273 Woodhaven Ct · Ocean Pines, MD 21811

$159,900

2 bd · 1.0 ba · 726 sqft · Manufactured public records · 50 Days on market

Built 1986 2,186 sqft lot $180/mo HOA · 9% of rent

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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 +25.3/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the charm of coastal living in this beautifully maintained 2-bedroom, 1- bath manufactured home with a spacious addition, perfectly situated on a desirable corner lot in the peaceful White Horse Park community of Ocean Pines, Md. This seasonal retreat offers the ideal escape with serene surroundings and all the comforts of home. Inside, you'll find a bright and generous living area, a well appointed kitchen, and cozy bedrooms. The home comes partially furnished. Recent updates ensure peace of mind. The interior has been renovated within the past 3 years. New flooring throughout, the roof is only 4 years old, brand new HVAC system. White Horse Park offers wonderful amenities, includ

Key facts

• Desirable corner lot
• Recent updates
• Bright living area

Tags

• SPACIOUS ADDITION
• DESIRABLE CORNER LOT
• BRIGHT LIVING AREA
• WELL APPOINTED KITCHEN
• RECENT UPDATES
• RENOVATED INTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Ocean Pines — 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 70/100 on livability (#172 in MD) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D, cost of living D, amenities F.
• Worcester County Public Schools (town): math 30% / reading 44% proficiency, ranked #6 of 24 in MD (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 315 active listings in the ZIP; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 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.
• Worcester County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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. 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. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,548
• Equity at exit: $23,842

10-year hold

• IRR: 8.2%
• Equity multiple: 1.63×
• Total profit: $28,072
• Equity at exit: $13,825

Cash invested: $44,772 (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 21811

• Home prices YoY: -29.0%
• Active inventory: 315
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,956 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$67
• HOA: −$180
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $366

Break-even live

Break-even rent $1,493

Max offer price $159,900

Occupancy floor 76%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $180 · $2,160/yr

Listing history 36 events

1. 2026-03-29
   status Pending
2. 2026-02-07
   listed $159,900 Active
3. 2026-01-12
   historical
4. 2025-10-08
   price $160,000
5. 2025-09-18
   price $164,999
6. 2025-08-23
   listed $169,999 Active
7. 2025-08-22
   historical
8. 2025-08-15
   historical
9. 2025-05-15
   price $194,900
10. 2025-03-01
    listed $215,000 Active
11. 2024-12-27
    historical
12. 2024-09-03
    listed $215,000 Active
13. 2024-04-11
    soldstatus $160,000
14. 2024-04-08
    soldstatus $160,000 Closed
15. 2024-03-02
    status Pending
16. 2023-11-29
    price $179,900
17. 2023-11-07
    price $199,900
18. 2023-11-01
    listed $219,900 Active
19. 2023-11-01
    historical $219,900
20. 2021-07-27
    soldstatus $104,000
21. 2021-07-20
    soldstatus $104,000 Closed
22. 2021-07-03
    historical Active Under Contract
23. 2021-06-25
    status Active
24. 2021-06-18
    historical Active Under Contract
25. 2021-06-14
    price $114,000
26. 2021-05-19
    listed $119,000 Active
27. 2006-09-06
    historical
28. 2006-05-22
    listed $159,900
29. 2004-04-13
    soldstatus $95,000
30. 2004-04-13
    soldstatus $95,000
31. 2003-12-03
    listed $95,000
32. 2003-04-15
    soldstatus $87,000
33. 2003-04-11
    soldstatus $87,000
34. 2003-02-01
    listed $88,500
35. 2000-11-28
    soldstatus $58,500
36. 1986-03-27
    soldstatus $17,500

ⓘ 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: $1,131 · $94/mo
• Projected year-2 tax: $1,437 · $120/mo
• Expected delta: +$306/yr (+$26/mo · 27.1%)

ⓘ 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 8/10 Severe 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $23,468
• − Mortgage interest: −$8,957
• − Property taxes: −$1,131
• − Insurance: −$800
• − Repairs & maintenance: −$1,877
• − Management: −$1,877
• − HOA: −$2,160
• − Depreciation: −$4,652
• Taxable income: $2,015
• Est. tax owed @ 24.0%: −$484
• After-tax cash flow: $3,904/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: Worcester County Public Schools
• NCES district ID: 2400720
• Math proficiency: 30% ▼ -25.00%
• Reading proficiency: 44% ▼ -20.00%
• Median HH income: $56,748
• Composite: 32.6/100
• National rank: #5672
• State rank: #6 of 24 in MD

Livability — Ocean Pines

• Score: 70/100
• State rank: #172
• US rank: #7691

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Pines, MD
• County: Worcester County · 35,603 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 24,377
• Household income: $90,082
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 551.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 51,363 people
• By 2030: 51,191 · -0.3%
• By 2040: 50,459 · -1.8%
• By 2050: 49,451 · -3.7%
• By 2075: 48,533 · -5.5%
• By 2100: 44,223 · -13.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Italian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Worcester

• 2024 margin: Strong R (+22.0) · D 38.0% · R 60.0% · Other 2.0%
• 2008→2024 swing: -6.5pp toward R · 2008: -15.5pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.0 2016: R+27.9 2012: R+18.3 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.52%
• Current HPI: 292.9004
• Rent YoY: —
• 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

+813.7% since first listed

36 events — show timeline

• 2026-03-29 Pending — BRIGHT MLS
• 2026-02-07 Listed $159,900 BRIGHT MLS
• 2026-01-12 Listing Removed — BRIGHT MLS
• 2025-10-08 Price Changed $160,000 BRIGHT MLS
• 2025-09-18 Price Changed $164,999 BRIGHT MLS
• 2025-08-23 Listed $169,999 BRIGHT MLS
• 2025-08-22 Coming Soon — BRIGHT MLS
• 2025-08-15 Listing Removed — BRIGHT MLS
• 2025-05-15 Price Changed $194,900 BRIGHT MLS
• 2025-03-01 Listed $215,000 BRIGHT MLS
• 2024-12-27 Listing Removed — BRIGHT MLS
• 2024-09-03 Listed $215,000 BRIGHT MLS
• 2024-04-11 Sold (Public Records) $160,000 Public Records
• 2024-04-08 Sold (MLS) $160,000 BRIGHT MLS
• 2024-03-02 Pending — BRIGHT MLS
• 2023-11-29 Price Changed $179,900 BRIGHT MLS
• 2023-11-07 Price Changed $199,900 BRIGHT MLS
• 2023-11-01 Listed $219,900 BRIGHT MLS
• 2023-11-01 Coming Soon $219,900 BRIGHT MLS
• 2021-07-27 Sold (Public Records) $104,000 Public Records
• 2021-07-20 Sold (MLS) $104,000 BRIGHT MLS
• 2021-07-03 Contingent — BRIGHT MLS
• 2021-06-25 Relisted — BRIGHT MLS
• 2021-06-18 Contingent — BRIGHT MLS
• 2021-06-14 Price Changed $114,000 BRIGHT MLS
• 2021-05-19 Listed $119,000 BRIGHT MLS
• 2006-09-06 Listing Removed — BRIGHT MLS
• 2006-05-22 Listed $159,900 BRIGHT MLS
• 2004-04-13 Sold (Public Records) $95,000 Public Records
• 2004-04-13 Sold (MLS) $95,000 BRIGHT MLS
• 2003-12-03 Listed $95,000 BRIGHT MLS
• 2003-04-15 Sold (Public Records) $87,000 Public Records
• 2003-04-11 Sold (MLS) $87,000 BRIGHT MLS
• 2003-02-01 Listed $88,500 BRIGHT MLS
• 2000-11-28 Sold (Public Records) $58,500 Public Records
• 1986-03-27 Sold (Public Records) $17,500 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,131 · +11.0% YoY. Source: county tax records.