1103 S Schumaker Dr Unit C-300 · Salisbury, MD 21804

$114,500

1 bd · 2.0 ba · 1,051 sqft · Condo public records · 363 Days on market

Built 2002 $109/sqft · at area comps Est $115k · at est. $288/mo HOA · 19% of rent

---

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 +22.8/30.0
• 1% rule +8.2/10.0
• ARV discount +7.6/15.0
• DSCR +7.3/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large end unit overlooking the Mallard Landing Campus. Very clean, open floor plan with 1 bedroom, 2 full baths and den. Great for visiting guests or family. Close to the elevator. Enjoy independent living with the benefit of onsite dining, activities, and a-la-carte services. 10K flooring allowance is available with an acceptable offer.

Key facts

• Open floor plan
• Onsite dining
• End unit

Tags

• END UNIT
• OPEN FLOOR PLAN
• ONSITE DINING

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $114k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.8% in Salisbury — 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 60/100 on livability (#351 in MD) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools D-, crime F, amenities 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: Rents rising (+3.8%/yr); 195 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $792 of loan paydown is wiped out by about $3k 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

• It's been on market 363 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $14k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $114k implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $100,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 days. Have you received any prior offers? Is the seller open to a 12% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.46%
• DSCR: 1.33
• GRM: 6.3

CMA / ARV

• ARV (median comp): $114,744
• List price: $114,500
• Delta: -0.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-4,522
• Equity at exit: $17,072

10-year hold

• IRR: 7.1%
• Equity multiple: 1.56×
• Total profit: $17,966
• Equity at exit: $9,900

Cash invested: $32,060 (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 21804

• Home prices YoY: -26.7%
• Rents YoY: 3.8%
• Active inventory: 195
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,506 medium
• Mortgage (P&I): −$600
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$48
• HOA: −$288
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $199

Break-even live

Break-even rent $1,254

Max offer price $114,500

Occupancy floor 82%

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1103 S Schumaker Dr Unit C102 Salisbury, MD	1.0	1.5	1171	$3,200	$2.73	43d	1	0.00mi
1101 S Schumaker Dr Unit 105 Salisbury, MD	1.0	1.5	1187	$3,500	$2.95	43d	1	0.03mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,199	$1.17	13d	5	0.89mi
1000 Marley Manor Dr Salisbury, MD	2.0–3.0	2.0	1225	$1,699	$1.39	13d	20	1.01mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	20d	1	1.35mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,168	$2.03	13d	13	1.47mi

HOA detail condo

• Monthly dues: $288 · $3,456/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $114,500 Active 363 DOM
2. 2026-06-17
   days on market $114,500 Active 362 DOM
3. 2026-06-16
   days on market $114,500 Active 361 DOM
4. 2026-06-15
   days on market $114,500 Active 360 DOM
5. 2026-06-14
   days on market $114,500 Active 358 DOM
6. 2026-06-13
   days on market $114,500 Active 357 DOM
7. 2026-06-10
   remarks 426-char remark
8. 2026-06-10
   pricedays on market $114,500 Active 355 DOM
9. 2026-06-09
   days on market $114,000 Active 354 DOM
10. 2026-06-08
    days on market $114,000 Active 353 DOM
11. 2026-06-07
    days on market $114,000 Active 352 DOM
12. 2026-06-03
    days on market $114,000 Active 348 DOM
13. 2026-06-02
    days on market $114,000 Active 347 DOM
14. 2026-06-01
    days on market $114,000 Active 346 DOM
15. 2026-05-31
    days on market $114,000 Active 345 DOM
16. 2026-05-30
    days on market $114,000 Active 344 DOM
17. 2025-12-05
    price $114,000 339-char remark

    Show marketing remark (339 chars)

    Large end unit overlooking the Mallard Landing Campus. Very clean, open floor plan with 1 bedroom, 2 full baths and den. Great for visiting guests or family. Close to the elevator. Enjoy independent living with the benefit of onsite dining, activities, and a-la-carte services. 10K flooring allowance is available with an acceptable offer.

18. 2025-06-20
    listed $129,000 Active 339-char remark

    Show marketing remark (339 chars)

    Large end unit overlooking the Mallard Landing Campus. Very clean, open floor plan with 1 bedroom, 2 full baths and den. Great for visiting guests or family. Close to the elevator. Enjoy independent living with the benefit of onsite dining, activities, and a-la-carte services. 10K flooring allowance is available with an acceptable offer.

19. 2017-06-23
    soldstatus $49,999
20. 2016-11-30
    soldstatus $49,999
21. 2016-11-22
    soldstatus $49,999 204-char remark

    Show marketing remark (204 chars)

    Just Reduced! Nice 1 BR, 2 BA & den condo located at Mallard landing! Beautiful Western light with open floor plan & plenty of room for visiting guests! Visit us today for more details! As-Is.

22. 2016-11-09
    historical 204-char remark

    Show marketing remark (204 chars)

    Just Reduced! Nice 1 BR, 2 BA & den condo located at Mallard landing! Beautiful Western light with open floor plan & plenty of room for visiting guests! Visit us today for more details! As-Is.

23. 2016-05-21
    listed $49,999 204-char remark

    Show marketing remark (204 chars)

    Just Reduced! Nice 1 BR, 2 BA & den condo located at Mallard landing! Beautiful Western light with open floor plan & plenty of room for visiting guests! Visit us today for more details! As-Is.

ⓘ 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: $652 · $54/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$298/yr (+$25/mo · 45.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,074
• − Mortgage interest: −$6,414
• − Property taxes: −$652
• − Insurance: −$572
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − HOA: −$3,456
• − Depreciation: −$3,331
• Taxable income: $756
• Est. tax owed @ 24.0%: −$182
• After-tax cash flow: $2,211/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 — Salisbury

• Score: 60/100
• State rank: #351
• US rank: #18948

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, MD
• County: Wicomico County · 75,969 people
• City population: 70,518
• Metro: Salisbury, MD-DE
• Population (ZIP): 40,430
• Household income: $73,156
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 2096.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 54% Black 30% Two or more races 9% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 3% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 83% English-only · French/Haitian/Cajun 7% Spanish 5% 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: ▼ -84.15%
• Current HPI: 230.6099
• Rent YoY: ▲ 3.78%
• 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

+128.0% since first listed

7 events — show timeline

• 2025-12-05 Price Changed $114,000 BRIGHT MLS
• 2025-06-20 Listed $129,000 BRIGHT MLS
• 2017-06-23 Sold (Public Records) $49,999 Public Records
• 2016-11-30 Sold (Public Records) $49,999 Public Records
• 2016-11-22 Sold (MLS) $49,999 BRIGHT MLS
• 2016-11-09 Listing Removed — BRIGHT MLS
• 2016-05-21 Listed $49,999 BRIGHT MLS

Property tax history

-7.7%/yr

Latest (2025): $652 · +1.3% YoY. Source: county tax records.