112 Noble Ave · Preston, MD 21655

$210,000

3 bd · 2.0 ba · 1,484 sqft · SingleFamily public records · 55 Days on market

Built 1870 0.49 ac lot Est $304k · 31% under

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Why this score? — see what drove the C+ 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 +17.9/30.0
• ARV discount +15.0/15.0
• Appreciation +9.8/10.0
• DSCR +5.6/10.0
• 1% rule +4.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Key facts

• Built 1870
• Listed 55 days

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric heating and hot water
• Home design: Semi-detached home; One or more upper levels (multi-story); Built year recorded by assessor
• Construction: Vinyl siding; Crawl space foundation; Above-grade and below-grade structures noted
• Exterior features: Property located within city limits of Preston; Directions: Main Street in Preston, turn on Noble Ave, house is on right-hand side

Interior

• Bedrooms: Two bedrooms on the main level; One bedroom on the first upper level
• Bathrooms: Two full bathrooms (one on main level, one on first upper level)
• Heating & cooling: Baseboard electric heating; Electric hot water
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (6.8% below list).
• Recommended offer: $196k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.5% in Preston — 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 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 $22k of equity ($1k loan paydown + $20k 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.
• At projected returns (9.6% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $210k implies a 367% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 67% 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.

Recommended offer $195,787 (6.8% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — 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. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $304,220
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Maple Ave	0.21mi	2/1.5 (-1)	1,458 (-2%)	9mo	$238,000	$163	73
3590 Choptank Rd	0.60mi	3/2.0	1,476 (-0%)	10mo	$355,000	$241	63
221 Apple Ln	0.46mi	4/2.0 (+1)	1,700 (+15%)	0mo	$355,000	$209	49
3501 Linchester Rd	0.61mi	3/2.0	1,366 (-8%)	19mo	$280,000	$205	43
3622 Choptank Rd	0.52mi	2/1.5 (-1)	1,700 (+15%)	6mo	$295,900	$174	40

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: 26.0%
• Equity multiple: 3.03×
• Total profit: $119,531
• Equity at exit: $182,806

10-year hold

• IRR: 22.9%
• Equity multiple: 6.81×
• Total profit: $341,698
• Equity at exit: $387,631

Cash invested: $58,800 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,958 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$182 /mo · $2,190/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $175

Break-even live

Break-even rent $1,736

Max offer price $210,000

Occupancy floor 86%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $210,000 Active 55 DOM
2. 2026-06-17
   days on market $210,000 Active 54 DOM
3. 2026-06-16
   days on market $210,000 Active 53 DOM
4. 2026-06-15
   days on market $210,000 Active 52 DOM
5. 2026-06-13
   days on market $210,000 Active 50 DOM
6. 2026-06-12
   days on market $210,000 Active 49 DOM
7. 2026-06-09
   days on market $210,000 Active 46 DOM
8. 2026-06-08
   days on market $210,000 Active 45 DOM
9. 2026-06-07
   days on market $210,000 Active 44 DOM
10. 2026-06-07
    days on market $210,000 Active 43 DOM
11. 2026-06-04
    days on market $210,000 Active 40 DOM
12. 2026-06-02
    days on market $210,000 Active 39 DOM
13. 2026-06-01
    days on market $210,000 Active 38 DOM
14. 2026-05-31
    days on market $210,000 Active 37 DOM
15. 2026-05-31
    days on market $210,000 Active 36 DOM
16. 2026-04-24
    listed $210,000 Active 174-char remark
17. 1988-09-13
    soldstatus $45,000
18. 1987-07-31
    soldstatus $25,000

ⓘ 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: $2,190 · $182/mo
• Projected year-2 tax: $2,239 · $187/mo
• Expected delta: +$50/yr (+$4/mo · 2.3%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $23,494
• − Mortgage interest: −$11,763
• − Property taxes: −$2,190
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,880
• − Management: −$1,880
• − Depreciation: −$6,109
• Taxable loss: −$1,377
• Est. tax savings @ 24.0%: +$330
• After-tax cash flow: $2,436/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

+740.0% since first listed

3 events — show timeline

• 2026-04-24 Listed $210,000 BRIGHT MLS
• 1988-09-13 Sold (Public Records) $45,000 Public Records
• 1987-07-31 Sold (Public Records) $25,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,190 · +5.4% YoY. Source: county tax records.