6 W State St · Delmar, MD 21875

$125,000

3 bd · 1.0 ba · 1,424 sqft · SingleFamily public records · 120 Days on market

Built 1910 10,626 sqft lot $88/sqft · 49% below area Est $246k · 49% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Alert! This 3 bed, 1 bath house is affordable and is a great location in the heart of town. The home features replacement windows and a spacious backyard for your summer barbecues! The home does need work and is priced accordingly. Bring your hammer and paintbrush and make your appointment today! Being sold "AS IS". After all. .. .You Deserve It!

Key facts

• Spacious backyard
• Replacement windows
• 0.24 acre lot

Tags

• REPLACEMENT WINDOWS
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 5.1% in Delmar — 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 67/100 on livability (#222 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: schools D+, 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.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $864 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 76% 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 $113,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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: 1.48% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.83%
• DSCR: 2.06
• GRM: 5.6

CMA / ARV

• ARV (median comp): $246,008
• List price: $125,000
• Delta: -49.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38415 Shelby Ln	0.42mi	3/2.0	1,428 (+0%)	1mo	$329,900	$231	75
106 E East St	0.17mi	3/2.0	1,372 (-4%)	8mo	$155,000	$113	75
38427 Shelby Ln	0.41mi	3/2.0	1,400 (-2%)	3mo	$349,900	$250	72
303 Delaware Ave	0.37mi	3/1.0	1,388 (-2%)	14mo	$244,900	$176	67
412 E State St	0.38mi	4/2.0 (+1)	1,484 (+4%)	0mo	$207,000	$139	66
106 Poplar St	0.42mi	3/2.0	1,404 (-1%)	14mo	$262,500	$187	62
502 E East St	0.46mi	3/2.0	1,400 (-2%)	12mo	$290,000	$207	62
707 E Jewell St	0.58mi	3/2.0	1,568 (+10%)	2mo	$235,777	$150	50
802 E State St	0.65mi	3/2.0	1,358 (-5%)	10mo	$189,000	$139	49
8707 Delmar Rd	0.68mi	3/1.5	1,272 (-11%)	1mo	$350,000	$275	48
705 E Jewell St	0.57mi	3/1.0	1,560 (+10%)	15mo	$293,000	$188	46
424 E East St	0.43mi	4/2.0 (+1)	1,608 (+13%)	14mo	$230,000	$143	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 1.69×
• Total profit: $23,980
• Equity at exit: $18,638

10-year hold

• IRR: 25.5%
• Equity multiple: 3.22×
• Total profit: $77,752
• Equity at exit: $10,808

Cash invested: $35,000 (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 21875

• Home prices YoY: -12.7%
• Active inventory: 46
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$59 /mo · $706/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $695

Break-even live

Break-even rent $970

Max offer price $125,000

Occupancy floor 57%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 E East St Delmar, MD	3.0	2.0	1663	$1,850	$1.11	13d	1	0.21mi

Listing history 25 events

1. 2026-06-18
   days on market $125,000 Active 120 DOM
2. 2026-06-17
   days on market $125,000 Active 119 DOM
3. 2026-06-16
   price $125,000 Active 118 DOM
4. 2026-06-16
   days on market $140,000 Active 118 DOM
5. 2026-06-15
   days on market $140,000 Active 117 DOM
6. 2026-06-14
   days on market $140,000 Active 115 DOM
7. 2026-06-13
   days on market $140,000 Active 114 DOM
8. 2026-06-10
   days on market $140,000 Active 112 DOM
9. 2026-06-09
   days on market $140,000 Active 111 DOM
10. 2026-06-08
    days on market $140,000 Active 110 DOM
11. 2026-06-07
    days on market $140,000 Active 109 DOM
12. 2026-06-03
    days on market $140,000 Active 105 DOM
13. 2026-06-02
    days on market $140,000 Active 104 DOM
14. 2026-06-01
    days on market $140,000 Active 103 DOM
15. 2026-05-31
    days on market $140,000 Active 102 DOM
16. 2026-05-30
    days on market $140,000 Active 101 DOM
17. 2026-04-24
    price $140,000 369-char remark

    Show marketing remark (369 chars)

    Investor Alert! This 3 bed, 1 bath house is affordable and is a great location in the heart of town. The home features replacement windows and a spacious backyard for your summer barbecues! The home does need work and is priced accordingly. Bring your hammer and paintbrush and make your appointment today! Being sold "AS IS". After all. .. .You Deserve It!

18. 2026-02-18
    listed $150,000 Active 369-char remark

    Show marketing remark (369 chars)

    Investor Alert! This 3 bed, 1 bath house is affordable and is a great location in the heart of town. The home features replacement windows and a spacious backyard for your summer barbecues! The home does need work and is priced accordingly. Bring your hammer and paintbrush and make your appointment today! Being sold "AS IS". After all. .. .You Deserve It!

19. 2025-07-20
    historical
20. 2025-07-01
    historical
21. 2024-02-22
    soldstatus $100,000 Closed
22. 2024-01-18
    status Pending
23. 2023-02-15
    price $124,999
24. 2023-01-10
    listed $134,900 Active
25. 1987-06-29
    soldstatus $16,000

ⓘ 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: $706 · $59/mo
• Projected year-2 tax: $1,034 · $86/mo
• Expected delta: +$328/yr (+$27/mo · 46.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 76% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$7,002
• − Property taxes: −$706
• − Insurance: −$625
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$3,636
• Taxable income: $6,678
• Est. tax owed @ 24.0%: −$1,603
• After-tax cash flow: $6,738/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 — Delmar

• Score: 67/100
• State rank: #222
• US rank: #11130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delmar, MD
• Population (ZIP): 7,455

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: Majority White (64%)
• Race & ethnicity: White 64% Black 19% Hispanic / Latino 9% Asian 6% Two or more races 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 84% English-only · Spanish 9% Korean 3% 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: ▼ -36.12%
• Current HPI: 247.5758
• Rent YoY: —
• Metro: —
• 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

+775.0% since first listed

9 events — show timeline

• 2026-04-24 Price Changed $140,000 BRIGHT MLS
• 2026-02-18 Listed $150,000 BRIGHT MLS
• 2025-07-20 Listing Removed — BRIGHT MLS
• 2025-07-01 Coming Soon — BRIGHT MLS
• 2024-02-22 Sold (MLS) $100,000 BRIGHT MLS
• 2024-01-18 Pending — BRIGHT MLS
• 2023-02-15 Price Changed $124,999 BRIGHT MLS
• 2023-01-10 Listed $134,900 BRIGHT MLS
• 1987-06-29 Sold (Public Records) $16,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $706 · +1.6% YoY. Source: county tax records.