203 Branch St · Berlin, MD 21811

$249,900

2 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 83 Days on market

Built 2014 5,850 sqft lot $229/sqft · 18% below area Est $304k · 18% under ↓ 11% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.8/30.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• 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

MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

Key facts

• 5,850 sq ft lot
• Parking
• Built 2014

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $24 ($282/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 $209k (16.3% below list).
• Recommended offer: $209k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 354 units permitted in Worcester County in 2024 (6 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.
• Worcester County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.

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 $209,269 (16.3% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.40%
• DSCR: 1.02
• GRM: 10.0

CMA / ARV

• ARV (median comp): $303,620
• List price: $249,900
• Delta: -17.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Schoolfield St	0.29mi	2/1.0	1,092 (0%)	2mo	$230,000	$211	85
7 Grice St	0.46mi	3/1.5 (+1)	1,056 (-3%)	11mo	$375,000	$355	56
12 Vine St	0.42mi	2/2.0	1,226 (+12%)	16mo	$374,900	$306	43

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: -15.7%
• Equity multiple: 0.44×
• Total profit: $-39,025
• Equity at exit: $37,261

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-32,168
• Equity at exit: $21,607

Cash invested: $69,972 (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 21811

• Home prices YoY: -29.0%
• Active inventory: 315
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,093 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$215 /mo · $2,581/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $24

Break-even live

Break-even rent $2,063

Max offer price $249,900

Occupancy floor 94%

Sensitivity live

Price	-10% $165	-5% $94	+0% $24	+5% $-47	+10% $-118
Rent	-10% $-142	-5% $-59	+0% $24	+5% $106	+10% $189
Rate	-1.0pp $149	-0.5pp $87	base $24	+0.5pp $-41	+1.0pp $-107

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.27mi
509 Bay St Berlin, MD	2.0	1.0	760	$1,675	$2.20	21d	1	0.27mi
9800 Shore Break Ln Berlin, MD	1.0–3.0	1.0–2.0	1307	$2,419	$1.85	21d	13	1.43mi

Listing history 19 events

1. 2026-06-18
   days on market $249,900 Active 83 DOM
2. 2026-06-17
   days on market $249,900 Active 82 DOM
3. 2026-06-16
   days on market $249,900 Active 81 DOM
4. 2026-06-15
   days on market $249,900 Active 80 DOM
5. 2026-06-14
   days on market $249,900 Active 78 DOM
6. 2026-06-13
   days on market $249,900 Active 77 DOM
7. 2026-06-10
   days on market $249,900 Active 75 DOM
8. 2026-06-09
   days on market $249,900 Active 74 DOM
9. 2026-06-08
   days on market $249,900 Active 73 DOM
10. 2026-06-07
    pricedays on market $249,900 Active 72 DOM
11. 2026-06-02
    days on market $274,900 Active 67 DOM
12. 2026-06-01
    days on market $274,900 Active 66 DOM
13. 2026-05-31
    days on market $274,900 Active 65 DOM
14. 2026-05-30
    days on market $274,900 Active 64 DOM
15. 2026-05-08
    price $289,990 1551-char remark

    Show marketing remark (1551 chars)

    MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

16. 2026-04-21
    price $296,000 1551-char remark

    Show marketing remark (1551 chars)

    MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

17. 2026-04-05
    price $305,000 1551-char remark

    Show marketing remark (1551 chars)

    MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

18. 2026-03-27
    listed $325,000 Active 1551-char remark

    Show marketing remark (1551 chars)

    MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

19. 2026-03-10
    historical $325,000 1551-char remark

    Show marketing remark (1551 chars)

    MOTIVATED SELLER — BRING YOUR REASONABLE OFFER! Fully renovated and move-in ready, this charming bungalow-style home in Berlin, MD combines modern updates, coastal charm, and the convenience of single-level living. Offering 2 bedrooms, 1 bathroom, and over 1,000 square feet of beautifully updated living space, this home is ideal as a primary residence, vacation getaway near Ocean City, or turnkey investment property on Maryland’s Eastern Shore. Step inside to a bright and inviting open-concept layout featuring an updated kitchen and dining area, modern finishes, updated flooring and fixtures, and a spacious eat-in kitchen perfect for everyday living and entertaining. The functional floor plan offers comfortable one-level living along with a beautifully updated walk-in shower and thoughtfully designed living spaces throughout. Situated on a low-maintenance lot with off-street parking, this property is conveniently located just minutes from historic downtown Berlin, MD, known for its boutique shopping, local restaurants, entertainment, and easy access to Ocean City beaches, Assateague Island, golf courses, and popular coastal attractions. Whether you’re searching for a move-in ready home in Berlin, MD, a beach-area second home, or an income-producing investment opportunity, this property offers exceptional value in one of Worcester County’s most desirable locations. Don’t miss your opportunity to own a beautifully updated home near the Maryland beaches — schedule your private showing today!

ⓘ 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: $2,581 · $215/mo
• Projected year-2 tax: $2,652 · $221/mo
• Expected delta: +$71/yr (+$6/mo · 2.8%)

ⓘ 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: $25,112
• − Mortgage interest: −$13,998
• − Property taxes: −$2,581
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,009
• − Management: −$2,009
• − Depreciation: −$7,270
• Taxable loss: −$4,004
• Est. tax savings @ 24.0%: +$961
• After-tax cash flow: $1,243/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

-10.8% since first listed

5 events — show timeline

• 2026-05-08 Price Changed $289,990 BRIGHT MLS
• 2026-04-21 Price Changed $296,000 BRIGHT MLS
• 2026-04-05 Price Changed $305,000 BRIGHT MLS
• 2026-03-27 Listed $325,000 BRIGHT MLS
• 2026-03-10 Coming Soon $325,000 BRIGHT MLS

Property tax history

+8.9%/yr

Latest (2025): $2,581 · +1794.5% YoY. Source: county tax records.