12108 Coastal Hwy Unit 205D · Ocean City, MD 21842

$38,000

2 bd · 2.0 ba · 1,148 sqft · Timeshare · 33 Days on market

Built 1987 Est $37k · at est. $600/mo HOA · 24% of rent

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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 +15.0/30.0
• ARV discount +6.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your opportunity to enjoy 13 Weeks a year in an ocean Block Building Just 1 Block from ocean / Beach with an Ocean View

Key facts

• Outdoor pool
• Open floor plan
• Recessed lighting

Tags

• OPEN FLOOR PLAN
• ENERGY-EFFICIENT APPLIANCES
• OUTDOOR POOL
• LANDSCAPED COMMON GROUNDS
• RECESSED LIGHTING
• WET DRY BAR

Property features AI

Finance

• Other: Community pool (gunite, fenced); Ground rent paid annually
• HOA & community: Monthly condo fee of $600; Professional on-site and off-site management; HOA fee includes: appliance maintenance, A/C, air conditioning, common area maintenance, custodial services, electricity, exterior building maintenance, fiber optics, heat, high-speed internet, insurance, laundry, lawn maintenance, management, pest control, pool(s), reserve funds, sewer, snow removal, taxes, trash and water; Community amenities include beach access, cable, elevator, extra storage, outdoor pool, and satellite TV; Property manager present

Exterior

• Parking: Covered parking in a parking garage (front entry); Secure, lighted and paved parking; Handicap parking available; Private parking with on-street options; A total of 54 garage/parking spaces
• Security: Secure parking; Building has sprinkler system
• Utilities: Public water and public sewer; Municipal trash service not provided; Fiber optic internet available; Electric utilities (200+ amp service)
• Home design: Garden-style building (1–4 floors), unit is a 1-level unit; Unit/flat structure in a 4-story building (The Quarters); Main entrance faces east; Fractional ownership interest; Very good property condition; Entry floor number: 2
• Construction: Built with block, concrete and synthetic stucco; Metal roof; Above-grade and below-grade structures; Double-hung, double-pane, Low-E energy efficient windows with screens; R‑factor: walls 18, ceilings 32
• Exterior features: Balcony; Exterior lighting; Outside shower; Secure storage; Sidewalks; Road frontage with year-round access; Ocean view / water view; Public beach access and swimming allowed; Oceanblock location

Interior

• Kitchen: Built-in microwave; Dishwasher; Disposal; Icemaker; Self-cleaning oven; Electric range/oven; Refrigerator; Eat-in kitchen
• Bedrooms: Two bedrooms on the main/entry level
• Flooring: Carpet; Ceramic tile; Luxury vinyl plank
• Bathrooms: Two full bathrooms (including walk-in shower and tub/shower combination)
• Heating & cooling: Heat pump with electric backup; Central air conditioning; Electric heating and hot water; 200+ amp electric service
• Interior features: Open floor plan with combination dining/living and kitchen/dining areas; Breakfast area; Dining area; Family room off the kitchen; Wet/dry bar; Elevator access; Recessed lighting; Sprinkler system; Tub shower and walk-in shower; 36"+ wide halls; Block walls and drywall; Six-panel and sliding glass doors; Furnished
• Laundry & utility: Washer/dryer stacked in unit; Washer/dryer hookup on main floor; ENERGY STAR clothes washer; Dryer - electric (front loading); Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath timeshare listed at $38k.

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 $38k).
• Recommended offer: $37k (3.0% below list) — sets the bar for market timing.
• Cap rate 40.4% 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.
• Worcester County Public Schools (town): math 30% / reading 44% proficiency, ranked #6 of 24 in MD (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 673 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).
• This rent runs 37% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Worcester County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago 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.
• Current owner paid $25k; list at $38k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $36,860 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 6.47% ✓
• Cap rate: 40.42%
• Cash-on-cash: 121.87%
• DSCR: 6.42
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $36,736
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12108 Coastal Hwy #104	0.00mi	2/2.0	1,093 (-5%)	20mo	$35,000	$32	75
12108 Coastal Hwy #401	0.00mi	2/2.0	1,093 (-5%)	22mo	$35,000	$32	74

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: —
• Equity multiple: 6.93×
• Total profit: $63,068
• Equity at exit: $5,666

10-year hold

• IRR: —
• Equity multiple: 14.65×
• Total profit: $145,184
• Equity at exit: $3,286

Cash invested: $10,640 (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 21842

• Home prices YoY: -5.0%
• Active inventory: 673
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $2,460 medium
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$48 /mo · $570/yr
• Insurance: −$16
• HOA: −$600
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $1,081

Break-even live

Break-even rent $1,092

Max offer price $38,000

Occupancy floor 51%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Newport Bay Dr Unit 117C Ocean City, MD	3.0	2.0	936	$2,700	$2.88	43d	1	0.34mi
9207 Rusty Anchor Rd Ocean City, MD	3.0	2.0	1200	$2,500	$2.08	43d	1	1.36mi
745 Mooring Rd #103 Ocean City, MD	2.0	2.0	792	$2,500	$3.16	43d	1	1.50mi

HOA detail

• Monthly dues: $600 · $7,200/yr

Listing history 18 events

1. 2026-06-18
   days on market $38,000 Active 33 DOM
2. 2026-06-17
   days on market $38,000 Active 32 DOM
3. 2026-06-16
   days on market $38,000 Active 31 DOM
4. 2026-06-15
   days on market $38,000 Active 30 DOM
5. 2026-06-14
   days on market $38,000 Active 28 DOM
6. 2026-06-13
   days on market $38,000 Active 27 DOM
7. 2026-06-10
   days on market $38,000 Active 25 DOM
8. 2026-06-09
   days on market $38,000 Active 24 DOM
9. 2026-06-08
   days on market $38,000 Active 23 DOM
10. 2026-06-07
    days on market $38,000 Active 22 DOM
11. 2026-06-02
    days on market $38,000 Active 17 DOM
12. 2026-06-01
    days on market $38,000 Active 16 DOM
13. 2026-05-31
    days on market $38,000 Active 15 DOM
14. 2026-05-30
    days on market $38,000 Active 14 DOM
15. 2026-05-16
    listed $38,000 Active
16. 2021-06-25
    soldstatus $25,000 Closed 119-char remark

    Show marketing remark (119 chars)

    Your opportunity to enjoy 13 Weeks a year in an ocean Block Building Just 1 Block from ocean / Beach with an Ocean View

17. 2021-05-27
    status Pending 119-char remark

    Show marketing remark (119 chars)

    Your opportunity to enjoy 13 Weeks a year in an ocean Block Building Just 1 Block from ocean / Beach with an Ocean View

18. 2020-06-27
    listed $30,000 Active 119-char remark

    Show marketing remark (119 chars)

    Your opportunity to enjoy 13 Weeks a year in an ocean Block Building Just 1 Block from ocean / Beach with an Ocean View

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,516
• − Mortgage interest: −$2,129
• − Property taxes: −$570
• − Insurance: −$190
• − Repairs & maintenance: −$2,361
• − Management: −$2,361
• − HOA: −$7,200
• − Depreciation: −$1,105
• Taxable income: $13,600
• Est. tax owed @ 24.0%: −$3,264
• After-tax cash flow: $9,703/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: Worcester County Public Schools
• NCES district ID: 2400720
• Math proficiency: 30% ▼ -25.00%
• Reading proficiency: 44% ▼ -20.00%
• Median HH income: $56,748
• Composite: 32.6/100
• National rank: #5672
• State rank: #6 of 24 in MD

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

• Census place: Ocean City, MD
• County: Worcester County · 35,603 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 11,226
• Household income: $79,876
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 322.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 51,363 people
• By 2030: 51,191 · -0.3%
• By 2040: 50,459 · -1.8%
• By 2050: 49,451 · -3.7%
• By 2075: 48,533 · -5.5%
• By 2100: 44,223 · -13.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 87% English-only · Spanish 7% Russian/Polish/Slavic 3% Other Indo-European 2%

Political lean MEDSL · Worcester

• 2024 margin: Strong R (+22.0) · D 38.0% · R 60.0% · Other 2.0%
• 2008→2024 swing: -6.5pp toward R · 2008: -15.5pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.0 2016: R+27.9 2012: R+18.3 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.65%
• Current HPI: 482.18
• Rent YoY: —
• Metro: Salisbury, MD-DE
• 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

+26.7% since first listed

4 events — show timeline

• 2026-05-16 Listed $38,000 BRIGHT MLS
• 2021-06-25 Sold (MLS) $25,000 BRIGHT MLS
• 2021-05-27 Pending — BRIGHT MLS
• 2020-06-27 Listed $30,000 BRIGHT MLS