410 Elizabeth St · Salisbury, MD 21804

$179,000

4 bd · 1.0 ba · 1,728 sqft · SingleFamily public records · 54 Days on market

Built 1925 3,069 sqft lot Est $264k · 32% 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.3/10.0
• 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

This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

Key facts

• Freshly painted
• Brand new carpet
• Move in ready

Tags

• MOVE IN READY
• FRESHLY PAINTED
• BRAND NEW CARPET
• SPACIOUS ENTRY ROOM
• FULL BATHROOM WITH LAUNDRY
• FOURTH BEDROOM ON MAIN FLOOR

Property features AI

Finance

• Financial info: Lease not considered

Exterior

• Parking: Driveway with space for 3 vehicles; Total of 3 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Detached property; Effective year of major remodel 2020; Ownership: Fee simple
• Construction: Block foundation; Asphalt roof; Building not winterized
• Exterior features: Property located in city limits; Not in a federal flood zone; Above-grade and below-grade structures noted

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Three bedrooms on the upper level; One bedroom on the main level
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating (electric); Ceiling fans
• Interior features: Dining room; Family room; Unfinished basement
• Laundry & utility: Washer; Dryer; Natural gas hot water

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $174k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).
• This rent runs 30% of the median local income ($73k/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 $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 54 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $118k; list at $179k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $264,384
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Poplar Hill Ave	0.20mi	4/1.0	1,748 (+1%)	1mo	$90,000	$51	88
618/620 Baker St	0.12mi	4/2.0	1,632 (-6%)	3mo	$95,000	$58	78
711 E Church St	0.16mi	4/2.0	1,568 (-9%)	3mo	$125,000	$80	70
304 Brooklyn Ave	0.57mi	4/2.0	1,728 (0%)	6mo	$295,000	$171	64
416 Truitt St	0.53mi	4/2.0	1,650 (-4%)	7mo	$252,900	$153	58
309 Park Heights Ave	0.61mi	3/2.5 (-1)	1,778 (+3%)	2mo	$280,000	$157	54
201 Marshall St	0.35mi	3/1.0 (-1)	1,472 (-15%)	0mo	$181,500	$123	54
106 W Philadelphia Ave	0.35mi	3/1.5 (-1)	1,500 (-13%)	7mo	$230,000	$153	49
1212 Emerson Ave	0.68mi	3/2.0 (-1)	1,832 (+6%)	1mo	$307,500	$168	48
613 Lakeside Dr	0.48mi	3/2.5 (-1)	1,863 (+8%)	9mo	$296,000	$159	46
909 Johnson St	0.72mi	3/2.0 (-1)	1,608 (-7%)	3mo	$246,000	$153	43
311 W Philadelphia Ave	0.54mi	3/2.0 (-1)	1,922 (+11%)	8mo	$350,000	$182	41

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,407
• Equity at exit: $26,689

10-year hold

• IRR: 8.6%
• Equity multiple: 1.68×
• Total profit: $34,030
• Equity at exit: $15,477

Cash invested: $50,120 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,852 high
• Mortgage (P&I): −$939
• Tax from tax record: −$69 /mo · $834/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $380

Break-even live

Break-even rent $1,371

Max offer price $179,000

Occupancy floor 74%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
529 E William St Salisbury, MD	3.0	1.0	1057	$1,495	$1.41	21d	1	0.14mi
604 Liberty St Salisbury, MD	3.0	1.0	1110	$1,500	$1.35	43d	1	0.71mi
550 Riverside Dr Salisbury, MD	3.0	2.0	1250	$1,975	$1.58	43d	1	1.03mi
719 Shiloh St Unit 1 Salisbury, MD	3.0	1.0	1152	$1,625	$1.41	13d	1	1.16mi
518 Alabama Ave Salisbury, MD	1.0–3.0	1.0–2.5	1028	$1,784	$1.73	13d	14	1.24mi
306 Carrollton Ave Salisbury, MD	4.0	1.0	1163	$1,700	$1.46	43d	1	1.46mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,876	$1.84	13d	5	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $179,000 Active 54 DOM
2. 2026-06-17
   days on market $179,000 Active 53 DOM
3. 2026-06-16
   days on market $179,000 Active 52 DOM
4. 2026-06-15
   days on market $179,000 Active 51 DOM
5. 2026-06-14
   days on market $179,000 Active 49 DOM
6. 2026-06-13
   days on market $179,000 Active 48 DOM
7. 2026-06-10
   days on market $179,000 Active 46 DOM
8. 2026-06-09
   days on market $179,000 Active 45 DOM
9. 2026-06-08
   days on market $179,000 Active 44 DOM
10. 2026-06-07
    days on market $179,000 Active 43 DOM
11. 2026-06-03
    days on market $179,000 Active 39 DOM
12. 2026-06-02
    pricedays on market $179,000 Active 38 DOM
13. 2026-06-01
    days on market $190,000 Active 37 DOM
14. 2026-05-31
    days on market $190,000 Active 36 DOM
15. 2026-05-30
    days on market $190,000 Active 35 DOM
16. 2026-04-30
    status Active Under Contract
17. 2026-04-14
    historical
18. 2026-03-12
    listed $190,000 Active
19. 2021-12-21
    soldstatus $118,500
20. 2021-12-08
    historical 269-char remark

    Show marketing remark (269 chars)

    This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

21. 2021-12-03
    soldstatus $118,500 Closed 269-char remark

    Show marketing remark (269 chars)

    This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

22. 2021-11-18
    status Pending 269-char remark

    Show marketing remark (269 chars)

    This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

23. 2021-10-28
    historical Active Under Contract 269-char remark

    Show marketing remark (269 chars)

    This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

24. 2021-10-10
    listed $118,500 Active 269-char remark

    Show marketing remark (269 chars)

    This recently update home offers 3 bedrooms and 2 full baths. Additional room on first level can be used as an office or 4th bedroom. Traditional floor plan with larger kitchen, dining room, family room and living room or bonus room. New wiring, newer roof and windows.

25. 1985-09-17
    soldstatus $14,100

ⓘ 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: $834 · $69/mo
• Projected year-2 tax: $1,392 · $116/mo
• Expected delta: +$559/yr (+$47/mo · 67.0%)

ⓘ 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: $22,219
• − Mortgage interest: −$10,027
• − Property taxes: −$834
• − Insurance: −$895
• − Repairs & maintenance: −$1,778
• − Management: −$1,778
• − Depreciation: −$5,207
• Taxable income: $1,701
• Est. tax owed @ 24.0%: −$408
• After-tax cash flow: $4,152/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

+1247.5% since first listed

10 events — show timeline

• 2026-04-30 Relisted — BRIGHT MLS
• 2026-04-14 Listing Removed — BRIGHT MLS
• 2026-03-12 Listed $190,000 BRIGHT MLS
• 2021-12-21 Sold (Public Records) $118,500 Public Records
• 2021-12-08 Listing Removed — BRIGHT MLS
• 2021-12-03 Sold (MLS) $118,500 BRIGHT MLS
• 2021-11-18 Pending — BRIGHT MLS
• 2021-10-28 Contingent — BRIGHT MLS
• 2021-10-10 Listed $118,500 BRIGHT MLS
• 1985-09-17 Sold (Public Records) $14,100 Public Records

Property tax history

-0.0%/yr

Latest (2025): $834 · +3.6% YoY. Source: county tax records.