9224 Green Isle Cir · Delmar, MD 21875

$50,000

3 bd · 1.5 ba · 896 sqft · SingleFamily · 39 Days on market

Built 2001 $56/sqft · 34% below area Est $75k · 34% under

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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 +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Back on market at no fault to the seller. Welcome to 9224 Green Isle Circle in Delmar, MD. This 3 bedroom, 1.5 bath home offers a great setup in a convenient location at an affordable price. When you walk in, you’re greeted by a comfortable living room that flows right into the kitchen, making the space feel open and easy to live in. The kitchen includes a newer side by side stainless steel refrigerator with an ice maker. Just off the kitchen is the laundry room with newer front loading washer and dryer. A full bathroom is located off the laundry area with a single vanity and a bathtub/shower combo. The primary bedroom is tucked away at the end of the home for a little added privacy,

Key facts

• 4 parking spots
• Built 2001
• Listed 38 days

Property features AI

Finance

• Other: Ownership interest: Ground rent; Property manager present; Not located in a federal flood zone; Pets allowed on a case-by-case basis; Property is inside city limits (Delmar)
• Financial info: Ground rent exists and is paid monthly

Exterior

• Parking: Asphalt driveway with four parking spaces
• Utilities: Public water; Public sewer; Electric service available; Cable internet available; Propane service (leased); Sewer available
• Home design: Manufactured single-wide home; Vinyl siding and frame construction; Shingle roof; Above-grade living space
• Construction: Modular/manufactured structure; Frame construction with vinyl siding; Shingle roof
• Exterior features: Outbuilding(s); Cleared lot

Interior

• Kitchen: Microwave; Electric oven/range; Range hood; Exhaust fan; Icemaker; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom on the main level; One half bathroom on the main level
• Heating & cooling: Heat pump with gas backup; Central electric air conditioning; Circuit breaker electrical panel
• Interior features: Double-pane, insulated storm doors and insulated windows with screens; Paneled walls; Window treatments; Entry-level bedroom
• Laundry & utility: Front-loading washer; Front-loading dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.0% vs local median 5.2% in Delmar — 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 67/100 on livability (#222 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: schools D+, 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: 47 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.

Recommended offer $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 3.90% ✓
• Cap rate: 34.97%
• Cash-on-cash: 102.43%
• DSCR: 5.56
• GRM: 2.1

CMA / ARV

• ARV (median comp): $75,246
• List price: $50,000
• Delta: -33.55%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9241 Clare Cir	0.10mi	3/2.0	896 (0%)	2mo	$51,500	$57	92
9333 Colonial Mill Dr	0.13mi	3/2.0	960 (+7%)	1mo	$109,900	$114	79
9328 Colonial Mill Dr	0.14mi	3/2.0	910 (+2%)	20mo	$69,900	$77	72
9219 Green Isle Cir	0.03mi	3/2.0	1,000 (+12%)	18mo	$55,000	$55	62
9343 Colonial Mill Dr	0.08mi	2/1.0 (-1)	800 (-11%)	13mo	$59,900	$75	60

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: 5.86×
• Total profit: $68,035
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 12.24×
• Total profit: $157,364
• Equity at exit: $4,323

Cash invested: $14,000 (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 21875

• Home prices YoY: -12.7%
• Active inventory: 47
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,950 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $1,195

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,230	-5% $1,212	+0% $1,195	+5% $1,178	+10% $1,160
Rent	-10% $1,041	-5% $1,118	+0% $1,195	+5% $1,272	+10% $1,349
Rate	-1.0pp $1,220	-0.5pp $1,208	base $1,195	+0.5pp $1,182	+1.0pp $1,169

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8650 Barbara Ann Way Delmar, MD	2.0–3.0	2.0–2.5	1547	$1,950	$1.26	44d	12	0.81mi

Listing history 20 events

1. 2026-06-21
   days on market $50,000 Active 39 DOM
2. 2026-06-18
   days on market $50,000 Active 36 DOM
3. 2026-06-17
   days on market $50,000 Active 35 DOM
4. 2026-06-16
   days on market $50,000 Active 34 DOM
5. 2026-06-15
   days on market $50,000 Active 33 DOM
6. 2026-06-14
   days on market $50,000 Active 31 DOM
7. 2026-06-13
   days on market $50,000 Active 30 DOM
8. 2026-06-10
   days on market $50,000 Active 28 DOM
9. 2026-06-09
   days on market $50,000 Active 27 DOM
10. 2026-06-08
    days on market $50,000 Active 26 DOM
11. 2026-06-07
    days on market $50,000 Active 25 DOM
12. 2026-06-03
    days on market $50,000 Active 21 DOM
13. 2026-06-02
    days on market $50,000 Active 20 DOM
14. 2026-06-01
    days on market $50,000 Active 19 DOM
15. 2026-05-31
    days on market $50,000 Active 18 DOM
16. 2026-05-30
    days on market $50,000 Active 17 DOM
17. 2026-05-12
    historical Active Under Contract 1293-char remark
18. 2026-04-28
    listed $50,000 Active 1293-char remark
19. 2003-10-31
    historical
20. 2003-04-03
    listed $23,000

ⓘ 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: $23,400
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,872
• − Management: −$1,872
• − Depreciation: −$1,455
• Taxable income: $14,401
• Est. tax owed @ 24.0%: −$3,456
• After-tax cash flow: $10,883/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 — Delmar

• Score: 67/100
• State rank: #222
• US rank: #11130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delmar, MD
• Population (ZIP): 7,455

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 (64%)
• Race & ethnicity: White 64% Black 19% Hispanic / Latino 9% Asian 6% Two or more races 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 84% English-only · Spanish 9% Korean 3% Other Indo-European 2%

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: ▼ -36.12%
• Current HPI: 247.5758
• 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

+117.4% since first listed

5 events — show timeline

• 2026-05-27 Relisted — BRIGHT MLS
• 2026-05-12 Contingent — BRIGHT MLS
• 2026-04-28 Listed $50,000 BRIGHT MLS
• 2003-10-31 Listing Removed — BRIGHT MLS
• 2003-04-03 Listed $23,000 BRIGHT MLS