205 E Walnut St · Delmar, MD 21875

$195,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 2 Days on market

Built 1978 8,120 sqft lot Est $209k · 7% 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 +20.2/30.0
• ARV discount +10.6/15.0
• DSCR +6.4/10.0
• 1% rule +4.3/10.0
• 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 MLS

Recently remodeled 3 bedroom 1 bath home in delmar school district!. New carpet, paint, counter tops, paved driveway, back deck and so much more. Great location and great street Priced to sell!

Key facts

• 8,120 sq ft lot
• Built 1978
• Listed 2 days

Property features AI

Finance

• Other: Above-grade finished area reported as 960 (source: assessor); Ground rent payable annually; Pets allowed with no pet restrictions

Exterior

• Parking: Driveway and on-street parking
• Utilities: Public water; Public sewer
• Home design: Detached property; Below-average condition; Fee simple ownership; Building not winterized
• Construction: Built using block and vinyl siding; Asphalt roof; Block foundation with crawl space
• Exterior features: Not in a federal flood zone; Above- and below-grade structures noted

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Heat pump heating with electric backup; Heat pump cooling (electric); Electric hot water
• Interior features: Drywall walls and ceilings; No basement; Five total rooms; Three access/exit points

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/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 $182k (6.5% below list).
• Recommended offer: $182k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 5.1% 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: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Delmar Elementary (math 2% / reading 12%, grade F, #699 of 860 statewide, top 84%, 858 students, 37% FRL); Wicomico Middle (math 3% / reading 22%, grade F, #200 of 225 statewide, top 89%, 819 students, 68% FRL); Wicomico High (math 30% / reading 45%, grade F, #138 of 222 statewide, top 63%, 1,325 students, 60% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 47 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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 $92k; list at $195k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,277 (6.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.93% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $209,280
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 N Hantwerker Dr	0.69mi	3/1.0	1,000 (+4%)	1mo	$274,000	$274	60
16 W East St	0.33mi	3/2.0	1,104 (+15%)	18mo	$235,900	$214	40
8 W Grove St	0.42mi	2/1.0 (-1)	1,080 (+12%)	18mo	$122,920	$114	40
104 Highland Ave	0.70mi	3/1.5	1,034 (+8%)	20mo	$224,900	$218	36

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: -8.0%
• Equity multiple: 0.71×
• Total profit: $-16,025
• Equity at exit: $29,075

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $5,915
• Equity at exit: $16,860

Cash invested: $54,600 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,823 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$91 /mo · $1,087/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $246

Break-even live

Break-even rent $1,512

Max offer price $195,000

Occupancy floor 82%

Sensitivity live

Price	-10% $356	-5% $301	+0% $246	+5% $190	+10% $135
Rent	-10% $102	-5% $174	+0% $246	+5% $318	+10% $390
Rate	-1.0pp $344	-0.5pp $295	base $246	+0.5pp $195	+1.0pp $144

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-21
   remarks 175-char remark
2. 2026-06-21
   listed $195,000 Active 2 DOM

ⓘ 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: $1,087 · $91/mo
• Projected year-2 tax: $1,606 · $134/mo
• Expected delta: +$519/yr (+$43/mo · 47.8%)

ⓘ 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 8/10 Severe 7 d/yr ≥106°F today · 16 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: $21,873
• − Mortgage interest: −$10,923
• − Property taxes: −$1,087
• − Insurance: −$975
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − Depreciation: −$5,673
• Taxable loss: −$284
• Est. tax savings @ 24.0%: +$68
• After-tax cash flow: $3,015/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

+597.7% since first listed

7 events — show timeline

• 2026-06-19 Listed $195,000 BRIGHT MLS
• 2026-06-19 Coming Soon $195,000 BRIGHT MLS
• 2014-01-08 Sold (Public Records) $92,500 Public Records
• 2014-01-03 Sold (MLS) $92,500 BRIGHT MLS
• 2013-09-09 Listed $92,500 BRIGHT MLS
• 1991-10-22 Sold (Public Records) $20,000 Public Records
• 1983-09-08 Sold (Public Records) $27,950 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,087 · +7.6% YoY. Source: county tax records.