Ocean High CM Wk40 32nd Street Extended · Ocean City, MD 21842

$10,000

3 bd · 2.0 ba · 1,400 sqft · Condo public records · 241 Days on market

Built 1982 $7/sqft · 97% below area $125/mo HOA · 5% 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 +7.5/15.0
• 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

Make offer. Fabulous location to spend your vacation. If your tired of booking a place each year, spending thousands of dollars to use someone else's condo, stop and think about how this could benefit you and your family. Close to just about everything. Leave your vehicle take the bus to your destinations. The beach, just walk to it. Stunning views of the bay, huge indoor heated pool. Close to Jolly Rogers, Great restaurants, fast food, convenience stores. This is the one to have for a small price. Same unit, same time every year. A one time purchase fee of $15,000. gets you a very spacious townhome with 3 large bedrooms, 2 baths , 2 fireplaces, full kitchen, living room, dining area. Deck off living room . Maintenance fee each year $1500 covers insurance, heat/ac and community pool, exterior. There is a one time $600 fee for new renovations to the interior (furniture, etc) and exterior which the owner is paying for the new buyer. Call me today to make your appointment .

Key facts

• $125 HOA
• Parking
• Community pool

🏷️ Possibly a rental listed for sale. The $10,000 price doesn't fit this home's estimated sale value (~$368,492) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $10k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $10k).
• Recommended offer: $9k (12.0% below list) — sets the bar for market timing.
• Cap rate 226.6% 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+, amenities 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.
• Zoned schools: Ocean City Elementary (math 37% / reading 47%, grade F, #84 of 860 statewide, top 10%, 521 students, 44% FRL); Stephen Decatur Middle (math 24% / reading 43%, grade F, #53 of 225 statewide, top 24%, 697 students, 50% FRL); Stephen Decatur High (math 64% / reading 78%, grade B+, #37 of 222 statewide, top 17%, 1,431 students, 42% FRL).
• Market conditions: 677 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).
• This rent runs 39% 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 $69 of loan paydown is wiped out by about $300 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $10k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $10k implies a 513% gain — meaningful room to come down on a strong offer.

Recommended offer $8,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 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 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?
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. 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?
9. 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.
10. 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.
11. 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: 25.70% ✓
• Cap rate: 226.65%
• Cash-on-cash: 786.97%
• DSCR: 36.02
• GRM: 0.3

CMA / ARV

• ARV (median comp): $368,492
• List price: $10,000
• Delta: -97.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 42.23×
• Total profit: $115,448
• Equity at exit: $1,491

10-year hold

• IRR: —
• Equity multiple: 90.86×
• Total profit: $251,596
• Equity at exit: $865

Cash invested: $2,800 (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: 677
• Price-to-rent: 0.3×

Monthly cashflow live

• Estimated rent: $2,570 medium
• Mortgage (P&I): −$52
• Tax est. 1.5%: −$12 /mo · $150/yr
• Insurance: −$4
• HOA: −$125
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $1,836

Break-even live

Break-even rent $246

Max offer price $10,000

Occupancy floor 24%

Sensitivity live

Price	-10% $1,843	-5% $1,840	+0% $1,836	+5% $1,833	+10% $1,829
Rent	-10% $1,633	-5% $1,735	+0% $1,836	+5% $1,938	+10% $2,039
Rate	-1.0pp $1,841	-0.5pp $1,839	base $1,836	+0.5pp $1,834	+1.0pp $1,831

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
208 Sunset Dr Unit C Ocean City, MD	3.0	2.0	1160	$2,500	$2.16	45d	1	0.41mi
5300 Coastal Hwy #205 Ocean City, MD	3.0	2.0	1580	$2,550	$1.61	45d	1	1.29mi

HOA detail condo

• Monthly dues: $125 · $1,500/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-22
   days on market $10,000 Active 241 DOM
2. 2026-06-18
   days on market $10,000 Active 238 DOM
3. 2026-06-17
   days on market $10,000 Active 237 DOM
4. 2026-06-16
   days on market $10,000 Active 236 DOM
5. 2026-06-15
   days on market $10,000 Active 235 DOM
6. 2026-06-14
   days on market $10,000 Active 233 DOM
7. 2026-06-13
   days on market $10,000 Active 232 DOM
8. 2026-06-10
   days on market $10,000 Active 230 DOM
9. 2026-06-09
   days on market $10,000 Active 229 DOM
10. 2026-06-08
    days on market $10,000 Active 228 DOM
11. 2026-06-07
    days on market $10,000 Active 227 DOM
12. 2026-06-02
    days on market $10,000 Active 222 DOM
13. 2026-06-01
    days on market $10,000 Active 221 DOM
14. 2026-05-31
    days on market $10,000 Active 220 DOM
15. 2026-05-30
    days on market $10,000 Active 219 DOM
16. 2026-03-18
    price $10,000 987-char remark

    Show marketing remark (987 chars)

    Make offer. Fabulous location to spend your vacation. If your tired of booking a place each year, spending thousands of dollars to use someone else's condo, stop and think about how this could benefit you and your family. Close to just about everything. Leave your vehicle take the bus to your destinations. The beach, just walk to it. Stunning views of the bay, huge indoor heated pool. Close to Jolly Rogers, Great restaurants, fast food, convenience stores. This is the one to have for a small price. Same unit, same time every year. A one time purchase fee of $15,000. gets you a very spacious townhome with 3 large bedrooms, 2 baths , 2 fireplaces, full kitchen, living room, dining area. Deck off living room . Maintenance fee each year $1500 covers insurance, heat/ac and community pool, exterior. There is a one time $600 fee for new renovations to the interior (furniture, etc) and exterior which the owner is paying for the new buyer. Call me today to make your appointment .

17. 2025-12-12
    price $15,000 987-char remark

    Show marketing remark (987 chars)

    Make offer. Fabulous location to spend your vacation. If your tired of booking a place each year, spending thousands of dollars to use someone else's condo, stop and think about how this could benefit you and your family. Close to just about everything. Leave your vehicle take the bus to your destinations. The beach, just walk to it. Stunning views of the bay, huge indoor heated pool. Close to Jolly Rogers, Great restaurants, fast food, convenience stores. This is the one to have for a small price. Same unit, same time every year. A one time purchase fee of $15,000. gets you a very spacious townhome with 3 large bedrooms, 2 baths , 2 fireplaces, full kitchen, living room, dining area. Deck off living room . Maintenance fee each year $1500 covers insurance, heat/ac and community pool, exterior. There is a one time $600 fee for new renovations to the interior (furniture, etc) and exterior which the owner is paying for the new buyer. Call me today to make your appointment .

18. 2025-10-24
    listed $20,000 Active 987-char remark

    Show marketing remark (987 chars)

    Make offer. Fabulous location to spend your vacation. If your tired of booking a place each year, spending thousands of dollars to use someone else's condo, stop and think about how this could benefit you and your family. Close to just about everything. Leave your vehicle take the bus to your destinations. The beach, just walk to it. Stunning views of the bay, huge indoor heated pool. Close to Jolly Rogers, Great restaurants, fast food, convenience stores. This is the one to have for a small price. Same unit, same time every year. A one time purchase fee of $15,000. gets you a very spacious townhome with 3 large bedrooms, 2 baths , 2 fireplaces, full kitchen, living room, dining area. Deck off living room . Maintenance fee each year $1500 covers insurance, heat/ac and community pool, exterior. There is a one time $600 fee for new renovations to the interior (furniture, etc) and exterior which the owner is paying for the new buyer. Call me today to make your appointment .

19. 2025-10-21
    historical $20,000 987-char remark

    Show marketing remark (987 chars)

    Make offer. Fabulous location to spend your vacation. If your tired of booking a place each year, spending thousands of dollars to use someone else's condo, stop and think about how this could benefit you and your family. Close to just about everything. Leave your vehicle take the bus to your destinations. The beach, just walk to it. Stunning views of the bay, huge indoor heated pool. Close to Jolly Rogers, Great restaurants, fast food, convenience stores. This is the one to have for a small price. Same unit, same time every year. A one time purchase fee of $15,000. gets you a very spacious townhome with 3 large bedrooms, 2 baths , 2 fireplaces, full kitchen, living room, dining area. Deck off living room . Maintenance fee each year $1500 covers insurance, heat/ac and community pool, exterior. There is a one time $600 fee for new renovations to the interior (furniture, etc) and exterior which the owner is paying for the new buyer. Call me today to make your appointment .

20. 2006-11-14
    historical
21. 2006-11-07
    listed $7,500
22. 1997-06-25
    soldstatus $1,630

ⓘ 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: $30,841
• − Mortgage interest: −$560
• − Property taxes: −$150
• − Insurance: −$50
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − HOA: −$1,500
• − Depreciation: −$291
• Taxable income: $23,356
• Est. tax owed @ 24.0%: −$5,605
• After-tax cash flow: $16,430/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

+513.5% since first listed

7 events — show timeline

• 2026-03-18 Price Changed $10,000 BRIGHT MLS
• 2025-12-12 Price Changed $15,000 BRIGHT MLS
• 2025-10-24 Listed $20,000 BRIGHT MLS
• 2025-10-21 Coming Soon $20,000 BRIGHT MLS
• 2006-11-14 Listing Removed — BRIGHT MLS
• 2006-11-07 Listed $7,500 BRIGHT MLS
• 1997-06-25 Sold (Public Records) $1,630 Public Records

Property tax history

-2.9%/yr

Latest (2025): $2,946 · +5.3% YoY. Source: county tax records.