5 W Chestnut St · Delmar, MD 21875

$219,900

6 bd · 2.0 ba · 1,386 sqft · SingleFamily public records · 57 Days on market

Built 1989 8,712 sqft lot $159/sqft · 33% above area Est $166k · 33% over

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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 +19.5/30.0
• DSCR +6.2/10.0
• 1% rule +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid, low-maintenance investment opportunity in Delmar. This duplex features a 2 bed / 1 bath unit on the first floor and a 1 bed / 1 bath unit on the second floor, both fully rented with established tenants in place for immediate cash flow. Built in 1989, the property offers peace of mind with vinyl siding, a newer roof, and double-pane windows. No lead certification required. Separate electric meters in place. Tenants are responsible for water, sewer, electric, and internet—keeping owner expenses low. Strong rental setup with minimal ongoing maintenance. Contact listing agent for lease details.

Key facts

• Strong rental setup
• Newer roof
• Double pane windows

Tags

• FULLY RENTED UNITS
• VINYL SIDING
• NEWER ROOF
• DOUBLE PANE WINDOWS
• SEPARATE ELECTRIC METERS
• STRONG RENTAL SETUP

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/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 (9.0% below list).
• Recommended offer: $200k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 5.1% in Delmar — 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 67/100 on livability (#222 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: schools D+, 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.
• Market conditions: 46 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 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 $7k of value loss. Plan a longer hold.
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $66k; list at $220k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,035 (9.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.91% ✗
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 9.2

CMA / ARV

• ARV (median comp): $165,651
• List price: $219,900
• Delta: 32.75%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-19,897
• Equity at exit: $32,788

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $2,700
• Equity at exit: $19,013

Cash invested: $61,572 (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 21875

• Home prices YoY: -12.7%
• Active inventory: 46
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$87 /mo · $1,045/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $248

Break-even live

Break-even rent $1,686

Max offer price $219,900

Occupancy floor 83%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $219,900 Active 57 DOM
2. 2026-06-17
   days on market $219,900 Active 56 DOM
3. 2026-06-16
   days on market $219,900 Active 55 DOM
4. 2026-06-15
   days on market $219,900 Active 54 DOM
5. 2026-06-14
   days on market $219,900 Active 52 DOM
6. 2026-06-13
   days on market $219,900 Active 51 DOM
7. 2026-06-10
   days on market $219,900 Active 49 DOM
8. 2026-06-09
   days on market $219,900 Active 48 DOM
9. 2026-06-08
   days on market $219,900 Active 47 DOM
10. 2026-06-07
    days on market $219,900 Active 46 DOM
11. 2026-06-03
    days on market $219,900 Active 42 DOM
12. 2026-06-02
    days on market $219,900 Active 41 DOM
13. 2026-06-01
    days on market $219,900 Active 40 DOM
14. 2026-05-31
    days on market $219,900 Active 39 DOM
15. 2026-05-30
    days on market $219,900 Active 38 DOM
16. 2026-05-14
    price $219,900 610-char remark

    Show marketing remark (610 chars)

    Solid, low-maintenance investment opportunity in Delmar. This duplex features a 2 bed / 1 bath unit on the first floor and a 1 bed / 1 bath unit on the second floor, both fully rented with established tenants in place for immediate cash flow. Built in 1989, the property offers peace of mind with vinyl siding, a newer roof, and double-pane windows. No lead certification required. Separate electric meters in place. Tenants are responsible for water, sewer, electric, and internet—keeping owner expenses low. Strong rental setup with minimal ongoing maintenance. Contact listing agent for lease details.

17. 2026-04-22
    listed $225,000 Active 610-char remark

    Show marketing remark (610 chars)

    Solid, low-maintenance investment opportunity in Delmar. This duplex features a 2 bed / 1 bath unit on the first floor and a 1 bed / 1 bath unit on the second floor, both fully rented with established tenants in place for immediate cash flow. Built in 1989, the property offers peace of mind with vinyl siding, a newer roof, and double-pane windows. No lead certification required. Separate electric meters in place. Tenants are responsible for water, sewer, electric, and internet—keeping owner expenses low. Strong rental setup with minimal ongoing maintenance. Contact listing agent for lease details.

18. 2001-12-20
    soldstatus $65,500
19. 2001-12-05
    soldstatus $65,500 136-char remark

    Show marketing remark (136 chars)

    TWO-APARTMENT HOUSE/ IDEAL FOR BUYER THAT IS INTERESTED IN LIVING IN ONE OF THE APARTMENTS AND RENT OUT THE OTHER TO OFFSET THE MORTGAGE

20. 1999-01-15
    listed $69,000 136-char remark

    Show marketing remark (136 chars)

    TWO-APARTMENT HOUSE/ IDEAL FOR BUYER THAT IS INTERESTED IN LIVING IN ONE OF THE APARTMENTS AND RENT OUT THE OTHER TO OFFSET THE MORTGAGE

21. 1995-11-30
    soldstatus $58,939

ⓘ 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: $1,045 · $87/mo
• Projected year-2 tax: $1,721 · $143/mo
• Expected delta: +$676/yr (+$56/mo · 64.7%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $24,004
• − Mortgage interest: −$12,318
• − Property taxes: −$1,045
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$6,397
• Taxable loss: −$696
• Est. tax savings @ 24.0%: +$167
• After-tax cash flow: $3,148/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: Wicomico County Public Schools
• NCES district ID: 2400690
• Math proficiency: 16% ▼ -18.00%
• Reading proficiency: 26% ▼ -13.00%
• Median HH income: $51,745
• Composite: 18.87/100
• National rank: #8860
• State rank: #19 of 24 in MD

Livability — Delmar

• Score: 67/100
• State rank: #222
• US rank: #11130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delmar, MD
• Population (ZIP): 7,455

Population outlook (Wicomico County) Hauer SSP2

• Today (2025): 108,548 people
• By 2030: 111,783 · +3.0%
• By 2040: 118,139 · +8.8%
• By 2050: 123,641 · +13.9%
• By 2075: 139,784 · +28.8%
• By 2100: 145,334 · +33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 19% Hispanic / Latino 9% Asian 6% Two or more races 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 84% English-only · Spanish 9% Korean 3% Other Indo-European 2%

Political lean MEDSL · Wicomico

• 2024 margin: Lean R (+5.5) · D 46.1% · R 51.5% · Other 2.4%
• 2008→2024 swing: +0.3pp no change · 2008: -5.8pp · 2024: -5.5pp
• All cycles: 2024: R+5.5 2020: R+1.9 2016: R+11.6 2012: R+6.9 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.12%
• Current HPI: 247.5758
• 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

+273.1% since first listed

6 events — show timeline

• 2026-05-14 Price Changed $219,900 BRIGHT MLS
• 2026-04-22 Listed $225,000 BRIGHT MLS
• 2001-12-20 Sold (Public Records) $65,500 Public Records
• 2001-12-05 Sold (MLS) $65,500 BRIGHT MLS
• 1999-01-15 Listed $69,000 BRIGHT MLS
• 1995-11-30 Sold (Public Records) $58,939 Public Records

Property tax history

-2.5%/yr

Latest (2025): $1,045 · +11.1% YoY. Source: county tax records.