37723 N Shady Dr · Ocean City, MD 19975

$115,000

3 bd · 2.0 ba · 1,125 sqft · Manufactured · 52 Days on market

Built 1985 $102/sqft · 17% below area Est $139k · 17% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Shady Park! This charming 3-bedroom, 2-bath home is ideally located just a few miles from the beaches of Fenwick Island, DE and Ocean City, MD. Featuring an open floor plan, this home offers a bright and spacious living area perfect for entertaining or relaxing after a day at the beach. Enjoy the added sunroom, a perfect spot for morning coffee or unwinding year-round, along with a rear deck ideal for outdoor gatherings. A storage shed provides plenty of space for all your beach gear and extras. Whether you're searching for a full-time residence or the perfect coastal getaway, this home offers the best of both worlds in a great location close to shopping, dining, and the shore.

Key facts

• Open floor plan
• Great location
• Sunroom

Tags

• OPEN FLOOR PLAN
• SUNROOM
• REAR DECK
• STORAGE SHED
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 comparable units currently listed for rent nearby; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 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?
4. 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?
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: 1.92% ✓
• Cap rate: 16.20%
• Cash-on-cash: 35.39%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $139,256
• List price: $115,000
• Delta: -17.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37597 Shady Cir	0.33mi	2/1.0 (-1)	1,000 (-11%)	10mo	$70,000	$70	49

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: 31.0%
• Equity multiple: 2.30×
• Total profit: $41,881
• Equity at exit: $17,147

10-year hold

• IRR: 38.2%
• Equity multiple: 4.56×
• Total profit: $114,486
• Equity at exit: $9,943

Cash invested: $32,200 (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 19975

• Home prices YoY: -11.2%
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,208 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $950

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,029	-5% $989	+0% $950	+5% $910	+10% $870
Rent	-10% $775	-5% $862	+0% $950	+5% $1,037	+10% $1,124
Rate	-1.0pp $1,008	-0.5pp $979	base $950	+0.5pp $920	+1.0pp $890

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37057 Mallard Dr Selbyville, DE	3.0	2.0	1416	$2,300	$1.62	44d	1	0.40mi
38256 Hummingbird Ln #214 Selbyville, DE	2.0	1.5	900	$2,000	$2.22	22d	1	0.91mi

Listing history 20 events

1. 2026-06-18
   days on market $115,000 Active 52 DOM
2. 2026-06-17
   days on market $115,000 Active 51 DOM
3. 2026-06-16
   days on market $115,000 Active 50 DOM
4. 2026-06-15
   days on market $115,000 Active 49 DOM
5. 2026-06-14
   days on market $115,000 Active 47 DOM
6. 2026-06-13
   days on market $115,000 Active 46 DOM
7. 2026-06-10
   pricedays on market $115,000 Active 44 DOM
8. 2026-06-09
   days on market $123,000 Active 43 DOM
9. 2026-06-08
   days on market $123,000 Active 42 DOM
10. 2026-06-07
    days on market $123,000 Active 41 DOM
11. 2026-06-02
    days on market $123,000 Active 36 DOM
12. 2026-06-01
    days on market $123,000 Active 35 DOM
13. 2026-05-31
    days on market $123,000 Active 34 DOM
14. 2026-05-30
    days on market $123,000 Active 33 DOM
15. 2026-04-19
    listed $125,000 Active 697-char remark

    Show marketing remark (697 chars)

    Welcome to Shady Park! This charming 3-bedroom, 2-bath home is ideally located just a few miles from the beaches of Fenwick Island, DE and Ocean City, MD. Featuring an open floor plan, this home offers a bright and spacious living area perfect for entertaining or relaxing after a day at the beach. Enjoy the added sunroom, a perfect spot for morning coffee or unwinding year-round, along with a rear deck ideal for outdoor gatherings. A storage shed provides plenty of space for all your beach gear and extras. Whether you're searching for a full-time residence or the perfect coastal getaway, this home offers the best of both worlds in a great location close to shopping, dining, and the shore.

16. 2019-04-04
    historical 603-char remark

    Show marketing remark (603 chars)

    Check out this nicely updated 3 bedroom/2 bath home in the desirable community of Shady Park only 3 miles to the beach! This home is sold fully furnished with few exclusions, a newer roof (2013), central a/c (2014) and furnace (2011). This home has LVP flooring, updated bath, tastefully painted and this home has lots of room for family and friends. This home is perfect for a weekend/vacation getaway or make this your year-round home. Close to the beach, bay, shopping, restaurants, golf and all that Fenwick Island, DE and Ocean City, MD has to offer! Schedule a showing today, this home won't last!

17. 2019-04-02
    soldstatus $65,000 Closed 603-char remark

    Show marketing remark (603 chars)

    Check out this nicely updated 3 bedroom/2 bath home in the desirable community of Shady Park only 3 miles to the beach! This home is sold fully furnished with few exclusions, a newer roof (2013), central a/c (2014) and furnace (2011). This home has LVP flooring, updated bath, tastefully painted and this home has lots of room for family and friends. This home is perfect for a weekend/vacation getaway or make this your year-round home. Close to the beach, bay, shopping, restaurants, golf and all that Fenwick Island, DE and Ocean City, MD has to offer! Schedule a showing today, this home won't last!

18. 2019-01-25
    status Pending 603-char remark

    Show marketing remark (603 chars)

    Check out this nicely updated 3 bedroom/2 bath home in the desirable community of Shady Park only 3 miles to the beach! This home is sold fully furnished with few exclusions, a newer roof (2013), central a/c (2014) and furnace (2011). This home has LVP flooring, updated bath, tastefully painted and this home has lots of room for family and friends. This home is perfect for a weekend/vacation getaway or make this your year-round home. Close to the beach, bay, shopping, restaurants, golf and all that Fenwick Island, DE and Ocean City, MD has to offer! Schedule a showing today, this home won't last!

19. 2018-11-17
    price $75,000 603-char remark

    Show marketing remark (603 chars)

    Check out this nicely updated 3 bedroom/2 bath home in the desirable community of Shady Park only 3 miles to the beach! This home is sold fully furnished with few exclusions, a newer roof (2013), central a/c (2014) and furnace (2011). This home has LVP flooring, updated bath, tastefully painted and this home has lots of room for family and friends. This home is perfect for a weekend/vacation getaway or make this your year-round home. Close to the beach, bay, shopping, restaurants, golf and all that Fenwick Island, DE and Ocean City, MD has to offer! Schedule a showing today, this home won't last!

20. 2018-03-15
    listed $87,500 Active 603-char remark

    Show marketing remark (603 chars)

    Check out this nicely updated 3 bedroom/2 bath home in the desirable community of Shady Park only 3 miles to the beach! This home is sold fully furnished with few exclusions, a newer roof (2013), central a/c (2014) and furnace (2011). This home has LVP flooring, updated bath, tastefully painted and this home has lots of room for family and friends. This home is perfect for a weekend/vacation getaway or make this your year-round home. Close to the beach, bay, shopping, restaurants, golf and all that Fenwick Island, DE and Ocean City, MD has to offer! Schedule a showing today, this home won't last!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,497
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$3,345
• Taxable income: $10,170
• Est. tax owed @ 24.0%: −$2,441
• After-tax cash flow: $8,955/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: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

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

• Population (ZIP): 10,356

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 4% Russian 2%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.61%
• Current HPI: 345.1746
• 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

+42.9% since first listed

6 events — show timeline

• 2026-04-19 Listed $125,000 BRIGHT MLS
• 2019-04-04 Listing Removed — BRIGHT MLS
• 2019-04-02 Sold (MLS) $65,000 BRIGHT MLS
• 2019-01-25 Pending — BRIGHT MLS
• 2018-11-17 Price Changed $75,000 BRIGHT MLS
• 2018-03-15 Listed $87,500 BRIGHT MLS

Property tax history

-13.5%/yr

Latest (2025): $204 · -36.2% YoY. Source: county tax records.