704 Madison St · Salisbury, MD 21804

$165,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 129 Days on market

Built 1949 5,000 sqft lot $198/sqft · 7% below area Est $178k · 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 +19.0/30.0
• ARV discount +10.9/15.0
• DSCR +6.0/10.0
• 1% rule +4.2/10.0
• 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

Motivated seller!! Charming 2 bedroom, 1 bath home ideally located just minutes from Salisbury University. This well maintained property offers a functional layout with great potential, perfect for a first time home buyer, or an investment property. An oversized detached garage provides ample space for storage- an added bonus rarely found at this price point.

Key facts

• 5,000 sq ft lot
• Built 1949
• Listed 129 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/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 $151k (8.3% below list).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• 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 $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (median comp): $178,368
• List price: $165,000
• Delta: -7.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 Madison St	0.00mi	2/1.0	832 (0%)	0mo	$165,000	$198	100
109 Prince St	0.05mi	2/1.0	804 (-3%)	12mo	$189,900	$236	82
409 Franklin Ave	0.25mi	2/1.0	848 (+2%)	8mo	$140,000	$165	79
304 E Lincoln Ave	0.22mi	3/1.0 (+1)	856 (+3%)	9mo	$215,000	$251	73
405 Newton Ter	0.50mi	2/1.0	780 (-6%)	2mo	$154,000	$197	64
916 Vincent St	0.44mi	2/1.5	868 (+4%)	9mo	$212,999	$245	62
1007 Spring Ave	0.58mi	2/1.0	879 (+6%)	2mo	$208,500	$237	62
310 Pryor Ave	0.49mi	3/1.0 (+1)	768 (-8%)	2mo	$180,000	$234	58
835 S Division St	0.32mi	2/1.0	936 (+12%)	9mo	$129,000	$138	57
1006 Tyler Ave	0.69mi	3/1.0 (+1)	840 (+1%)	12mo	$190,000	$226	51
530 E Lincoln Ave	0.52mi	3/1.5 (+1)	919 (+10%)	7mo	$200,000	$218	46
826 Springfield Cir	0.38mi	3/1.0 (+1)	952 (+14%)	12mo	$189,000	$199	43

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-14,615
• Equity at exit: $24,602

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $6,194
• Equity at exit: $14,266

Cash invested: $46,200 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$865
• Tax from tax record: −$89 /mo · $1,065/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $172

Break-even live

Break-even rent $1,295

Max offer price $165,000

Occupancy floor 84%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 Juniper St Salisbury, MD	3.0	1.0	960	$1,595	$1.66	21d	1	0.42mi
231 Newton St Unit A Salisbury, MD	3.0	1.0	1000	$1,595	$1.59	44d	1	0.47mi
231 Newton St Unit B Salisbury, MD	2.0	1.0	736	$1,400	$1.90	44d	1	0.47mi
1008 Adams Ave Unit 11D Salisbury, MD	2.0	1.0	918	$1,250	$1.36	21d	1	0.56mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,425	$2.47	13d	13	0.60mi
1022 Adams Ave Unit 1D Salisbury, MD	2.0	1.0	918	$1,400	$1.53	44d	1	0.63mi
1014 Cecil St Salisbury, MD	3.0	1.0	1023	$1,500	$1.47	44d	1	0.64mi
218 W Main St Unit 401 Salisbury, MD	2.0	1.0	1060	$1,695	$1.60	44d	1	0.67mi
529 E William St Salisbury, MD	3.0	1.0	1057	$1,495	$1.41	21d	1	0.70mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	21d	1	0.75mi
304 Glen Ave Salisbury, MD	1.0–2.0	1.0	675	$1,300	$1.93	44d	4	0.78mi
308 N Division St #12 Salisbury, MD	2.0	1.0	990	$1,295	$1.31	44d	1	0.82mi
518 Alabama Ave Salisbury, MD	1.0–3.0	1.0–2.5	1028	$1,592	$1.55	13d	14	0.87mi
146 Onley Rd Salisbury, MD	3.0	1.0	960	$1,550	$1.61	44d	1	1.02mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,538	$1.50	13d	5	1.04mi
915 N Division St Unit A Salisbury, MD	3.0	1.0	900	$1,395	$1.55	44d	1	1.18mi
205 W London Ave Salisbury, MD	2.0	1.0	840	$1,500	$1.79	21d	1	1.32mi
1000 Marley Manor Dr Salisbury, MD	2.0–3.0	2.0	1225	$1,699	$1.39	13d	20	1.37mi
411 Dover St Salisbury, MD	3.0	2.0	984	$1,600	$1.63	44d	1	1.38mi
821 Johnson St Salisbury, MD	2.0	1.0	939	$1,495	$1.59	13d	1	1.48mi
906 Johnson St Salisbury, MD	3.0	1.5	875	$1,495	$1.71	44d	1	1.48mi

Listing history 17 events

1. 2026-02-13
   price $165,000 361-char remark

   Show marketing remark (361 chars)

   Motivated seller!! Charming 2 bedroom, 1 bath home ideally located just minutes from Salisbury University. This well maintained property offers a functional layout with great potential, perfect for a first time home buyer, or an investment property. An oversized detached garage provides ample space for storage- an added bonus rarely found at this price point.

2. 2026-01-29
   price $170,000 361-char remark

   Show marketing remark (361 chars)

   Motivated seller!! Charming 2 bedroom, 1 bath home ideally located just minutes from Salisbury University. This well maintained property offers a functional layout with great potential, perfect for a first time home buyer, or an investment property. An oversized detached garage provides ample space for storage- an added bonus rarely found at this price point.

3. 2026-01-13
   listed $175,000 Active 361-char remark

   Show marketing remark (361 chars)

   Motivated seller!! Charming 2 bedroom, 1 bath home ideally located just minutes from Salisbury University. This well maintained property offers a functional layout with great potential, perfect for a first time home buyer, or an investment property. An oversized detached garage provides ample space for storage- an added bonus rarely found at this price point.

4. 2026-01-08
   historical
5. 2025-12-11
   price $175,000
6. 2025-12-10
   listed $170,000 Active
7. 2021-06-01
   soldstatus $130,000
8. 2021-05-21
   soldstatus $130,000 Closed
9. 2021-04-14
   status Pending
10. 2021-03-27
    listed $134,900 Active
11. 2008-01-25
    historical
12. 2007-07-27
    listed $132,000
13. 2004-11-05
    soldstatus $68,900
14. 2004-10-29
    soldstatus $68,900
15. 2004-09-13
    listed $68,900
16. 1995-09-08
    soldstatus $46,500
17. 1989-01-13
    soldstatus $38,000

ⓘ 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: $1,065 · $89/mo
• Projected year-2 tax: $1,432 · $119/mo
• Expected delta: +$367/yr (+$31/mo · 34.4%)

ⓘ 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 9/10 Extreme 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: $18,154
• − Mortgage interest: −$9,243
• − Property taxes: −$1,065
• − Insurance: −$825
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − Depreciation: −$4,800
• Taxable loss: −$684
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $2,232/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

+334.2% since first listed

17 events — show timeline

• 2026-02-13 Price Changed $165,000 BRIGHT MLS
• 2026-01-29 Price Changed $170,000 BRIGHT MLS
• 2026-01-13 Listed $175,000 BRIGHT MLS
• 2026-01-08 Listing Removed — BRIGHT MLS
• 2025-12-11 Price Changed $175,000 BRIGHT MLS
• 2025-12-10 Listed $170,000 BRIGHT MLS
• 2021-06-01 Sold (Public Records) $130,000 Public Records
• 2021-05-21 Sold (MLS) $130,000 BRIGHT MLS
• 2021-04-14 Pending — BRIGHT MLS
• 2021-03-27 Listed $134,900 BRIGHT MLS
• 2008-01-25 Listing Removed — BRIGHT MLS
• 2007-07-27 Listed $132,000 BRIGHT MLS
• 2004-11-05 Sold (Public Records) $68,900 Public Records
• 2004-10-29 Sold (MLS) $68,900 BRIGHT MLS
• 2004-09-13 Listed $68,900 BRIGHT MLS
• 1995-09-08 Sold (Public Records) $46,500 Public Records
• 1989-01-13 Sold (Public Records) $38,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,065 · +9.5% YoY. Source: county tax records.