4003 Main St · Grasonville, MD 21638

$299,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 5 Days on market

Built 1952 9,900 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.1/30.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Eastern Shore charm in the heart of Grasonville! This adorable cottage offers easy one-level living and features a thoughtfully designed addition that creates an expansive gathering space perfect for entertaining family and friends. Accessibility is enhanced with a convenient ramp, making everyday living comfortable and practical. Numerous improvements have been completed over the years, including an energy-efficient mini-split heating and cooling system. Move-in ready and full of character, this home presents an excellent opportunity for buyers seeking affordability, convenience, and Eastern Shore living. Being sold as-is, with plenty of potential for a handy homeowner to add their own fin

Key facts

• 9,900 sq ft lot
• Garage
• Built 1952

Property features AI

Exterior

• Parking: Detached front-entry garage (1 space); Shared driveway
• Utilities: Public sewer; Shared well; Electric hot water
• Home design: Detached structure
• Construction: Block construction; Crawl space foundation; Above-grade and below-grade structures noted; Year built (source: assessor)
• Exterior features: Not in federal flood zone; Tidal water: No

Interior

• Kitchen: Refrigerator; Electric oven/range
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Wall unit heating; Electric and oil heating fuel; Cooling: other (electric fuel)
• Interior features: Ramp to main level (accessibility feature); No basement; Estimated living area
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-424 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (25.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (40.0% below list).
• Recommended offer: $180k (40.0% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 1.6% in Grasonville — 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 74/100 on livability (#116 in MD, #4,789 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Queen Anne'S County Public Schools (rural): math 22% / reading 39% proficiency, ranked #7 of 24 in MD (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grasonville Elementary School (math 28% / reading 25%, grade F, #238 of 860 statewide, top 29%, 454 students, 45% FRL); Stevensville Middle School (math 12% / reading 40%, grade F, #91 of 225 statewide, top 42%, 496 students, 35% FRL); Kent Island High School (math 63% / reading 68%, grade B, #54 of 222 statewide, top 24%, 1,164 students, 29% FRL).
• Market conditions: 50 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 320 units permitted in Queen Anne's County in 2024 (56 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $74k; list at $300k implies a 308% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,000 (40.0% 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. Built in 1952 — 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. 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?
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: 0.60% ✗
• Cap rate: 4.60%
• Cash-on-cash: -6.06%
• DSCR: 0.73
• GRM: 13.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -26.8%
• Equity multiple: 0.10×
• Total profit: $-75,707
• Equity at exit: $44,716

10-year hold

• IRR: -24.4%
• Equity multiple: -0.20×
• Total profit: $-101,145
• Equity at exit: $25,930

Cash invested: $83,972 (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 21638

• Home prices YoY: -4.7%
• Active inventory: 50
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$148 /mo · $1,779/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-424

Break-even live

Break-even rent $2,337

Max offer price $225,016

Occupancy floor —

Sensitivity live

Price	-10% $-254	-5% $-339	+0% $-424	+5% $-509	+10% $-594
Rent	-10% $-566	-5% $-495	+0% $-424	+5% $-353	+10% $-282
Rate	-1.0pp $-273	-0.5pp $-348	base $-424	+0.5pp $-502	+1.0pp $-581

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 Winchester Ave Unit 107 Grasonville, MD	1.0	1.0	560	$1,800	$3.21	12d	1	0.88mi

Listing history 5 events

1. 2026-06-18
   days on market $299,900 Active 5 DOM
2. 2026-06-17
   days on market $299,900 Active 4 DOM
3. 2026-06-16
   days on market $299,900 Active 3 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $299,900 Active 2 DOM

ⓘ 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: $1,779 · $148/mo
• Projected year-2 tax: $2,524 · $210/mo
• Expected delta: +$745/yr (+$62/mo · 41.9%)

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

Taxation est. · year 1

• Rental income: $21,600
• − Mortgage interest: −$16,799
• − Property taxes: −$1,779
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$8,724
• Taxable loss: −$10,658
• Est. tax savings @ 24.0%: +$2,558
• After-tax cash flow: $-2,529/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: Queen Anne'S County Public Schools
• NCES district ID: 2400540
• Math proficiency: 22% ▼ -30.00%
• Reading proficiency: 39% ▼ -22.00%
• Median HH income: $84,577
• Composite: 29.86/100
• National rank: #6406
• State rank: #7 of 24 in MD

Livability — Grasonville

• Score: 74/100
• State rank: #116
• US rank: #4789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grasonville, MD
• Population (ZIP): 5,068

Population outlook (Queen Anne's County) Hauer SSP2

• Today (2025): 51,149 people
• By 2030: 51,979 · +1.6%
• By 2040: 52,728 · +3.1%
• By 2050: 51,828 · +1.3%
• By 2075: 50,169 · -1.9%
• By 2100: 44,442 · -13.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 10% Hispanic / Latino 5% Black 5%
• Common ancestry: Slovak 4% Italian 3% Romanian 3%
• Foreign-born: 4% · Canada, South Korea, Dominican Republic
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Queen Anne's

• 2024 margin: Strong R (+27.8) · D 35.1% · R 62.9% · Other 2.1%
• 2008→2024 swing: -0.7pp no change · 2008: -27.1pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+26.5 2016: R+36.1 2012: R+30.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.55%
• Current HPI: 256.8252
• 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

+308.0% since first listed

3 events — show timeline

• 2026-06-14 Listed $299,900 BRIGHT MLS
• 2026-06-13 Coming Soon $299,900 BRIGHT MLS
• 1993-07-14 Sold (Public Records) $73,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,779 · +5.4% YoY. Source: county tax records.