8217 Hurleys Neck Rd · Mardela Springs, MD 21837

$175,000

4 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 8 Days on market

Built 1986 6.26 ac lot

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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 +12.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.6/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks

What an opportunity at an incredible price. Home is situated on over 6 acres in scenic Wicomico County. Cleared areas provide space for recreation, gardening, and gatherings, while the wooded acreage offers natural seclusion and abundant wildlife. The home features a spacious layout with generous living areas and a peaceful rural setting surrounded by nature. While the property does require some updates, it provides a rare chance to customize and create your vision on a sizable parcel of land. When you enter the home, you will find an ample living room with 2 large windows that invites natural lighting. Towards the back you will find the large kitchen, which is fully equipped and flows seam

Key facts

• Cleared areas
• Abundant wildlife
• Natural seclusion

Tags

• OVER 6 ACRES
• CLEARED AREAS
• WOODED ACREAGE
• NATURAL SECLUSION
• ABUNDANT WILDLIFE
• SPACIOUS LAYOUT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $-33 ($-400/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (21.5% below list).
• Recommended offer: $137k (21.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#181 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: crime F, 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: 19 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $6k; list at $175k implies a 2947% 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 $137,357 (21.5% 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. 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. 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: 0.78% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $93,149
• Equity at exit: $157,654

10-year hold

• IRR: 21.0%
• Equity multiple: 6.63×
• Total profit: $275,911
• Equity at exit: $339,987

Cash invested: $49,000 (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 21837

• Home prices YoY: 23.2%
• Active inventory: 19
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,374 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$128 /mo · $1,534/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $-33

Break-even live

Break-even rent $1,416

Max offer price $169,105

Occupancy floor 97%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-12
   status Pending
2. 2026-03-04
   listed $175,000 Active
3. 1983-10-10
   soldstatus $5,743

ⓘ 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: $1,534 · $128/mo
• Projected year-2 tax: $1,721 · $143/mo
• Expected delta: +$187/yr (+$16/mo · 12.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 7% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,483
• − Mortgage interest: −$9,803
• − Property taxes: −$1,534
• − Insurance: −$875
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$5,091
• Taxable loss: −$3,457
• Est. tax savings @ 24.0%: +$830
• After-tax cash flow: $429/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 — Mardela Springs

• Score: 70/100
• State rank: #181
• US rank: #8103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,975

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 (65%)
• Race & ethnicity: White 65% Black 26% Hispanic / Latino 6% Two or more races 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Slovak 1% Serbian 0%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

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: ▲ 51.70%
• Current HPI: 274.26
• 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

+2947.2% since first listed

3 events — show timeline

• 2026-03-12 Pending — BRIGHT MLS
• 2026-03-04 Listed $175,000 BRIGHT MLS
• 1983-10-10 Sold (Public Records) $5,743 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,534 · +0.6% YoY. Source: county tax records.