1607 Steamboat Wharf Rd

Fishing Creek, MD 21634

$49,900B-

2 bd · 1.0 ba · 1,124 sqft · Built 1910 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,041/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$508
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $53/mo
• Annual: $636/yr
• Cap rate: 17.82%
• Cash-on-cash: 41.18%
• DSCR: 2.83
• 1% rule: 2.09%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $53 ($636/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($345 loan paydown + $756 appreciation (1.5% local appreciation)).
• Location reads 42/100 on livability (#486 in MD) — a working-class tenant base; expect higher turnover. Watch: schools F, crime D-, amenities F.
• Dorchester County Public Schools (rural): math 10% / reading 23% proficiency, ranked #23 of 24 in MD (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $427/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 81 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• Dorchester County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 14 sale attempts since 22y 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 $33k; list at $50k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.
• 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.
• 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.