106-A 120th St #20803 · Ocean City, MD 21842

$53,000

2 bd · 2.0 ba · 1,104 sqft · Condo public records · 227 Days on market

Built 1987 $48/sqft · 83% below area $400/mo HOA · 16% of rent

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• 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

Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

Key facts

• Outdoor pool
• Convenient location
• Canal-front views

Tags

• CANAL-FRONT VIEWS
• OUTDOOR POOL
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $53k.

Deal economics

• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $53k).
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.5% vs local median 1.4% in 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 73/100 on livability (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B+; Watch: cost of living C-, crime 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: 673 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).
• This rent runs 37% of the median local income ($80k/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 $366 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 227 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $53k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $46,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.66% ✓
• Cap rate: 30.55%
• Cash-on-cash: 86.63%
• DSCR: 4.85
• GRM: 1.8

CMA / ARV

• ARV (median comp): $318,324
• List price: $53,000
• Delta: -83.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 50.6%
• Equity multiple: 3.23×
• Total profit: $33,088
• Equity at exit: $7,902

10-year hold

• IRR: 56.2%
• Equity multiple: 6.67×
• Total profit: $84,181
• Equity at exit: $4,582

Cash invested: $14,840 (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 21842

• Home prices YoY: -5.0%
• Active inventory: 673
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,467 medium
• Mortgage (P&I): −$278
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$22
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$400
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $645

Break-even live

Break-even rent $1,651

Max offer price $53,000

Occupancy floor 69%

Sensitivity live

Price	-10% $675	-5% $660	+0% $645	+5% $630	+10% $615
Rent	-10% $450	-5% $547	+0% $645	+5% $742	+10% $840
Rate	-1.0pp $671	-0.5pp $658	base $645	+0.5pp $631	+1.0pp $617

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: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Newport Bay Dr Unit 117C Ocean City, MD	3.0	2.0	936	$2,700	$2.88	44d	1	0.24mi
9207 Rusty Anchor Rd Ocean City, MD	3.0	2.0	1200	$2,500	$2.08	44d	1	1.18mi
745 Mooring Rd #103 Ocean City, MD	2.0	2.0	792	$2,500	$3.16	44d	1	1.29mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $53,000 Active 227 DOM
2. 2026-06-17
   days on market $53,000 Active 226 DOM
3. 2026-06-16
   days on market $53,000 Active 225 DOM
4. 2026-06-15
   days on market $53,000 Active 224 DOM
5. 2026-06-14
   days on market $53,000 Active 222 DOM
6. 2026-06-13
   days on market $53,000 Active 221 DOM
7. 2026-06-10
   days on market $53,000 Active 219 DOM
8. 2026-06-09
   days on market $53,000 Active 218 DOM
9. 2026-06-08
   days on market $53,000 Active 217 DOM
10. 2026-06-07
    days on market $53,000 Active 216 DOM
11. 2026-06-02
    days on market $53,000 Active 211 DOM
12. 2026-06-01
    days on market $53,000 Active 210 DOM
13. 2026-05-31
    days on market $53,000 Active 209 DOM
14. 2026-05-30
    days on market $53,000 Active 208 DOM
15. 2026-02-21
    price $53,000 402-char remark

    Show marketing remark (402 chars)

    Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

16. 2026-02-21
    price $5,300 402-char remark

    Show marketing remark (402 chars)

    Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

17. 2026-01-29
    price $55,000 402-char remark

    Show marketing remark (402 chars)

    Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

18. 2025-12-10
    price $59,500 402-char remark

    Show marketing remark (402 chars)

    Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

19. 2025-11-03
    listed $70,000 Active 402-char remark

    Show marketing remark (402 chars)

    Spacious 2-bedroom, 2-bath condo/timeshare on the desirable north end of Ocean City! Enjoy canal-front views, an outdoor pool, and 13 weeks of ownership each year. Vacation during your weeks or rent them out for extra income. Fees include taxes and utilities making this a worry-free way to own your piece of paradise. Convenient location close to beach, shops, restaurants and nightly entertainment *

20. 2001-06-19
    soldstatus $30,500
21. 2001-06-19
    soldstatus $29,500

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,135 · $178/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,608
• − Mortgage interest: −$2,969
• − Property taxes: −$2,135
• − Insurance: −$5,384
• − Repairs & maintenance: −$2,369
• − Management: −$2,369
• − HOA: −$4,800
• − Depreciation: −$1,542
• Taxable income: $8,042
• Est. tax owed @ 24.0%: −$1,930
• After-tax cash flow: $5,807/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 — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, MD
• County: Worcester County · 35,603 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: 322.0

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 (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%

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

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

+73.8% since first listed

7 events — show timeline

• 2026-02-21 Price Changed $53,000 BRIGHT MLS
• 2026-02-21 Price Changed $5,300 BRIGHT MLS
• 2026-01-29 Price Changed $55,000 BRIGHT MLS
• 2025-12-10 Price Changed $59,500 BRIGHT MLS
• 2025-11-03 Listed $70,000 BRIGHT MLS
• 2001-06-19 Sold (Public Records) $29,500 Public Records
• 2001-06-19 Sold (Public Records) $30,500 Public Records

Property tax history

-3.7%/yr

Latest (2025): $2,135 · +22.3% YoY. Source: county tax records.