1105 S Schumaker Dr Unit B-200 · Salisbury, MD 21804

$129,000

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 214 Days on market

Built 1999 $128/sqft · 20% above area Est $107k · 20% over $1248/mo HOA · 48% 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 +14.8/30.0
• 1% rule +10.0/10.0
• DSCR +4.5/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This "Hudson" floor plan in the retirement community of Mallard Landing offers an open floor plan with tons of natural light. The kitchen has a bar with separate dining area and the primary bedroom is complete with a walk-in closet and an in bedroom stack washer and dryer. Also available for rent for $2,800. Listed as Residential Lease, MLS# MDWC2018088.

Key facts

• $1,248 HOA
• Built 1999
• Listed 214 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $129k.

Deal economics

• At list price, monthly cash flow is $35 ($420/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 43% 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 $892 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.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; list at $129k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 48% of rent.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 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 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?
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: 2.03% ✓
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 4.1

CMA / ARV

• ARV (median comp): $107,137
• List price: $129,000
• Delta: 20.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.56×
• Total profit: $-15,859
• Equity at exit: $19,234

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $717
• Equity at exit: $11,154

Cash invested: $36,120 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,620 high
• Mortgage (P&I): −$676
• Tax from tax record: −$57 /mo · $683/yr
• Insurance: −$54
• HOA: −$1,248
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $35

Break-even live

Break-even rent $2,576

Max offer price $129,000

Occupancy floor 94%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1103 S Schumaker Dr Unit C102 Salisbury, MD	1.0	1.5	1171	$3,200	$2.73	43d	1	0.07mi
1101 S Schumaker Dr Unit 105 Salisbury, MD	1.0	1.5	1187	$3,500	$2.95	43d	1	0.10mi
1169 Retreat Cir Salisbury, MD	3.0	2.0	1385	$2,632	$1.90	13d	1	0.24mi
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,538	$1.50	13d	5	0.93mi
1000 Marley Manor Dr Salisbury, MD	2.0–3.0	2.0	1225	$1,699	$1.39	13d	20	0.99mi
5629 Rip Wil Dr Salisbury, MD	3.0	1.0	1008	$1,295	$1.28	43d	1	1.04mi
5746 Rip Wil Dr Salisbury, MD	3.0	1.0	1008	$1,295	$1.28	43d	1	1.17mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	21d	1	1.36mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,425	$2.47	13d	13	1.48mi
719 Shiloh St Unit 1 Salisbury, MD	3.0	1.0	1152	$1,625	$1.41	13d	1	1.49mi

HOA detail condo

• Monthly dues: $1,248 · $14,976/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $129,000 Active 214 DOM
2. 2026-06-17
   days on market $129,000 Active 213 DOM
3. 2026-06-16
   days on market $129,000 Active 212 DOM
4. 2026-06-15
   days on market $129,000 Active 211 DOM
5. 2026-06-14
   days on market $129,000 Active 209 DOM
6. 2026-06-13
   days on market $129,000 Active 208 DOM
7. 2026-06-10
   days on market $129,000 Active 206 DOM
8. 2026-06-09
   days on market $129,000 Active 205 DOM
9. 2026-06-08
   days on market $129,000 Active 204 DOM
10. 2026-06-07
    days on market $129,000 Active 203 DOM
11. 2026-06-03
    days on market $129,000 Active 199 DOM
12. 2026-06-02
    days on market $129,000 Active 198 DOM
13. 2026-06-01
    days on market $129,000 Active 197 DOM
14. 2026-05-31
    days on market $129,000 Active 196 DOM
15. 2026-05-30
    days on market $129,000 Active 195 DOM
16. 2026-02-11
    status Active 367-char remark

    Show marketing remark (367 chars)

    This "Hudson" floor plan in the retirement community of Mallard Landing offers an open floor plan with tons of natural light. The kitchen has a bar with separate dining area and the primary bedroom is complete with a walk-in closet and an in bedroom stack washer and dryer. Also available for rent for $2,800. Listed as Residential Lease, MLS# MDWC2018088.

17. 2026-01-19
    status Pending 367-char remark

    Show marketing remark (367 chars)

    This "Hudson" floor plan in the retirement community of Mallard Landing offers an open floor plan with tons of natural light. The kitchen has a bar with separate dining area and the primary bedroom is complete with a walk-in closet and an in bedroom stack washer and dryer. Also available for rent for $2,800. Listed as Residential Lease, MLS# MDWC2018088.

18. 2025-10-24
    listed $129,000 Active 367-char remark

    Show marketing remark (367 chars)

    This "Hudson" floor plan in the retirement community of Mallard Landing offers an open floor plan with tons of natural light. The kitchen has a bar with separate dining area and the primary bedroom is complete with a walk-in closet and an in bedroom stack washer and dryer. Also available for rent for $2,800. Listed as Residential Lease, MLS# MDWC2018088.

19. 2025-06-04
    listed $2,800
20. 2022-02-04
    soldstatus $75,000
21. 2022-01-12
    soldstatus $75,000 Closed 1389-char remark

    Show marketing remark (1389 chars)

    It's a big thing to change your lifestyle, particularly if it's "that time of life. " Mallard Landing Retirement Community certainly makes it easier. This 1 BR/1 Den/2 private baths condo offers the opportunity to enjoy a lively environment for a small $79,900 price tag. The kitchen is open to the LR and DR, has a newer refrigerator and glass top electric range, plenty of cupboard space and an island. The baths have grab bars for security, And the den with bath can be used for anything. This independent living facility offers a meal plan that includes dinners 5 nights a week and lunches every day. Lunch, Happy Hour, dinner are welcoming places to meet new friends. The activities include frequent trips to other towns for lunch or dinner (transportation is free, you pay for your meals). There are free movies, monthly theme parties (The Great Gatsby, Casino Night, etc. ) loads of card games and so many other activities. Get your exercise in the gym or walk around the complex on a walking trail. Salisbury boasts an excellent regional hospital with 350 beds, Maryland's second largest commercial airport, a free zoo, golf courses and nearby cultural events. Some say living here is like being on a cruise ship, you never need to carry money in your pocket. What's not automatically part of your new lifestyle, such as housekeeping, is billed at the end of the month.

22. 2021-12-18
    status Pending 1389-char remark

    Show marketing remark (1389 chars)

    It's a big thing to change your lifestyle, particularly if it's "that time of life. " Mallard Landing Retirement Community certainly makes it easier. This 1 BR/1 Den/2 private baths condo offers the opportunity to enjoy a lively environment for a small $79,900 price tag. The kitchen is open to the LR and DR, has a newer refrigerator and glass top electric range, plenty of cupboard space and an island. The baths have grab bars for security, And the den with bath can be used for anything. This independent living facility offers a meal plan that includes dinners 5 nights a week and lunches every day. Lunch, Happy Hour, dinner are welcoming places to meet new friends. The activities include frequent trips to other towns for lunch or dinner (transportation is free, you pay for your meals). There are free movies, monthly theme parties (The Great Gatsby, Casino Night, etc. ) loads of card games and so many other activities. Get your exercise in the gym or walk around the complex on a walking trail. Salisbury boasts an excellent regional hospital with 350 beds, Maryland's second largest commercial airport, a free zoo, golf courses and nearby cultural events. Some say living here is like being on a cruise ship, you never need to carry money in your pocket. What's not automatically part of your new lifestyle, such as housekeeping, is billed at the end of the month.

23. 2021-09-07
    listed $79,900 Active 1389-char remark

    Show marketing remark (1389 chars)

    It's a big thing to change your lifestyle, particularly if it's "that time of life. " Mallard Landing Retirement Community certainly makes it easier. This 1 BR/1 Den/2 private baths condo offers the opportunity to enjoy a lively environment for a small $79,900 price tag. The kitchen is open to the LR and DR, has a newer refrigerator and glass top electric range, plenty of cupboard space and an island. The baths have grab bars for security, And the den with bath can be used for anything. This independent living facility offers a meal plan that includes dinners 5 nights a week and lunches every day. Lunch, Happy Hour, dinner are welcoming places to meet new friends. The activities include frequent trips to other towns for lunch or dinner (transportation is free, you pay for your meals). There are free movies, monthly theme parties (The Great Gatsby, Casino Night, etc. ) loads of card games and so many other activities. Get your exercise in the gym or walk around the complex on a walking trail. Salisbury boasts an excellent regional hospital with 350 beds, Maryland's second largest commercial airport, a free zoo, golf courses and nearby cultural events. Some say living here is like being on a cruise ship, you never need to carry money in your pocket. What's not automatically part of your new lifestyle, such as housekeeping, is billed at the end of the month.

24. 2021-08-17
    historical
25. 2021-04-19
    price $79,900
26. 2021-02-19
    listed $84,900 Active
27. 2017-06-30
    soldstatus $60,000
28. 2015-06-12
    soldstatus $66,000
29. 2015-05-29
    soldstatus $66,000
30. 2015-05-08
    historical
31. 2015-02-04
    listed $75,000
32. 2012-06-06
    listed $69,900
33. 2008-03-06
    soldstatus $145,000
34. 2002-06-28
    soldstatus $126,900

ⓘ 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: $683 · $57/mo
• Projected year-2 tax: $1,044 · $87/mo
• Expected delta: +$362/yr (+$30/mo · 53.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,445
• − Mortgage interest: −$7,226
• − Property taxes: −$683
• − Insurance: −$645
• − Repairs & maintenance: −$2,516
• − Management: −$2,516
• − HOA: −$14,976
• − Depreciation: −$3,753
• Taxable loss: −$868
• Est. tax savings @ 24.0%: +$208
• After-tax cash flow: $629/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

+1.7% since first listed

19 events — show timeline

• 2026-02-11 Relisted — BRIGHT MLS
• 2026-01-19 Pending — BRIGHT MLS
• 2025-10-24 Listed $129,000 BRIGHT MLS
• 2025-06-04 Listed for Rent $2,800 BRIGHTMLS
• 2022-02-04 Sold (Public Records) $75,000 Public Records
• 2022-01-12 Sold (MLS) $75,000 BRIGHT MLS
• 2021-12-18 Pending — BRIGHT MLS
• 2021-09-07 Listed $79,900 BRIGHT MLS
• 2021-08-17 Listing Removed — BRIGHT MLS
• 2021-04-19 Price Changed $79,900 BRIGHT MLS
• 2021-02-19 Listed $84,900 BRIGHT MLS
• 2017-06-30 Sold (Public Records) $60,000 Public Records
• 2015-06-12 Sold (Public Records) $66,000 Public Records
• 2015-05-29 Sold (MLS) $66,000 BRIGHT MLS
• 2015-05-08 Listing Removed — BRIGHT MLS
• 2015-02-04 Listed $75,000 BRIGHT MLS
• 2012-06-06 Listed $69,900 BRIGHT MLS
• 2008-03-06 Sold (Public Records) $145,000 Public Records
• 2002-06-28 Sold (Public Records) $126,900 Public Records

Property tax history

-7.7%/yr

Latest (2025): $683 · +3.7% YoY. Source: county tax records.