,292

Cash invested: $56,000 (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 21811

• Home prices YoY: -29.0%
• Active inventory: 315
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,383 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$209 /mo · $2,503/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $542

Break-even live

Break-even rent $1,697

Max offer price $200,000

Occupancy floor 72%

Sensitivity live

Price	-10% $655	-5% $598	+0% $542	+5% $485	+10% $429
Rent	-10% $353	-5% $448	+0% $542	+5% $636	+10% $730
Rate	-1.0pp $642	-0.5pp $593	base $542	+0.5pp $490	+1.0pp $437

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Bay St Berlin, MD	2.0–3.0	1.0–1.5	880	$1,675	$1.90	44d	3	0.28mi
9800 Shore Break Ln Berlin, MD	1.0–3.0	1.0–2.0	1307	$2,419	$1.85	22d	13	1.24mi

Listing history 6 events

1. 2026-05-02
   status Pending 1185-char remark

   Show marketing remark (1185 chars)

   Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

2. 2026-04-23
   price $200,000 1185-char remark

   Show marketing remark (1185 chars)

   Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

3. 2026-03-15
   status Active 1185-char remark

   Show marketing remark (1185 chars)

   Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

4. 2026-02-13
   status Pending 1185-char remark

   Show marketing remark (1185 chars)

   Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

5. 2026-01-06
   historical $235,000 1185-char remark

   Show marketing remark (1185 chars)

   Just a mile from the heart of Historic Downtown Berlin, 408 Flower Street presents a great opportunity to own near one of the Eastern Shore’s most beloved towns. Berlin is known for its tree-lined streets, beautifully preserved historic architecture, and welcoming small-town feel, with boutique shops, local restaurants, art galleries, and year-round community events. From farmers markets to seasonal festivals and live music, there is always something happening close to home. This property offers solid bones and plenty of potential for buyers ready to bring their vision and updates. The spacious layout provides a comfortable starting point, featuring a generous living room with hardwood flooring that continues into two of the bedrooms, adding warmth and character. The eat-in kitchen offers space for casual dining, while the separate family room creates additional room to relax, gather, or reimagine the layout to suit your needs. With a little TLC, this home could truly shine. For buyers looking to build equity, personalize a home, or invest in a great location near downtown Berlin and the beaches, this is a promising opportunity. Schedule your appointment today!

6. 2002-09-19
   soldstatus $25,000

ⓘ 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: $2,503 · $209/mo
• Projected year-2 tax: $2,503 · $209/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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $28,594
• − Mortgage interest: −$11,203
• − Property taxes: −$2,503
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,288
• − Management: −$2,288
• − Depreciation: −$5,818
• Taxable income: $3,495
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $5,662/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: 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

Livability — Berlin

• Score: 79/100
• State rank: #55
• US rank: #2021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, MD
• County: Worcester County · 35,603 people
• City population: 24,377
• Metro: Salisbury, MD-DE
• Population (ZIP): 24,377
• Household income: $90,082
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 551.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Italian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▼ -119.52%
• Current HPI: 292.9004
• Rent YoY: —
• 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

+700.0% since first listed

6 events — show timeline

• 2026-05-02 Pending — BRIGHT MLS
• 2026-04-23 Price Changed $200,000 BRIGHT MLS
• 2026-03-15 Relisted — BRIGHT MLS
• 2026-02-13 Pending — BRIGHT MLS
• 2026-01-06 Coming Soon $235,000 BRIGHT MLS
• 2002-09-19 Sold (Public Records) $25,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,503 · +3.4% YoY. Source: county tax records.