37630 W Shady Dr · Ocean City, MD 19975

$85,000

2 bd · 2.0 ba · 1,000 sqft · Manufactured · 184 Days on market

Built 1976 Fair condition 2,613 sqft lot $85/sqft · 39% below area Est $140k · 39% under $2/mo HOA ↓ 6% since listing

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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 +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 37630 W Shady Dr, a good sized 2 bedroom, 2 bath home, with room for a possible 3rd bedroom, in the desirable community of Shady Park, only about 3 miles from the beaches of Fenwick Island, DE and Ocean City, MD. This home has plenty of room for guests including 2 living areas and 1 with a fireplace. The kitchen has plenty of cabinet space, a breakfast bar and a good sized dining area. Both baths have walk-in showers. The community has a waterfront picnic area, playground, dog park and access to a boat ramp for a small annual fee. This home is close to shopping, restaurants, beach, bay, golf courses and Freeman Arts Pavilion, which hosts a Summer Concert Series featuring local and national acts.

Key facts

• Dog park
• Walk-in showers
• Close to shopping

Tags

• WATERFRONT PICNIC AREA
• BREAKFAST BAR
• WALK-IN SHOWERS
• DOG PARK
• BOAT RAMP ACCESS
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.2% 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 $588 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.55% ✓
• Cap rate: 22.17%
• Cash-on-cash: 56.70%
• DSCR: 3.52
• GRM: 3.3

CMA / ARV

• ARV (median comp): $140,000
• List price: $85,000
• Delta: -39.29%
• 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	0.14mi	2/1.0	1,000 (0%)	10mo	$70,000	$70	81

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: 55.1%
• Equity multiple: 3.43×
• Total profit: $57,890
• Equity at exit: $12,674

10-year hold

• IRR: 60.2%
• Equity multiple: 7.00×
• Total profit: $142,782
• Equity at exit: $7,349

Cash invested: $23,800 (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 19975

• Home prices YoY: -11.2%
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,170 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$2
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $1,125

Break-even live

Break-even rent $746

Max offer price $85,000

Occupancy floor 43%

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: $21,250
• Closing costs: $2,550
• 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	43d	1	0.55mi
38256 Hummingbird Ln #214 Selbyville, DE	2.0	1.5	900	$2,000	$2.22	21d	1	0.91mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: water

Listing history 18 events

1. 2026-06-18
   days on market $85,000 Active 184 DOM
2. 2026-06-17
   days on market $85,000 Active 183 DOM
3. 2026-06-16
   days on market $85,000 Active 182 DOM
4. 2026-06-15
   days on market $85,000 Active 181 DOM
5. 2026-06-14
   days on market $85,000 Active 179 DOM
6. 2026-06-13
   days on market $85,000 Active 178 DOM
7. 2026-06-10
   days on market $85,000 Active 176 DOM
8. 2026-06-09
   days on market $85,000 Active 175 DOM
9. 2026-06-08
   days on market $85,000 Active 174 DOM
10. 2026-06-07
    days on market $85,000 Active 173 DOM
11. 2026-06-02
    days on market $85,000 Active 168 DOM
12. 2026-06-01
    days on market $85,000 Active 167 DOM
13. 2026-05-31
    days on market $85,000 Active 166 DOM
14. 2026-05-30
    days on market $85,000 Active 165 DOM
15. 2026-03-27
    price $85,000 715-char remark

    Show marketing remark (715 chars)

    Welcome to 37630 W Shady Dr, a good sized 2 bedroom, 2 bath home, with room for a possible 3rd bedroom, in the desirable community of Shady Park, only about 3 miles from the beaches of Fenwick Island, DE and Ocean City, MD. This home has plenty of room for guests including 2 living areas and 1 with a fireplace. The kitchen has plenty of cabinet space, a breakfast bar and a good sized dining area. Both baths have walk-in showers. The community has a waterfront picnic area, playground, dog park and access to a boat ramp for a small annual fee. This home is close to shopping, restaurants, beach, bay, golf courses and Freeman Arts Pavilion, which hosts a Summer Concert Series featuring local and national acts.

16. 2025-12-17
    status Active 715-char remark

    Show marketing remark (715 chars)

    Welcome to 37630 W Shady Dr, a good sized 2 bedroom, 2 bath home, with room for a possible 3rd bedroom, in the desirable community of Shady Park, only about 3 miles from the beaches of Fenwick Island, DE and Ocean City, MD. This home has plenty of room for guests including 2 living areas and 1 with a fireplace. The kitchen has plenty of cabinet space, a breakfast bar and a good sized dining area. Both baths have walk-in showers. The community has a waterfront picnic area, playground, dog park and access to a boat ramp for a small annual fee. This home is close to shopping, restaurants, beach, bay, golf courses and Freeman Arts Pavilion, which hosts a Summer Concert Series featuring local and national acts.

17. 2025-12-11
    historical 715-char remark

    Show marketing remark (715 chars)

    Welcome to 37630 W Shady Dr, a good sized 2 bedroom, 2 bath home, with room for a possible 3rd bedroom, in the desirable community of Shady Park, only about 3 miles from the beaches of Fenwick Island, DE and Ocean City, MD. This home has plenty of room for guests including 2 living areas and 1 with a fireplace. The kitchen has plenty of cabinet space, a breakfast bar and a good sized dining area. Both baths have walk-in showers. The community has a waterfront picnic area, playground, dog park and access to a boat ramp for a small annual fee. This home is close to shopping, restaurants, beach, bay, golf courses and Freeman Arts Pavilion, which hosts a Summer Concert Series featuring local and national acts.

18. 2025-12-10
    listed $90,000 Active 715-char remark

    Show marketing remark (715 chars)

    Welcome to 37630 W Shady Dr, a good sized 2 bedroom, 2 bath home, with room for a possible 3rd bedroom, in the desirable community of Shady Park, only about 3 miles from the beaches of Fenwick Island, DE and Ocean City, MD. This home has plenty of room for guests including 2 living areas and 1 with a fireplace. The kitchen has plenty of cabinet space, a breakfast bar and a good sized dining area. Both baths have walk-in showers. The community has a waterfront picnic area, playground, dog park and access to a boat ramp for a small annual fee. This home is close to shopping, restaurants, beach, bay, golf courses and Freeman Arts Pavilion, which hosts a Summer Concert Series featuring local and national acts.

ⓘ 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: $26,036
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − HOA: −$24
• − Depreciation: −$2,473
• Taxable income: $12,913
• Est. tax owed @ 24.0%: −$3,099
• After-tax cash flow: $10,397/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to update the kitchen and bathrooms, and paint the interior walls. These updates would significantly improve its resale value.

Repairs flagged

• Moderate kitchen cabinets — outdated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Minor bathroom fixtures — standard fixtures that could be updated

Value-add opportunities

• Resale paint interior walls — fresh paint can improve curb appeal
• Resale replace kitchen cabinets and countertops — new cabinets and countertops can significantly improve the kitchen's appearance
• Resale update bathroom fixtures — new fixtures can enhance the bathroom's functionality and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures that could be updated	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale paint interior walls — fresh paint can improve curb appeal ↑
• Resale replace kitchen cabinets and countertops — new cabinets and countertops can significantly improve the kitchen's appearance ↑
• Resale update bathroom fixtures — new fixtures can enhance the bathroom's functionality and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-5.6% since first listed

4 events — show timeline

• 2026-03-27 Price Changed $85,000 BRIGHT MLS
• 2025-12-17 Relisted — BRIGHT MLS
• 2025-12-11 Listing Removed — BRIGHT MLS
• 2025-12-10 Listed $90,000 BRIGHT MLS

Property tax history

-14.0%/yr

Latest (2025): $137 · -38.7% YoY. Source: county tax records.