4249 Chestnut Ridge Rd

Salisbury, PA 21536

$160,000B

3 bd · 1.0 ba · 1,448 sqft · Built 1974 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,673/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$351
• Net cashflow: $340/mo
• Annual: $4,080/yr
• Cap rate: 8.84%
• Cash-on-cash: 9.11%
• DSCR: 1.41
• 1% rule: 1.05%
• Cash to close: $44,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#919 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Garrett County Public Schools (rural): math 17% / reading 30% proficiency, ranked #16 of 24 in MD (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grantsville Elementary (math 12% / reading 12%, grade F, #550 of 860 statewide, top 66%, 171 students, 59% FRL); Northern Middle School (math 16% / reading 37%, grade F, #86 of 225 statewide, top 40%, 320 students, 39% FRL); Northern Garrett High School (math 42% / reading 77%, grade C+, #73 of 222 statewide, top 34%, 439 students, 37% FRL).
• Market conditions: 122 units permitted in Garrett County in 2024 (0 in 5+ unit buildings).
• Garrett County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.8% vs local median 2.6% in Salisbury — 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.

Questions for listing agent

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.