158 Wright St · Preston, MD 21655

$260,000

3 bd · 2.0 ba · 1,840 sqft · SingleFamily public records · 15 Days on market

Built 1890 6,550 sqft lot Est $320k · 19% under ↓ 2% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +9.8/10.0
• Cash flow +9.4/30.0
• Livability +3.3/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Schools +1.9/10.0

Listing remarks

Step back in time with this charming 3-bedroom, 2-bathroom home built in 1890, located in the heart of Preston. Full of character and original details, this home offers a unique opportunity to restore and customize a piece of local history. The inviting living room features a cozy fireplace, perfect for relaxing evenings. A large laundry room and a separate den/office provide flexibility and extra space for modern living. Outside, you’ll find an oversized shop/garage ideal for hobbies, storage, or a workshop. The property also includes a home generator, adding peace of mind. The generator just had it's annual service completed. New carpet was just put in upstairs. While the home does

Key facts

• Oversized shop
• Home generator
• Separate den

Tags

• COZY FIREPLACE
• LARGE LAUNDRY ROOM
• SEPARATE DEN
• OVERSIZED SHOP
• HOME GENERATOR

Property features AI

Finance

• Other: Ownership: fee simple

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Detached home; Estimated year built
• Construction: Aluminum siding; Permanent foundation; Above-grade and below-grade structures
• Exterior features: Property located within city limits of Preston; Directions: main st preston turn onto Chambers St, Turn right onto Wright st. Home on the left

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms (one on the main level and one on the upper level)
• Heating & cooling: Baseboard hot water heating; Window air conditioning units (electric)
• Interior features: Estimated living area; Has one fireplace; No basement; Two or more access exits

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (27.8% below list).
• Recommended offer: $188k (27.8% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 4.5% in Preston — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 66/100 on livability (#245 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: schools C-, crime F, amenities F.
• Caroline County Public Schools (rural): math 13% / reading 29% proficiency, ranked #17 of 24 in MD (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 36 active listings in the ZIP; 59 units permitted in Caroline County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (9.6% local appreciation)).
• Caroline County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $187,607 (27.8% 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 1890 — 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. 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. 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: 0.72% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $320,160
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Apple Ln	0.43mi	4/2.0 (+1)	1,700 (-8%)	0mo	$355,000	$209	62
3622 Choptank Rd	0.37mi	2/1.5 (-1)	1,700 (-8%)	6mo	$295,900	$174	59
111 Fooks Ave	0.30mi	4/2.0 (+1)	2,072 (+13%)	23mo	$335,000	$162	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 2.68×
• Total profit: $122,322
• Equity at exit: $226,331

10-year hold

• IRR: 19.2%
• Equity multiple: 6.05×
• Total profit: $367,577
• Equity at exit: $479,925

Cash invested: $72,800 (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 21655

• Home prices YoY: 3.1%
• Active inventory: 36
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,876 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$196 /mo · $2,348/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $-185

Break-even live

Break-even rent $2,111

Max offer price $227,256

Occupancy floor —

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $260,000 Active 15 DOM
2. 2026-06-17
   days on market $260,000 Active 14 DOM
3. 2026-06-16
   days on market $260,000 Active 13 DOM
4. 2026-06-15
   days on market $260,000 Active 12 DOM
5. 2026-06-13
   days on market $260,000 Active 10 DOM
6. 2026-06-12
   days on market $260,000 Active 9 DOM
7. 2026-06-09
   days on market $260,000 Active 6 DOM
8. 2026-06-08
   days on market $260,000 Active 5 DOM
9. 2026-06-07
   days on market $260,000 Active 4 DOM
10. 2026-06-07
    days on market $260,000 Active 3 DOM
11. 2026-06-04
    remarks 693-char remark
12. 2026-06-04
    listed $260,000 Active 1 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: $2,348 · $196/mo
• Projected year-2 tax: $2,591 · $216/mo
• Expected delta: +$243/yr (+$20/mo · 10.4%)

ⓘ 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 9/10 Extreme 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,513
• − Mortgage interest: −$14,564
• − Property taxes: −$2,348
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − Depreciation: −$7,564
• Taxable loss: −$6,865
• Est. tax savings @ 24.0%: +$1,648
• After-tax cash flow: $-577/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: Caroline County Public Schools
• NCES district ID: 2400180
• Math proficiency: 13% ▼ -22.00%
• Reading proficiency: 29% ▼ -14.00%
• Median HH income: $55,076
• Composite: 19.16/100
• National rank: #8823
• State rank: #17 of 24 in MD

Livability — Preston

• Score: 66/100
• State rank: #245
• US rank: #12172

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Preston, MD
• Population (ZIP): 4,995

Population outlook (Caroline County) Hauer SSP2

• Today (2025): 31,205 people
• By 2030: 30,204 · -3.2%
• By 2040: 27,866 · -10.7%
• By 2050: 25,342 · -18.8%
• By 2075: 20,554 · -34.1%
• By 2100: 17,415 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 10% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Caroline

• 2024 margin: Solid R (+38.0) · D 29.9% · R 67.9% · Other 2.2%
• 2008→2024 swing: -15.0pp toward R · 2008: -23.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+32.9 2016: R+39.5 2012: R+24.4 2008: R+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.58%
• Current HPI: 319.9345
• 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

-1.9% since first listed

7 events — show timeline

• 2026-06-03 Listed $260,000 BRIGHT MLS
• 2026-02-09 Listing Removed — BRIGHT MLS
• 2026-01-14 Price Changed $225,000 BRIGHT MLS
• 2026-01-14 Price Changed $200,000 BRIGHT MLS
• 2025-11-03 Price Changed $245,000 BRIGHT MLS
• 2025-08-22 Listed $265,000 BRIGHT MLS
• 2025-08-04 Coming Soon — BRIGHT MLS

Property tax history

+4.2%/yr

Latest (2025): $2,348 · +6.0% YoY. Source: county tax records.