67 Saint Michaels Ct

Elkton, MD 21921

$33,000C-

3 bd · 1.0 ba · 924 sqft · Built 2013 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,835/mo
• Mortgage (P&I): −$173
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $1,221/mo
• Annual: $14,655/yr
• Cap rate: 50.70%
• Cash-on-cash: 158.60%
• DSCR: 8.06
• 1% rule: 5.56%
• Cash to close: $9,240

Investor read

• This is a 3-bed/1.0-bath single-family listed at $33k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $33k).
• It's been on market 15 days — a 2% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $228 of loan paydown is wiped out by about $990 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#261 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime F, commute F.
• Cecil County Public Schools (rural): math 15% / reading 30% proficiency, ranked #15 of 24 in MD (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Elk Neck Elementary (math 22% / reading 12%, grade F, #408 of 860 statewide, top 50%, 404 students, 47% FRL); North East Middle (math 8% / reading 29%, grade F, #159 of 225 statewide, top 73%, 791 students, 54% FRL); North East High (math 32% / reading 78%, grade C, #88 of 222 statewide, top 40%, 1,069 students, 49% FRL).
• Market conditions: Rents rising (+2.3%/yr); 204 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 563 units permitted in Cecil County in 2024 (330 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 50.7% vs local median 4.1% in Elkton — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.