723 Hemlock St · Salisbury, MD 21804

$159,000

3 bd · 1.5 ba · 1,152 sqft · Townhouse public records · 3 Days on market

Built 1989 1,404 sqft lot Est $175k · 9% under

---

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 +25.2/30.0
• ARV discount +11.6/15.0
• DSCR +8.3/10.0
• 1% rule +5.6/10.0
• 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

Beautifully Renovated 3 Bed, 2.5 Bath Townhouse in the Heart of Salisbury, MD! This turnkey townhouse is move-in ready and offers both comfort and convenience in a prime location. Step inside to find stunning LVP flooring that adds warmth and style throughout the main level. Just off the entryway is a convenient powder room, and to the left, a spacious kitchen featuring quartz countertops, stylish backsplash tiles, and newer stainless steel appliances. A sliding glass door leads to the rear deck—perfect for entertaining or relaxing. Upstairs, the primary bedroom boasts an en suite bath for added privacy. Two additional bedrooms and a full hall bath complete the second level. Don't mis

Key facts

• Quartz countertops
• Backslash tiles
• Lvp flooring

Tags

• LVP FLOORING
• QUARTZ COUNTERTOPS
• BACKSLASH TILES
• STAINLESS STEEL APPLIANCES
• REAR DECK
• EN SUITE BATH

Property features AI

Exterior

• Parking: Driveway; On-street parking
• Utilities: Public water; Public sewer; 200+ amp electric service; Electric hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Very good condition; Effective year of major remodel: 2025
• Construction: Vinyl siding; Architectural shingle roof; Crawl space foundation
• Exterior features: Not in a federal flood zone; Municipal trash service

Interior

• Bedrooms: 3 bedrooms on the first upper level
• Bathrooms: 2 full bathrooms (all upper levels); 1 half bathroom on the main level
• Heating & cooling: Heat pump heating (electric); Central air conditioning (electric)
• Interior features: Drywall walls and ceilings; Not furnished

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $159k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Cap rate 9.0% 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: crime F, 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.
• Zoned schools: Prince Street School (math 5% / reading 8%, grade F, #740 of 860 statewide, top 87%, 854 students, 64% FRL); Bennett Middle (math 13% / reading 29%, grade F, #134 of 225 statewide, top 62%, 906 students, 48% FRL); James M. Bennett High (math 55% / reading 66%, grade C+, #71 of 222 statewide, top 32%, 1,343 students, 44% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 201 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k 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 + 3.8% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 25y 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 $118k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% 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 $159,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.06% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $175,104
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
723 Hemlock St	0.00mi	3/2.5	1,152 (0%)	1mo	$159,000	$138	95
729 Shiloh St	0.06mi	3/1.5	1,116 (-3%)	5mo	$125,000	$112	88
735 Hemlock St	0.03mi	3/1.5	1,152 (0%)	19mo	$160,000	$139	83
721 Shiloh St	0.05mi	3/2.5	1,116 (-3%)	8mo	$131,990	$118	81
1022 Adams Ave Unit 2C	0.33mi	3/2.0	1,171 (+2%)	8mo	$100,000	$85	73
856 Beaglin Park Dr	0.50mi	2/1.5 (-1)	1,120 (-3%)	2mo	$194,900	$174	66
1009 Baccharis Dr	0.64mi	2/1.5 (-1)	1,120 (-3%)	3mo	$194,000	$173	58
1009 Sumac Cir	0.61mi	2/1.5 (-1)	1,120 (-3%)	6mo	$170,000	$152	57
925 Sumac Cir	0.61mi	2/1.5 (-1)	1,120 (-3%)	8mo	$180,000	$161	55
1007 Sumac Cir	0.61mi	2/1.5 (-1)	1,120 (-3%)	19mo	$180,000	$161	46
829 Johnson Rd	0.65mi	2/1.5 (-1)	1,120 (-3%)	21mo	$184,990	$165	42

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-1,804
• Equity at exit: $23,707

10-year hold

• IRR: 9.3%
• Equity multiple: 1.74×
• Total profit: $32,980
• Equity at exit: $13,747

Cash invested: $44,520 (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: 201
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,684 high
• Mortgage (P&I): −$834
• Tax from tax record: −$75 /mo · $895/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $356

Break-even live

Break-even rent $1,234

Max offer price $159,000

Occupancy floor 74%

Sensitivity live

Price	-10% $446	-5% $401	+0% $356	+5% $311	+10% $266
Rent	-10% $223	-5% $290	+0% $356	+5% $423	+10% $489
Rate	-1.0pp $436	-0.5pp $397	base $356	+0.5pp $315	+1.0pp $273

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
719 Shiloh St Unit 1 Salisbury, MD	3.0	1.0	1152	$1,625	$1.41	15d	1	0.08mi
504 Juniper St Salisbury, MD	3.0	1.0	960	$1,595	$1.66	22d	1	0.15mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,425	$2.47	15d	13	0.22mi
1008 Adams Ave Unit 11D Salisbury, MD	2.0	1.0	918	$1,250	$1.36	22d	1	0.27mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	22d	1	0.29mi
1022 Adams Ave Unit 1D Salisbury, MD	2.0	1.0	918	$1,400	$1.53	45d	1	0.34mi
315 Princeton Ave Salisbury, MD	4.0	1.0	1023	$1,500	$1.47	45d	1	0.43mi
1014 Cecil St Salisbury, MD	3.0	1.0	1023	$1,500	$1.47	45d	1	0.50mi
306 Carrollton Ave Salisbury, MD	4.0	1.0	1163	$1,700	$1.46	45d	1	0.52mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,876	$1.84	15d	5	0.54mi
304 Glen Ave Salisbury, MD	1.0–2.0	1.0	675	$1,300	$1.93	45d	4	0.73mi
146 Onley Rd Salisbury, MD	3.0	1.0	960	$1,550	$1.61	45d	1	0.79mi
1000 Marley Manor Dr Salisbury, MD	2.0–3.0	2.0	1225	$2,076	$1.69	15d	20	0.85mi
101 Cedar Xing Salisbury, MD	4.0	2.0–4.0	965	$1,375	$1.42	15d	9	0.89mi
231 Newton St Unit B Salisbury, MD	2.0	1.0	736	$1,400	$1.90	45d	1	1.01mi
231 Newton St Unit A Salisbury, MD	3.0	1.0	1000	$1,595	$1.59	45d	1	1.01mi
529 E William St Salisbury, MD	3.0	1.0	1057	$1,495	$1.41	22d	1	1.08mi
218 W Main St Unit 401 Salisbury, MD	2.0	1.0	1060	$1,695	$1.60	45d	1	1.22mi
1405 Bantry Ln Salisbury, MD	2.0	2.0	986	$1,800	$1.83	22d	1	1.25mi
1169 Retreat Cir Salisbury, MD	3.0	2.0	1385	$2,632	$1.90	15d	1	1.29mi
550 Riverside Dr Salisbury, MD	3.0	2.0	1250	$1,975	$1.58	45d	1	1.32mi
308 N Division St #12 Salisbury, MD	2.0	1.0	990	$1,295	$1.31	45d	1	1.34mi
518 Alabama Ave Salisbury, MD	1.0–3.0	1.0–2.5	1028	$1,784	$1.73	15d	14	1.36mi

Listing history 26 events

1. 2026-05-21
   status Pending
2. 2026-04-24
   historical Active Under Contract
3. 2026-04-21
   listed $159,000 Active
4. 2025-11-25
   historical
5. 2025-11-10
   status Active
6. 2025-10-31
   historical Active Under Contract
7. 2025-10-30
   price $159,000
8. 2025-10-09
   price $179,000
9. 2025-08-15
   price $189,000
10. 2025-06-20
    listed $209,000 Active
11. 2021-10-05
    soldstatus $117,500
12. 2014-04-30
    historical
13. 2013-10-21
    listed $89,900
14. 2007-08-28
    soldstatus $115,000
15. 2007-07-25
    soldstatus $115,000
16. 2007-04-19
    listed $119,900
17. 2005-02-07
    soldstatus $95,900
18. 2005-01-31
    soldstatus $95,900
19. 2004-10-05
    listed $95,900
20. 2004-07-16
    soldstatus $80,000
21. 2004-07-16
    soldstatus $80,000
22. 2004-06-18
    listed $79,900
23. 2001-06-27
    soldstatus $61,000
24. 2001-06-25
    soldstatus $61,000
25. 2001-05-05
    listed $61,900
26. 1992-06-25
    soldstatus $49,900

ⓘ 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: $895 · $75/mo
• Projected year-2 tax: $1,314 · $109/mo
• Expected delta: +$419/yr (+$35/mo · 46.9%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,213
• − Mortgage interest: −$8,906
• − Property taxes: −$895
• − Insurance: −$795
• − Repairs & maintenance: −$1,617
• − Management: −$1,617
• − Depreciation: −$4,625
• Taxable income: $1,758
• Est. tax owed @ 24.0%: −$422
• After-tax cash flow: $3,851/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

+218.6% since first listed

26 events — show timeline

• 2026-05-21 Pending — BRIGHT MLS
• 2026-04-24 Contingent — BRIGHT MLS
• 2026-04-21 Listed $159,000 BRIGHT MLS
• 2025-11-25 Listing Removed — BRIGHT MLS
• 2025-11-10 Relisted — BRIGHT MLS
• 2025-10-31 Contingent — BRIGHT MLS
• 2025-10-30 Price Changed $159,000 BRIGHT MLS
• 2025-10-09 Price Changed $179,000 BRIGHT MLS
• 2025-08-15 Price Changed $189,000 BRIGHT MLS
• 2025-06-20 Listed $209,000 BRIGHT MLS
• 2021-10-05 Sold (Public Records) $117,500 Public Records
• 2014-04-30 Listing Removed — BRIGHT MLS
• 2013-10-21 Listed $89,900 BRIGHT MLS
• 2007-08-28 Sold (Public Records) $115,000 Public Records
• 2007-07-25 Sold (MLS) $115,000 BRIGHT MLS
• 2007-04-19 Listed $119,900 BRIGHT MLS
• 2005-02-07 Sold (Public Records) $95,900 Public Records
• 2005-01-31 Sold (MLS) $95,900 BRIGHT MLS
• 2004-10-05 Listed $95,900 BRIGHT MLS
• 2004-07-16 Sold (Public Records) $80,000 Public Records
• 2004-07-16 Sold (MLS) $80,000 BRIGHT MLS
• 2004-06-18 Listed $79,900 BRIGHT MLS
• 2001-06-27 Sold (Public Records) $61,000 Public Records
• 2001-06-25 Sold (MLS) $61,000 BRIGHT MLS
• 2001-05-05 Listed $61,900 BRIGHT MLS
• 1992-06-25 Sold (Public Records) $49,900 Public Records

Property tax history

-3.5%/yr

Latest (2025): $895 · +23.7% YoY. Source: county tax records.